Waiting for CNBC: A tragicomedy in one long act. [more inside]
posted by chunking express on May 8, 2009 - 11 comments

Matt Taibbifilter: Among other things, the GAO report noted that the entire OTS had only one insurance specialist on staff — and this despite the fact that it was the primary regulator for the world's largest insurer! This week's MeFi stories have generally failed to explain the reasoning that caused the recession, even though Jon Stewart was basically on the mark. Now, Rolling Stone's only reporter lays it all out The Big Takeover, a typical combination of zealous snark and the overlooked, damning facts needed to clear up a ridiculously complicated story.
posted by shii on Mar 20, 2009 - 111 comments

"Iceland is no longer a country. It is a hedge fund." Also: exploding Range Rovers and the environmental impacts on elves. (Pre-vi-ous-ly.)
posted by shii on Mar 4, 2009 - 86 comments

Protests have rocked Reykjavík since Tuesday: Envious of Obama, Icelanders hurl yogurt and stage riots for new leaders, Global financial crisis overwhelms tiny Iceland, Flickr set of pictures of Tuesday's protest in front of parliament (complete with pepper spray on camera lens), AFP photos from Tuesday's protest, video from protests 1, 2, 3 & 4, Icelandic protesters pelt PM's car (includes short video). New age of rebellion and riot stalks Europe, The Icelandic "Facebook Revolution", Iceland is Burning part 1 & part 2 and Reuters factbox on Iceland and its economic crisis.
posted by Kattullus on Jan 22, 2009 - 45 comments

The cover of a major financial publication warns: If you're holding U.S. Treasuries, GET OUT NOW! [more inside]
posted by up in the old hotel on Jan 5, 2009 - 74 comments

Synthetic CDO's are complex little known financial instruments (insurance contracts) that are on the brink of triggering "the most colossal rights issue in the history of the world, all at once .. mandatory." If, out of a list of several hundred major companies, any nine go bankrupt, the CDO's are in default, which would mean a mass transfer of cash (real money) from unsuspecting investors around the world goes into the banking system. How much? Nobody knows, but it’s many trillions. Banks will be flush with cash, perhaps ending the credit crisis, while many investors (individuals, charities, municipalities) will be wiped out. Alternatively, the triggering of default on the trillions of synthetic CDOs could be a disaster that tips the world from recession into depression. Nobody knows, but it won’t be a small event. Thus far the count is six: three Icelandic banks, Countrywide, Lehman and Bear Stearns.
posted by stbalbach on Dec 1, 2008 - 49 comments

Sequoia Capital presentation on the bleak scenarios for the economy and how start-ups should prepare. Last week the famous (the firm funded Apple, Oracle, Cisco and Google, among others) venture capital firm Sequoia Capital held a meeting for the firm’s portfolio companies. There, partners presented their views on what went wrong with the economy, what the prospects are for a quick recovery (Hint: the presentation is called 'R.I.P. Good Times' ) and what startups can do to survive. Here are the PowerPoint slides used in their presentation. I suggest a stiff drink before viewing. VIA [more inside]
posted by mojohand on Oct 12, 2008 - 55 comments

Bill Moyers interviews George Soros on the financial crisis. Soros discusses market fundamentalism and the causes of the current crisis, as well as what can be done, and how this meltdown will change the global economy. (via The Big Picture) [more inside]
posted by [expletive deleted] on Oct 11, 2008 - 44 comments

While the Wall Street financial crisis gripped the world Icelanders woke up one day to find that the Icelandic state had forcibly taken over the country's 3rd biggest bank, Glitnir. The worry is now that one of the two larger banks could also fail and the state wouldn't have the resources to do anything as the two remaining of the big 3 have assets totaling 10 times the GDP of Iceland. While the Central Bank claims it was the only option in a bad situation, prior bad blood between one of the Central Bank's directors, a former Prime Minister, and the main owner of Glitnir have some wondering if Icelanders have just been witness to "the biggest bank robbery in Icelandic history." [Warning: The story you are about to read may make you reconsider the verisimilitude of soap operas]
posted by Kattullus on Oct 3, 2008 - 25 comments