Here are the top five most read stories on the Bloomberg in the last day with selected excerpts (and my comments, if any, in italics).

As of 29-Sep-2007 at 9:57:46 (Beijing time):

1. Oaktree, BlackRock Plan Funds to Purchase LBO Loans

“Banks [are courting] buyers for more than $300 billion of debt they pledged to finance takeovers … [and have] already reduced prices on loans by as much as 4 percent to lure investors.”

The 4% markdown fire sale.

2. U.S. Stocks Drop, Paring Best September Advance Since 1998

“U.S. stocks may advance in the October-to-December period, if history is any guide. The S&P 500 has bigger gains on average during the fourth quarter than at any other time of the year, according to data compiled by the Stock Trader’s Almanac going back to 1950. The index has posted gains in 11 of the past 12 fourth quarters.”

“If history is any guide” is another phrase that makes me reflexively put a protective hand on my wallet.

3. Libor Costs Soar as Banks Seek Funds Over Quarter-End

“Interbank market rates have soared as concern that losses on securities linked to U.S. subprime mortgages will spread keeps lenders from providing money to all but the safest borrowers.”

4. Legg’s Miller Buys Biggest Stocks to Boost Returns

Miller has been hurt by falling housing-related stocks, which he started buying about 18 months ago, including mortgage- lender Countrywide Financial Corp. (3 percent of assets) and builders Pulte Homes Inc. (1.2 percent of assets) and KB Home (0.8 percent of assets). Countrywide’s shares have slumped 56 percent this year. Pulte Homes has declined 59 percent, and KB Home has tumbled 52 percent.

‘We’ve been wrong to own them for the past year-and-a- half,’ Miller said. ‘But if we didn’t own them now, we would be buying them like crazy.’”

The trouble with being “early.” ;-) Bill Miller adrift (good thing he has a 190 foot yacht).

5. Carlyle Pays $70 Million for New York Retail Property

“Carlyle Group and a partner purchased a retail and office building in Manhattan’s Meatpacking district for $70 million … Icon Group paid $18.5 million for the property in March 2006.”

Not a bad return over 18 months, lol.