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4/8/10 Midday Report: Citi execs sorry they broke the economy, wipe their tears with their outsized bonuses

|Includes: Citigroup Inc. (C), JOEZ, UAUA

Money McBags is back and the markets are selling off a bit as apparently people somehow still care about Greece going bankrupt (but then again, some people also still care about the Poincare conjecture, the etymology of Star Wars languages, and saving the whales, so whatever).  Seeing as how Greece hasn't been relevant since the Battle of Corinth or the internet rumor of a Maria Menounos side boob shot, their financial crisis shouldn't be enough to derail the market from rallying back.  What should be enough is continued unemployment as new claims for unemployment rose last week by 18k to 460k which was worse than economists' guesses of a drop to 435k.  So once again supposed experts even got the coin flip direction wrong (Money McBags told them to call tails instead of heads).  Economists are blaming the Easter holiday for some of the variation in the jobs number because the floating holiday comes at a different time each year and seeing as how no calendar existed last year and the day Easter fell on this year was a complete fucking surprise, it makes sense that data to allow economists to properly seasonally adjust for Easter would be difficult to obtain.  The Easter excuse is about as plausible as a bunny laying colored eggs, Santa Claus, or a male friendly lesbian (shout out to Chasing Amy on that one, it's too bad Kevin Smith died shortly after that movie came out, he had such promise.  And if he didn't die, how does one explain Jersey Girl or you know, the last 10 fucking years of his supposed career?).  The positive news on the jobs report is that continuing claims decreased by 131k to 4.5MM which is the lowest it has been since December of 2008 and companies like Home Depot say they are starting to hire more workers.  Money McBags is more positive on the economy than he has been in months and is looking to add to his exposures if the market consolidates here.

Internatonally, as mentioned before Greece is still taking up all of the headlines as they try to boost their resume from reality star to working actress status, and if this debt issue doesn't work, they're either going to adopt a Malawan kid or try to get Crete drunk and have octuplets.  Bonds of the country are slumping worse than sales of Alan Greenspan's new book:  Bubbles for Dummies:  How any Dummy can create one.  The premium for Greek bonds over German bonds is now 427bps, the highest it has been since the Euro was created and the great deodorant crisis of 1964.  Of course, Greece isn't going anywhere so hedge funds, asset managers, and Pete Rose can bet against them all they want, but if the country survived the release of My Big Fat Greek Wedding, it can survive anything.  In other international news..READ MORE...

Disclosure: C no position, UAUA no position, JOEZ no position