Frontrunning: October 21

Zero Hedge

• Goldman Sachs anti-communist pearls of wisdom: “pay inequality helps everyone” [while directed corporate communist bailouts of Goldman help just Goldman] (Bloomberg)
• Wells Fargo reports better earnings on FDIC/Wachovia generosity (Bloomberg)
• What, no multi-trillion record principal revenue? Morgan Stanley beats estimates on higher investment banking fees (Bloomberg)
• Euro at $1.50 – a disaster or an alibi? (Reuters)
• Boeing reports $1.6 billion loss because of delays (NYT)
• Our subprime federal government (City)
• BOE’s Mervyn King calls for banks to split as public finances take record hit (Times Online, h/t Geoffrey)
• In the meantime, Volcker fails to sell a bank strategy (NYT)
• Daniel Yergin: A crisis in search of a narrative (FT)
• The heavy price of working on Wall Street (WSJ)
• China’s growth on steroids risks next slowdown (Bloomberg)
• In Galleon fraud case, a deal that cost millions (NYT)
• How many more POMOs can they squeeze out? Treasurys down before Fed buyback and Beige Book (MarketWatch)

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