Wild Birds Opt for Conventional Food Over Organic, Study Shows ScienceDaily. I’m not sure this proves what the article says it does. People and animals prefer all sorts of unhealthy treat food over what is good for them (hat tip reader John M)
Goldman Harvard Recruit Pledges to Do No Harm, Fights for Oath Bloomberg. This is well intentioned and completely lame. One of times a lot of Harvard Business School grads got bad press over ethical lapses (there have been so many times it has happened I can’t recall what set off this inquiry, but it might have been Enron and the 2002 accounting scandals), HBS looked into what it could do to improve the ethical conduct of its graduates. It concluded ethics could not be taught (at least to people old enough to be admitted) and the school therefore needed to change its admissions policies to select more upright people.
The last few years demonstrate how well that initiative worked.
EPA scolds BP in Gulf oil spill: dispersant is too toxic, change it Christian Science Monitor (hat tip reader Guest)
S&P 500 One Day Declines of 3% or More Bespoke Investment Group
Irish Miracle — or Mirage? Peter Boone and Simon Johnson, Economix
Lost Decade Looming? Paul Krugman
A big step towards fiscal federalism in Europe Romano Prodi, Financial Times
Top Tax Rate? Socialism Barry Ritholtz (hat tip reader John L)
Citigroup Didn’t Say Morgan Stanley Was Short in ‘Jackson’ CDO Bloomberg, While it is great to see more digging, these pure synthetic deals were a much smaller part of the total market than the heavily-synthetic trade devised by Magnetar and imitated by others (and exhibited the same conflict, that the CDO was designed to suit one party taking a sizeable short position). We’ve been told our tally is not yet complete (and we have found more deals than ProPublica) and we have yet to identify who else was in on that type
Naked Truth on Default Swaps Floyd Norris, New York Times
Grey areas in Chinese loans give pause for thought Gillian Tett, Financial Times. Tett is getting worried and compares China to subprime.
Merkel Does Mahathir and Martin Luther: Tilting the Market Table Dude, where’s the Dharma? (hat tip reader Ronald). This is very clever indeed.
City fears of ‘Great Depression Mark II’ Edmund Conway, Telegraph. Um, maybe they should have thought of that before going into “Mission Accomplished” mode in 2009.
What Does a Euro Depreciation Mean for the US? Menzie Chinn, Econbrowser
Rescue packages and iron boots billy blog
Antidote du jour: