Lunchtime Links 11-4
BofA’s counsel had no legal authority in Merrill deal (DeCambre/Wilner/Whitehouse, NY Post)
Fitch downgrades Ireland (Kennedy, Marketwatch)
Berkshire may lose AAA rating from S&P on Burlington deal (Frye, Bloomberg)
The deferred tax asset disaster (Tracy Alloway, Alphaville) A very helpful reminder from Tracy about DTAs. Banks still count these as capital (and yes, it’s included in TCE) even though, in a stressed situation, they don’t provide any cushion whatsoever to absorb losses.
In Somalia, cheap mobile calls help more young couples elope (Skeikh, Retuers) Stick with the article to the second page in order to get the gist.
Zimbabwe plane veers off runway after colliding with warthog (David Smith, BBC)
Film-makers want government money (Schweizer, Bloomberg)
Hilarious….the “action” shots in the middle are the best