It’s high time I updated the APGMI part of the saga of Virgin Gold Mining Corporation. Here’s a round-up of the relevant parts of this sprawling series. In our first post, we introduced a vast Far Eastern pyramid fraud ($2Bn?), Virgin Gold Mining Corporation (VGMC), that ran from early 2010 to mid 2013. In May […]
Friday, March 6, 2015
Mapley et al.: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (VIII)
HSBC’s top brass have “no idea” about Mossack Fonseca. Here’s a primer.
A potential fatal flaw arises in the Pentagon’s plans to create a killing force that didn’t involve messy, unpopular casualties and deaths. Drone operators are quitting faster than new ones can be trained. Killing is apparently not cost free; many drone pilots appear to suffer from a new form of mental disorder.
Today’s Water Cooler: Alternatives to Clinton, if any, Rahm wears a sweater for Emmanueldämmerung, DOJ Ferguson report, libertarian delusions
Is converting public property to private use what we expect and demand of a President?
‘We’re not kidding': Police helicopter scrambles to reports of cries for help… finds goat London Evening Standard (Chuck L)
Ringling Bros. to Give up Elephant Acts in 3 Years ABC News (furzy mouse)
The People Revolt Against Sledding Ban in Nation’s Capital Newsweek. EM: “9/11 … the gift that keeps on taking.”
Poverty, not the ‘teenage brain’ account for high rates of teen crime PhysOrg (Robert M)
One Twin Exercises, the Other Doesn’t New York Times (David L)
Reliance on smartphones linked to lazy thinking PhysOrg (Chuck L)
Apple Pay Fraudsters Target Company’s Stores With Stolen Credit-Card Data Wall Street Journal
The palace of Nimrud, the home of Ashurbanipal II is being destroyed France24 (Davie L) :-(
Banned BBC Documentary Nirbhaya India’s Daughter Full You Tube. Stephen M: “(This is the whole documentary. Not sure how long this will last as India has been pushing to get all uploads of this BBC documentary removed.”
Ban on Nirbhaya documentary: Let’s accept it, we are offended by our own ugliness DNA India (Stephen M)
ECB launches €1.1 trillion blitz as bond market dries up Ambrose Evans-Pritchard
Dollar-euro parity coming: Strategist CNBC. Reader Li predicted this a while ago….
ECB could buy negative yielding assets Dow Jones
Marine Le Pen lays out radical vision to govern France Financial Times
ECB says willing to restore financing for Greek banks once deal is reached ekathimerini Translation” “once Greece agrees to pretty much all of the old structural reforms.”
Varoufakis: “We have Plan B” after ECB Draghi’s says No,No,No to liquidity Keep Talking Greece
Joseph Stiglitz and Martin Guzamn, A Fair Hearing for Sovereign Debt Project Syndicate
Imperial Collapse Watch
The Persistent Concerns about Altered Financial Data Marcy Wheeler
Air Force Mixes Up Constitutional Amendments in Test Given to Airmen Military.com (Chuck L)
Clinton Personal Email Cesspool Deepens Peter Van Buren, Firedoglake
Attorney General Kamala D. Harris Announces 24 Year Prison Sentence For Leader of Mortgage Relief Scam (1SK) State of California Department of Justice. ““This predatory scheme robbed families of their life savings and in many cases, their homes.” Too bad this sort of reasoning and punishment isn’t applicable higher up the food chain.
Businesses push to combat California drought Financial Times
BNSF oil train derails in rural Illinois; two cars aflame Reuters (martha r)
Some Who Are Part of Problem in Ferguson Are Asked to Fix It New York Times
Cops Say a High School Dean Shot a Teenager Execution Style Gawker. Only in America….
KKR in talks to settle SEC probe of expense sharing Chris Witowsky, PEHub. Note this is not the abuse publicized in the Wall Street Journal, involving KKR Capstone. This looks to be pure and simple bilking on breakup fees.
Energy Price Plunge Hits Jobs Boston Globe. Quelle surprise!
Neoliberal Utility and the Paradox of Taxation Ed Walker, emptywheel
Fed tests point to $500bn risk for banks Financial Times
Auditing the Fed (or at least the staff forecasts) part 2 FT Alphaville
Scott Walker says $7.25 an hour is a living wage Daily Kos (furzy mouse)
Antidote du jour. From John B: “Here is my only male cat stretched out in my office on a Tibetan tiger rug. The cats like to lie on this rug probably because it is pretty plush. He does have little hidden tiger stripes in his fur (even though his name is The Lion because he looks like a little lion or as he is also known as Lover Boy because every woman that meets him wants to take him home). I some times say his fur has mystical symbols in it. He is a real sweety and an affection hog. He needs to be held several hours a day which makes it hard to get work done.”
Posted by Lambert Strether at 6:55 am |
The Wall Street Journal has published an important account of a behind-the-scenes power struggle at the Federal Reserve over authority for regulation. The result that the New York Fed has had significant amounts of its authority shifted to the Board of Governors in Washington, DC. This is a major win for Fed governor Dan Tarullo, who has emerged as one of the toughest critics of big financial firms at the Fed in the wake of the crisis. It is also a loss for the banks, since the New York Fed is widely recognized as close to Wall Street. Moreover, the Board of Governors is more accountable to citizens (its governors are Federal employees, the Board of Governors is subject to FOIA, although confidential supervisory of all financial regulators is exempt), while the regional Feds can best be thought of as public/private partnerships with weak governance structures,* so this move in theory is also a gain in terms of accountability to the public. However, since Greenspan holdover, deregulation enthusiast and Dodd Frank opponent Scott Alvarez remains as the general counsel of the Board of Governors, it’s unlikely that any newfound serious intent by the Board of Governors will go all that far in practice, given the powerful role that Alvarez exerts over matters regulatory.
Wolf Richter: “Default Monday”: Oil & Gas Companies Face Their Creditors as the Fracking Bubble Bursts
Lambert here: Who woulda thunk the Fed’s easy money policy — no, not for you! — would contaminate millions of gallons of water and create exploding “train bombs”? Life’s little ironies…
Lambert here: I couldn’t make up my mind whether there was any redundancy in the headline or not.
Today’s Water Cooler: Obama throws Clinton under the bus on email, ADP below consensus, driverless cars, Apple Pay fraud, Santa Cruz protest
Why New Keynesians look a lot like Friedmaniacs.
Posted by Yves Smith at 6:55 am |
This Institute of New Economic Thinking interview describes how Argentina’s completed sovereign debt restructuring was derailed by vulture fund NML Capital in a reading of the original bonds’ pari passu clause that was contrary to well-established practice. Even the US Treasury had weighed in on the side of Argentina in an amicus brief. The interview of Argentine ambassador Cecilia Nahon by Marshall Auerbach goes into the backstory of the restructuring, that Argentina’s woes in no small measure resulted from following the IMF’s neoliberal fads du jour.
Who has won and lost from the Western sanctions against Russia?
Royal Dutch Shell wants to drill in the Chukchi Sea this summer and that could, in the long term, spell doom for one of the last great, relatively untouched oceanic environments on the planet.