Author Archives: Yves Smith
Bill Black: LIBOR – History’s Largest Financial Crime that the WSJ and NYT Would Like You to Forget
Reporting on the Libor criminal trial in the UK ranges from lame to non-existent.
Read more...The Greek Last-Chance Proposal: Stepping Backwards to Move Forward?
An analysis of the proposal approved by the Greek parliament yesterday by 251 votes out of 300.
Read more...Links 7/10/15
“Tsipras Has Just Destroyed Greece”
Tsipras has managed to deliver to the neoliberals a victory more complete than they could ever have engineered on their own.
Read more...Gaius Publius: The Clinton Campaign Notices the Sanders Campaign, or How to Read the Media
Unexpectedly strong poll momentum and event turnout for Bernie Sanders has the Clinton campaign starting to get concerned.
Read more...Dirty Energy vs. Clean Power, The Past Battles the Future at Seneca Lake
How Seneca Lake in upstate New York became a key battleground in the fight over fracking.
Read more...Who Benefits? – Rising Generic Drug Prices and the Case of Mylan’s Conflicted Property Purchases
It’s remarkable to see the level of obvious self-dealing at Mylan persist as long as it has. Be sure to read about how the former CEO was permitted to let his son use the company jet on behalf of his rock band.
Read more...Links 7/9/15
Wolf Richter: Microsoft Tallies the True Costs of the M&A Boom: Layoffs, Write-Offs, Shut-Downs, and Economic Decline
Microsoft illustrates the real-world fallout of letting corporate executives, either out of desperation or out of finding deal making more fun than the grind of making businesses perform better, follow the siren song of M&A mavens.
Read more...Announcing Site Policy Change
We regret to inform readers that we will be shutting down comment on most posts.
Read more...Why Growth in Finance is a Drag on the Real Economy
New evidence shows that when the financial sector grows more quickly, productivity tends to grow disproportionately slower in industries with either lower asset tangibility or in industries with higher research and development intensity. It turns out that financial booms are not, in general, growth-enhancing.
Read more...Links 7/8/15
Greece Told to Submit Proposal By Thursday, Complete Deal By Sunday, or ECB Shoots Its Banks and Forces Grexit (Updated: Greece Requests Three Year Bailout)
Greece has been given a maximum of five days to come up with a proposal acceptable to its lenders. And “acceptable” would be more stringent than if it had agreed to the memorandum when Syriza assumed office in January
Read more...Chinese Stock Market Rout Continues; Trading Halted in Over Half of Listed Stocks
The Chinese stock market meltdown is accelerating despite government intervention and is blowing back to commodities markets, including copper and oil, which are trading down based on concern that the stock market plunge is a harbinger of even more economic weakness. And the decline may represent the beginning of the end of the faith in China’s command and control economy.
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