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Sunday Reading
- Insider trading fears beset buying of toxic assets (TribLIVE)
- Retailers see back-to-school sales slowing (NYT, h/t Paul)
- The five core problems with the U.S. (Grandfather economic report, h/t Credit Trader)
- As of August 14, 2009, FDIC is bankrupt (Mish, also here)
- The treacherous path for housing - 42 percent of Cali mortgages with negative equity (Dr. Housing Bubble)
- The new American dream: renting (WSJ)
- A simpler look at consumption (Beat the press)
- Germany's bonus ultimatum to bankers (FT, h/t Paul)
- France sharpens weapons for Pittsburgh Basel II battle (FT, h/t ibid)
- Nassim Taleb: Cameron dare not copy Obama's disastrous economic policies (Guardian)
- Toyota tops "clunkers" sales (Detroit News)
- Busy weekend in the Hamptons (Big Picture)
- Health debate turns personal for Obama (WSJ)
- Obama cite grandmother to rebut critics "dishonest" claims (Bloomberg)
- Morgenson: The quick buck just got richer (NYT)
- The US economy is still strugling (FT)
- UBS client to admit failure to report swiss acount to IRS (Bloomberg)
- Financial Times feel vindicated by web strategy (FT)
- Striking it richer: the evolution of top incomes in the United States (Berkeley, h/t Eric)
- Nortel sale to Ericsson stirs protest in Canada (NYT)
- Finance and the flaw of averages (Paul Kedrosky)
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As to the busy weekend in the Hamptons, looks like Robotrader was right!
Busy weekend at the Hamptons?
Heh, no doubt those Goldman traders are knee deep in booze and exotic call girls, after successfully wiping out many traders with the whippy, hacky-sacking of the SPY the last week.
"Hey, guys!!! Come on down!! I got plenty of girls and and plenty of liquor!!"
the picture with all the booze looks exactly like the bar in my house. not the same labels, but the quantity is app. the same.
Robo Trader, how do you insert pictures into your posts?
I tried using the html command <img src="url address"> and it did not work.
i was wondering too
We just
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Those pictures could just as well be from Berlusconi's parties in Italy. http://www.wc-news.com/silvio-berlusconi-is-the-man-his-party-rocks/
Kedrosky is a great read, so is Taleb.
Zero P,
I hunted around, and it looks as if most of UBS' US subsidiaries are organized inside the state of Delaware. And I poked around further, and it looked like Delware state law might let a judgment creditor of a shareholder of a Delaware corporation get an order from a Delaware court to force the Delaware corporation to issue stock to the creditor and cancel the shares of the debtor. If that is right, the IRS had the leverage to nail UBS' balls to the wall by taking over UBS' US subsidiaries and either selling them or liquidating them. It is amazing how crappy a deal Geithner cut for the the IRS against UBS demanding only 4,500 names. He has no balls.
Great find ... As it seems UBS won't even have to pay a fine. Now we see what TBTF really means: Above the Law.
I love Taleb... you feel that he senses just a little more than many of us...
UBS and Geithner settled the with giving the IRS the names of 4,500 UBS account holders.
http://www.reuters.com/article/newsOne/idUSTRE57F15820090816
Geithner claims he settled for barely any names out of fears driving a hard bargain would provoke another financial crisis:
"NZZ am Sonntag said the U.S. government had backed off from the original demands of the Internal Revenue Service (IRS) because the U.S. Treasury Secretary did not want to provoke another financial crisis by pushing UBS over the edge."
Once again, Geithner caves to the claims of the banks. He is either incompetent, corrupt, or completely spineless.
or on the list along with his fellow cronies!!
I would argue that Timmy is all three.
And you would be right in doing so. To be all three is a requirement to get a job like that.
could be that Tim himself and other notables from the k street are also in the list?
Drink up wankers! Were replacing oil spec with Sugar spec...Please do not suggest Brazil using sugar cane crops for Biofuel...
All the above suggests the robot buying this week
After reading the Hamptons commentary at the Big Picture Blog, I thought I would contribute what the last couple of weekends have looked like here in the outer rings of Washington, D.C.
Last weekend: A popular bar with an outdoor patio featured a live band. The crowd consisted of 7 people. 6 customers and one person with the band. Another formerly popular bar was closed for the evening.
This weekend: Saturday night at a very popular night spot (bar/restaurant) with live entertainment, the bar half empty.
My landlord: Says he's scared that he's missing out on the recent huge rally in the stock market and asked my opinion about moving a lot of the cash in his pension plan back into stocks. I told him he was freaking nuts, that he had to accept the fact that he had missed the rally and at this point he would have to settle for watching to see how things shake out, but to expect a crash in the near future if the bears are correct. Confided that he likes and watches Larry Kudlow each evening.
Any questions?
I would say that the trouble with the PPIP program is not going to involve as much insider trading as it will anti-trust type issues... Geithner's name is on this program and as such he owns it's outcome... and if this is one of his best ideas then god help us all.
I'd like to know just how much of the current economic policies are Obama's? How much of past policies were Bush's? Remember the "United We Stand" signs after 9/11?
I would advance the idea that most if not nearly all of the economic policies supported by either the Bush or Obama administrations were not "owned" by either Bush or Obama, they were just 'suggestions" that both presidents knew they had better follow. Presidents are not selected for their qualities of leadership, but for their capacity to follow and do as they are told by those that rent their services.
Thank you Layne. So from that is it safe to say the divisive animosity created, by even the better authors, for example Nassim Taleb whom I respect, is a sham?
BTW the market isn't fair value. It is over valued by a large margin. I think most people would agree.
We just
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Might be an interesting interview later tonight (I am not familiar with this book). Other financial interviews earlier in the show:
Sunday 1235P: (935P Pacific Time): David Wessel, author, "In Fed We Trust: How the Federal Reserve Became the Fourth Branch of Government."
http://www.johnbatchelorshow.com/schedules/