Citigroup’s Bogus Profits

Reading Time: 2 minutes Remember how Citigroup’s reported $1.6 billion first-quarter profits sparked a rally in financial stocks? Martin Weiss of Weiss Research Inc. thinks Citigroup really suffered a $2.5 billion loss: Citigroup’s $1.6 billion in first-quarter profit would vanish if accounting were more stringent, says Martin Weiss of Weiss Research Inc. in Jupiter, Florida. “The big banks’ profits Read More

A Tale of Two Men-on-the-street Pieces

Reading Time: 2 minutes The Los Angeles Times reports today that the majority of people in Florence, Colorado, do not mind terrorist suspects being moved from Guantánamo to the nearby federal “supermax” prison: The Senate last week overwhelmingly rejected providing funds to close the U.S. military prison in Cuba, saying that no community in America would want terrorism suspects Read More

Moral Hazard, Fed Style

Reading Time: 2 minutes How exactly did the Federal Reserve gain the emergency authority to loan more than $1 trillion of taxpayer money to the banks secretly and without oversight? The Washington Post explains today in a long investigative piece by Binyamin Appelbaum and Neil Irwin. As it turns out, Sen. Chris Dodd slipped the necessary language into an Read More

A Muppet In President Obama's Court

Reading Time: 2 minutes Sonia Sotomayor is not the only recent Obama appointment. She may be the most significant pick, but she is hardly the most intriguing. To wit, I direct your attention to a short Associated Press item, which appeared in papers including the New York Times, about some of President Obama’s recent ambassadorial appointments: President Obama has Read More

Jihad Leak Redux

Reading Time: 2 minutes Recently, I raised some questions about the impact of imprisonment at Guantánamo and how it affected those who were released. For example, I wrote: As for those who returned to jihad, one would like to know whether they were more motivated to do so as a result of their treatment at Guantánamo, or less. In Read More

Treasury’s Shadowy Bid to Bilk Taxpayers

Reading Time: 2 minutes The banks that received money under the Treasury’s Troubled Asset Relief Program also granted stock warrants so that taxpayers could capitalize on the risk of investing their money. Bloomberg reports that the Treasury is well on its way to screwing taxpayers on the deal: Banks negotiating to reclaim stock warrants they granted in return for Read More

Jihad Leak

Reading Time: 2 minutes A leaked Pentagon study claims one in seven Guantánamo detainees returned to jihad upon their release. A New York Times reporter says that the assertion could be used to argue against closing down Guantánamo. But…. -If the numbers are correct, that’s a pretty low recidivism rate. It could either argue for the effectiveness of incarceration Read More

NY Times Deals New Card

Reading Time: 2 minutes Anybody who still appreciates the arcane pleasure of reading an actual newsprint newspaper knows how important it is what makes it onto the front page. The New York Times’s prominent placement of a column by personal finance columnist Ron Lieber signals an important development: traditional news organizations’ increasing willingness to level with readers and not Read More