Mar 17, 2008

Abby Joseph Cohen, the second-most bullish Wall Street strategist at the start of the year, was replaced by Goldman Sachs Group Inc. as the bank's chief forecaster for the U.S. stock market.

Cohen, 56, gave up the title of chief investment strategist and will no longer make predictions for the Standard & Poor's 500 Index in her new role as senior investment strategist.

JP Morgan to pay about $240 million for the fifth-largest securities firm in a transaction in which the Fed will guarantee as much as $30 billion of Bear Stearns's ``less-liquid'' assets. No downside risk for JP.

"Whac a mole" - Fed reduced the rate on direct loans to banks by a quarter-percentage point to 3.25 percent.The Fed said it will allow primary dealers to borrow at the discount rate in exchange for a ``broad range'' of investment- grade collateral. Fed also extended the maximum term of discount- window loans to 90 days from 30 days. Inv Banks can now go directly to the window, previously not available.

Evolution Markets - interesting play on carbon credits, etc.