Felix Salmon

Counterparties

How Gordon Ramsay “neglected to take into account how little alcohol New Yorkers would order at lunch” and almost went bankrupt despite his TV income — Bloomberg

Fernholz vs Taibbi

Tim Fernholz‘s intemperate attack on Matt Taibbi and his latest article is getting a lot of attention in the Twittersphere. It turns out that a lot of journalists don’t like Taibbi, and love it when he gets taken down a peg.

Annie Leibovitz is now $30 million in debt

Allen Salkin has some new facts in the continuing saga of Annie Leibovitz and Art Capital Group: the amount that Leibovitz owes Art Capital has now ballooned to $30 million (the original loan, taken out in September 2008, was for $24 million); and the maturity date on the loan has now been extended only to “next summer”:

Michael Froman and the revolving door

Michael Froman is one of those behind-the-scenes technocrats who never quite makes it into full public view. But according to Matt Taibbi, he’s one of the most egregious examples — up there with Bob Rubin, literally — we’ve yet seen of the way the revolving door works between business and government generally, and between Citigroup and Treasury in particular.

BofA’s dismal mortgage-modification rate

Yet more proof, if proof be needed, of Bank of America’s dysfunctionality comes in the latest HAMP report from Treasury. BofA has 1,018,192 loans eligible for modification — more than twice as many as anybody else; JP Morgan is in second place with 448,815. Of those million-plus mortgages, BofA has managed to turn the grand total of 98 into permanent modifications — a conversion rate of 0.0096%.

Those surprisingly small TCW redemptions

How much has the abrupt departure of star bond fund manager Jeffrey Gundlach cost his former company? Maybe less than you might think: about $2 billion left his fund in the 48 hours after he was fired, but redemptions seem to be slowing down, and that still leaves over $60 billion remaining.

Counterparties

Facebook will soon let its users keep friends lists private — PC World

A spectacular new piece of information design tracking how the UK govt spends its money — Where does my money go?

When boards are too independent

We all love independent board members of public companies. But can they be too independent?

How buying a home is gambling

Ryan Avent adjudicates the homes-as-investments debate, and comes to a positively Solomonic conclusion: