How about we start with today’s market action explained at the Huff Po of all places and visit with Zachary Karabell:
The Greek debt crisis finally spilled over in full force to U.S. markets, aided and abetted by extreme statements emanating from such esteemed and prominent voices as Muhammed El-Erian of the large bond investor Pimco, who warned that Greece could be just the beginning of sovereign debt catastrophes. In the space of minutes, the major U.S. indices plunged more than 10%, fueled by the same programmatic electronic trades that were part of the battering in late 2008 into 2009. And then in the space of 15 minutes, they recovered, without — it’s fair to say — much human decision-making during that interval (and if an individual even tried trading during those 30 minutes, they would have found it difficult or impossible, as web sites such as schwab.com were completely overwhelmed with traffic).
Fair enough but the man’s conclusions past this point aren’t worth printing here on Slabbed. Program trading will be with us forever but it is not the culprit here despite the uninformed rantings of the author who is obviously long the market now most likely stuck (stuckholder in finance board parlance). For my part I sold in April and went away (a month ahead of time). That said I am not Carnac the Magnificent but besides staying at a Holiday Inn last night I also read Yves Smith over at Naked Capitalism.
To the extent the problems with Greek debt were hardly a secret Yves is not special among financial bloggers. What makes Yves special is the fact he understands the ramifications of the interconnectivity in global finance and in the case of Greek debt there is a special connection I’ll now share with the Slabbed Nation: AIG most likely will be on the hook for a decent chunk of Greek National debt should there be a default. Continue reading “How about a quick finance post for those that are trying to get the license plate number of the Greek semi that ran them over today.”
I’ve got more coming on this general topic but I’m hearing Hiram Eastland is associating with Robert Kennedy Jr. and his law firm to handle Gulf Oil spill claims. Evidently Kennedy is specialized in environmental law.
Slabbed continues to recommend those impacted by the oil spill not hire a lawyer until the impacts become more clear. The decisions you make are important and should not be made based on a Tee Vee commercial.
Fools rush in where angels fear to tread.
I am impressed.
First we heard the rumors and then Fox 8 gave us a teaser. By then, we also knew that Lee Zurich had not been sitting on his rear end during his time between on air gigs doing the news in New Orleans. It is said work is the bane of the blogging class and that was certainly true for me yesterday as the media frenzy on this story began in earnest as readers began emailing me the links. First was a WDSU story. Then came a more in-depth Times Picayune report and then WWL’s coverage. As is the case many times, the best was saved for last and that was Lee Zurich’s report for Fox 8. For some background for our out of area readers, I’ll start with the Laura Maggi’s Times Picayune report as we’ll also save the best for last:
The U.S. Attorney’s Office has subpoenaed documents that track the schedule, payment and even the movements of Sonja M. Spears, who draws a local salary as a 1st City Court judge while living part of the time in Massachusetts, where her children attend school……….
Investigators are simply seeking to determine how often Spears shows up to work. Public records show Spears and her husband, attorney Ike Spears, own a $1.3 million house in the Boston suburb of Needham.
Records obtained by The Times-Picayune also show that Spears applied for, and was granted, medical leave from April 7 to May 6, 2008, as well as Jan. 26 to March 30, 2009. In both cases, Spears told the Louisiana Supreme Court that she needed to undergo surgery, and replacement, or ad hoc, judges were assigned to her court.
I remembered the Spears family name but it wasn’t from her sister-in-law as we continue: Continue reading “Please allow me to warmly welcome Sonja and Ike Spears to Slabbed.”
Thursday, May 6th, 2010
Baton Rouge, Louisiana
I’M SEVENTY? YOU’VE GOT TO BE KIDDING!
I woke up this morning, followed my normal routine of walking the dogs, picking up the morning papers, pouring my large glass of orange juice half filled with water to dilute it down, checked my emails, walked out to glance over the papers by the pool….and, oh…it dawned on me. Today, I turned 70.
Seventy? How did that happen? Not too long ago, I would have said that 70 is really old. And to many, I supposed it is. I don’t think I look 70. Oh, I do look in the mirror from time to time, and see reflections of my father. I remember him well at 70. He had suffered his first heart attack by then, and though he did not look real old, still, he had aged a good bit. I look away and from the mirror, and he is a vision of a much younger man. But when I look, back, there he is. Who knows when you glance into a mirror and meet a past you hadn’t expected and may be not ready for? I guess one can say that about the future as well. Look into the mirror and tell me what you see….right? Continue reading “Jim Brown turns 70. Happy birthday Jim!”