Politicker NJ reports on a clause in the prospectus for an MF Global bond fund that will pay an additional 1% interest if CEO Corzine is offered and confirmed to a White House position.
I'm not really sure if this is idle speculation or legitimate. From what I gather, MF Global has been using Jon Corzine's name for their marketing efforts and losing him is a loss to the company so the clause in the bond fund is to protect investors that purchased the bonds solely on his being at the head of the firm.
It is curious though that this clause is only in the prospectus for the bond fund and not other funds at the firm (or at least hasn't been reported as such). The clause does not specify Secretary of Treasury, only "appointment to a federal position". If the clause isn't in other prospectuses, then I'd get curious because you can assume the Treasury Secretary has more influence on the bond market than any other investor market out there.
Hmm...
Wednesday, August 3, 2011
How Clinton Handled His Debt Ceiling Crisis Better Than Obama | The New Republic
Many people I know would agree with this but The New Republic does add some caveats to its assessment, including this very important point:
"THE MOST CRUCIAL difference between Clinton’s debt limit battle and the current crisis is that, in 1996, the Republicans were bluffing. No Republican seriously considered defaulting on the debt to be a viable option."
My how times have changed...
"THE MOST CRUCIAL difference between Clinton’s debt limit battle and the current crisis is that, in 1996, the Republicans were bluffing. No Republican seriously considered defaulting on the debt to be a viable option."
My how times have changed...
Why The Math Doesn't Work
Ezra Klein starts off clearly:
"There are now two sides in the American tax debate: the Republican Party, which refuses to have a serious conversation about taxes, and the Democratic Party, which . . . refuses to have a serious conversation about taxes."
...then goes on to explain why the math doesn't work:
"The debt-ceiling deal simply proves the point. Let’s say the spending cuts go exactly as the Republicans hope: We cut $900 billion now and $1.5 trillion later. That’s more cuts than the White House says it would ever agree to, but ignore that for a moment. Now let’s say the tax side goes according to the White House’s plan: Most of the Bush tax cuts are extended, but the break for income of more than $250,000 a year expires. Are we done?
I asked Jim Horney of the Center on Budget and Policy Priorities to run the numbers. In 2021, that scenario would leave the debt above 75 percent of GDP — and growing. That’s well above the 60 percent of GDP most deficit hawks think we should shoot for, and it doesn’t leave us at all prepared to deal with costs related to the retiring baby boomers."
Definitely an informative read.
"There are now two sides in the American tax debate: the Republican Party, which refuses to have a serious conversation about taxes, and the Democratic Party, which . . . refuses to have a serious conversation about taxes."
...then goes on to explain why the math doesn't work:
"The debt-ceiling deal simply proves the point. Let’s say the spending cuts go exactly as the Republicans hope: We cut $900 billion now and $1.5 trillion later. That’s more cuts than the White House says it would ever agree to, but ignore that for a moment. Now let’s say the tax side goes according to the White House’s plan: Most of the Bush tax cuts are extended, but the break for income of more than $250,000 a year expires. Are we done?
I asked Jim Horney of the Center on Budget and Policy Priorities to run the numbers. In 2021, that scenario would leave the debt above 75 percent of GDP — and growing. That’s well above the 60 percent of GDP most deficit hawks think we should shoot for, and it doesn’t leave us at all prepared to deal with costs related to the retiring baby boomers."
Definitely an informative read.
Yes, "The Onion" strikes again...
You can always count on The Onion, even with this eerily accurate headline:
"Democrats, Republicans Celebrate Pitiful Excuse For Common Ground"
"Democrats, Republicans Celebrate Pitiful Excuse For Common Ground"
This is not a painting!
Seriously, this picture is an actual photograph taken by a National Geographic photographer in Namibia.
Tuesday, August 2, 2011
The Mission to Get Osama Bin Laden: The New Yorker (A MUST READ!)
This has to be the most fascinating article I have ever read. Nicholas Schmidle's article is visually descriptive and gives tons of details about what happened on the night of May 1st in Abbottabad, Pakistan. The article is a must read, especially for the types of tidbits below that are peppered throughout the piece.
"The C.I.A. intensified its intelligence-collection efforts, and, according to a recent report in the Guardian, a physician working for the agency conducted an immunization drive in Abbottabad, in the hope of acquiring DNA samples from bin Laden’s children. (No one in the compound ultimately received any immunizations.)"
