Industrialized Cyclist Notepad

Meanwhile, in Iceland… Part 2

Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.

Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.

That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.

via Icelandic Anger Brings Debt Forgiveness in Best Recovery Story – Bloomberg.


Is Joan Lappin of Gramercy Capital Management a Bible literalist?
February 20, 2012, 18:01
Filed under: Uncategorized | Tags: , , , ,


It turns out that a huge percentage of the world’s most prolific oil and gas deposits has been found in fractured carbonate structures. Think Saudi Arabia, Yemen, and Oman; the North and Barents Seas; India, Sichuan, China, and much of the Gulf of Mexico production in this context. Often these are structures that were deposited in bays or seas without big tidal action, millennia ago.

via Important McMoRan News Greeted With A Big Yawn – Forbes.

Reuters: China’s Unipec to take less Iran oil in 2012

Who to believe… Who to believe.

Iran’s oil ministry, National Iranian Oil Co (NIOC) will sell 240,000 barrels per day (bpd) of oil to China’s state oil trader Zhuhai Zhenrong in 2012, the same volume as last year, but volumes sold to Unipec, the trading arm of China’s top refiner Sinopec Corp, will be reduced.

Under the 2011 contract, Unipec lifted 260,000 bpd day of crude from Iran.

via UPDATE 2-China's Unipec to take less Iran oil in 2012 | Reuters.

San Francisco mortgage study
February 20, 2012, 16:29
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SF assessor Phil Tink says the foreclosure process is “utterly broken,” because the title system is utterly broken. Tink’s group looked at 16% of foreclosed loans in the past few years.

Nevada makes regulations for self-driving robot cars

Uh oh, lookie here. Partner as a verb.

In creating the regulations, the department partnered with Google, automobile manufacturers, testing professionals, insurance companies, universities and law enforcement all with a common vision of saving lives. Several other states currently have bills in front of their legislators that will follow Nevada into the future.

via Regulations Clear the Road for Self-driving Cars.

But, what exactly are these regulations? No word on that.

Sudan Oil Conflict Heats Up
February 20, 2012, 05:00
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The government of South Sudan announced Feb. 16 that Sudanese forces had three days earlier seized control over two oil blocks in South Sudan’s northeastern state of Upper Nile. Pagan Ammum, South Sudan’s lead negotiator in ongoing talks between the two countries, said he received a notice from the Petrodar consortium, a majority Malaysian-Chinese owned oil company, that Sudan had ordered the company, “unilaterally and by force,” to keep exporting oil to Sudan despite the South Sudanese government’s Jan. 22 order to shut down all oil production in the country.

via Sudan Reportedly Seizes South Sudanese Oil Wells | STRATFOR.

Here’s a map of the Sudan/South Sudan oil works.

Iran will double oil exports to China in 2012

China is the main beneficiary of US sanctions against Iran, securing more supply at lower prices.

Iran’s deputy oil minister headed a delegation to China this week to negotiate a new crude supply contract and other joint projects in oil, gas and petrochemicals with Beijing.

The new agreement comes following those negotiations and is expected to increase Iran’s oil shipments to China to above 500,000 barrels a day in 2012.

via Iran to increase oil export to China to 500K bpd in 2012 – China Forum – Powered by Discuz!.