Comments on: Links 10/4/08 http://www.nakedcapitalism.com/2008/10/links-10408.html Sun, 22 Nov 2009 15:18:28 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Richard Kline http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19385 Richard Kline Sun, 05 Oct 2008 03:16:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19385 Thornhill's piece in the FT _is_ quite good, a balanced 'state of the financial union' summary. Thornhill’s piece in the FT _is_ quite good, a balanced ’state of the financial union’ summary.

]]> By: Richard Kline http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19382 Richard Kline Sun, 05 Oct 2008 02:59:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19382 So Yves, your point re: Palin at 10:25 above is very telling, though I hadn't conceptualized this so clearly before. Thinking back over my life to all the _actually_ successfull women I have known---brilliant, driven, informed, tougher than shoe leather in a crisis, clever, perseverant, speakers of truth---not one, not a single one, would be anything but APPALLED by Sarah Palin. And the issue would not be, fundamentally, her politics, but rather her complete hollowness and absence of any real personal integrity. She's a vessel bearing slogans for personal advancement, and that is exactly what all the really successful women I have known would have cut their own throats before succumbing to. And, regrettibly, she does reinforce the negative stereotype of 'I'm here for the purposes or others, not for what _I_ bring to the table myself.' And that's sad. So Yves, your point re: Palin at 10:25 above is very telling, though I hadn’t conceptualized this so clearly before. Thinking back over my life to all the _actually_ successfull women I have known—brilliant, driven, informed, tougher than shoe leather in a crisis, clever, perseverant, speakers of truth—not one, not a single one, would be anything but APPALLED by Sarah Palin. And the issue would not be, fundamentally, her politics, but rather her complete hollowness and absence of any real personal integrity. She’s a vessel bearing slogans for personal advancement, and that is exactly what all the really successful women I have known would have cut their own throats before succumbing to. And, regrettibly, she does reinforce the negative stereotype of ‘I’m here for the purposes or others, not for what _I_ bring to the table myself.’ And that’s sad.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19381 Anonymous Sun, 05 Oct 2008 02:54:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19381 Yves, chill. Concerned can't offer a rebuttal for the stuff in your links, so all he he can do is to call you mean. That is so obviously lame that you shouldn't dignify it with a reply. Yves, chill. Concerned can’t offer a rebuttal for the stuff in your links, so all he he can do is to call you mean. That is so obviously lame that you shouldn’t dignify it with a reply.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19376 Anonymous Sun, 05 Oct 2008 02:44:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19376 Interesting old link:<br/><br/>http://www.nakedcapitalism.com/2007/05/cardboard-box-indicator.html<br/><br/>John Dizard, in a Financial Times article, "Useful thinking from inside the box," reminds us of a metric that was once used by some savvy investors (the sort who would be interviewed at a Barron's Roundtable) as a reasonable proxy for overall growth trends: cardboard box demand. And the cardboard box indicator is sending warning signals:<br/>Before Alan Greenspan was known for making scary speeches, market people knew he spent a lot of time looking at the market for cardboard boxes. Most things you use are put in a cardboard box at some point, and box use, production, inventories, and pricing are, therefore, useful indicators. Boxes, in this context, are specific to the North American market, as distinct from pulp and newsprint, which are global markets. What is the box world telling us? Interesting old link:

http://www.nakedcapitalism.com/2007/05/cardboard-box-indicator.html

John Dizard, in a Financial Times article, “Useful thinking from inside the box,” reminds us of a metric that was once used by some savvy investors (the sort who would be interviewed at a Barron’s Roundtable) as a reasonable proxy for overall growth trends: cardboard box demand. And the cardboard box indicator is sending warning signals:
Before Alan Greenspan was known for making scary speeches, market people knew he spent a lot of time looking at the market for cardboard boxes. Most things you use are put in a cardboard box at some point, and box use, production, inventories, and pricing are, therefore, useful indicators. Boxes, in this context, are specific to the North American market, as distinct from pulp and newsprint, which are global markets. What is the box world telling us?

