Archive for March, 2008
Financial Firms Face a “New World Order”
March 17th, 2008HAHA. No, really. Accuse Reuters for being a tinfoil rag. I just work here. Via: Reuters: Financial firms face a “new world order” after a weekend fire sale of Bear Stearns and the Federal Reserve’s first emergency weekend meeting since 1979, research firm CreditSights said in a report on Monday. More industry consolidation and acquisitions […]
Bread Lines in Egypt
March 17th, 2008Via: BBC: Egypt’s president has ordered the army to increase the production and distribution of bread, in an attempt to cope with serious shortages. Rising prices and alleged corruption have sparked recent clashes at bakeries in poorer neighbourhoods, leading to several deaths. Hosni Mubarak said eradicating bread queues was “imperative”. The army and interior ministry […]
UK Police: Designate Children as Pre Criminals Based on DNA
March 17th, 2008Via: Guardian: Primary school children should be eligible for the DNA database if they exhibit behaviour indicating they may become criminals in later life, according to Britain’s most senior police forensics expert. Gary Pugh, director of forensic sciences at Scotland Yard and the new DNA spokesman for the Association of Chief Police Officers (Acpo), said […]
EMERGENCY: FEDERAL RESERVE WEEKEND RATE CUT; JPMORGAN BUYS BEAR STEARNS FOR $2 PER SHARE
March 17th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I’m Through Calling it for Now Well, guys, it looks like the Plunge Protection Team is out in force this morning, as we knew they would be. As I sign off, the Dow isn’t even down 1%. HAHA. The Dollar is […]
Cryptogon Readers Send Contributions
March 17th, 2008Thank you. AF $25 JR $5 DT $10 SM $35
Bush to Meet with Plunge Protection Team on Monday
March 16th, 2008This is a crisis management situation, no doubt about it. Via: Reuters: President George W. Bush plans to meet on Monday with top U.S. financial policymakers, the White House said, at a time of increased strains in credit markets and fears of a recession. The White House said on Saturday Bush will meet members of […]
Two Questions: “Who’s Next?” and “Will a ‘Banking Holiday’ be Declared?”
March 16th, 2008Via: Times Online: So who is next? As advisers to Bear Stearns struggle to find a buyer or funding in the next 28 days, Wall Street, the City and the financial district in Tokyo were scrabbling to find out who is the most exposed to Bear Stearns, either through loans or trading positions. Traders in […]
Chinese Security Forces Swarm Tibet
March 16th, 2008The world smiles uncomfortably and applauds the gold medal fascism. Via: AP: Soldiers on foot and in armored carriers swarmed Tibet’s capital Saturday, enforcing a strict curfew a day after protesters burned shops and cars to vent their anger against Chinese rule. In another western city, police clashed with hundreds of Buddhist monks leading a […]
Bear Stearns and the Fed
March 16th, 2008Via: Bloomberg: Federal Reserve Chairman Ben S. Bernanke is being forced to throw out four decades of monetary history by a financial system choking on miscalculated risks and a deepening recession. Bernanke and the four Fed governors voted yesterday to become creditors to Bear Stearns Cos., a securities firm that isn’t a bank, by invoking […]
After Dollar Crash, U.S. No Longer the Largest Economy
March 15th, 2008I’d rather not mention a story that references Goldman Sachs as a source for anything, but I don’t have any reason to believe that this calculation is wrong. Via: Reuters: The U.S. economy lost the title of “world’s biggest” to the euro zone this week as the value of the dollar slumped in currency markets. […]
