Archive for the 'finance' Category



Europe’s Web of Debt

NYT's infographic, via Good

Holy canoli, it’s looking bad in the EU for now, at least economically.

SEC Is Charging Goldman Sachs With Fraud

Wow, never thought I’d see the day that the SEC would charge the great vampire squid with fraud. Will it be successful? I don’t know, Goldman Sachs is pretty powerful and I wonder how much the US wants them guilty. It will probably be plea-bargained out. What a shame. Goldman Sachs stock is already down 12% 13.2%. This happened in about two hours started happening at 10:36AM EST. The stock is already slightly back up. Total loss is at 13.11%

A lot of banks and financial institutions are down 5% due to this. I wish the US would actually charge the people as well as the company with federal crimes.

The NYT has a further in depth article about this situation. For the moment, I am tracking GS’ stock. It’s back up and losses are at 11.86%. The more negative publicity GS gets, the more it’s stock will plummet. Do you think that they will short their own stock?

Goldman Sachs: America’s Vampire Squid

A great thorough article on the investment bank Goldman Sachs, which Matt Taibbi calls a vampire squid, meaning that it feeds upon our society to live and has got its tentacles all over the place.

By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and excons carrying five bucks and a Snickers bar.

The way that these large banks are behaving is inherent to capitalism run amok. Instead of trying to regulate these banks, the US government has been pushing to deregulate them. There’s just so much that is wrong with this picture that I’m almost speechless.

It’s the prime example of why these banks are the epitome of capitalism gone wrong, a perfect example of overwhelming greed. These types of institutions will just continue doing what they’re doing until someone stops them.

A Former Investment Banker & Plan B

I thought that this piece on McSweeney’s was pretty funny. It’s about a failed investment banker turning to his plan B, law school.

Dubai Is Finally Bankrupt

After years of spouting nonsense about being a liberal haven, as well as a tax haven, financial megalopolis Dubai is bankrupt. The city built on slave labor is finally as bankrupt as its morals.

Klepto Capitalism

I came across this term while catching up on my 3QD posts. Klepto capitalism makes a lot of sense and it describes corporate America very well. How can a company pay its workers $50,000 per annum and give its top execs millions, if not billions, of dollars each year? I think that the worst culprits are in the financial sector, especially in merchant banks and investment banks, with their bloated end-of-year bonuses often going into millions. Even with the economic downturn, these ultra-rich are getting richer.

Klepto Capitalism (n.) — an economic system where publicly traded corporations are run not to produce value for shareholders but to provide obscene amounts of wealth for CEOs and top executives.

What we have in the United States is no longer capitalism but klepto-capitalism: a system where publicly traded corporations are run not to produce value for shareholders but to provide loot for a new class of corporate mega-thieves.

How Financial Problems Have Plagued Annie Leibovitz

A great 8-page article in the NY Mag. She’s had to “leverage” the body of her work to secure loans. She’s in debt for over 24 million. It’s kind of sad that such a great artist allowed her ego to rule her finances, and essentially bankrupted her. Art Capital is the company who financed and consolidated all of Leibovitz’s debts. They are the only company entitled to sell her work and even if she is able to repay the 24 million, she will have to give them 22.5% of all of her earnings for the next two years. If she defaults, it’s 50%.


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ranjitwithkinginbehand.jpgI'm Range, your host. On the menu, photos, art, stories, entertainment and reviews. Links, maths, education and social issues. I'm in Quebec (Canada) or Taiwan (R.O.C.). Follow me on Twitter.

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