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19370 Yves Smith Sun, 05 Oct 2008 02:25:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19370 Concerned,<br/><br/>Your definition of "successful" is considerably more generous than mine. Her record in Wasilia and Alaska is decidedly mixed, she is facing corruption charges, and what I find more offensive than her ignorance (which she has displayed in interviews and in the vice presidential debate) is her lack of inhibition about lying, not typical politician-stretching-of-the-truth, but baldfaced lies. <br/><br/>I consider my antipathy toward her to be amply justified. I know many highly successful women, and to a person, they are dismayed at what Sarah Palin is doing to the image of high performers. Concerned,

Your definition of “successful” is considerably more generous than mine. Her record in Wasilia and Alaska is decidedly mixed, she is facing corruption charges, and what I find more offensive than her ignorance (which she has displayed in interviews and in the vice presidential debate) is her lack of inhibition about lying, not typical politician-stretching-of-the-truth, but baldfaced lies.

I consider my antipathy toward her to be amply justified. I know many highly successful women, and to a person, they are dismayed at what Sarah Palin is doing to the image of high performers.

]]> By: Abbott_Of_Iona http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19366 Abbott_Of_Iona Sun, 05 Oct 2008 02:02:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19366 Kafka said...<br/><br/>"Hank Paulson and the Treasury Department are engaging in the most massive tax fraud in the history of the United States"<br/><br/>I am not familiar with the tax code of the United States.<br/><br/>I take a more simple view.<br/><br/>Hank Paulson is both the police and the thief.<br/><br/>He is (his peers and lapdogs notwithstanding) an evil man.<br/><br/>I never thought that in my lifetime I would see Facism.<br/><br/>And it was beyond my imagination that Facism would sprout again in, of all places, the USA.<br/><br/>I think I am correct in stating that the ban on short selling ceases at one second into 9th October 2008.<br/><br/>Goldman Sachs then have, having been refreshed at the expense of the Citezens of the US, an opportunity to CRUSH what remains of main street banking. And Bernanke will buy all of the bad debts and make you pay.<br/><br/>FIGHT FACISM........ Kafka said…

“Hank Paulson and the Treasury Department are engaging in the most massive tax fraud in the history of the United States”

I am not familiar with the tax code of the United States.

I take a more simple view.

Hank Paulson is both the police and the thief.

He is (his peers and lapdogs notwithstanding) an evil man.

I never thought that in my lifetime I would see Facism.

And it was beyond my imagination that Facism would sprout again in, of all places, the USA.

I think I am correct in stating that the ban on short selling ceases at one second into 9th October 2008.

Goldman Sachs then have, having been refreshed at the expense of the Citezens of the US, an opportunity to CRUSH what remains of main street banking. And Bernanke will buy all of the bad debts and make you pay.

FIGHT FACISM……..

]]> By: Concerned Reader http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19364 Concerned Reader Sun, 05 Oct 2008 01:54:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19364 Yves,<br/><br/>I enjoy reading your posts, but I am very annoyed by your meanness and hatred toward a very successful woman, Sarah Palin. Yves,

I enjoy reading your posts, but I am very annoyed by your meanness and hatred toward a very successful woman, Sarah Palin.

