Submitted by Leo Kolivakis, publisher of Pension Pulse. Last week, I reported on PSP Investments’ terrible 23% loss in FY 2009. I think it is worth going over the FY 2009 annual report to try to understand where they lost money. Let’s begin on page 4, the Chair’s report, where Mr. Cantor states the following: […]
Read more...Dear readers, I really did go looking for material, but I didn’t find anything that got my juices going enough to be post-worthy. Apologies. Fresh hope for world’s fisheries BBC World’s first computer may be even older than thought Short Sharp Science Barclays and the monoline minuet FT Alphaville (hat tip Richard S) Compensation Committees […]
Read more...Submitted by Lune (N.B.: this post, and a subsequent Part II regarding the legislative process, are focused on the political processes of DC rather than economics per se. However, to the extent that the future of the financial world is now being determined in Washington, I figured there might be some value for Naked Capitalism’s […]
Read more...Submitted by Leo Kolivakis, publisher of Pension Pulse. The NYT reports on how firms wooed a U.S. agency with billions to invest: As a New York money manager and investment banker at four Wall Street firms, Charles E. F. Millard never reached superstar status. But he was treated like one when he arrived in Washington […]
Read more...Jellyfish help to stir the ocean BBC Did an ice age boost human brain size? New Scientist (hat tip reader John D) The Day the President Turned Black (But has he turned back?) Greg Palast The Health Care Bill Dies? Matt Taibbi (hat tip reader John D) Flipping Out David Adler, The Big Money. Statistics […]
Read more...Didn’t Henry Paulson promise us the TARP was an investment and the taxpayer might even show a profit? Shows the dangers of buying what an ex-Goldmanite is selling. The TARP losses, as estimated by Ethisphere, are $148 billion as of June 19, so it is a bit dated. The flip side is I am hearing […]
Read more...A new dynamic appears to be emerging on the housing front. Heretofore, foreclosures were strongly correlated with where the mania had been most acute. California, Florida, and Arizona in particular showed dramatic declines in prices. But now as those markets have corrected to a considerable degree, foreclosure activity is now starting to be a function […]
Read more...Submitted by Leo Kolivakis, publisher of Pension Pulse. The Boston Globe reports that Mass. pension fund posts big loss: Hurt by the steep decline in the stock market last summer, the Massachusetts state pension fund reported its worst year in its modern history. The fund lost 23.6 percent, or $12.8 billion, in the fiscal year […]
Read more...Scientists sound Oceania extinction warning ABC (hat tip reader Skippy) Blue M&Ms ‘mend spinal injuries’ Telegraph (hat tip reader John D). I guarantee more of you will read this one than the more important story above. ‘No doubt’ sunbeds cause cancer BBC Robotic firefighting team debuts BBC City Aids Homeless With One-Way Tickets Home New […]
Read more...The SEC is pursuing a rather odd case, odd in the sense that while the media is getting very excited about it, it strikes me as having perilous little general applicability. The broad strokes via the Financial Times: The US Securities and Exchange Commission’s attempt to use – for the first time – a “clawback” […]
Read more...Served by Jesse of Le Café Américain “You know, Paul, Reagan proved deficits don’t matter.” Dick Cheney to Paul O’Neill The mainstream media is reporting that Fed governor Janet Yellen, a noted dove on inflation as Fed governors go, just told a gathering of bankers in Idaho that “deficits do not cause inflation” and summarily […]
Read more...We’ve been told that one of the reasons China is allegedly faring less badly than might be expected, given than big creditors tend to take it on the chin worse in global crises than debtors, who can simply default, is that its economy was actually more reliant on domestic capital spending than exports as a […]
Read more...Submitted by Leo Kolivakis, publisher of Pension Pulse.The Times reports British pensioners are among the poorest in the EU: Britain’s pensioners have the fourth highest level of poverty in Europe, according to figures published today by the European Commission. The over 65’s in Britain are, on average, worse off than their counterparts in Romania, Poland […]
Read more...Wild camels ‘genetically unique’ BBC U.S. releases unclassified spy images of Arctic ice Reuters World will warm faster than predicted in next five years, study warns Guardian (hat tip reader John D) Drugmakers Ramp Advertising Campaign For Health Care Reform Michael Shedlock. It isn’t news that Harry and Louise will be returning to a station […]
Read more...Submitted by Richard Alford, a former economist at the New York Fed. Since them, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side. The fault, dear Brutus, is not in our model, but in ourselves–apologies to W Shakespeare The economics profession […]
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