Apologies for thin posts.
PROMISES, PROMISES: Records not so open with Obama Associated Press. Obama is even less responsive to FOIA requests than Bush.
The politicization of economic problems Ed Harrison
N Korea ‘executes’ top official Al Jazeera (hat tip reader Steve L)
The U.S. No Longer Controls the Price of Oil Gregor Macdonald
Palin Slammed As ‘Wild Alaskan Dingbat’ After Hitting Grayson In Home District Ryan Grim, Huffington Post.
Ban Naked CDS Richard Portes, Eurointelligence (hat tip Mark Thoma)
City minister says every bank needs a ‘cynical Scot’ Telegraph. That’s the only job in banking I might enjoy. Chief Pessimism Officer.
Roach Rebuffs Krugman Call to Pressure China on Yuan Bloomberg. Note Krugman is not backing down.
Obama should table a Middle East peace plan Philip Stephens, Financial Times
JPMorgan also used accounting gimmick Financial Times
The Narrowing Roger Cohen, New York Times
Now for the Slaughter Peggy Noonan, Wall Street Journal. Noonan relishes Obama squirming on Fox. That does not reflect well on her, but it reflects even less well on him.
It Was a Wonderful Life Jim Quinn. This long typically long piece hits some sour notes (its Fed bashing could be a bit less conspiracy-theoritorical but makes some good points re concentration in the financial services industry globally, as well as (implictily) that banks need to remember their obligation to the community.
WSJ: Business Sours on China Trader Mark (hat tip reader Paul S)
Risk management after Valukas Deus Ex Macchiato (hat tip reader Crocodile Chuck). This is a REALLY important post if you have any interest in Lehman. First, it summarizes the stunningly bad state of risk management at Lehman. Crocodile Chuck highlighted one item that would not be obvious to those who haven’t worked in banking. Lehman had no asset-liability management committee (ALCO) until 2007. Huh? Every little podunk bank in America has an ALM function of some sort. A $660 billlion levered firm with illiquid exposures doesn’t? Worse, it makes clear that risk management policies were merely advisory, meaning rules were not enforced (!?!). And even better, no one is liable for this garbage under Delaware law!
Antidote du jour (hat tip reader Crocodile Chuck). More on the baby elephant which was expected to be stilborn:
WRITTEN off for dead just five days ago, Taronga Zoo’s teak-tough elephant calf has emerged from intensive care to perform his first routine on the public stage.
Sticking close to the protective belly of his mother Porntip, the calf, dubbed Mr Shuffles, gingerly explored the confines of one of the world’s more unlikely elephant breeding grounds on the harbour’s rocky edge on the fringe of Mosman.
Venturing close to the waters of his yard’s little pond, his trunk danced like a conductor’s baton as he sampled smells and textures of his world, tasting the palm trunk that was his mother’s breakfast. He sniffed sawdust and almost teetered over as he struggled up a tiny mound of earth, a first lesson on just how high an elephant’s centre of gravity really is.
The story, which included a video, continues here.