Monday Music: And the worst part for you upstate freaks and poseurs……(Updated)

It only gets worse from here.  :-)

Frankly I’ve seen more talented bloggers working penny stock pump and dumps and that doesn’t count Kevin Costner.

Anyone seen Rossie lately? Partners in firms with other partners that have ethical problems should never cast stones. Glass jaw he had……

How about some Deano?

[youtube=http://www.youtube.com/watch?v=4sTP994tOMk]

or hell lets make it a twofer. This one is for you Lecky, a true trip down memory lane huh. Continue reading “Monday Music: And the worst part for you upstate freaks and poseurs……(Updated)”

Putting in the fix for Riverbirch and the landfill's diverse ownership. Slabbed examines the Parish's suit against Waste Management

Our readers make Slabbed the good read and this post is no different as it comes courtesy of reader tips and reader assisted research. As much as I’d like to take all the credit for our Jefferson Parish coverage I can’t though I greatly appreciate the highly complimentary comments on our coverage that were left on the last Rich Rainey story on the landfill for the Times Picayune (which now appear to have been deleted), that we profiled here. Before we get to the lawsuit lets first address an insightful comment made by our friend from the jungle Curious George on the process, specifically the CPA firm hired to analyze the River Birch contract:

However, it is the subjective analyzer who can give false numbers to an honest CPA which will result in misleading conclusions and intentional fraud.

George nailed it because in an Agreed Upon Procedures Engagement only the assertions specified by management will be examined by the CPA. Thus how the question is asked is an important determinate of the answer. For example let’s pretend River Birch’s tipping fees was actually a dollar a ton cheaper than Waste Management instead of the other way around. If the question is “Does the River Birch contract contain cost savings over Waste Management?” The obvious answer is yes. Also suppose the landfill in St Bernard was $5/ton cheaper but was never considered by the Parish Council, is River Birch really the best deal? The answer is no but the question wasn’t whether the Parish’s taxpayers got the best deal. In short folks, the devil is in the details with the CPA review.

In this installment of As the Landfill Turns we’ll take a look at the Parish’s lawsuit against Waste Management, the purpose of which is to clear Waste Management out of the way so Butch Ward and company at River Birch could belly up to the taxpayer trough. The suit also helps us add Continue reading “Putting in the fix for Riverbirch and the landfill's diverse ownership. Slabbed examines the Parish's suit against Waste Management”

Slabbed catches up with Scott Walker. His trial in DC rescheduled to August.

Scott Walker / The Sun Herald

 

Margaret Baker at the Sun Herald had the latest skinny on Mississippi east coast’s most famous drunk in former Ocean Springs mayoral candidate Scott Walker for yesterday’s paper.  Before I share the news on the outcome of today’s hearing, let’s visit with that story to catch up as we fast forward from April and Walker’s arrests on DUI and simple assault charges: 

Former mayoral candidate and Coast businessman Scott J. Walker is slated to go to trial Monday in Washington on allegations he assaulted a staffer of U.S. Sen. Roger Wicker’s office in April, according to court records. 

Court records show prosecutors Tuesday had filed a request for a delay in the case, which was granted Thursday. Prosecutors then withdrew their request for the delay, records show. The trial is expected to move forward as planned. 

Walker, 30, was arrested April 11 at The Ritz-Carlton hotel on attempted possession of a prohibited weapon and simple assault. 

He is accused of assaulting Eleanor D. Kelly, 27. 

Kelly is a staffer for Senator Wicker who had the misfortune of hooking up with Walker not Continue reading “Slabbed catches up with Scott Walker. His trial in DC rescheduled to August.”

Slicked and Slabbed the BP disaster Part 8: BP shares hammered again.

We’ve covered a few of the spectacular drops in pricing for BP’s American Depository Receipts (ADRs) a couple of times (last post is here) when we covered the speculation regarding a coming BP bankruptcy.  Turns out BP, like many behemoths, is widely owned by British pension funds that depend on the regular dividend BP pays it’s investors.  As such its potential elimination is a huge news story in the UK and when 2 British major newspapers in the Guardian and Times report the dividend in not long for this world in its current form people tend to notice. And it has triggered a stampede for the exits as BP is down almost 9% at 2 PM central time on very heavy volume.

I was emailed a couple of questions after Slicked and Slabbed part 6 was published the main one dealing with trying to buy BP ADRs to take advantage of its currently depressed state.  In market parlance buying a stock in free fall is called trying to catch a falling knife and it is not advisable.  That said there will come a time to buy for those with trading experience, even if BP takes bankruptcy. However that day has not come and probably won’t for some time. The key here is supply and demand for the stock certificates and until BP investors capitulate and really stampede for the exits owning the stock will be like chinese water torture or death by a thousand cuts.  I could not find a good definition of the term capitulation via a quick google but one can get a flavor for the concept by visiting with investopedia.  I’ll add capitulation is identified by massive volume coupled with severe price decline. There are over 3 billion shares of BP common floating about give or take and since the spill roughly two-thirds of the float has changed hands with half that total trading since June 1. At March 31 BP was 11.4% owned by institutional investors which means concerns like State Farm and the Bill and Melinda Gates Foundation could easily have liquidated their holdings and hit the exits unnoticed. Continue reading “Slicked and Slabbed the BP disaster Part 8: BP shares hammered again.”

Exactly the kind of superficiality we've come to expect from a WLOX editorial. A Slabbed Oil Spill update.

Sure enough folks one of our own puts his head into the noose pumping Kevin Costner to make a point.  How about we make one of our own beginning with Yobie Benjamin at the San Fransisco Chronical:

Like the rest of the nation, I am frustrated that the United States of America has not been able to muster the technology and resources to solve the gulf oil gusher disaster. The oil gusher is one thing we cannot solve because it requires technologies that the country has admitted it does not have.

The oil slicks are another matter. This is an old problem with known solutions.

It takes simple technologies combining booms, skimmers, vacuum and suction vessels, oil/water separators and boats and vessels in massive numbers to get the oil out of the water.

Perhaps contending with thousands of self promoting shills trying to make a quick buck has its drawbacks as we continue: Continue reading “Exactly the kind of superficiality we've come to expect from a WLOX editorial. A Slabbed Oil Spill update.”