Felix Salmon


September 21, 2011

Excerpts from Ron Suskind’s new book somewhat damn Obama’s economic team — Brad Delong

Munchau: “we are moving closer towards an involuntary break-up”

September 20, 2011

This post originally appeared on Edward Harrison’s blog Credit Writedowns

I just want to highlight three things here from Wolfgang Munchau on the euro zone because he reaches conclusions I have reached.

Full Tilt Ponzi

September 20, 2011

Is Full Tilt Poker a Ponzi? It certainly looks that way after reading the official FullTiltPokerComplaint.pdf from the US Attorney. And the perpetrators include two of the best-known poker players in the world — Howard Lederer and Chris Ferguson.

Felix Salmon smackdown watch, Netflix edition

September 20, 2011

Christopher Mims makes a really good point:

It makes no sense that writers like Felix Salmon, who is generally excellent on just about everything, describe Netfilx, even pre-split Netflix, as an inexpensive alternative to cable. It’s not. It’s only inexpensive if you take fast broadband at home for granted — you know, like every tech pundit and journalist on the planet.


September 20, 2011

News International will pay $4.7 million to the family of the murdered girl it “allegedly” phone-hacked — Reuters

Why we’re in the dark about the mortgage market

September 19, 2011

By Ryan McCarthy

We have a severe shortage of information about a $10.5 trillion market.

Jesse Eisinger has a great column at ProPublica about just how inscrutable bank data is — if you haven’t read it, you should. A short summary: even the simplest of big bank statements amount to “guesswork,” Eisinger writes.

Everyone into the next shadow banking system

September 19, 2011

By Barbara Kiviat

Consumer advocates have been worrying for a while now that the rapid rise of reloadable prepaid cards will lead to a two-tier financial system. There will be folks with bank accounts, and then there will be folks with prepaid cards.

E Pluribus Nemo

September 19, 2011

By Mark Dow
The opinions expressed are his own.

While Felix is away, I will be posting off-and-on, as my day job permits. I hope to be able to put out at least a couple of posts more thoughtful than a market update, but let me at least start with an update for the time being.

I strenuously disagree with UBS CEO Oswald Gruebel

September 19, 2011

This post was originally published at Kid Dynamite’s World.

There are a lot of people out there who deride Wall Street as a bunch of loose canons gambling with other people’s money. Others think that Wall Street traders are dangerous psychopaths, where any one maniacal gunslinger can take insane risks and blow up the global financial system. As I’ve written numerous times: in all of my experience, this has not been the case. Now, however, we have the CEO of a major investment bank basically confirming those views. UBS CEO Oswald Gruebel was quoted today, in the wake of his firm’s $ 2.3B loss in a “rogue trader” scandal: