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by In Wales Wed Apr 22nd, 2009 at 10:59:20 AM EST
In this GFSR, estimates for writedowns have been extended to include other mature market-originated assets and, while the information underpinning these scenarios is more uncertain, such estimates suggest writedowns could reach a total of around $4 trillion, about two-thirds of which would be incurred by banks."
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.The death "may have been an apparent suicide," said Lucy Caldwell, a spokeswoman for police in Fairfax County, Va.Authorities said there were no signs of foul play when officers were called to Kellermann's home in Vienna shortly before 5 a.m. ET, Caldwell said. A source familiar with the investigation said Kellerman apparently hanged himself.
The death "may have been an apparent suicide," said Lucy Caldwell, a spokeswoman for police in Fairfax County, Va.
Authorities said there were no signs of foul play when officers were called to Kellermann's home in Vienna shortly before 5 a.m. ET, Caldwell said. A source familiar with the investigation said Kellerman apparently hanged himself.
The death "may have been an apparent suicide,"
What is that supposed to mean? One nuance too much. *Lunatic*, n. One whose delusions are out of fashion.
If he felt shame and contrition before his peers for his role isn destoying the lazy justifications of their obscen privilege, then so be it. But he was not down on his luck, his membership of his myriad country clubs were not impacted, his children were not to be sold into slavery or end up working at Walmart. the one thing he wasn't was poor.
More seppuku than the facing a wilderness of hopelessness, a romantic gesture from someone who lacked imagination to believe in a better life. keep to the Fen Causeway
Following up on our conversation of Gorbachev the other day, Iast night Charlie Rose interviewed him and George Schultz. Unfortunately the video is not up yet. A few interesting tidbits: I don't remember if it was at Geneva or Reykjavik, but Reagan apparently asked Gorby what Russia would do if America were attacked from outerspace, by aliens. Sounds apocryphal until you remember Reagan. The two countries agreed that if such a thing were to occur, they would defend each other. This was a turning point in their negotiations. LOL. Also, Gorby talked about the need to expand freedom of the press, freedom of information in the Soviet Union, not because of US pressure to do so, not as a human rights measure, but because there was a lot of resistance to Gorby's reforms, and he felt the only way he get wide support was if people actually knew the facts. Only then would they understand why he felt it was necessary to make these changes. And the only way to ensure people had the facts was to open up the press and allow a public dialogue. Interesting. "Talking nonsense is the sole privilege mankind possesses over the other organisms." -Dostoevsky
http://www.charlierose.com/view/interview/10246 "Talking nonsense is the sole privilege mankind possesses over the other organisms." -Dostoevsky
WASHINGTON-- The Interior Department has finalized sweeping rules that clear the way for the first offshore wind turbines to be erected along the Atlantic Coast, the most aggressive move yet from an administration that hopes to shift the nation's offshore energy goals from oil to wind power. The rules will set long-awaited guidelines for offshore leases, easements and royalty payments, which the Bush administration worked on for years but did not complete. Without the guidelines, potential wind projects in Rhode Island, Massachusetts and several other coastal states could not begin construction. The department will announce the rules Wednesday, Interior Department officials said, and President Barack Obama will mention them in his Earth Day appearance at an Iowa wind turbine factory. Offshore wind power is currently used to generate electricity in Europe, where land for traditional onshore turbines is hard to come by. But there are no offshore wind farms operating in the U.S.
The rules will set long-awaited guidelines for offshore leases, easements and royalty payments, which the Bush administration worked on for years but did not complete. Without the guidelines, potential wind projects in Rhode Island, Massachusetts and several other coastal states could not begin construction.
The department will announce the rules Wednesday, Interior Department officials said, and President Barack Obama will mention them in his Earth Day appearance at an Iowa wind turbine factory.
Offshore wind power is currently used to generate electricity in Europe, where land for traditional onshore turbines is hard to come by. But there are no offshore wind farms operating in the U.S.
You cna find hints here or there (pdf). In the long run, we're all dead. John Maynard Keynes
So Citigroup is profitable because investors think it's failing, while Morgan Stanley is losing money because investors think it will survive. I am not making this up.
Let's say this slowly: the Bush administration wanted to use 9/11 as a pretext to invade Iraq, even though Iraq had nothing to do with 9/11. So it tortured people to make them confess to the nonexistent link. There's a word for this: it's evil.
Let's say this slowly: the Bush administration wanted to use 9/11 as a pretext to invade Iraq, even though Iraq had nothing to do with 9/11. So it tortured people to make them confess to the nonexistent link.
There's a word for this: it's evil.
