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03 February 2008
Exxon Mobil Profit Sets Record Again - NYT
The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.
Massachusetts Accuses Merrill of Fraud - NYT
William Galvin, the Massachusetts secretary of state, filed a civil fraud complaint against Merrill a day after the firm took the unusual step of agreeing to reimburse Springfield for losses on the investments.
AlterNet: Obama Is Sub-Prime on Lending Crisis
As the subprime mortgage debacle drives a recession that threatens financial markets around the world, the Democratic presidential candidates are pushing plans to address the crisis. John Edwards and Hillary Clinton are pledging substantial federal resources to stabilize the mortgage market and intervene on behalf of borrowers. Barack Obama's proposal is tepid by comparison, short on aggressive government involvement and infused with conservative rhetoric about fiscal responsibility. As he has done on domestic issues like healthcare, job creation and energy policy, Obama is staking out a position to the right of not only populist Edwards but Clinton as well.
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31 January 2008
US tops world Connectivity Scorecard despite broadband ills
When it comes to using information technology well, people power is as important as wires, chips, and radio signals. That's one of the assumptions driving the new Connectivity Scorecard benchmark put together by Leonard Waverman of the London Business School. Waverman found that the US takes the worldwide lead on "connectivity" when measured in this way, but subpar broadband infrastructure holds the country back.
Tipped over: social influence "tipping point" theory debunked
Clive Thompson has been getting some well-deserved attention for his recent Fast Company piece, in which Columbia University sociologist Duncan Watts explodes the hierarchical theory of social influence and trend propagation popularized by Malcolm Gladwell in the bestselling book The Tipping Point.
30 January 2008
AlterNet: The Great Indian Gender Divide
[B]eneath the spectacular "India Shining" story lurks an area of darkness -- the unequal status of its women, who constitute more than half its demographic. The latest official document to highlight this inequity is the 2007 Gender-Gap Index Report by the World Economic Forum (WEF); it places India at the bottom of the global pyramid.
Magistrate judge suggests sanctions against RIAA lawyers
The RIAA's habit of roping numerous unrelated defendants into a single "John Doe" lawsuit has drawn the attention of a federal magistrate—and not in a good way. In the case of Arista v. Does 1-27, a lawsuit targeting students at the University of Maine, Magistrate Judge Margaret J. Kravchuk suggests that the court look into imposing Rule 11 sanctions on the RIAA's legal team.
BBC | US economic growth drops sharply
The US Department of Commerce says the economy grew at an annual rate of just 0.6% from October to December.
In the previous three months, between July and September, the economy was growing at annual rate of 4.9%.
Calculated Risk: Homeownership Rate: Cliff Diving
(via)The homeownership rate has plunged back to the levels of the summer of 2001.
The future is bright: Mozilla revenues up 26 percent, Google deal is gold
Mozilla published financial statements earlier this week showing that the organization made $66.8 million in revenue for 2006, a 26 percent increase from 2005. That's some strong growth, and it shows that Mozilla has the potential for long-term fiscal sustainability.
Looking Anew at Campaign Cash and Elected Judges - NYT
In nearly half of the cases they reviewed, over a 14-year period ended in 2006, a litigant or lawyer had contributed to at least one justice, sometimes recently and sometimes long before. On average, justices voted in favor of their contributors 65 percent of the time, and two of the justices did so 80 percent of the time.
BBC | FBI investigates sub-prime crisis
The FBI is investigating 14 companies embroiled in the sub-prime mortgage crisis as part of a crackdown on improper lending.
29 January 2008
Telco immunity stalled: Senate blocks key vote
The increasingly tangled debate over federal surveillance powers reached a new milestone today when a Republican cloture motion failed to pass after receiving only 48 of the required 60 votes. If the cloture motion had passed, it would have blocked all further attempts to remove controversial telecom immunity provisions from a Senate intelligence committee surveillance bill by forcing an immediate vote on the bill itself.
Are breathalyzers accurate? DWI defendant wants source code
The "source code defense" has become a popular one, in part because the companies that make the devices are so reluctant to reveal their proprietary code that cases are often dropped instead.
BBC | Chavez calls for anti-US alliance
The vehemently anti-US leader says Nicaragua, Bolivia, Cuba and Dominica should create one united force.
French rally behind rogue trader as fraud scandal spreads | The Observer
For Isabelle Mercier, 44, queuing outside a Société Générale branch in Paris, the 'rich and the powerful' always find someone to blame: 'Anyone who is a threat to them is eliminated one way or another.' Mohammed Benali, a market trader at the nearby Marché d'Aligre, agreed. 'It is time the bosses and the rich were taken down a peg,' he said.
Memo Details Objections to Command Center Site - NYT
The memorandum, which has not been previously disclosed, cited a number of “significant points of vulnerability.” Those included: the building’s public access, the center’s location on the 23rd floor, a 1,200-gallon diesel fuel supply for its generator, a large garage and delivery bays, the building’s history as a terrorist target, and its placement above and adjacent to a Consolidated Edison substation that provided much of the power for Lower Manhattan.
25 January 2008
BBC | Banks 'may need an extra $143bn'
They say the banks will need extra money if bond insurers, who insure the products at the centre of the sub-prime crisis, lose their top credit ratings.
BBC | Rogue trader scandal broadens out
Analysts are trying to assess whether the trader's actions contributed to the stock market turmoil and the Fed decision to cut interest rates.
24 January 2008
Next on the Worry List: Shaky Insurers of Bonds - NYT
Even as stocks ended five days of losses with a surprising recovery on Wednesday, officials began moving to defuse another potential time bomb in the markets: the weakened condition of two large insurance companies that have guaranteed buyers against losses on more than $1 trillion of bonds.
In Matters Big and Small, Crossing Giuliani Had Price - NYT
In March 2000, an undercover officer killed Patrick Dorismond, a security guard, during a fight when the police mistook him for a drug dealer. The outcry infuriated the mayor, who released Mr. Dorismond’s juvenile record, a document that legally was supposed to remain sealed.
The victim, Mr. Giuliani opined, was no “altar boy.” Actually, he was.
Massive Fraud in France: Societe Generale Hit By €4.9 Billion Crime - SPIEGEL
French bank Societe Generale has revealed that it has been hit by one of the biggest alleged cases of fraud in banking history. The bank discovered that fraud by one of its traders had led to losses of €4.9 billion.
23 January 2008
Passing the Buck on Environmental Damage -- ScienceNOW
Humans inflicted $47 trillion worth of damage to the environment from 1961 to 2000, according to a new study, and poor nations are disproportionately footing the bill. Taking their estimates a step further, the researchers conclude that high- and middle-income nations owe poor nations $3.2 trillion for the damage their development has caused.
BBC | Thompson quits White House race
Former US Senator Fred Thompson has withdrawn from the Republican presidential race, after a string of poor finishes in early voting rounds.
Web Site Assembles U.S. Prewar Claims - NYT
Students of how the Bush administration led the nation into the Iraq war can now go online to browse a comprehensive database of top officials’ statements before the invasion...
