The phrase ‘brain-dead CEOs‘ has a whole other meaning now. CEOs no longer need to be alive to earn big bucks from their employers. (WSJ.com)

What credit exposures do the big banks still have? (Big Picture)

“Central banks are committed to backstopping the credit default swaps market.” (naked capitalism)

We sense a disturbance in the middle market…who will take Bear Stearns’ place? (DealBreaker.com)

“The bonus bonanza [on Wall Street] on will end in 2008, with payouts down as much as 40%.” (Deal Journal)

“In sum, if you know facts, you talk about them publicly, and they are true, the Securities and Exchange Commission cannot prosecute you. This is just the First Amendment.” (DealBook)

Just how big is the hedge fund industry? No one really knows. (DealZone)

It’s hard to launch a hedge fund these days without the help of a ‘capital seeder.’ (FT.com via DealBook)

What happens after a huge jump in the yield on the 2 year Treasury note? (Bespoke Investment Group)

Inside a really deep value stock index. (Capital Spectator)

What is the deal with the performance of some of these inverse ETFs? (Daily Options Report)

“Every day you have the choice of being optimistic and starting the day with a clean slate of hope. Or you can be pessimistic, and assume that the deck is stacked against you.” (FT.com)

How does Mohamed El-Arian’s neutral portfolio compare to the big endowment funds? (World Beta)

The frontier markets keep expanding with hot IPOs like Safaricom. (24/7 Wall St., WSJ.com)

The market implications of a reversal of the law of large numbers. (Alea)

On the price elasticity of gasoline and the cross-elasticity of smoking and drinking. (Economist’s View and Free exchange)

Apple (AAPL) is one of the last “uncommoditized” companies. (Condor Options)

Look who is in the sights of iPhone 2.0. (Silicon Alley Insider)

Is the iPhone the next, great operating system of the 21st century? (Newsweek.com)

Could the new iPhone kill the stand-alone GPS manufacturers? (Slate.com)

Despite the price cut the new iPhone’s margins may still go up. (Infectious Greed)

For those about to rock…you are going to have to go to Wal-Mart for the new AC/DC CD. (Big Picture, Fred Wilson)

The lessons learned from horse racing hedge funds. (breakingviews.com also DealBook)

A nifty graphic on what to eat (and to avoid) in the thirty MLB ball parks. (NYTimes.com)

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