The Survivors Are Getting Bullish

Goldman Sachs employees probably are not going to tell you how positively giddy they are about Paulson's wipeout of most completion, but another survivor is a little less circumspect.

A friend tells us that Credit Suisse CEO Brady Dougan b"agged this week during a webcast at a Merrill Lynch conference in London, that: 'There are fewer market participants. The opportunities for those who remain will be stronger than ever. Credit Suisse will be one of them".

Ten Banks Commit to $70 Billion Borrowing Facility

Ten of the world's biggest banks on Sunday committed to establish a $70 billion borrowing facility to bolster worldwide liquidity.

Each bank has committed to fund $7 billion for the collateralized facility, and any one of the 10 banks would be permitted to borrow up to one-third of the total facility, the banks said in a joint statement. The financing may grow "as other banks are permitted to join," they said.

The 10 banks are Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group, Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co , Merrill Lynch & Co , Morgan Stanley and UBS AG.

Note: Interesting that Merrill is on the list, since they were just bought/bailed out by B of A.

-Robert Wenzel

The Fed, The Fed, They Called Credit Suisse!

Both CNBC and WSJ are playing up hard the fact that the Fed called Credit Suisse to check up on a rumor that CS had pulled a line of credit from Lehman Brothers. Puhleezee.

If this was an isolated case of the Fed checking up on market activity and rumors, it would be news. However, the Fed, especially during the current market environment, regularly checks on any news or rumors that may have a significant impact on the markets.

BTW, Credt Suisse told the Fed they had no intention of pulling Lehman's credit line.