13 Dec ’07:
According to the FT article [“Bank co-ops keep US afloat”], the top 10 FHLB loans as of 30 Sep 07 are:
“Member” Advances % of tot
Citibank [...]
Next up: Switzerland.
AFP (“Swiss Fear More Pressure on Bank Secrecy after Obama Victory,” 10 Nov ’08):
Switzerland is likely to come under further pressure from the United States over its prized system of banking secrecy after the election last week of Barack Obama, key sector players predicted. The newly-elected US president, who formally takes office in [...]
NYT:
Google Maps hasn’t quite heard of Mountain House:
Ths sponsored link homegain.com links to findmeaforeclosure.com…
…which has the same registrant as tracyrealestate.com:
(Both sites’ “Community” links are blank.)
Repeat ad nauseam nationwide.
DPA, “Queen Baffled at Delay in Spotting Credit Crunch,” Sydney Morning Herald (6 Nov ’08):
Prof Garicano said afterwards: “The Queen asked me: ‘If these things were so large, how come everyone missed them? Why did nobody notice it’?”
Her Royal Hghness must’ve been awfully upset to ask “How come”; but, then, losing lots of money does [...]
FT (van Duyn/Bullock, “New York Governor Urges State Spending Cut,” 28 Oct ’08):
Mr Bloomberg, addressing a securities industry gathering, said he was already seeing a direct impact of the financial crisis. He said he had dinner on Monday night in a usually full Italian restaurant in Brooklyn in which only three tables were being used. [...]
Exaggeration, it seems.
Dow, 9 Jan 1970 – 24 Oct 2008:
Harvard Crimson (Vascellaro, “Faculty Tries to Combat Grade Inflation,” 6 Jun ’02):
The [Boston] Globe story—which was picked up by news media nationwide—focused on the 91 percent of Harvard students who graduated with honors in 2001 compared to 51 percent of Yale and 44 percent of Princeton [...]
Said to be a Sequoia Capital’s “recent…presentation to its portfolio companies about how to try to survive an economic downturn”:
The how-to bit (slide 53) is a bit thin.
(26econ)
except a stoner who made 866% off it:
October 17, 2008
Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would beentirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts inprevious letters have unfolded or are in the process of unfolding. Instead, I am writing [...]
Here:
To: Nettime-l <nettime-l {AT} kein.org>
Subject: <nettime> how to fix a liquidity crisis
From: t byfield <tbyfield {AT} panix.com>
Date: Thu, 13 Dec 2007
Until just a few months ago, received wisdom held that the “modern” global financial system had become so complex and intertwingled that it had developed a de facto ability to absorb and dissipate almost any [...]
Krugman (“What Happened Today?”, NYT, 9 oct ’08):
On a separate note, one good thing is that there haven’t been any reports of people on Wall Street jumping out of windows. That’s because the windows in modern office buildings don’t open.
Yet.
Garet Garrett, Ouroboros, or the Mechanical Extension of Mankind (NYC: Dutton, 1926) labors to explain what a player piano means:
As I write, the strains of a Liszt rhapsody float into my window. They come from a farmer’s cottage a little way down the road. Yesterday a motor truck stopped at his house and unloaded a [...]
The NYT offers a curious meditation on the historical parallels between the collapse of the USSR (when “shock therapy” was the order of the day) and the US’s current difficulties:
Just in time:
“The time of domination by one economy and one currency has been consigned to the past once and for all,” Medvedev said during a [...]
Waxman to former Lehman CEO Dick Fuld:
In conversations with Committee staff, your counsel stated that he and his team are working on collecting your e-mails from this time period, but they expect to produce relatively few to the Committee because you were an infrequent user of e-mail.
Your counsel and his team have also informed Committee [...]
The U.S. Mint is temporarily halting sales of its American Buffalo 24-karat gold coins because it can’t keep up with soaring demand as investors seek the safety of gold amid economic turbulence. The 1-ounce coin has a face value of $50 but is priced for sale according to the fluctuating value of gold.
Which aspect of [...]
“It might turn out that, without anyone really noticing, the global financial system has gradually turned into something that is mostly a MMORPG.”
—Daniel P. B. Smith, “Risks of financial systems too complex to understand,” RISKS 25.34
Robert Wolf (CEO, UBS Americas), Steven Black (co-CEO, JPMorgan Chase), and Vikram Pandit of (CEO, Citigroup) try out this season’s casual style as they head into Sunday meetings held by the Federal Reserve Bank of New York:
Nouriel Roubini, who appears to be always right these days, says: “If Lehman collapses expect a run on all [...]