]]> By: Kafka http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19363 Kafka Sun, 05 Oct 2008 01:47:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19363 Hank Paulson and the Treasury Department are engaging in the most massive tax fraud in the history of the United States by devising a “sham” acquisition structure for Fannie and Freddie which will arguably allow these failed entities to take approximately $80 Billion in tax deductions per year. This tax fraud dwarfs any scheme in history. Why did the acquisition of Fannie involve warrants for exactly 79.9% of the common stock at a price of .00001 dollars per share (essentially zero though by the time Bernanke and Paulson get done debasing the dollar in a manner which would make Stalin and Mao proud, it may be less than zero)? Well, Section 163(j)(6) provides that if a related exempt organization (the Treasury Department) controls a corporation (in this case Fannie) and the exempt organization guarantees the debt of such corporation, the interest expense on such guaranteed debt is nondeductible (or subject to severe limitations) for tax purposes. Treasury has clearly guaranteed the debt of Fannie as defined under section 163(j)(6)(D)(iii). Related person is defined under section 267(b) which provides the corporation must be controlled by Treasury. Control is generally defined by the IRS as owning 80% of the corporation. Thus, Hank and Treasury hope to evade taxes on $80 Billion of income per year based on acquiring only 79.9% of Fannie and thus, defeat their own tax law notwithstanding Treasury effectively owns 100% of Fannie. Interestingly, the Treasury actively throws commoners in jail for life for interpreting the tax law literally as the Treasury argues the non tax paying miscreants violated the spirit of the law under the so called economic substance doctrine (an undefined vague legal concept universally interpreted differently by most courts). In fact, a literal interpretation of 163(j) via its underlying regulations specifically requires that the transaction be analyzed based on the substance of the acquisition under the 1.957-2 regulations which is a catch all provision for any legal machinations to avoid the tax law. Most of the dudes Treasury puts in jail for life for interpreting the tax law literally are using tax laws which have no literal corollary to 163(j) (i.e., no legal requirement to look at the substance of the transaction). Hank Paulson may be the biggest tax fraudster in history: not only did he avoid taxes on $100 million of his Goldman stock through the use of 100% controlled private foundations; illegally change the law under Section 382 to provide tax benefits in the realm of $750 Billion to his friends on Wall Street (which under Section 7201 is likely tax evasion (the intentional violation of tax law to avoid taxes)); but now he is engaging in further tax fraud to the tune of $80 Billion of tax deductions per year (for interpretations of the tax law Treasury sends people to prison for life over) yet again for the benefit of his buddies on Wall Street. If Hank was judged by the same standards he judges others, Hank would have to go to jail for life (notwithstanding all of the securities fraud he has engaged in). Hank Paulson and the Treasury Department are engaging in the most massive tax fraud in the history of the United States by devising a “sham” acquisition structure for Fannie and Freddie which will arguably allow these failed entities to take approximately $80 Billion in tax deductions per year. This tax fraud dwarfs any scheme in history. Why did the acquisition of Fannie involve warrants for exactly 79.9% of the common stock at a price of .00001 dollars per share (essentially zero though by the time Bernanke and Paulson get done debasing the dollar in a manner which would make Stalin and Mao proud, it may be less than zero)? Well, Section 163(j)(6) provides that if a related exempt organization (the Treasury Department) controls a corporation (in this case Fannie) and the exempt organization guarantees the debt of such corporation, the interest expense on such guaranteed debt is nondeductible (or subject to severe limitations) for tax purposes. Treasury has clearly guaranteed the debt of Fannie as defined under section 163(j)(6)(D)(iii). Related person is defined under section 267(b) which provides the corporation must be controlled by Treasury. Control is generally defined by the IRS as owning 80% of the corporation. Thus, Hank and Treasury hope to evade taxes on $80 Billion of income per year based on acquiring only 79.9% of Fannie and thus, defeat their own tax law notwithstanding Treasury effectively owns 100% of Fannie. Interestingly, the Treasury actively throws commoners in jail for life for interpreting the tax law literally as the Treasury argues the non tax paying miscreants violated the spirit of the law under the so called economic substance doctrine (an undefined vague legal concept universally interpreted differently by most courts). In fact, a literal interpretation of 163(j) via its underlying regulations specifically requires that the transaction be analyzed based on the substance of the acquisition under the 1.957-2 regulations which is a catch all provision for any legal machinations to avoid the tax law. Most of the dudes Treasury puts in jail for life for interpreting the tax law literally are using tax laws which have no literal corollary to 163(j) (i.e., no legal requirement to look at the substance of the transaction). Hank Paulson may be the biggest tax fraudster in history: not only did he avoid taxes on $100 million of his Goldman stock through the use of 100% controlled private foundations; illegally change the law under Section 382 to provide tax benefits in the realm of $750 Billion to his friends on Wall Street (which under Section 7201 is likely tax evasion (the intentional violation of tax law to avoid taxes)); but now he is engaging in further tax fraud to the tune of $80 Billion of tax deductions per year (for interpretations of the tax law Treasury sends people to prison for life over) yet again for the benefit of his buddies on Wall Street. If Hank was judged by the same standards he judges others, Hank would have to go to jail for life (notwithstanding all of the securities fraud he has engaged in).

