Category Archives: Wall St.

Eric Holder’s Wars

130207drones_s&p_holder

 Eric Holder’s Justice Department sued Standard and Poor’s for giving bad advice. That bad advice consisted of high ratings the company gave for mortgage backed securities leading to the 2008 meltdown.

Jack Lew, the president’s nominee for Treasury Secretary, worked for Citigroup’s subprime department during the time leading up to the 2008 meltdown. Lew was rewarded with  a nearly million dollar bonus following  Citigroup’s government bail-out.

In an effort to divert attention from Lew (okay I made that up), the White House released Justice Department documents justifying the killing U.S. citizens without judicial review. I didn’t make that up.

Facebook

The Facebook IPO is a train wreck so far. There were problems at NASDAQ with the launch but Gordon Crovitz in the WSJ says people just don’t click Facebook ads enough. Then there’s this:

Why did Facebook go public?

They couldn’t figure out the privacy settings either.

Fail

 

JP Morgan lost not quite as much as the federal government borrows in a day.

Facebook IPO

Newtonomics

Even cartoonists know old inefficient businesses need to be destroyed to make way for new and better things. Otherwise we’d be drawing on cave walls instead of computers.