Monthly Archives: April 2010

Greece Downgrade: What Shoes Will Drop Next?

The Financial Times indicator is looking more and more reliable: when the pink paper starts playing at the top of its form, the wheels are about to come off. The most troubling aspect of the Standard & Poors downgrade of Greece to junk and Portugal’s downgrade came in its release. It isn’t just that Greece […]

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Notes on Senate Hearings on Goldman Sachs (Updated as of End of Hearings)

Opening Remarks Overview: The Senate committee presented a case that sought to refute the prior public statements of Goldman Sachs and establish that Goldman was, in fact, betting against clients and had rampant, and unacceptable, conflicts of interest. Senators Levin, Collins, McCain and McKaskill made statements that seem to anticipate many of the defenses that […]

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Links 4/27/10

Just some of the things Eyjafjallajökull has screwed up Volcanism Blog (hat tip Richard Smith) Supramapping Upcoming Pathogenic Storms h+ (hat tip reader David C) The Bloop: A Mysterious Sound from the Deep Ocean Nasa (hat tip reader John M) Deadly new Russian weapon hides in shipping container Reuters (hat tip reader cdurk) Andy Stern: […]

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Quelle Surprise! Goldman Knowingly Sold Garbage Barges

As Goldman and the Senate Committee on Investigations are duking out The Battle of the E-Mails, with each side claiming the other has painted a misleading picture, it is becoming pretty clear that Goldman, contrary to its sanctimonious twattle about putting clients first, actually puts its fees first. This should come as no surprise to […]

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Spitzer/Black: Questions from the Goldman Scandal

By Eliot Spitzer and Bill Black, cross posted from New Deal 2.0: For those who have spent years investigating fraud, it was no surprise to hear that Goldman Sachs, the (self-described) jewel of Wall Street, is the latest firm to emerge from the financial crisis with tarnished reputation. According to a lawsuit brought by the […]

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Links 4/26/10

Yours truly just got in from London. Truth be told, I had a good time being a volcano refugee. My host Richard Smith was very gracious and accommodating (as in he didn’t mind my blogging a fair bit, and most important, did not seem at all bothered by the extended stay), and we did get […]

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Greece: Dead Man Walking?

I’m mystified as to the cheerleading in some circles on Greece. It is not clear that its €45 billion EU-IMF band-aid will be deployed (among other things, it faces a legal challenge in Germany) and even if it is, it falls well short of Greece’s anticipated needs beyond one year. More important, a successful deal […]

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Satyajit Das: Rand World

By Satyajit Das, a risk consultant and author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives Jennifer Burns (2010) “Goddess of the Market: Ayn Rand and the American Right” Oxford University Press One of the strange by-products of the publishing boom around the global financial crisis is the revival […]

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Guest Post: Unemployment for Those Who Earn $150,000 or More is Only 3%, While Unemployment for the Poor is 31%

→ Washington’s Blog Boeing CEO Jim McNerney succinctly summarized a recent study by Northeastern University’s Center for Labor Market Studies regarding unemployment rates for different income brackets: The Center analyzed the labor conditions faced by income-grouped U.S. households during the fourth quarter of 2009. In the face of one of the worst economic environments in […]

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Links 4/25/10

Parisian women and behavioral economics Tyler Cowen Boredom is a Killer h+ (hat tip reader Sugar Hush) The IMF Has “a long history of stabilizing economies and solving global financial problems”? Dean Baker Waste Management: Congress Pushes Surge in Ongoing War Against Iran Chris Floyd ObamaCare and New Coke Pat Caddell and Scott Miller Friend […]

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New Goldman PR Disaster: Execs Celebrated Subprime Implosion

It’s ironic how the “Goldman was so smart to have shorted subprime” meme is now being turned on its head in the MSM as Goldman’s conduct in the run-up to the crisis is begin re-examined in a new light. The underlying premise of the Goldman defenders is that it is fine for the firm to […]

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Links 4/24/10

Apologies for the lack of my own posts. These are my last two days in London, and I decided to take in the town a bit. Several Different Species of Killer Whales Likely Science Daily (hat tip reader John M) Our Giant Banking Crisis – What to Expect Paul Krugman and Robin Wells, New York […]

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