"Brian invited James, the commander of DEVGRU’s Red Squadron, and Mark, the master chief petty officer, to join him at C.I.A. headquarters. They spent the next two and a half weeks considering ways to get inside bin Laden’s house. One option entailed flying helicopters to a spot outside Abbottabad and letting the team sneak into the city on foot. The risk of detection was high, however, and the SEALs would be tired by a long run to the compound. The planners had contemplated tunnelling in—or, at least, the possibility that bin Laden might tunnel out. But images provided by the National Geospatial-Intelligence Agency showed that there was standing water in the vicinity, suggesting that the compound sat in a flood basin. The water table was probably just below the surface, making tunnels highly unlikely."
"None of the SEALs, besides James and Mark, were aware of the C.I.A. intelligence on bin Laden’s compound until a lieutenant commander walked into an office at the site. He found a two-star Army general from JSOC headquarters seated at a conference table with Brian, James, Mark, and several analysts from the C.I.A. This obviously wasn’t a training exercise."
"This was one of almost two thousand missions that have been conducted over the last couple of years, night after night.” He likened the routine of evening raids to “mowing the lawn.” On the night of May 1st alone, special-operations forces based in Afghanistan conducted twelve other missions; according to the official, those operations captured or killed between fifteen and twenty targets. “Most of the missions take off and go left,” he said. “This one took off and went right.”"
"Eventually, a few curious Pakistanis approached to inquire about the commotion on the other side of the wall. “Go back to your houses,” Ahmed said, in Pashto, as Cairo [a Belgian Malinois breed dog] stood watch. “There is a security operation under way.” The locals went home, none of them suspecting that they had talked to an American. When journalists descended on Bilal Town in the coming days, one resident told a reporter, “I saw soldiers emerging from the helicopters and advancing toward the house. Some of them instructed us in chaste Pashto to turn off the lights and stay inside.”"
"Brennan, who had been a C.I.A. station chief in Riyadh, phoned a former counterpart in Saudi intelligence. Brennan told the man what had occurred in Abbottabad and informed him of the plan to deposit bin Laden’s remains at sea. As Brennan knew, bin Laden’s relatives were still a prominent family in the Kingdom, and Osama had once been a Saudi citizen. Did the Saudi government have any interest in taking the body? “Your plan sounds like a good one,” the Saudi replied."
Definitely worth reading!!
"The C.I.A. intensified its intelligence-collection efforts, and, according to a recent report in the Guardian, a physician working for the agency conducted an immunization drive in Abbottabad, in the hope of acquiring DNA samples from bin Laden’s children. (No one in the compound ultimately received any immunizations.)"
"Brian invited James, the commander of DEVGRU’s Red Squadron, and Mark, the master chief petty officer, to join him at C.I.A. headquarters. They spent the next two and a half weeks considering ways to get inside bin Laden’s house. One option entailed flying helicopters to a spot outside Abbottabad and letting the team sneak into the city on foot. The risk of detection was high, however, and the SEALs would be tired by a long run to the compound. The planners had contemplated tunnelling in—or, at least, the possibility that bin Laden might tunnel out. But images provided by the National Geospatial-Intelligence Agency showed that there was standing water in the vicinity, suggesting that the compound sat in a flood basin. The water table was probably just below the surface, making tunnels highly unlikely."
"None of the SEALs, besides James and Mark, were aware of the C.I.A. intelligence on bin Laden’s compound until a lieutenant commander walked into an office at the site. He found a two-star Army general from JSOC headquarters seated at a conference table with Brian, James, Mark, and several analysts from the C.I.A. This obviously wasn’t a training exercise."
"This was one of almost two thousand missions that have been conducted over the last couple of years, night after night.” He likened the routine of evening raids to “mowing the lawn.” On the night of May 1st alone, special-operations forces based in Afghanistan conducted twelve other missions; according to the official, those operations captured or killed between fifteen and twenty targets. “Most of the missions take off and go left,” he said. “This one took off and went right.”"
"Eventually, a few curious Pakistanis approached to inquire about the commotion on the other side of the wall. “Go back to your houses,” Ahmed said, in Pashto, as Cairo [a Belgian Malinois breed dog] stood watch. “There is a security operation under way.” The locals went home, none of them suspecting that they had talked to an American. When journalists descended on Bilal Town in the coming days, one resident told a reporter, “I saw soldiers emerging from the helicopters and advancing toward the house. Some of them instructed us in chaste Pashto to turn off the lights and stay inside.”"
"Brennan, who had been a C.I.A. station chief in Riyadh, phoned a former counterpart in Saudi intelligence. Brennan told the man what had occurred in Abbottabad and informed him of the plan to deposit bin Laden’s remains at sea. As Brennan knew, bin Laden’s relatives were still a prominent family in the Kingdom, and Osama had once been a Saudi citizen. Did the Saudi government have any interest in taking the body? “Your plan sounds like a good one,” the Saudi replied."
Definitely worth reading!!
Monday, August 1, 2011
Subscribe to:
Posts (Atom)