BROTHERS GRIM — Larry McDonald, who worked for the ill-fated Lehman Brothers investment bank, speaks at a KPU event about the company’s bankruptcy filing in September 2008. McDonald blamed the Board of Directors for the …

It’s pretty clear the most disgruntled man in Washington 15 days ago was Paul Volker. He had been pounding the table to bring back Glass Steagall since Thanksgiving, and had been consistently ignored by …

Major Theme: Healthy Corporate Debt Markets vs. Weaker Sovereign Debt Markets - There was a risk transfer from Governments to Corporates, signaling more confidence in corporations than nations!

The Pangea strategy recorded another positive month in November. The fund was up 6.21% (net of expenses and commissions but before management and performance fees) as it was positioned opportunistically across assets throughout the month.

Wait for double dip.

He decided to let Lehman Brothers, the 158-year-old Wall Street institution, go bankrupt. He need not have done so. But on that fateful weekend, Sept. 13-15, 2008, he made the decision with which he must live for the rest of his life.

I suppose I will go to my grave haunted by Black Monday, September 15th, 2008. We all knew it was coming. Most of us had known for a week, but that did not lessen the shock. We all awakened to the still shattering news that Lehman Brothers was no more.

I stared into the glass panelling at street level, and I saw again the haunted face of Richard S. Fuld. And along side it, I suppose I saw the frowning faces of Mike Gelband, and Alex Kirk, and the rest.

The equity market is overbought, a lot of late comers are performance chasing, putting money to work in equities because they missed the big April-May party. But this recovery will be W-shaped, and not look like the present V.