“These things that happened in the past two weeks aren’t surprising for us. We’ve been dealing with this for a long time…”I’ve had two scary experiences

The following post is by Dealbreaker reader and commenter Infinite Guest . President Obama has nothing to gain by negotiating with Republicans in Congress in order to raise the debt ceiling.

When the Sanford Bernstein analyst closes his eyes, he pictures Lloyd and Co going out of their way to get on Carl Levin’s good side, possibly going so far as to praise his work. “As politicians continue to criticize the firm and the public scrutiny persists, we believe that Goldman’s clients will begin to rethink their relationship with the firm and the franchise will ultimately suffer,” he wrote.

Just, let him finish. I’m going to one-up Mark Twain in the quantity department and spin two yarns about jumping frogs, one which has been frequently told, the other not so much. Neither of them have anything to do with Samuel Clemens’ heralded short story, but both, metaphorically at least, describe our current investment markets and how to think about the future.

Performance update.

S.E.C. Case Stands Out Because It Stands Alone (NYT) But [Fabrice] Tourre’s world would soon be turned upside down.

$$$ House Prices Fall to New Post-Bubble Low as More Rent (NYT) $$$ Consumer confidence drops in May (Reuters) $$$ House Set to Reject Debt Ceiling Hike Democrats Dismiss as “ Political Charade ” (ABC) $$$ Bernie Madoff Is Ruining Divorces Now, Too (Daily Intel) $$$ Obama names Bryson as commerce chief (WaPo) $$$ Primary Global Shuts Offices, but Says It’s Still Open (Dealbook) $$$ Spain Cuts Budget Deficit in Half (WSJ) $$$ Goldman shares climb on JPMorgan upgrade (Reuters) $$$ Ex-Galleon trader presents no defense at NY trial (Reuters) $$$ A Securities and Exchange Commission worker gave investors false and misleading information about an alleged Ponzi scheme that could have hindered investigation of a fraud in which he also was a victim, the agency’s watchdog said. The employee, based at SEC headquarters in Washington, shared nonpublic information with several investors during the SEC’s investigation and litigation of the case, SEC Inspector General H. David Kotz said in his semiannual report to Congress released today.

Planning on getting out of town most weekends the next few months but not going points further than a 300 mile radius? Perhaps out East, on Shelter Island or Martha’s Vineyard? If you answered yes, please be sure transport doesn’t involve helicopter or, god help you, a car, because roads as a means of transport have been declared “over.” Andre Balazs has a new toy.

Zarti, reprising the role of Jake LaMotta In early 2008, Libya’s sovereign-wealth fund controlled by Col.

If Einhorn wins Reyes must agree to play for a year’s supply of Shake Shack burgers with a player/team option to renegotiate for fries when his contract is up. When first told that Einhorn is a poker player, Pelfrey, an avid card player himself, said, “Tell him to come to the back of the plane—bring his wallet.” But a few seconds later, when told Einhorn finished 18th in the 2006 World Series of Poker, Mike Pelfrey had second thoughts, saying, “He can play with [shortstop Jose] Reyes then.” [ WSJ via BI ]