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Bill Black has continually been on the watch for what he calls “control-frauds” which are just frauds by management of a company to hide illegal and/or greedy behavior. In a new article Anti-Employee Control Fraud in New Economic perspectives he departs from his usual target of banking to look at the recent news about Apple’s supply chain. Businesses that pursue anti-employee behavior in . . . → Read More: Anit-Employee Control Fraud I have heard it said by my friends that the mortgage crisis was caused by individuals taking on more mortgage than they could pay for, then refusing to pay up when the music stopped. In Everything You Need to Know About Wall Street, in One Brief Tale Matt Taibbi nails this, this way: At one point during these deals, Verschleiser reamed out his . . . → Read More: Bad loans made boldly The New York Times takes up the report which I commented on yesterday about the possibility of the China Syndrome. Molten nuclear fuel may have bored into the floor of at least one of the reactors at the stricken Fukushima Daiichi nuclear power plant, the complex’s operator said Wednesday, citing a new simulation of the accident that crippled the plant in March. … . . . → Read More: China Syndrome – Update 
This is the first that i have read of the potential for a core escape into the earth’s crust at Fukushima. In an article on Fukushima Diary, Uehara Haruo, called the Architect of Reactor 3, warns of a potential for hydrovolcanic explosion. I read a translation of the source page for this information at the livedoor site. Piecing the Google translation bits together . . . → Read More: Fukushima – China Syndrome? Bloomberg continues reporting into Secret Fed Loans Helped Banks Net $13B. THe FOIA information that Bloomberg has acquired shows that the Fed gave the banks lines of credit, loans and access to the discount window to the tune of $7.7 trillion, yes that’s trillion. In their own calculation Bloomberg thinks that the banks netted profit of $13 billion on this largesse from the . . . → Read More: Secret Fed Loans Helped Banks Net $13B – Bloomberg Mostly the recipe for getting stability back in serious single country situations is repudiation of sovereign debt (i.e. default), revaluation of the currency (i.e. a new currency), recapitalising the banks in the new currency, forcing the citizens to use the new currency (i.e. repudiating private debts in old currency or restating them at a penalty rate in the new currency) and starting from zero again. How would that work in Europe, the USA and China in roughly a 5 year time frame? Would some global financial order come into place then? I am sure some would try to make that happen. . . . → Read More: Depression and inflation possible? Mike Konczal has been doing great work decoding the #OWS movement on his blog. His recent post on Occupy and General Strike Links reminds via Nietzsche and Michelle Ty that while creditors wager their money, debtors wager their bodies: Although the defense of public education may seem a remote or peripheral concern of the occupy movement, the connection between the two is indisputable. . . . → Read More: Bodily wagers Mike Konczal at Rortybomb has a new post out: Richard Fischer Chernyshevsky ; Kocherlakota, the Scrivener, on the ways in which the tactics of inflation targeting from Richard Fisher imitate one of Lenin’s advisors: Richard Fisher is a voting member on Federal Reserve monetary policy, and thus one of the crucial figures in determining how and when we come out of this recession. . . . → Read More: V.I. Lenin’s ghost at the Federal Reserve This reminds me of an old joke: http://www.reuters.com/article/2011/10/17/us-ge-immelt-idUSTRE79G2L220111017?feedType=RSS&feedName=topNews&rpc=71
After losing to IBM in a rowing race the top management of Digital Equipment convened a special meeting to find out what went wrong. They interviewed the rower for the event and he said: “They had eight guys rowing and one guy calling out “Stroke… Stroke…” We had only me rowing and 8 managers . . . → Read More: Immelt: Row Harder! I had posted that the radiation was moving farther afield earlier, bu now it look like the Telegraph is reporting that the Tokyo radiation spikes were caused by old radium bottles. Wow. But I guess from a public health point of view it is good that they were found. |
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