“One of these things is not like the others,
One of these things just doesn’t belong,
Can you tell which thing is not like the others
By the time I finish my song?”
Today, I’ll be playing the role of Big Bird; and giving you a list of things that occurred on Friday. Your job is to guess which one just doesn’t belong.
- China announces growth at its slowest rate in 3 years.
- Another multi-hundred million dollar fraud is revealed, this time at PFG. The proprietor unsuccessfully attempts to off himself while leaving a note detailing his 20 years of fraudulent activity.
- JP Morgan announces that an internal inquiry may show “intent” on the part of JPM traders (possibly criminal) to mis-price trades in a unit that lost $5.8 billion in the London Whale debacle.
- The LIBOR-fixing scandal is revealed, within which Barclay’s Bob Diamond (you may remember him as the guy that scuttled the Barclay’s acquisition of Lehman Bros. just hours before Lehman’s collapse) was forced to resign.
- The Producer Price Index came in 0.7% higher than expectations. A whiff of inflation?
- Michigan Sentiment Index came in 1.5 points lower than expectations to the lowest level this year as Americans grew more pessimistic about their finances.
- The Dow Jones Industrial Average closes up 203.82
“Did you guess which thing was not like the others?
Did you guess which thing just doesn’t belong?
If you guessed this one is not like the others,
Then you’re absolutely…right!”