Links 3/11/09

Threats from ocean acidification BBC. We first wrote about this in 2007.

China Readies Military Space Station for 2010 Launch Spaceflight Now

Come on, Buffett! Donald Ruffkin, The Big Picture. A takedown plus some forward looking comments.

45 percent of world’s wealth destroyed: Blackstone CEO Reuters. I suppose that’s to make investors feel better about Blackstone performance.

Study finds less than third of HFs actually pocket mythical “2 and 20″ AllAboutAlpha

Madoff Will Plead Guilty; Faces Life for Vast Swindle New York Times. It’s high time he left that apartment.

Bankers Rush to the Exits Wall Street Journal

Libor Creep Says Credit Markets Risk Freeze on Policy Distrust Bloomberg

Savings rates fall to lowest on record Independent

UN climate chief: US carbon cuts could spark ‘revolution’ Guardian

Audit Integrity Says, “I Dare You…” – Who Audits The 300 Worst Companies? Francine McKenna

US companies pull out of retirement contributions Financial Times

Optimism Abounds at the White House Tim Duy, Economist’s View

Antidote du jour:

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  1. Anonymous

    Some Links:

    The Story of Deep Capture

    CEO of in a very long piece… “in 2006 a Columbia Journalism Review editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.”

    His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.”

  2. Anonymous

    More than one Daddy involved with that batch of kitties. Awful cute. Want to give ’em a hug.

    Nothing on the Citigroup “rally”? I’d really be interested in seeing commentary on the reliability of the CEO’s “we turned a profit in January and February” remark. Insolvent banks turning a “profit”? How’s that accomplished, I wonder.

  3. Anonymous

    on buffett’s comments – i don’t get him.

    charlie munger i think would be disagreeing with buffett, i’ve heard munger criticize debt and deficits a couple of times, but buffett doesn’t appear bothered by it.

    it’s a little confusing and it’s many more confusing by the way cnbc is so unreliable and yet he goes on cnbc.

    i don’t get it.

  4. Anonymous

    back again, on buffett, it’s not that i disagree, but the mixed messages are a little weird.

  5. donna

    Lovely kitten plant — must get one of those!

    It would go well in my new “economic victory!” garden…

  6. Anonymous

    Chinese banks are in deep trouble…

    Housing Market Faces Huge Inventories, Unrecouped Funds, and No Buyers
    By CSC staff, Shanghai
    Published: March 11,2009
    more in this category »

    “The central government must clearly order local government to focus on housing trade volume and force developers to cut prices, by use of policy incentive tools such as new land approval and development contracts for economic housing and low-rent housing. Whether the price cut is 20% or 30% is up to them!” said Li Daokui, director of the Center for China in the World Economy, at a session of the National People’s Congress and Chinese People’s Political Consultative Conference


    PS Yves, China’s financial system is sicker than the US one… once the real estate bad loans are factored in.

  7. Anonymous

    “45 percent of world’s wealth destroyed: Blackstone CEO”

    tax every transaction of the remaining 55% to reimburse the world’s taxpayers with interest.

  8. doc phasing out holiday

    IMHO, NakedCapitalism without Yves as a full time host, is like watching people fill in for Jay Leno, or having The Dan Rather Hour, without Dan, or going to a football game and have a new QB every game, or going to an ice cream store and getting Rocky Road when you want chocolate, or wanting an egg for breakfast and getting a lemon, or waiting for Santa Clause and waking up to find crap on your roof, or driving into a tunnel that isn’t finished yet.

    The people that fill in here are fine as augmentation, but the on-going fragmentation is going to cause a lack of continuity and the random unjoined efforts by too many, will take away from a centralized focus. I think people look for a style or quality that they can come back to as a sort of sense of security, versus being challenged by unknown quantities.

    Too many cooks wreck the kitchen and in this case, this site just becomes another random surfing place that lacks character, and it will just get glossed over and become another random surfing bookmark, so not smart. I’d keep building my brand identity and not chase too many things at the same time; focus baby!

    Sorry, but I see no point in looking at a blog like a magazine filled with multiple contributors that in aggregate, offer less meaning. Take away Yves too much, and you lose the soul of what made this work.

    Good luck! I’ll watch the traffic pattern and see if I’m wrong.

  9. Anonymous

    I agree with “doc phasing out holiday”. Are you reading Yves?

    Your other contributors are WAY too wordy and not as insightful as your rants. One has only so much disposible time in a day.

    I/we do hope you do well with anything you do but we have our biases and attention span limits.

  10. Juan

    “45 percent of world’s wealth destroyed: Blackstone CEO”

    as so many have come to do, he confuses capitalized anticipations – fictitious capital – with that which they ultimately depend on.

  11. MyLessThanPrimeBeef

    Yves, I haven’t really focused on your guest bloggers as much as this one guy who calls himself Anonymous.

    How come he posts so often?

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