Greece is not Delaware - 5/23/2012

5/23/2012

Here's what we're following this morning:

JPMorgan loss could be as high as $8 billion from the original $120 billion credit hedge - CMA, Barclays, DTCC via Zero Hedge | This could also be explained as a (very) wrong bet against LTRO2.  Investment-grade and high-yield issues were a part of this.

Our $1 trillion defense budget - TomDispatch | All those "pivots" you hear about?  That's us moving from one big money-sucking hole to another.  Of course, when the 2012 election is going to raise approximately $1.5 billion, who can quibble about the placement of the decimal point, any more?

Jon Corzine and MF Global: "The system failed us." - Sense on Cents | Every day, MF Global customers wake up and wonder when...or if...they'll ever see their money again.  And every day that goes one, Jon Corzine walks free.

Russian stocks fall on privatization U-turn - Financial Times | When your country is broke, nationalize the companies.  When your IPO doesn't work, sue the brokerages.  See?  There really IS a solution for all the world's problems.  Unfortunately, they all involve pesky little things called socialism or fascism, and those systems haven't really worked all that well since...uh...ever.

Whom should we prevent from blowing themselves up, and why? - Dealbreaker | It's worth pushing on why the Volcker Rule wouldn't do much to cure any modern-day financial crisis.

The end in Afghanistan is totally predictable - Counterpunch | Boy, where's John Kerry and his medal-throwing when we need him?

India to hold talks with Iran on wheat exports - Wall Street Journal | Remember that whole pro-democracy protest thing?  It was about food.  And when people can't get food, or can't get disease-free food, things are going to get messy.  In this case, we're also dealing with a trade ban; the countries seemed to have found a way around that, too.

Over 99% of Federal Reserve Bank enforcement actions are resolved WITHOUT admission of guilt - Naked Capitalism | In other words, the Fed will only punish banks who break the rules if those banks consent to punishment.  Great gig if you can get it, huh?

A "nuclear-free Japan" is a figment of the imagination - Testosterone Pit | There cannot be a nuclear-free Japan, at least for a generation or two...if ever.

A child's to-do list - Boing Boing | Were it only this simple again.

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