Why it pays to apologize. – BusinessWeek
Give Goldman Sachs credit for its adherence to rigorous, market-value accounting. — David Reilly.
JP Morgan blows out results (Bloomberg) It's good to be TBTF!
WSJ artist ripped off! (Hedcuts) You know those neat little illustrations that WSJ runs in the paper? Turns out an artist is ripping them off. "...MY DRAWING was given as a gift to Vaclav Havel who then re-gifted it for president Obama?! And it's now hanging in the White House?! You can bet your knickers I will do my damndest to let the President know he was scammed by the Spaniards and the Czechs! ;-)))"
Pelosi says VAT is "on the table" (Politico) A value-added tax makes good sense. But it should replace the income tax more than supplement it. Taxing consumption as opposed to saving would help re-balance the American economy. My personal preference would be to cut the size of government, primarily by raising the retirement age for Medicare and Social Security. That said, here we stand facing huge budget deficits that have to be closed. There's no painless way to do that and higher taxes are likely part of the solution. Much has been said on the topic here at Reuters: Chris Swann likes a VAT; James Pethokoukis says we need to cut spending first. They're both right.