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The meeting between the Greek Minister Of Prime Scapegoating and the US Secretary of Treasury Defrauding (”I used TurboTax”) has ended “satisfactorily”: idiotic lunacy, which we are now convinced has mutated and gone airborne, has spread and now Geithner is very likely infected. According to preliminary reports president Obama may be contagious as well

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The US Leg Of The Blame [FX/CDS/Goatherding] Speculators World Tour Comes To An End In Front Of Tim Geithner’s Office

Former Bridgewater-ite (which we hear is not doing that hot lately) Rick Bookstaber, who was recently appointed at the SEC in some risk management capacity , comes out with a truly amusing rant on why gold is in a bubble, and, not just that, but that ” we all know gold is in a bubble. ” Ignore the fact that all multi-billionaire hedge fund managers have been loading up, all relevant and semi-relevant pundits have been claiming that gold is gradually becoming the one alternative to fiat debasement which has recently become a global phenomenon, and ignore that even with the dollar going up, gold has defended its 1,100 an ounce price quite successfully.

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From SEC Employee Rick Bookstaber "We All Know Gold Is In A Bubble"

Headline which tells you all you need to know: 15:32 03/09 GREEK PRIME MINISTER ENTERS MEETING WITH US TSY’S GEITHNER

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The Meeting Deciding The Fate Of Greece Is Now In Session

This is just getting ridiculous. First the NYT had some choice words over the weekend in describing the whole CDS fiasco, which alas did not have quite the desired effect, and now the BBC is out with a primer on SPECULATION ANALYSIS (yes, a primer), in which it has the following stunner: Government bonds come with an insurance policy, called a credit default swap (CDS).

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Can Someone Please Finally Explain What CDS Are To The Mainstream Media And The Greek Minister Of Prime

Charlie Gasparino over at Fox Business News reports a rumor that the government may be looking to dispose of its 27% Citi stake at some point over the next 3 months. Logistics aside, presumably somehow this means that even more bankrupt companies like AIG, FNM and FRE are probably next in line for offloading the taxpayer stake into the hands of hapless hedge/sovereigns funds. We hope it is not the same hedge funds that have recently received subpoenas and C&D orders from ever shorting the euro (i.e., going long the dollar).As a reference point the gov’t owns 27.01% of Citi which has a hilarious market cap of $108 billion, and owns 80.66% of AIG with its $23.5 billion capitalization (and $107 billion in debt)

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Summarizing This Afternoon’s Financial Rumors

It’s been a while since I have updated the NewsFlashr Business Blog Editor’s Picks , so let’s get right back in the swing of things and highlight a few of the top posts for the week from the sites on the NewsFlashr Business Blog section. Link order is always ranked by Alexa Ranking: 1.  Dr

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NewsFlashr Business Blog Editor Picks for March 9

The ravenous algo has just sniffed out AIG.

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AIG Goes Suborbital

$40 billion 3 Year closed at 1.437% high yield, 15.66% allotted at high; 1.403% median; 1.34% low WI last traded at 1.447% at 1pm Bid To Cover 3.13; previous 2.83, average 2.98 Primary Dealers bid 67.28% of total competitive bids of $124.9 billion Indirect take down: 51.84% versus 53.53% average Indirect hit ratio: 75.67% A chart of recent 3 year total notionals and Bid-to-Cover ratios. Today’s 3.13 BTC was the second highest in the past 6 months, with just November’s 3.33x greater.

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$40 Billion 3 Year Auction Closes At 1.437% High Yield, 3.13 Bid To Cover Second Highest In Past Six Months

I wanted to highlight an important lesson we can learn from the recent breakout action in Research in Motion (RIMM) as it relates to “Open Air Pockets” and how traders can manage risk and take advantage of these opportunities as they develop. Let’s take a look and see what RIMM’s recent chart can teach us

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RIMM Shows us a Lesson in Open Air Pockets Mar 9

We have closely tracked the Q4 bank influx into the SPY ETF, which on ever declining volume breadth has become the one most dominant market determining factor, on both a push and a pull basis.

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February ETF Update: Biggest ETF Gainer In Last Month: SPY