The C.E.O.

A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said.

 Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wits's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor."

The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street -- responded positively, sales began to pick up and the problem was soon behind him.

About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded.

After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope.

The message said, "Prepare three envelopes..."

Author Unknown

July 18 (Bloomberg) -- The U.K. budget deficit ballooned to the widest since records started in 1946, putting pressure on Prime Minister Gordon Brown to ease decade-old borrowing rules.

The shortfall rose to 24.4 billion pounds ($49 billion) in the three months through June, the Office for National Statistics said today. Last month, the deficit widened to 9.2 billion pounds, more than the median forecast of 7.4 billion pounds in a Bloomberg News survey of 17 economists.

Brown's rules are buckling as the economy edges towards its first recession since the early 1990s, forcing borrowing higher. The government, which has already cut taxes this year, may find it hard to meet its March forecast of a 43 billion-pound deficit this year as revenues wane. Government bond yields rose today.

Where's your motherf*%&ing flag pin?

Citigroup Shares Rise on Smaller-Than-Estimated Loss, Writedown

By Josh Fineman and Bradley Keoun

July 18 (Bloomberg) -- Citigroup Inc. rose in New York trading after reporting a smaller-than-estimated loss on fewer mortgage-bond writedowns, lower borrowing costs and job cuts.

Well, I feel better already.

Somewhere in cyberspace, the ghost of de Chardin is smiling.

The Charity Commission, the official body regulating charitable status, has issued its report on the Smith Institute, the Prime Minister's pet think tank. And it is highly critical.

In the spotlight? Comment Central's old friend Bob Shrum.

The Institute (named for former Labour leader the late John Smith) has been under pressure following a campaign by Guido Fawkes, for whom, the Commissions findings are a clear vindication.

The burden of the criticism made by various bloggers, led by Guido, is that the Institute, using 11 Downing Street (at the time Gordon Brown's official residence) for its high profile seminars was effectively a party political organsisation shielding behind charitable status.

No wonder Gordito's so unpopular.  Did he not see Shrummy's work for Kerry in '04?

Where's your motherf*%&ing flag pin?