Stuff for today

My net is now back to normal, but it can’t be that bad sharing some of the stuff that caught my eye today:

Blackstone bonds find buyers – WSJ

In a rare move for a private-equity firm, Blackstone Group sold $600 million 10-year senior bonds.
The notes, issued through Blackstone Holdings Finance Co., yielded 6.73%, or 3.125 percentage points above comparable Treasurys, a person familiar with the deal said. The deal was the first for the company.

In a rare move for a private-equity firm, Blackstone Group sold $600 million 10-year senior bonds.

The notes, issued through Blackstone Holdings Finance Co., yielded 6.73%, or 3.125 percentage points above comparable Treasurys, a person familiar with the deal said. The deal was the first for the company.

California to redeem IOUs early – WSJ

California’s chief accountant said Thursday the state would stop issuing IOUs on Sept. 4, ending an embarrassing chapter for the economically hard-hit state.

China warms to new credo: Business first – NYT

So far this week, the World Trade Organization has rebuffed China in an important case involving Chinese restrictions on imported books and movies. The Chinese government dropped explosive espionage charges against executives of a foreign mining giant, the Anglo-Australian Rio Tinto, after a global corporate outcry. And on Thursday, the government said it had backed off another contentious plan to install censorship software on all new computers sold here.

Natural gas ETF weighs options – WSJ

U.S. Natural Gas Fund, the giant exchange-traded fund, is exploring ways to avoid regulators’ crackdown on speculation.

Among the options, the fund is considering moving to offshore energy exchanges or further into unpoliced over-the-counter swaps markets to avoid Commodity Futures Trading Commission rules that would limit the size of its natural-gas positions.

No New Normal JPMorgan sees V-shaped recovery on robust growth – Bloomberg

Instead of a so-called New Normal of subdued growth, the U.S. may be heading for a robust recovery.

The worst recession since the 1930s has created a reservoir of demand that will buoy the economy, say a growing number of economists led by James Glassman at JPMorgan Chase & Co., former Federal Reserve Governor Laurence Meyer and Stephen Stanley at RBS Securities Inc.

‘Clunkers’ plan needs a tuneup – WSJ

My own input: the more they talk about the program, the more it disappoints me. I hope they’re not counting too much on this industry to save them from this recession.  The government just seems to be too darn proud of what this program has accomplished.

Toxic loans topping 5% may push 150 banks to point of no return – Bloomberg

Goodbye banks, hello FDIC takeover!

Merrill ramps up recruitment programme – FT

Bank of America’s Merrill Lynch unit is offering signing packages greater than those handed out in the bull market of 2006 and 2007, as it ramps up its recruitment programme to replace many financial advisers who have left its “thundering herd” in the past year.

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