Yikes! Briefs from a See-Saw Market

Markets expect a recession--WSJ Article

Citigroup to fire 45,000 people! --That's a lot of people, people. (That's more than 10% of Citi's 327,000 strong workforce).

HSBC is taking the SIV it controls onto its balance sheet in order to prevent a margin call and a firesale of good assets, which could send valuations tumbling. This means that they are assuming about $35 Billion in risk, which, for one of the worlds biggest banks, is not a huge deal--is this the way forward? What are the consequences for other banks who have much more exposure, relative to their balance sheets?

This guy shows that you can make a lot of money in a crisis. His hedge fund had returned over 1000% so far this year. Some interesting tidbits from his letter to investors.