Gulf Oil Spill Hits Louisiana’s Largest Pelican Nesting Area Huffington Post
US moves to block new BP oil leases Financial Times
How the ultimate BP Gulf disaster could kill millions helium (hat tip reader John D)
Government for Sale: 2009 Lobbying $3.49 Billion Barry Ritholtz
More poverty by any measure Stateline (hat tip reader John D)
Beijing starts gating, locking lower-income migrant villages Associated Press
Bank mortgage securities desks in hiring spree Financial Times. I must remind readers that the German government bond market showed considerable improvement in 1931 until shortly before Credit Anstalt collapsed. There are some very serious problems in the RMBS market that have not been addressed that look likely to surface in the next 6-18 months.
AIG Becomes ‘Benmosche Show’ After Departure of Chairman Golub Bloomberg. Further proof that a preening, bullying prima donna who cares only for his own interest is at the helm. I never worked with Golub directly but I know people who have, and they think highly of him. Benmosche appears to recognize that the absurd absentee ownership by Uncle Sam is rife for abuse, and he is not submitting to normal corporate governance. Think anything but a compliant chairman will take the job after the departure of a well regarded executive like Golub?
Watchdog: Small banks struggling despite bailouts Associated Press (hat tip reader Doc Holiday)
HOW BROKERS BECAME BOOKIES: THE INSIDIOUS TRANSFORMATION OF MARKETS INTO CASINOS Web of Debt (hat tip reader John D)
Ratigan’s Righteous Rant digby (hat tip reader Francois T)
Immigrants and US Innovation William Kerr, William Lincoln VoxEU
The capital tsunami is a bigger threat than the nuclear option Michael Pettis (hat tip reader bruno). Today’s must read. Key section:
The US, in other words, is not likely to face the “nuclear option” of a Chinese disruption of the US Treasury bond market. It is far more likely to be swamped by a tsunami of foreign capital. This tsunami will bring with it a corresponding surge in the US trade deficit and, with it, a rise in US unemployment. It will also force the US Treasury to increase the fiscal deficit as more of the jobs created by its spending leak abroad.
Antidote du jour: