Egypt Crafts Stimulus Plan to Jump-Start ‘Sudden Stop’ Economy Bloomberg (hat tip reader bob)
The west can no longer claim to be an honest broker in the search for peace Guardian (hat tip reader May S)
Arab rulers confront a new world Financial Times
Mideast Unrest Spreads Wall Street Journal
Farm insurance fraud is cheating taxpayers out of millions Los Angeles Times. From a few days ago, and reader James P. sent it as support of our thesis that it is hard to track food inventories
The Escape Artist: How Timothy Geithner survived Noah Schreiber, The New Republic. Dood, I already said why. He gives good meeting.
Thanks to readers for noticing that Frank Rich noticed us!
Obama’s Pentagon cuts not what they seem CNN (hat tip reader May S)
Housing Crash Is Hitting Cities Once Thought to Be Stable New York Times
At Media Companies, a Nation of Serfs New York Times (hat tip reader Buzz Potamkin)
Guanxi vs Analyst: Carlyle and the coming collapse in Asian Private Equity John Hempton. This is major. Odds are high you will see variants of this story elsewhere.
US woos sovereign funds in AIG sale Financial Times. This suggests they regard this as a tough sale.
Haircut 100 – how is the burden shared when a banking system goes bust? Bond Vigilantes. Per Richard Smith:
I should add: so far no law change in Ireland to allow the fate of bondholders to be decoupled from the fate of depositors. What they are doing instead is moving deposits out of Anglo Irish Bank and Irish Nationwide. Once that’s done they can probably haircut the bondholders without needing to change the law.
Bondholders are exposed: Lenihan Independent (Ireland, hat tip Richard Smith)
Banks’ hidden subsidies worth £32bn a year Independent (hat tip reader Buzz Potamkin)
Accountancy has forfeited its right to call itself a profession Ian Fraser, QFinance (hat tip Richard Smith)
In Re Agard – Another MERS Defeat ForeclosureHamlet. By e-mail, Lisa Epstein points out some pretty pointed language in the decision:
MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage recording process. This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law.
Antidote du jour: