Monthly Archives: January 2009

Links 1/31/09

Acid oceans ‘need urgent action‘ BBC. We wrote about this in 2007. Deadly heatwave causes havoc across south-eastern Australia Telegraph Tidal-powered datacenters: A sea of opportunity? InfoWorld “Bad bank” may be put on hold: report Reuters versus US set for ‘big bang’ financial clean-up Financial Times. Not necessarily contradictory, but released in close proximity with […]

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Wall Street Quakes at Threat of $400,000 Pay Cap

Today, Senator Claire McCaskill of Missouri introduced legislation that would limit salary, bonus, and stock options for executives as financial firm recipients of bailout funds be limited to the President’s level of pay, currently $400,000. McCaskill’s proposal is likely to go all of nowhere. She is not a member of the Finance or Appropriations committee, […]

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"An Open Letter to the Western Banking Establishment"

Reader Tim C pointed us to a post on Tim Price’s blog, “The Price of Everything,” which provides astute financial and sometimes social commentary. Below is an excerpt: Dear Western banking establishment, I notice that your unauthorised credit facility from international lenders of last resort now totals approximately $10 trillion. As a taxpayer and therefore […]

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Links 1/30/09

Floating rubbish dump ‘bigger than US’ News.com.au (hat tip reader Nivethan). It is also breaking down and getting into the food chain. Hidden Bonuses Enrich Government Contractors at Taxpayer Cost Bloomberg. Bonuses for non-performance are endemic in America (hat tip reader Larry) Vive la Révolution! Pension Pulse Stimulus Pork Econospeak Global Worries Over U.S. Stimulus […]

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So Why is the Journal (Sort of) Defending Peter Schiff’s Simply Wretched Investment Performance?

Now naive folks like me subscribe to the fantasy that a reputable newspaper maintains a church/state separation between its editorial pages and its news section. And then we have the Wall Street Journal as a telling counterexample. Last week, the Journal ran a op-ed piece by one Peter Schiff, a rather vocal libertaran and goldbug […]

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Goldman: Bank Rescue May Reach $4 Trillion (and "Bad Bank" Issues)

Goldman, in a research note discussed at CNBC, says the total tab for the US bank rescue operation could run as high as $4 trillion: The cost of restoring confidence in U.S. financial firms may reach $4 trillion if President Barack Obama moves ahead with a “bad bank” that buys up souring assets. The figure […]

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Congressional Sound and Fury Over Wall Street Bonuses Sure to Signify Nothing

A firestorm of criticism was unleashed from Washington at bonus-reaping-while-Wall-Street-burns bankers, with President Obama deigning to join in the fray. The tone was unusually heated: President Barack Obama fed a swelling populist revolt against Wall Street bonuses, calling it “shameful” that banks doled out $18.4 billion as taxpayers bail out companies and the U.S. remains […]

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Senate Wants SEC to Regulate Hedge Funds

Be careful what you wish for. The SEC regulated investment banks, and look what happened to that industry, Similarly, Madoff was registered, had a written roadmap from Harry Markopolos in terms of the issues that merited investigation, and did nothing. Without a serious change in priorities (and likely an upgrade in staff skills) at the […]

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Links 1/29/08

You get a long list of links because I found interesting stuff, but none of it really suited to further commentary by yours truly. Playboy’s playmates may be lonely at Super Bowl XLIII Bloomberg (hat tip reader Ed) Life after the apocalypse Guardian twitter.com/alaistairdarling (hat tip reader Tim) Shire horses on the ‘brink of extinction’ […]

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IMF Slashes Growth Forecast While US Stocks Party on FOMC Statement

I am the first to say that I do not understand the whims of the market, but today we saw a pretty schizophrenic display. Attention in the US focused on the Fed’s Open Market Committee statement. Earlier this week, not much was expected, since the Fed is somewhat constrained by fact that the Obama team […]

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Links 1/28/09

The Moose Elizabeth Bishop. A departure from our regular programming (hat tip reader Megan) Emperor penguins face extinction BBC Every Man an Island, Part 1 and Part 2 Byte Size Biology Recycling ‘could be adding to global warming’ Telegraph The Big Banks vs. America: A Roundtable with David Kotok and Josh Rosner Institutional Risk Analyst. […]

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Global Banking Organization Predicts Worldwide GDP Fall for 2009

The forecast for a global international contraction by the Institute of International Finance is significant because it is the first to project negative growth for 2009. That may seem unexceptional to some readers. However, the IMF is forecasting growth of 1.5% for 2009, which it actually sees as a serious recessionary level. Why? Emerging economies […]

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