Archive for the 'Elite' Category
Banks Bet Greece Defaults on Debt They Helped Hide
February 25th, 2010But first, a quick walk down memory lane: Banks Bundled Bad Debt, Bet Against It and Won: In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm. Mr. Egol, a […]
Fed to Look Into Insurance Contracts on Greek Debt
February 25th, 2010Bernanke is going to get to the bottom of it??? Via: AP: Federal Reserve Chairman Ben Bernanke told lawmakers Thursday that the central bank is looking into the use by Goldman Sachs and other Wall Street firms of a sophisticated investment instrument to make bets that Greece will default on its debt. Bernanke said the […]
Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs
February 24th, 2010In an e-mail message to select clients, Thomas C. Mazarakis, the head of Goldman’s fundamental strategies group, acknowledged that his unit often provided investment ideas that the firm had already traded on. Sometimes Goldman has even taken the opposite approach, betting against particular instruments that the group has recommended. “We may trade, and may have […]
New U.S. Embassy in London Will Cost $1 Billion; Yes, That Includes the Moat
February 24th, 2010Via: Times Online: The United States has unveiled plans for its new $1 billion high-security embassy in London — the most expensive it has ever built. The proposals were met with relief from both the present embassy’s Mayfair neighbours and the residents and developers of the Battersea wasteland where the vast crystalline cube, surrounded by […]
Basically, It’s Over: A Parable About How One Nation Came to Financial Ruin
February 23rd, 2010Via: Slate: As it worked out, the politicians ignored the Good Father one more time, and the Basicland banks were allowed to open bucket shops and to finance the purchase and carry of real securities with extreme financial leverage. A couple of economic messes followed, during which every constituency tried to avoid hardship by deflecting […]
Bloom Energy Fuel Cell
February 23rd, 2010Who’s on Bloom Energy’s board? Colin Powell. Via: CBS: Watch CBS News Videos Online In the world of energy, the Holy Grail is a power source that’s inexpensive and clean, with no emissions. Well over 100 start-ups in Silicon Valley are working on it, and one of them, Bloom Energy, is about to make public […]
Ousted GM CEO Fritz Henderson Rehired As Consultant, Earns $60K A Month
February 22nd, 2010Via: Car Connection: After having been very publicly ejected from the company late last year, former GM CEO Fritz Henderson has been reinstated with a cushy consulting role less than three months on. In early December, 2009 Henderson was asked by the then Chairman of the Board, Ed Whitacre, to resign just days before he […]
Kerik Is Sentenced in Corruption Case
February 22nd, 2010Fugettaboutit. Via: New York Times: Bernard B. Kerik, a former New York police commissioner who rose to national prominence, was sentenced to four years in prison on Thursday after pleading guilty to eight felony charges, including tax fraud and lying to White House officials. Under the terms of a plea agreement, the prosecution and the […]
Saudi Prince in Court Over London Murder
February 19th, 2010Via: Reuters: A Saudi prince was remanded in custody on Friday after appearing in court accused of murdering his employee in a luxury London hotel. Saud Bin Abdulaziz Bin Nasir Bin Abdulaziz Al Saud, 33, is accused of killing Bandar Abdullah Abdulaziz in the third-floor room of the Landmark Hotel in Marylebone, central London on […]
Cyber ShockWave
February 19th, 2010I’m quietly looking into the Joe Stack situation, and in the process, I came across the story below, which I had somehow missed. Via: AFP: Former top US officials staged a digital doomsday simulation on Tuesday in which a huge cyberattack crashes cellphone networks, slows Web traffic to a crawl and plunges major cities into […]
