Links 2/4/10

Sorry this is going up so late. The site was down for a while this AM, and I was off the grid since then.

U.S., Britain to be sued by Iraq over depleted uranium bomb use Digital Journal

Short on cash, Wikileaks suspends operations CNet (hat tip reader John D)

Congressional Democrats are nay-saying Obama’s budget Los Angeles Times

Pelosi: No Hope For Public Option At This Time Talking Points Memo and 120 House Democrats demand public option The Hill (hat tip reader John D)

Job reports paint mixed picture CNN. Reader John D offered this comment:

This one statement demonstrates the lack of logic and the sheer wishful
thinking that is happening.

“We aren’t doing a whole lot of hiring yet, but I think you can safely say
the firing is starting to stop,” said John Canally, an economist at LPL
Financial. “And this shows that we’re close to adding more jobs.”

Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum Telegraph (hat tip reader Tim C). As I have LONG said, regulators have the upper hand, if push come to shove, they can threaten to revoke licenses. And someone finally has gotten the nerve to make it clear to the banksters who is in charge.

Antidote du jour:

Print Friendly, PDF & Email


  1. Ina Pickle

    Not the least bit ugly! Very cute, actually.

    Of course, a black one might have been more in keeping with the overall theme. . . .

    1. nowhereman

      Yes I was quite consterned this morning, had my cup of coffee and some oatmeal and my laptop and no Yves. I had to bop over to Zero Hedge, but even that was less than satisfying.

    1. Francois T

      Well…how about we send this article to everyone in Congress, newspapers, TV shows and what have you?

      Somehow, we have to shame the spineless asshats called US regulators.

      Wait! I know at least one Representative who would be very pleased ask some questions to targeted asshats on this very topic…

      *evil grin*

  2. dimitris

    Love the last paragraph:

    One executive faced with dealing with the new ultimatum said: “It was pretty amazing but we actually chuckled because it’s the sort of hard ball we would have played if we’d been in the FSA’s shoes.”

    1. jimmy james

      I agree, excellent paragraph! I’m glad to see SOMEONE has some balls on this planet. Good on our Atlantic cousins.

  3. MyLessThanPrimeBeef

    Do they have to worry about government debt in the world of ducks?

    I rest my case.

    I’m a duck in my next reincarnation.

  4. emca

    The FSA article is surprising.

    no pretty speeches?
    no consultation to see if con-men’s feelings are hurt?
    no money-tainted approval by company politicians?
    no misdirected concern of global competitive disadvantage?
    the rule of law, enforcement without condition?

    What kind of representative democracy do those over-the-ponders have anyway. Certainly won’t fly here.

  5. Greenhorn

    Hey guys. I do “like” these graphic compares between then and now. I love all these great blogs. Hank Paulson was just on PBS/Charlie Rose hyping his book. I have never heard anyone hm and haw so much. He barely can say 3 words together. Somebody better in the know (thats anyone but me) needs to decipher this and try to figure out what he’s trying to hide/say.

    I know so so little, but the last few years I’ve multiplied

  6. Greenhorn

    Sorry. Please complete the sentence above with this last bit.

    I know so so little, but the last few years I’ve multiplied my knowledge which might fill 2-3 thimbles now. Thanks again to all you guys, GA

  7. anonymoid

    A serious question. No, really.

    Yves, why are the antidotes 98% juvenile animals? Baby birds. Baby bears. Baby tigers. If memory serves, you never post art, music, a scientific diagram, or anything else as an antidote, and have rarely posted pics of adult animals on their own, if they’re a curiosity.

    Do you feel only babies can provide the antidote to a world flipped-turned upside down? Do you feel the existence of babies provide legitimation prior to economics and politics, the main substance of your blog? (“As long as we’ve got babies, we’ve got hope!”)

    Why are babies an “antidote”?

    1. Yves Smith Post author

      Antidotes have always been animals.

      I have had a run of baby animals recently because a reader provided a link to a site that had a lot of baby animal pix, and I have been overloaded, it takes time to find animal pix, and at 3-6 AM, I am often not in the mood to go hunting (the Antidote is the last thing I do before I turn in).

  8. Hugh

    I saw this here about Lazard Frères:

    “The firm doled out $616 million in compensation and benefits to about 2,300 employees last quarter, or more than triple the amount handed out in the same period in 2008. It was a consequence, Lazard said, of a decision to pay more bonuses in cash and accelerate some deferred cash awards from a prior year. But so great was the firm’s generosity that compensation costs overwhelmed quarterly revenues and resulted in a net loss of about $55 million for the fourth quarter. The charges also almost wiped out full-year profits”

    This made me wonder if the folks at Lazard are awarding themselves such big bonuses now because they know the bubble is going to pop soon. Or is it just unbridled greed? Or both?

  9. Benedict@Large

    Yves: You may want to check this out …

    In William D. Cohan’s “Mystery Men of the Financial Crisis”
    ( ), Cohen makes the case for questioning Warren Spector (former co-president and head of the fixed-income division at Bear Stearns) and Dan Jester (former Goldman Sachs banker turned Treasury official) in regards to their roles in the financial crisis.

Comments are closed.