Archive for November, 2007
If Stocks Tank, Watch Gold
November 5th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Lots of very serious weirdness in the markets at the moment. The banking sector is on the ropes and isn’t catching any breaks at all. If U.S. equity markets sell off hard today—the futures are tanking at the moment—let’s see what […]
Death Threats for Analyst Covering Citigroup
November 5th, 2007“At some point, this thing is going to start looking less like a financial crisis and more like a mob war.” —Unloading Toxic Waste Mortgage Backed Securities: “We Americans Were Very Clever†Via: Globe and Mail: Canadian Imperial Bank of Commerce analyst Meredith Whitney says she’s received multiple death threats because of a research note […]
Citigroup CEO Resigns, Replaced by Former Treasury Secretary Robert Rubin
November 5th, 2007“Such a tight relationship between politicians and business in the making of policy has probably not existed in the United States since the time of the “robber barons” in the late nineteenth century.” —The Democratic Facade by Daniel Hellinger and Dennis R. Judd Brooks To understand the nature of power in the United States, one […]
New Zealand: Geneva Finance Hits the Wall
November 5th, 2007Via: National Business Review: Geneva Finance has secured a moratorium on capital withdrawals for the next six months at a shareholder meeting in Auckland today. The moratorium resolution passed by an “overwhelming majority,” the company said in a statement. During the moratorium investors will receive interest payments monthly. Geneva will continue to trade and lend […]
No Email Privacy Rights Under Constitution, U.S. Government Claims
November 4th, 2007The most fascinating aspect of this is that lots of people assume that their plain text email communications are private! Via: Register: On October 8, 2007, the United States Court of Appeals for the Sixth Circuit in Cincinnati granted the government’s request for a full-panel hearing in United States v. Warshak case centering on the […]
Chicago Data Center Robbed… Again
November 4th, 2007And all the video security equipment was taken too. Via: Register: In the most recent incident, “at least two masked intruders entered the suite after cutting into the reinforced walls with a power saw,” according to a letter C I Host officials sent customers. “During the robbery, C I Host’s night manager was repeatedly tazered […]
Facing Jail, Banker Leaps to Death
November 4th, 2007What is it about Colorado and big time swindlers who don’t seem to be able to live long enough to show up to court for sentencing? Remember Kenny Boy: Kenneth Lay, the founder of Enron Corp. who ascended to the pinnacle of American business only to tumble into disgrace, died of a heart attack on […]
Pakistan Under Martial Law
November 3rd, 2007Via: BBC: Pakistan’s President Pervez Musharraf has declared emergency rule and suspended the country’s constitution. He defended his actions in a national address, saying he was curbing a rise in extremism in Pakistan. Chief Justice Iftikhar Chaudhry has been replaced and the Supreme Court surrounded by troops, who also entered state-run TV and radio stations. […]
Gold Closes Above $800 at Highest Level Since 1980
November 3rd, 2007Via: MarketWatch: Gold futures rallied Friday to close above $800 at their highest level in nearly 28 years, boosted by rallying crude-oil prices and the dollar’s tumble to a new record low against the euro. Gold for December delivery rallied $14.80 to finish at $808.50 an ounce on the New York Mercantile Exchange. Earlier, the […]
CITI FACING LIQUIDITY CRISIS
November 2nd, 2007Via: Business Week: For all its financial might, Citigroup (C) is undercapitalized according to some Wall Street analysts sounding fresh alarms about the banking behemoth’s balance sheet. Citigroup shares tumbled nearly 7% on Nov. 1 after three analysts downgraded the company’s stock. Citigroup’s tangible capital is 2.8% of assets, just over half the industry average […]
