Lunchtime Links 1-28
Bernanke didn’t have staff support on AIG bailout (Ed Harrison) Ed has a copy of a letter from Rep. Darrell Issa, in which he claims Fed staffers weren’t keen on bailing out AIG. He wants another subpoena.
Fed as chump or Fed as crony (Yves Smith) Long form thoughts about why Tim Geithner’s defense yesterday was troubling.
Bernanke seen winning second term (Felsenthal, Reuters)
FOMC statement, redacted (David Merkel) Picking apart the Fed’s FOMC Statement yesterday. The headline is that they still see rates staying low for an “extended period,” which is problematic language/policy in my opinion because it will lead to bank/investor complacency. Quantitative easing, i.e. printing electronic money to buy MBS and other paper, will end on schedule at the end of March. Look for it to pick up again in the future. To fight off deflation, the Fed will be forced into multiple rounds of quantitative easing….just like the Bank of Japan.
Bono invests in Yelp (Bits) Elevation Partners, the VC firm funded by U2’s lead singer (among others), is committing $100 million to the local search site. No word on the % stake the money will buy, but $75 million will be paid to existing shareholders to cash them out. Good deal for Yelp? We know that they turned down a $500m offer from Google recently. If Elevation is getting anything less than 20% of the company for this investment, it would value the company at greater than $500 million.
Prime Minister: Greece victim of “rumors” (Bloomberg) Yeah, uh huh. And Wall Street was unfairly maligned by short sellers worried about capital shortages in fall ’08.
Divided SEC makes climate another “risk” (Scannell/Hughes, WSJ) Investors aren’t clamoring for this information in 10-Qs. The Republican commissioners have this one nailed: “a breathtaking waste” of the SEC’s time/resources and a foolish, misguided gesture to put the SEC’s imprimatur on an agenda about which it has zero expertise.
How to report the news (YouTube) Brilliant.
Academics fight rise of creationism at universities (Guardian) I had no idea this was a problem outside of the American bible belt.
VIDEO: Dump truck destroys pedestrian bridge in Turkey (Break) A guy on the bridge sees trouble coming but freezes…..doesn’t think to run back….
Jon Stewart on Obama’s war against bankers…
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|Obama Takes On Bankers|