Just sayin'... "Talking nonsense is the sole privilege mankind possesses over the other organisms." -Dostoevsky
No one is especially innocent here. Any idiot can face a crisis - it's day to day living that wears you out.
If you want an Ancient greek example, if torture was applied it was applied as part of the legal system to a mans slaves. Any idiot can face a crisis - it's day to day living that wears you out.
You don't have to be literate to torture. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
While the US was using torture to justify their agenda, the Soviets used their agenda to justify torture.
It just seems like an inadequate comparison to me. "Talking nonsense is the sole privilege mankind possesses over the other organisms." -Dostoevsky
But that's by the by, as Paul Begala said "We -- our country executed Japanese soldiers who water- boarded American POWs. We executed them for the same crime that we are now committing ourselves." the final determining factor is that it isn't what the tortured person says about your country, it's what torturing them says about your country. keep to the Fen Causeway
Zactly. "Talking nonsense is the sole privilege mankind possesses over the other organisms." -Dostoevsky
I'm sure it's tedious and difficult and requires an exceptional memory for both facts and nuance. But it seems to be the only way to get high quality intelligence, rather than noise and screaming.
Of course some people like noise and screaming, so this approach won't interest them.
Torture belongs to the category of Glory of which absolute truth is a corollary. Absolute Truth has nothing in common with factual truths. "Evidence" gathered through confessions elicited under torture is beside the point. The point of torture is to assert absolute power over raw life, to negate rights, identity, diversity and equality, in the name of Glory.
FT Alphaville » Blog Archive » Banking credit catch-22 in action?
taxloss Apr 22 14:43 Is this the counter-cyclicality we were promised? ! Report The Itch Apr 22 14:26 So, you can buy an egg for 7 cents and sell it at 5 for a profit. ! Report Tears for Tier 1 Apr 22 14:17 I keep dreaming that I'm holding a fish, and I can't afford to pay for it.
Own Credit CVANow what about Citi? It has the same pricing model as GS, which calculates a FV of $1m. So surely C recognises a financial liability of $1m? No. Again, accounting standards differ slightly in wording, but in principal the fair value of a liability is the price at which an entity could extinguish any future obligations, in an arm's length transaction. I.e. "What price would a counterparty be willing to cancel/settle the trade at now. Well, we have seen above that GS, and probably the rest of the market, would accept $700k to cancel the deal. So, Citi gets to write the liability down to $700k. In accounting terms:DR Financial Liabilities $300kCR Principal Transactions $300kYes, you have read it correctly - Citi has made a profit of $300k as a result of becoming less creditworthy!!! In accounting/industry spreak, Citi has made an Own Credit CVA of $300k.
Some banks have actually been buying up their own bonds (for amounts less than their full face value), so it's not completely cut off from reality.
And think of when companies make losses - they suddenly get to pay less taxes, which ends up increasing their net profit is they can deduct these losses from significant earlier (or book provisions for later) gains... In the long run, we're all dead. John Maynard Keynes
These accounting rules attempt to make balance sheets neutral to credit risk. But if the market overprices credit risk the CVA correction overshoots and you get a net profit from deteriorating credit. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
Monsanto Mulls Legal Action as Germany Bans Strain of GM Maize
That's the fruit of successful EP election pressure on the CSU. *Lunatic*, n. One whose delusions are out of fashion.
I was thinking of starting a diary telling the world how I've now come to realise that I am Jesus herself, because The Twank told me so, and lo and behold He has returned - as an atheist woman.
I shall give my bit of speil on how I just don't believe it but assuming all is true... then you interrogate me or something? Then I start to put two and two together and maybe make 4, maybe make 5... Don't know.
What do you have in mind?
Sunday here is dead. Maybe this little bit will liven it up, if people know it's happening or am I kidding myself?
Let's start with appropriate day/time, then consider content. They tried to assimilate me. They failed.
Blackout Europe | Home
The European open internet is under imminent threat URGENT - VOTING IN EU PARLIAMENT 5th of MAY 2009Don't let the EU parliament lock up the Internet! There will be no way back!
URGENT - VOTING IN EU PARLIAMENT 5th of MAY 2009Don't let the EU parliament lock up the Internet! There will be no way back!
is it Eurosceptic nonsense? or should we be taking it seriously? Any idiot can face a crisis - it's day to day living that wears you out.
However, I also believe it will be an authoritarian grab too far for them. The population will not wear it, anymore than when Purnell floated his idea of a uk-wide white list of permitted sites. They can pass all the legislation they want, it'll be burnt down by reality. I suspect they already know this. keep to the Fen Causeway
And I still have a couple of these to look forward to: In the long run, we're all dead. John Maynard Keynes
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