Edward Wyatt makes a very good point Friday — why is the SEC doing big favors for big banks, every time it slaps a fine on them?

If a bank settles a fraud case, it automatically loses certain privileges, like the ability to issue debt securities opportunistically, without going through laborious SEC filings, and the ability to shelter forward-looking statements against lawsuits from investors.

Sir Alex Ferguson is used to new challenges. In Manchester United's two decades at the top he has experienced intense title rivalry with Arsenal and then Chelsea, though now it appears Manchester City and Tottenham Hotspur are the greatest dangers. And, though United visit Stamford Bridge on Sunday afternoon, a ground where they have not won in the league for a decade, Ferguson believes Spurs a month later could prove the tougher trip....   read more >

It is never easy watching a top footballer stray dangerously close to the point when his audience has to accept, however much we might wish to be more generous, there is a real possibility that we might be permanently talking about his gifts in the past tense....   read more >

Since I first presented a more bullish case on BNY Mellon (BK) than the Street here, the stock has risen by 18%, beating the Dow Jones by 870 basis points. This is particularly remarkable in light of the negative impact arising from the Fed announcing that it will be keeping interest rates low until 2014. The Street has accordingly reduced EPS targets significantly.

For Yves Smith

Below is a note from Alan Boyce at Absalon regarding inverse floaters, a subject that goes to the heart of the debate over whether Fannie Mae and Freddie Mac are preventing millions of lower income home owners from refinancing.   You can see my 2011 post on the Boyce-Mayer-Hubbard proposal for streamlined mortgage refinancing here:

Submitted by Chris Martenson

James Dines: Owning 'Wealth In The Ground' Is Your Best Bet to Surviving the Coming 'Supernova of Inflations'

The injury of Anders Lindegaard and able deputising of Ben Amos in midweek has cast a big question over United's trip to Stamford Bridge tomorrow....   read more >

Arsène Wenger has told Arsenal fans to show some respect to Andrey Arshavin after the midfielder was booed when he came on for Alex Oxlade-Chamberlain in the 2-1 league defeat by Manchester United last week....   read more >

I have been making a big deal about strength in the household series of employment and the trend in IUCs. These are statistical series that do not get revised out of recognition. They often tell the tale at turning points. Given that past household survey employment and IUC trends have persisted, the current bond market rally will be even more insane and the stock market will probably continue to work higher, even though the favorable seasonable window has closed.