Group Think, Duct Tape and Slam Dunks
SEEKING ALPHA William Patalon III Bank of American Corp. (BAC), which is getting $15 billion from the U.S. government as part of the Treasury Department’s $250 billion “recapitalization” effort, is doubling its stake in state-owned China Construction Bank Corp., and will hold a 20% stake worth $24 billion in China’s second-largest lender when that deal […]
MoreThe 17th floor, where wealth went to vanish By Diana B. Henriques and Alex Berenson Monday, December 15, 2008 The epicenter of what may be the largest Ponzi scheme in history was the 17th floor of the Lipstick Building, an oval red-granite building rising 34 floors above Third Avenue in Midtown Manhattan. A busy stock-trading […]
MoreStephen Foley (From New York) The Independant CHRIS COX Investors around the world are counting the spiralling cost of the biggest fraud in history, a $50bn scam that has ensnared billionaire businessmen and tiny charities alike and whose tentacles have stretched further and deeper than anyone imagined. The fallout from the arrest of the Wall […]
MoreBloomberg By Jesse Westbrook and John Tucker Dec. 16 (Bloomberg) — Bernard Madoff’s financial records were “utterly unreliable” and will take six months to sort out, said Stephen Harbeck, president of the Securities Investor Protection Corp. “There are some assets, but I have no idea what the relationships of the assets available are to […]
MoreEconomy in Turmoil and Bailout Plans Adrift THE SAN FRANCISCO CHRONICLE Carolyn Lochhead, Chronicle Washington Bureau Sunday, December 7, 2008 Washington — Detroit automakers are in line behind governors who are in line behind banks, seeking emergency aid from Washington. Nearly $8 trillion in federal commitments is already out the door, and half of the […]
More
::Tullycast:: 