Joseph Cassano: the man with the trillion-dollar price on his head Times Online (hat tip reader Michael T)
Will The Dollar Standard Collapse? Clusterstock
Companies face higher hedging costs Financial Times. It is unknowable how much corporate activity is bona fide hedging and how much falls under the rubric of “treasury as a profit center” meaning it is permitted to speculate.
Krugman in China: Stimulating, Controversial, and Expensive ChinaStakes (hat tip Michael Q), Krugman suggest China is a currency manipulator.
Follow-up to “Continuous Bankruptcy” Steve Waldman
Kabuki on the Potomac: Reforming Credit Default Swaps and OTC Derivatives Institutional Risk Analyst
Antidote du jour:
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What a great pic! awwwww……….!
@Anonymous Jones
Make sure and not miss the Times Online article, because you’re quoted:
“There is no need to have an overt conspiracy, or to be incompetent,” says a thoughtful internet poster called Anonymous Jones. “Unfortunately, those ultimately bearing the risk — savers, taxpayers — did not have as strong a personal incentive to keep watch over the system, and those in charge of the financial sector ran roughshod over the entire enterprise, extracting profits far in excess of any value generated by their actions. When there are enormous incentives for each participant to cheat, the efficiency of any market breaks down.”
Anonymous Jones is a mighty fine monicker. But my favorite sometime son of Cymru is Evermore Jones. As in Praise-the-Lord-and-Glorify-His-Name-Forevermore Jones. That one had a leg up on humanity.