Industrialized Cyclist Notepad


Iceland Wins

again..

via Krugman: http://krugman.blogs.nytimes.com/2012/07/08/the-times-does-iceland/

Here’s an idea: Make the banks, rather than the public, eat the losses that the banks created.



Stiglitz: Austerity Will Make Matters Worse

Pretty good little essay here from Joe Stiglitz.

[…]

Europe’s single-minded focus on austerity is a result of a misdiagnosis of its problems. Greece overspent, but Spain and Ireland had fiscal surpluses and low debt-to-GDP ratios before the crisis. Giving lectures about fiscal prudence is beside the point. Taking the lectures seriously – even adopting tight budget frameworks – can be counterproductive. Regardless of whether Europe’s problems are temporary or fundamental – the eurozone, for example, is far from an “optimal” currency area, and tax competition in a free-trade and free-migration area can erode a viable state – austerity will make matters worse.

[…]

http://www.project-syndicate.org/commentary/after-austerity

Just listening to the news you’d think Spain and Ireland were deeply in debt prior to the fraudtastic financial crisis, but no.



If you see something, say something

Via Naked Capitalism, sign maker and photographer are unknown (to me).



Afghanistan shooter was a stock broker
March 20, 2012, 09:54
Filed under: Uncategorized | Tags: , , , ,

Gary Liebschner told WCPO TV, the ABC affiliate in Cincinnati, that Bales pocketed their money after they asked him to sell some stock to cover medical bills. Bales never paid the money and the couple could never find him, Liebschner said.

Bales worked in the financial services industry in Ohio from 1996 to 2000, according to FINRA records. An arbitrator found that Bales “engaged in fraud, breach of fiduciary duty, churning, unauthorized trading and unsuitable investments,” according to a report on the FINRA website.

via Bales Defrauded Ohio Couple Who Say He Owes $1.3 Million – Bloomberg.



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.



While at Covington…

http://www.reuters.com/article/2012/01/20/us-usa-holder-mortgage-idUSTRE80J0PH20120120