Wednesday links: financial sector woes

Remain wary of the financial sector. (Big Picture)

Does a bull market require financial stock leadership? (Trader’s Narrative)

“At the right price, Lehman may make an attractive target for a private-equity firm or hedge-fund group that wants to add brokerage and investment-banking operations.” (WSJ.com also Market Movers, FT Alphaville)

Are failed takeover targets good investment candidates? (Marketwatch.com)

Leaked deal info tends to put the kibosh on a potential merger/takeover. (DealZone)

The more Wall Street’s stuff gets written down, the less the public will worry about it, and the less chance we’ll see another run on the bank.” (Accrued Interest)

Another PIK toggle bond gets toggled. (DealBook)

We should welcome a private equity industry shakeout because it will separate the wheat from the chaff. (Prince of Wall Street)

Oh how the mighty (Bill Miller) have fallen… (Market Movers)

“[A deep in the money call] is an alternative to buying stock that ties up less capital and essentially has an embedded put that stops you out at the strike price. That cost of capital advantage and the embedded put cost some money, so that’s the real tradeoff.” (Daily Options Report)

The challenges of trying to lever your portfolio. (Market Movers)

“A recession looks likely.” (VoxEU via Economist’s View)

Did the Senate call an oil market top? (Infectious Greed)

What George Soros told Congress about oil prices. (naked capitalism also Big Picture)

Carl Icahn wants Jerry Yang gone from Yahoo! (YHOO). (WSJ.com, DealBreaker.com)

Maps, i.e. Google’s, are a key feature for Apple’s iPhone. (Silicon Alley Insider)

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