Anger erupts for a volcanic exile Gideon Rachman, Financial Times
“I Feel, Therefore I Am” h+ (hat tip reader David C)
Cassandra, the Ignored Prophet of Doom, Is a Woman for Our Times Adam Cohen, New York Times (hat tip reader Don B)
Too Soon To Cry “Victory” On Latvia? A Fistful of Euros (hat tip reader Charles)
In the wake of SEC/Goldman, the must-read Appendix Rolfe Winkler. Thank you Rolfe!
The SEC, Disclosure, and the Goldman Complaint Conglomerate
Fuld defends Lehman’s use of ‘Repo 105’ Financial Times. Fuld is nothing if not consistently deluded.
Fabrice Tourre as Scooter Libby Joe Costello
Goldman SEC Litigation: The End of OTC?; Alan Boyce on the Duration of Fed Open Market Operations Chris Whalen. Today’s must read. Key section:
But the other thing that really bothers us about both the TCW transactions and the more recent revelations about GS and the Paulson firm is the fact that the SEC apparently still does not fully understand the symbiotic relationship between the dealer and the hedge fund. In our view, the funds that were involved with these transactions and many, many more examples in the OTC marketplace, did not have an arm’s length relationship with the dealer. Hedge funds exist at the sufferance of the dealers, who finance and execute and act as custodian for their various strategies and use the funds as short-term storage for inventory.
Antidote du jour (hat tip reader Leigh):