Pay rules complicate GM CFO search: report Reuters. This sort of thing annoys me. Search firms have succeeded in getting companies to spec job searches very narrowly, so they can ONLY hire someone doing EXACTLY the same job at a VERY similar company. To induce said person to leave job, you need to pay a BIG premium! Which of course leads to bigger fees for search firm (fees are based on first year comp of person hired). A huge scam, and the media takes it at face value.
Bolivia summit adopts new currency Aljazeera (hat tip reader John D). This is not an influential group, but taking pot shots at the dollar seems to be the latest sport.
On stimulus jobs reporting, a big ‘Oops’ CNN (hat tip reader John D)
How I Became a Keynesian Richard Posner, The New Republic.
Cognitive Dissonance and Global Macroeconomics James Kwak, Baseline Scenario
Interest on loans rankles college grads Chicago Tribune
A sterling crash is a godsend Ambrose Evans-Pritchard, Telegraph
Government banks failing to sell off assets to private equity firms Guardian (hat tip Swedish Lex). While this is not a great state of affairs, I’m not sure proceeding to sell is the best solution (the PE firms know from Japan and the RTC that the government often feels pressured to sell assets off quickly to show progress, which results in more favorable prices to the PE firms). I believe Sweden formed asset management companies which were authorized to work out and restructure debt AND extend new credit.
Foreclosures Force Ex-Homeowners to Turn to Shelters New York Times.
Industry warns on “dark pool” reform Reuters. Do you realize this is a default headline? Insert a particular practice under official scrutiny in those quotation marks, the headline will work.
Antidote du jour (hat tip reader Garrett, click to view full image and see baby owl):