Ticketmaster

My relative discretionary spending power is about to go up.

1. Ticketmaster is in talks to merge with Live Nation
2. Concert ticket prices will go up a lot
3. I hate concerts (too loud, too crowded etc.)
4. I am relatively unaffected but you all will pay more for live music

Either that or it gets blocked on antitrust grounds.

That is a 1 year chart of the yield on the 30-year treasury.

In the last two months, the yeild has gone from 2.52% to 3.67%. 2.5% is a shockingly low yield but that surge up is troubling. The Citi technical/strategy folks wrote a note last week predicting the end of the bull market in treasuries and a resulting bear market for the US Dollar, so they probably had something to do with the move. The might be right, though.

The government should have issues 30 yrs all day long at 2.5%

Hey Sirius/XM Fans

Get ready for your service to get worse. SIRI common shareholders, get ready for some more pain.

Channels have been cut and some prices raised since the merger of Sirius and XM Satellite Radio. With the stock at 14 cents and mountains of debt, the company is on the ropes and has recently been converting bonds to stock.

The WSJ reports that Echostar, operator of the DISH Network, has been in the market buying up the debt. I'm not sure what the synergies are but DISH will be getting it if they want it.

From day 1 these guys paid way too much for on air talent and doomed themselves to fail.

Apple Trouble?

I get skeptical when I see ads in places I've never seen them before. I got this in an email from Apple yesterday. I'm sure they are having a tough quarter so I don't mind seeing them push it a little.

****

Cisco reported last night. The quarter was fine, the guidance was horrid and the franchise is stronger than ever. Business is bad; everything is fine.

Pay Limits

Bloomberg has more on the financial salary caps today:

The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more.

People I talked to (non-financial types) were cheering the limits yesterday. That it doesn't apply to those who already took money, but only those who take it going forward makes it much less of a big deal.

Can You Hear That?

It's the sound of Wall Street guys and gals updating their resumes.

WASHINGTON — The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

This is a tough spot. If you work at a big bank right now, nobody is going to feel sorry for you. If you make $500,000 per year, nobody is going to feel sorry for you. If you're very talented, and currently at a big bank looking at making $500,000 for the foreseeable future, you're probably thinking about going somewhere else.

A disappointing side note is the fact that Obama chose to tackle executive compensation before the stimulus plan. I don't think that history is going to look kindly on this populist angle.