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    Quote of the Day

    "You should be more conscious when you are sleeping"

    -Isabella Hatkoff  (June 2010) on the breaking a pinky promise by her dad who was a sleeping

     

    "You can't solve a problem with the same kind of thinking that created it."
    -Albert Einstein (1879 - 1955)

    "Give a dog a fish, feed him for a day.  Teach a dog to fish, feed him for a lifetime."

    - Walter the Farting Dog

    "Wouldn't it make more sense to read the legislation before approve you it? It's like asking the architect to design the house after it is already built."

    -Paris Hilton

     



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    Friday
    Oct192012

    What Does Private Equity Actually Do?

    Here is an excellent summary from Peter Joseph of how private equity works and how Mitt got so damn rich.

     

    The New York Times

     

    A Financier in Chief

    Mitt Romney with William Bain Jr. at Bain's office in Boston on Oct. 29, 1990.Justine Schiavo/The Boston GlobMitt Romney with William Bain Jr. at Bain’s office in Boston on Oct. 29, 1990.

     

     

     

     

    Saturday
    Sep012012

    THE VENN DIALOGUES HAVE ARRIVED!

    Welcome to the VENN DIALOGUES


     

     



    Thursday
    Aug092012

    WTF? NEWS ADDS PAPER.LI TO GLOBAL PLATFORM

    Wednesday
    Aug012012

    WTF? NEWS

    LIBOR LIEBOR on the WALL

     

     

    AP's Protection of Geithner in 'Lie-bor' Scandal Continues

     

    My, it was awfully nice of Marcy Gordon at the Associated Press, aka the Administration's Press, to give Treasury Secretary Tim Geithner such excellent protection in her report on the New York Federal Reserve Bank's release of documents relating to its knowledge of the manipulation of the "Libor" (London interbank offered rate) used as the basis for the pricing of trillions of dollars of loans.

    Her report's second paragraph only tells readers that Geithner, "who was then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent." What a helpful guy. Readers needed to go to Paragraph 12 to see more about Geithner, and even that information was given kid-glove treatment:


    Read more: http://newsbusters.org/blogs/tom-blumer/2012/07/13/aps-protection-geithner-lie-bor-scandal-continues#ixzz22JY4YnJg

     

    Tuesday
    Jul312012

    WTF? NEWS

    EDVARD MUNCH: I SCREAM FOR ICE CREAM

     


    Friday
    Jul202012

    WTF? NEWS

    LIBOR LIEBOR on the WALL 

    The Mosaic Continues Piece by Piece

     

    http://dealbook.nytimes.com/2012/07/19/libor-scandal-shows-many-flaws-in-rate-setting/?ref=global-home

    JULY 19, 2012, 7:34 PM

    Libor Scandal Shows Many Flaws in Rate-Setting

    It is an open secret in the banking world: the interest rates for many mortgages and loans are based on a benchmark that is largely guesswork.

    The flaws in the rate-setting process, which is used to determine the pricing for trillions of dollars of financial products, have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis.

    But even if banks do not deliberately manipulate the rates, the benchmark remains vulnerable.

    Banks derive the rates from estimates rather than real market data. So the benchmark, a measure of how much banks charge each other for loans, does not necessarily represent actual borrowing costs. This weakness has only been exacerbated in recent years, as banks have mostly stopped lending to each other.

    The Federal Reserve chairman, Ben S. Bernanke, told Congress this week that he did not have "full confidence" in the process, calling it "structurally flawed."  (continue at NYT Deal Book)