The week is over, I am out of the office, its Veterans day, and we have some reading to get to:

• Sorry, there is no euro break-up plan – yet (Telegraph) see also Advice for Greece: How to Leave the Euro (NYT
• Surge in Rich Chinese Who ‘Invest’ in U.S. Citizenship (WSJ)
• Is it 1973 all over again? (Market Watch)
Norris: Distortions In Baffling Financial Statements (NYT)
• Italy Senate Vote Makes Way for Government Led by Monti (Bloomberg) see also Rushing for the exits (Economist)
• India & USA: Two Peas in a Pod (NYT)
• The Big Lie of the Crisis, Called Out By the Press (Columbia Journalism Review) see also Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act (Political Correction)
• Finally, a Judge Stands up to Wall Street (Rolling Stone)
• Apple Takes iTunes to Other Kinds of Payments (NYT) see also Apple is trying to make iOS autocorrect less horrible (BGR)
• Rick Perry’s Intrade Flash Crash (Economix)

What are you reading?

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

10 Responses to “10 Friday AM Reads”

  1. BusSchDean says:

    It says a lot when a long time industry watcher like Floyd Norris writes “Accounting for financial institutions is a mess. And it is getting worse. ”

    Accurate information is the “keystone” to efficient markets (i.e., “something that is necessary to connect or support a number of other related things”). Instead it appears to be the long sought but never found “holy grail.”

  2. Jim67545 says:

    REALLY appreciate these reads. Two Peas in NYT is very thought provoking. The Citi article in Rolling Stone is liable to make your blood boil. Why wouldn’t the SEC seek restitution for the losses the investors suffered because of the fraud and made those investors whole and then added something punitive??

    Saw someone on TV complaining about the too-close-for-comfort relationship between regulators and those regulated. One model (FDIC) charges the regulated bank for the examination. SEC?? How dependent are the regulators’ jobs and budget on these revenues? Sounds an awful lot like the situation with the rating agencies.

  3. BusSchDean,

    seriously, How ‘Late to the “Game”‘ is ol’ Floyd ?

    http://www.businessweek.com/bwdaily/dnflash/may2006/nf20060523_2210.htm

    Intelligence Czar Can Waive SEC Rules
    Now, the White House’s top spymaster can cite national security to exempt businesses from reporting requirements

    President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye….”

    By Dawn Kopecki

  4. Moss says:

    “Accounting for financial institutions is a mess. And it is getting worse. ”

    To wit, the faux Commercial banksters game the system…totally legal.

    http://www.bloomberg.com/news/2011-11-11/goldman-morgan-stanley-said-to-consider-shift-from-fair-value.html

  5. Kiers says:

    Regarding: Advice for Greece: How to Leave the Euro (NYT)

    I think all the big wheels: Sarkozy, Merkel, and Geithner and EU Brussels Brass are actually doing their level best to FORCE Greece to stay in the Euro:
    (1) to save US Banks’ CDS and other net/gross outstanding on this fiasco
    (2) because if Greece Leaves, then Italy, and Spain and Portugal, possibly Ireland will WANT to LEAVE too.
    The ECB should be facilitating a process for leaving whereby new national currencies are held fixed for 2 week transition period after re-introduction etc. rather than trying to conjure money out of thin air for EFSF etc.

  6. Petey Wheatstraw says:

    MEH:

    From your link:

    “William McLucas, the Securities & Exchange Commission’s former enforcement chief, suggested that the ability to conceal financial information in the name of national security could lead some companies “to play fast and loose with their numbers.”

    They wouldn’t do that, though, would they? I mean, they’re trustworthy, right?

    Hard to figure why this power was delegated to the President in 1934, in the first place, and then to the CIA under Bush.

    I’d bet that 90% of what we categorize as secret for ostensible “security” reasons is actually used to cover fraud, incompetence, criminality, corruption and graft.

    Meanwhile there’s a camera on every corner.

  7. streeteye says:

    Geniuses at S&P emitted a bogus ratings warning on France, incurring wrath of EU authorities at a rather inopportune moment

    http://www.reuters.com/article/2011/11/11/us-france-rating-eu-idUSTRE7AA27T20111111
    http://online.wsj.com/article/SB10001424052970204358004577031820549603312.html

  8. BoulderPatentGuy says:

    Young Adults Choose “Cool Cities” During Recession: http://www.brookings.edu/opinions/2011/1028_young_adults_frey.aspx

  9. rktbrkr says:

    Just need to distill the Euro zone down to blue eyed countries with Latin based alphabets. Problem solved!