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Bank of England Governor Mark Carney said there’s “no immediate need” to increase borrowing costs and indicated a debate has begun on forward guidance after U.K. unemployment fell faster than anticipated.

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Secretary of the Treasury Tim Geithner moves into Private Equity

Tim Geithner left the treasury with two goals, the first being to write his own account of the financial crisis and the second to make some of his own money. His book is done and due to be published next year, so that is goal one. Last Saturday Mr. Geithner announced he is joining Warburg Pincus so that would be goal two. Mr Geithner will be joining the ranks of other public officials such as David Petraeus KKR's Chair of the Global Institute and Kenneth Mehlman who became their Head of Global Public Affairs.

Mr. Geithner's wealthier friends have said that he, "needs to make some money". Spending most of his career in government finance, in the treasury he made around $200,000 a year plus $411,000 a year and a $436,686 separation payment from the Federal bank of new york. This may seem like a lot of money but compared to the corporate salaries of his friends in the private sector it is not much. Warburg Pincus trusts that they will get more than just high level contacts and insider knowledge of the treasury from Geithner. They know that he has proved himself as investment savvy. While working at the treasury Geithner dealt with hundreds of billions of dollars in  investments for financial institutions to prop up the economy. “The roots of Warburg Pincus go back 45 years and we are really much more a global growth-oriented entrepreneur-centric investor,” says Chip Kaye, co-chief executive. “We have been active in starting and building businesses in energy, technology and healthcare; and we were very early investors in China and India. I think that’s one of the things that most attracted Tim – a broader investing context.”

“He supervised the management of what was, for a time, the largest investment portfolio in the world,” says Mr Millstein. “And though the public will never give him credit for it, he did it very successfully.”

Now that the long overdue (and predicted) contagion from the cash market has hit repo, things are going from bad to horrifying. Following overnight news that HK is hiking haircuts on Bill collateral, and with increasingly more counterparties now segregating what collateral is eligible, if not shutting down the bill market outright, suddenly the universe of eligible repo market securities has imploded. It also means the overnight repo rate, as we said on Monday would happen, is exploding. Moments ago ICAP reported, via SMRA, that the general collateral overnight rate has nearly doubled from 0.15% to 0.27% and rising.

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Fiat to buy the rest of Chrysler

Fiat is again moving in on Chrysler. In 2009 they took over a large percentage of the company and are now trying to take over the remaining 41.5%. This remainder is currently held by UAW health. The two companies have been in conversation over the sale but have been unable to agree on a price, they have a discrepancy of around $2 million.

The recently hired Lazard Ldt (NYSE: LAZ) vice chairman Ron Bloom to help with the buyout. Other notable leadership at Lazard include chairman and CEO Kenneth Jacobs. Ron Bloom is also currently representing the retirees in their case against Detroit's filing for bankruptcy.