Blog on the Run: Reloaded

Monday, February 3, 2014 8:20 pm

Leroy Jethro Gibbs’s Rule No. 39: There is no such thing as coincidence.

One retired and two current bank executives, all of whose employers are under investigation, supposedly committed suicide within a few days of each other last month*, one of them by supposedly jumping off the roof of one of London’s most secure buildings, a place where the roof shouldn’t be accessible.

And a Wall Street Journal reporter covering the oil market, which is under investigation by the Senate Permanent Subcommittee on Investigations, disappeared Jan. 11 without a trace.

Coincidence? Could be. But based on Gibbs’s Rule 39 and what little we know now, my gut says no. My gut also picked Seattle to narrowly win the Super Bowl, so make of that what you will.

*UPDATE: Link fixed. h/t Anna.

Thursday, October 13, 2011 9:22 pm

Lie down with dogs, get up with fleas, Wall Street Journal edition

Not even the Wall Street Journal is immune:

 

One of Rupert Murdoch’s most senior European executives has resigned following Guardian inquiries about a circulation scam at News Corporation’s flagship newspaper, the Wall Street Journal. The Guardian found evidence that the Journal had been channelling money through European companies in order to secretly buy thousands of copies of its own paper at a knock-down rate, misleading readers and advertisers about the Journal’s true circulation.The bizarre scheme included a formal, written contract in which the Journal persuaded one company to co-operate by agreeing to publish articles that promoted its activities, a move which led some staff to accuse the paper’s management of violating journalistic ethics and jeopardising its treasured reputation for editorial quality.

Whocouldaknowed?

As you’ll recall, earlier this summer some members of the Bancroft family, which had owned the Journal’s corporate parent, Dow Jones, expressed regret about having sold the property to Murdoch’s News Corp. after learning about Murdoch’s operation’s wiretapping and other crimes. They can go to hell. It was obvious to anyone with half a brain that Murdoch was a criminal, and they got more for the property than the market really should have dictated, so I don’t want to hear them whine.

An apology from them for turning over a crown jewel of American journalism to a common thug, and screwing their employees and readers and advertisers, would be nice. But then so would a pony, and I ain’t counting on that, either.

Thursday, August 11, 2011 8:27 pm

Quote of the Day

Filed under: Journalism — Lex @ 8:27 pm
Tags: ,

When all is said and done, David Frum is still probably going to Hell. Ginning up support for an illegal war is a pretty big black mark in anyone’s book.

But it would be churlish of St. Peter not to acknowledge this gem of Frum’s, characterizing his own experience as a one-time writer of op-ed columns for The Wall Street Journal (and keep in mind that he did so well before Murdoch got hold of the publication):

The strict demands of the paper’s ideology do not always lie smoothly over the rocky outcroppings of reality.

(h/t: Brad DeLong)

Friday, January 22, 2010 8:21 pm

Odds and ends for 1/22

Double dip: There were 482,000 new unemployment claims for the week ending 1/16, which was 36,000 more than the previous week and 42,000 more than expected. Worse, new emergency unemployment claims, for those who’ve exhausted regular benefits, were up 652,364 to 5,654,544. If this is a green shoot, it’s the kind of green you see when things are rotting.

Theft of a lifetime: The chief strategist for a major international bank accuses the U.S. and U.K. central banks of conspiring to steal wealth from their respective countries’ middle classes. It’s actually a little more complicated than that, but only a little.

Risky business: President Obama has proposed ending proprietary trading by bank holding companies to reduce the level of risk in the market and, therefore, the risk that taxpayers will have to bail out more banks, something Paul Volcker supports. Banks have protested that this is unnecessary on the grounds that prop trading really isn’t a big part of their business (Goldman Sachs puts its prop-trade revenue at 10% of the total). However, observes Zero Hedge with a nice little chart, “the market begs to differ.” Goldman’s own analysis suggests that while prop trading accounts for perhaps 10% of Bank of America’s revenues, because of prop trading’s high margins it accounts for up to 45% of BAC’s earnings. If that’s true, BAC stock, which is supposed to double in price by the end of 2011, could fall 50% instead.

Related: Real conservatives like Obama’s proposal. American “conservatives,” however, not so much.

So, will Goldman Sachs stop being a bank holding company so that it can continue its proprietary trading?: Probably, although it’s kind of in a pickle because currently it has almost 21 billion reasons not to.

Best health-care reform political analysis. Ever: I don’t think it’s correct on the substance, but whether it is or not, I just love the pretty words: “The only path to national health care reform is to pass the Senate bill. Unless Nancy Pelosi and the House leadership can herd three distinct groups of cats — the Blue Dogs, the Stupak coat-hanger crowd and the progressives — HCR is going down in flames, quite possibly for another generation. This is where we’re at. It sucks. It also blows, a seemingly self-canceling phenomenon that is only witnessed in the rarest, most [rear-end]-tasting conditions. And we are witnessing such conditions this very day — a perfect storm of sucking and blowing. That said, if passing the Senate bill verbatim is a once-in-a-lifetime Suckicane meeting a Category 5 Blowphoon head-on, then NOT PASSING ANYTHING AT ALL takes us into the Bruckheimer-Emmerich territory of summer blockbuster-class suckstinction-level blowvents.”

Quote of the day, from Matt Taibbi, on the prop-trading restrictions: “Obviously this is good news, but what I find irritating about it is that the government only starts listening to its voters once the more corrupt option turns out to be untenable.” Yo, Matt, that ain’t true only about banking, either.

The New York Fed and AIG: A timeline, by Bloomberg. Nice.

People thought Rupert Murdoch wouldn’t ruin the Wall Street Journal. People were wrong, although the author concedes the problem is a bit more nuanced than he first claimed.

So if Glenn Beck isn’t talking about going after progressives through the political process, then what’s he talking about? Because when you say you’re going after your political opponents like the Israelis went after Eichmann, you probably know your audience understands that what awaited Eichmann was a gallows.

Barney Frank may actually have a good idea: Blowing up Fannie Mae and Freddie Mac and creating a new system of housing finance. F&F didn’t cause as much of the current housing-bubble crisis as most of their critics claim, but they did contribute, oh, yes, they did.

And they say this like it’s a bad thing: ABC thinks there may not be enough votes in Congress to reconfirm Ben Bernanke. Let’s hope they’re right. Bernanke is a big reason we’re in as much trouble as we are right now.

They’re the Christian Taliban, they’re stone (no pun intended) killers, and they’re based in Newark: Yeah, that’s right: Read about the connections between the PrayforNewark social-action group, the bill in Uganda to execute gays, and the Dominionist movement in the U.S. These are scary people.

If this had been my daughter, the lawsuit would’ve been filed before the sun went down: TSA employee plants bag of white powder in college student’s carry-on luggage. Plenty of witnesses — who were afraid to speak up. Excellent! Just what you want when you’re trying to prevent terrorism — people who see something hinky but are afraid to speak up for fear of being arrested!

Apparently they can use lasers to zap away fat!: Which sounds cool, and I am so on board (assuming I can find the money) … just as soon as they figure out where the fat goes.

Wednesday, December 23, 2009 11:07 pm

Odds and ends for 12/23

Psych! That $45 million in bonuses that AIG executives promised earlier this year to return? Ain’t happening.

Climate-change treaty murder mystery solved: It was China in Copenhagen with an attitude, but at least one witness survived. China’s playing a dangerous game: The average elevation of Shanghai (pop. 20 million) is only 13 feet above sea level.

House to Senate: Oh, no, you di’nt!: Three House Democratic leaders, including the Rules Committee chairwoman, who gets to decide what does and does not constitute an acceptable conference bill, are saying they won’t sign off on anything without a public option. Wellnow. This is about to get interesting.

Republicans are still riding the crazy train: Now they’re complaining that the health-care bill’s death panels can’t be abolished even if the rest of the bill is repealed. There’s a flaw in that logic, but I can’t quite put my finger on it….

Republicans are still riding the crazy train, cont.: Not content to lie, Sarah Palin is now lying about her lie.

Out of the frying pan …: Rep. Parker Griffith of Alabama’s 5th Congressional District switched parties from Democrat to Republican this week. I speculated on Facebook and elsewhere that he’d get primaried by a more-conservative-than-thou candidate next year, not realizing that there already are three other Republicans in that race. That oughta be entertaining. For those of you keeping score at home, the primary is 6/1/10 and a runoff, if needed, will be 7/13/10.

This is not a trick question: What could bring liberal Firedoglake blogger Jane Hamsher and drown-government-in-a-bathtub conservative Grover Norquist together? The idea that Obama chief of staff Rahm Emanuel, during his service on the Freddie Mac board in 2000-01, may have violated his fiduciary obligations, then used his subsequent election to Congress and current role to prevent any investigation. They want Emanuel to quit, they want a criminal investigation before the 10-year statute of limitation kicks, and they want to prevent the showering of almost $1 trillion on Freddie, which currently lacks an inspector general and other appropriate oversight. Presented with that information, so do I. Here’s a petition you can sign.

A multi-voice oral history of Rupert Murdoch’s takeover of Dow Jones, produced by GQ, comes off as more circular firing squad. Nobody, but nobody, ends up looking good, and only former managing editor Marcus Brauchli comes close.

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