My afternoon train reading:

Mom and pop: The world’s worst investors (MarketWatch)
• China Turns Graveyard From Goldmine Hurting Ship Makers: Freight (Bloomberg)
• The Growing Sentiment on the Hill For Ending ‘Too Big To Fail’ (Rolling Stone) see also Big Banks’ Success Could Spell Their Doom (Bloomberg)
Fiduciary Duty to Cheat? Stock Market Super-Star Jim Chanos Reveals the Perverse New Mindset of Financial Fraudsters (AlterNet)
• A Debate in the Open on the Fed (NYT) see also Helicopter QE will never be reversed (Telegraph)
• The NRA’s disarming plan to arm schools (Washington Post)
• Keystone XL: The pipeline to disaster (Los Angeles Times)
• David Stockman and the Cult of Gloom (Atlantic)
• Twenty Awesome Covers From The US Space Program (Space)
• The Lease They Can Do: What the Fight Over ‘Used’ Music Reveals About Online Media (Businessweek)

What are you reading?


Initial Jobless Claims Rise More Than Expected

Source: Bespoke

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.

11 Responses to “10 Thursday PM Reads”

  1. rd says:

    There is an interesting poll here regarding the resentencing of Jeff Skilling:

    I would vote “Maybe” since there has been a refusal by the Justice Department to investigate and prosecute virtually any other cases of fraud since Enron. As a basic fairness issue, why should he continue to rot in jail while other fraudsters are continuing to rake in millions?

  2. James Cameron says:

    “An enormous leak of confidential financial records has revealed the identities of thousands of wealthy depositors — including European officials and corporate executives, Asian dictators and their children, and even American doctors and dentists — who have stashed immense amounts of money in offshore tax havens.”

    Vast Hidden Wealth Revealed in Leaked Records

    The story above is based on this one:


    * Government officials and their families and associates in Azerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have embraced the use of covert companies and bank accounts.

    * The mega-rich use complex offshore structures to own mansions, yachts, art masterpieces and other assets, gaining tax advantages and anonymity not available to average people.

    * Many of the world’s top’s banks – including UBS, Clariden and Deutsche Bank – have aggressively worked to provide their customers with secrecy-cloaked companies in the British Virgin Islands and other offshore hideaways.

    * A well-paid industry of accountants, middlemen and other operatives has helped offshore patrons shroud their identities and business interests, providing shelter in many cases to money laundering or other misconduct.

    * Ponzi schemers and other large-scale fraudsters routinely use offshore havens to pull off their shell games and move their ill-gotten gains.

  3. rd says:

    After Freeh’s MF Global report, how can there not be a SarbOx prosecution of Corzine? If there isn’t enough here to even try to move ahead with a prosecution, then they should simply repeal the law to save honest companies a lot of compliance costs while also informing shareholders and customers that they are on their own:

  4. Mike in Nola says:

    Reported on Twitter that Roger Ebert has died. His thoughts on death.

    He almost perfectly summed up my Catholicism. You may not practice but it’s still there.

  5. farmera1 says:

    Competitive devaluations anyone. History doesn’t necessarily repeat but it rhymes. In The Great Depression competitive devaluations were the thing and those that devalued first got over the depression the fastest, as I remember from an Econ Class. Uncle Ben who studied the Depression was first to the show , but Japan is coming on hard.

  6. farmera1 says:

    Amazing and new pictures at least to me of the Hindenburg crash. It happened 75 years ago.

  7. Mike in Nola says:

    Pardon the mixed metaphors, but it’s what came to mind when I saw this: lemmings jumping onto a sinking ship.

    Investors Widen U.S. Rental Search as Home Costs Rise

  8. Joe Friday says:

    Stockman and Krugman to be on the same roundtable during Sunday’s THIS WEEK on ABC.

  9. MarcG says:

    I find the anti-pipeline article from LA Times to be a sad example of the drivel too commonly served by the alarmist media on this subject. The author provides no factual supporting information relating to the actual environmental impacts of the oil sands industry. In that respect I found that the Scientific American article on Corn ethanol referenced in TBP about a month ago met a much higher journalistic standard. The SA article documented in details how the subsidized Corn Ethanol brought about environmental destruction on a massive scale. The same analysis applied to the Oil Sands industry shows 50% of the carbon gas emission intensity and similar lower impacts on the aquatic environment. Impacts on affected land mass are on a scale of 1 to 20. When one considers that North American Corn Ethanol production is currently at 6 times the current output of Canadian Oil Sands, the overall environmental impact of the latter are an order of magnitude less. Sources of supporting data is publicly available from various scientific online sources.

    • rd says:

      They are also using the rupture of a 70 year old pipeline as part of the rationale for not building a new pipeline. Logic would dictate that a 70 year old pipeline could be assumed to be near the end of its service life and new pipelines would be much safer than operating old pipelines. If an old bridge collapses, do we use that as the rationale for not building any more bridges? Even old pipelines are far safer than trains.

      Possibly the most environmentally destructive thing on the planet is the American suburb (factory fishing with bottom trawl nets is a close second). It took millions of acres of high value woods, farmland, and wetlandsand turned them into impermeable surfaces with non-native lawns that are dosed with fertilizer, herbicides, and pesticides that then runs off into watersheds and estuaries. People then drive long distances in oil-using vehicles. Vehicle emission standards now mean that one of the biggest air pollution (non-carbon dioxide) sources in a suburb is the lawn mower everybody has in their garage (we moved to a manual push mower a couple of years ago and it works great!) Nobody living in a suburb should be bleating about the Canadian oil sands.