]]> By: Abbott_Of_Iona http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19362 Abbott_Of_Iona Sun, 05 Oct 2008 01:07:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19362 Nothing left in the coconut squirrel………not surprising the police are thieves.<br/><br/><br/><br/><br/>Junior Murvin (Not the Clash)<br/><br/><br/><br/>Police (SEC & Herr Paulson) & Thieves (Goldman Sachs & Herr Paulson) in The (Wall) Street<br/><br/>Guns & Ammunition (Bazooka?)<br/><br/>Genesis (The SEC allowing Wall Street gear up from 12:1 to 30:1 and that piece of cowardly filth Greenspan and his spawn Bernanke)<br/><br/>Revelation (Bankrupt Wall Street ~ America wakes up)<br/><br/>The next Generation WILL BE (have FAITH)<br/><br/>Hear Me (The Fascists always loose even if many of the free die)<br/><br/><br/>http://www.youtube.com/watch?v=OID0h7X6hmk&feature=related<br/><br/><br/>Police & Thieves in the Street<br/>FIGHTING……… the Nation with their Guns & Ammunition<br/><br/>Police & Thieves in the Street<br/>SCARING……… the Nation with their Guns & Ammunition<br/><br/><br/>From Genesis to Revelation<br/><br/>The next generation….WILL BE……………HEAR ME<br/><br/>All the crimes committed day by day<br/>No one try to stop it in any way<br/>All the peacemakers turn war officers<br/><br/>Hear what I say <br/><br/>Police & Thieves<br/>Police, Police & Thieves<br/>Police & Thieves<br/>Police, Police & Thieves<br/><br/>.<br/>.<br/>.<br/>.<br/>.<br/><br/>Don’t wait.<br/><br/>Fight FACISM NOW.<br/><br/>EVERYWHER YOU SEE IT, HEAR IT, SMELL IT<br/><br/>DON’T WAIT FOR CRYSTALNACHT Nothing left in the coconut squirrel………not surprising the police are thieves.

Junior Murvin (Not the Clash)

Police (SEC & Herr Paulson) & Thieves (Goldman Sachs & Herr Paulson) in The (Wall) Street

Guns & Ammunition (Bazooka?)

Genesis (The SEC allowing Wall Street gear up from 12:1 to 30:1 and that piece of cowardly filth Greenspan and his spawn Bernanke)

Revelation (Bankrupt Wall Street ~ America wakes up)

The next Generation WILL BE (have FAITH)

Hear Me (The Fascists always loose even if many of the free die)

http://www.youtube.com/watch?v=OID0h7X6hmk&feature=related

Police & Thieves in the Street
FIGHTING……… the Nation with their Guns & Ammunition

Police & Thieves in the Street
SCARING……… the Nation with their Guns & Ammunition

From Genesis to Revelation

The next generation….WILL BE……………HEAR ME

All the crimes committed day by day
No one try to stop it in any way
All the peacemakers turn war officers

Hear what I say

Police & Thieves
Police, Police & Thieves
Police & Thieves
Police, Police & Thieves

.
.
.
.
.

Don’t wait.

Fight FACISM NOW.

EVERYWHER YOU SEE IT, HEAR IT, SMELL IT

DON’T WAIT FOR CRYSTALNACHT

]]> By: Dean http://www.nakedcapitalism.com/2008/10/links-10408.html#comment-19357 Dean Sun, 05 Oct 2008 00:14:00 +0000 http://www.nakedcapitalism.com/2008/10/links-10408/#comment-19357 No imitation from the Europeans:<br/><br/>http://news.bbc.co.uk/2/hi/europe/7648249.stm No imitation from the Europeans:

http://news.bbc.co.uk/2/hi/europe/7648249.stm

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