Frontrunning: June 4th

• Nothing wrong with tweaking the jobless claims numbers: now at 621,000; the revision will be amusing (Bloomberg) [When will people realize everything is "adjusted" better by 40-80k every single period]
• So much for consumer spending: retailers report May sales declines (AP and NYT)
• Ye olde Goldman oil manipulation game: now forecast oil at $85 (Reuters) [Can someone please go through the disclosure list on that research piece and report how many billion barrels of oil GS is long right now? thanks]
• Be frightened of activist investors loading up on basis trades (Highyield Blog)
• SEC probes Lehman research (SEC)
• Latvia denies currency pressure (BBC)
• General Motors goes to the garage (FT)
• Workers more productive in Q1 - as most of them were hired by the Government UnLLC, this is surely good news and will cause a spike in NYSE:OBAM pre-market (AP)
• V-shaped recovery outlook is in vain (Barron's)
• The plummeting dollar prosperity plan (Delta Global)
• Schroeder: Buffett is less bullish on U.S. than you think (Bloomberg)
• Geithner and China: who are you fooling? (Merk Fund)
• ING plans to withdraw from 10 of the 48 countries it is currently active in (MarketWatch)
• Why Ackman failed against Target (TheStreet)

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