Monthly Archives: January 2009

Another Geithner Ethics Compromise (Let Them Eat Cake Edition)

I am struggling for the right metaphor to describe Timothy Geithner’s conduct. Marie Antionette ain’t bad, but perhaps better is the Last Commandment from Animal Farm: All animals are equal, but some animals are more equal than others This blogger was troubled by Geithner’s demeanor during the Senate hearings on the Bear Stearns bailout, when […]

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Links 1/27/09

The extraordinary life of a roo called Myrtle Sydney Morning Herald (hat tip reader Nivethan) DR Congo gorilla numbers growing BBC Obama’s Vietnam? Juan Cole, Salon We’re in danger of losing our memories Guardian PwC and Satyam – Another Fine Mess You’ve Gotten Yourself Into Francine McKenna Shell Sells Oil Cargo, Phibro Tanker Leaves as […]

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Credit Crunch Leads Nations to Barter for Food

No, the headline is not an exaggeration. And it demonstrates that credit conditions remain tight for many less than stelar borrowers. From the Financial Times: In a striking example of how the global financial crisis and high food prices have strained the finances of poor and middle-income nations, countries including Russia, Malaysia, Vietnam and Morocco […]

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Merrill Pay Down Only Slightly in 2008 From 2007 Levels

In case you had any doubts about the propriety of Merrill’s 2008 pay packages, this Wall Street Journal story on the continuing slugfest between Merrill’s former CEO John Thain and Bank of America’s chief Ken Lewis should put any doubts to rest: According to a securities filing last week, Merrill’s overall compensation and benefit expenses […]

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Your Tax Dollars at Work: Citi Buys New Corporate Jet (Updated: Defends Purchase)

Even if there were a rationale for Citi buying a corporate jet now (which I cannot fathom, given their horrid financial condiiton), why buy new? There are no doubt plenty of used jets for sale right now. This incident illustrates the degree to which a corporate/financial elite has developed in the US. Top executives feel […]

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Links Australia Day 2009

If you are down under, pet a ‘roo or drink some shiraz for me! Free Monty Python Videos on Youtube Lead to 23,000% DVD Sale Increase SlashFilm Why the Federal Reserve should LITERALLY throw money out of helicopters John Hempton. And do read the post that prompted it: Inflation v. Deflation Cassandra The benefits of […]

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Merrill Bonus Plot Thickens: BofA Was Informed

Some readers have suggested that while ex-Merrill CEO John Thain’s actions post the agreement to buy his firm were questionable, his ouster was an effort to divert blame and attention for the turkey deal from BofA CEO Ken Lewis. If Thain, as Lewis charged, ducked direct questions about Merrill’s deteriorating financial condition, or worse, was […]

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Quelle Surprise! Summers Says Banking Industry May Need More Dough

The Administration has evidently launched a campaign to warn the American public that the black hole banking industry will need more in the way of recapitalization funding than is currently on offer. Mind you, we are NOT opposed to this sort of thing were it done correctly: tough minded banking industry reforms, seizure of the […]

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Links 1/25/09

Goat detained over armed robbery Reuters Whale pod stuck on sandbar dying BBC Our world may be a giant hologram New Scientist (hat tip reader Bill) Price Watergate Independent Accountant. On Satyam. “I find PWC’s being unaware of this fraud inconceivable.” He has company in his view: Price Waterhouse Auditors Arrested in Satyam Inquiry Bloomberg […]

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Obama’s Financial Reform Proposals: Less Than Meets the Eye

Team Obama has started to preview some of its financial reform proposals. And if the New York Times has represented it accurately, it falls far short of what is called for. Consider the opening sentence of the article: The Obama administration plans to move quickly to tighten the nation’s financial regulatory system. If all the […]

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Links 1/24/09

Climate shift ‘killing US trees’ BBC Obama Sides With Bush in Spy Case Wired Bob the Impaler I, Cringley (hat tip reader Jean-Paul). Charges that Microsoft’s layoffs fall considerably short of what is needed. JRE Keeps You Entertained All Weekend: A Series of (Metal) Tubes Josh Reviews Everything Indians flee Dubai as dreams crash DaijiWorld […]

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