Bush - in answer to how high unemployment will go - "too high; anybody unemployed is too much"
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NY FED Offers $50bln via TSLF Options Program
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Bush - ...And I can't guarantee that we'll get all our money back, but it's conceivable we could"
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Bush sat in room 4-5wks after AIG bailout Paulson, Bernanke urged action to avoid "depression greater than the Great Depression"
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LEH's Neuberger sale getting less likely as bond issuance dries up
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Citi will issue FDIC backed bonds; Proceeds for "corporate purposes"
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Dow Futures Testing 8200
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Equities Continue to Make New Lows, S&P Down 7.5% to 829
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Shoppertrak Sees Further Slowing of Sales Levels This Week
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Black Saturday Sales Fell 0.8% Compared to Black Saturday Last Year-- Shoppertrak
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Combined Black Friday/Saturday Sales Increased 1.9% vs. Last Year
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Paulson - Only if we have freedom to fail can we have freedom to suceed; need full suite of authority; need updated infrastructure to deal with CDS
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Shoppertrak's Retail Traffic Index Fell 18% on Black Friday Compared to Black Friday Last Year
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Paulson - we need to get to the place where no institution is too big to fail
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Paulson - some of the things I have been part of have been very, very objectionable but necessary
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Paulson - We don't want to rush to quick conclusion on changes; need to get thru the problems first
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Paulson - so much of the mortgage product was poorly underwritten was done at state level
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Paulson - globally architecture is woefully outdated; more needs to be done there; need to understand global imbalances, huge flows of capital
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Paulson - FED should have macro-stability role; ability to look at hedge funds; there would need to be some charter for hedge funds
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Paulson - very clear U.S. regulatory system outmoded, outdated; lack of authorities to deal w/ non-banking institutions
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Execution research Articles from Automated Trader

Dark Pool Delivers
SUBSCRIBERS ONLYQuantitative Service Group’s (QSG) June research note on NYFIX Millennium trade execution has caused quite a stir in the industry. The research, which examined three months of detailed NYFIX execution data, will leave buyside traders who have long sought empirical evidence on the performance of dark pools praying that it is just the tip of the analytical iceberg. Andy Webb talks to Tim Sargent, President and Co-founder of QSG, about the report and its findings. full story