Thu 2010-08-26 09:23 EDT

Jingle mail in Jersey from Hyatt Hotels ... | footnoted.com

If you're in Princeton, New Jersey, anytime soon, swing by the Hyatt Regency Princeton. With the Hyatt Hotels (H) quarterly report filed yesterday, it has become a symbol of the financial crisis... Like households across the country, one of Hyatt's subsidiaries ``did not have sufficient cash flow to meet interest payment requirements under its mortgage loan'' on the property, in this case a 347-room hotel with a restaurant, bar and comedy club, just a mile from [Princeton University]....``When hotel cash flow became insufficient to service the loan,'' the company said in the filing, ``HHC notified the lender that it would not provide assistance.'' In other words, Hyatt decided to walk away -- the equivalent of ``jingle mail''...

com; Footnote; Hyatt hotel; Jersey; Jingle Mail.

zero hedge Sun 2010-05-09 09:42 EDT

Themis' Take: May 6, 2010 -- The Day That Will Change Market Structure

...The story is not a key-punch error. The story is a failed market structure. The market failed today. The market melted down and ``liquidity providers'' quickly pulled all bids. According to today's Wall Street Journal, high frequency firm, Tradebot, closed down its computer systems completely, as did New Jersey's own Tradeworx,...To make matters worse, while some high frequency firms shut down yesterday and pulled their bids, as we warned they would do for over a year and a half, other high frequency firms turned from being liquidity providers to liquidity demanders, as they turned around and indiscriminately hit bids...The market action of May 6th has demonstrated that our equity market has major systemic risks built into it...The price discovery process ceased to exist. High frequency firms have always insisted that their mini-scalping activities stabilized markets and provided liquidity, and on May 6th they just shut down. They pulled the plug, as we always said they would, and they even admit it in the papers this morning...This is not an isolated incident, and it will happen again.

2010; 6; Change Market Structure; day; take; Themis; Zero Hedge.

Wed 2008-12-10 00:00 EST

Mish's Global Economic Trend Analysis: State of New Jersey Is Insolvent

insolvent; Mish's Global Economic Trend Analysis; New Jersey; state.