Monthly Archives: June 2008

Greg Ip on the WSJ, the Economist, and Blogging

Posted on June 18, 2008 by Felix

How could Greg Ip leave the WSJ for the Economist? I mean, he’s a brand – and the Economist doesn’t do brands, except its own. (And that it does exceedingly well.) What did he mean when he told Reuters that … Continue reading →

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MBIA vs NYT

Posted on June 18, 2008 by Felix

MBIA is blogging! Or something very similar, in any event. The company has put up a 2,000-word response to this morning’s NYT article – the one which I was so skeptical about earlier. It’s entitled "New York Times Story Is … Continue reading →

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Extra Credit, Wednesday Edition

Posted on June 18, 2008 by Felix

Time for a District Congestion Charge: Says Ryan Avent. One problem: in this case, p=0. Depends on the definition of the word ‘mandatory’: McCain seems a bit confused about cap-and-trade. InBev’s commitment to St. Louis and the A-B heritage: Carlos … Continue reading →

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Don’t Make Him Angry, You Wouldn’t Like Him When He’s Angry

Posted on June 18, 2008 by Felix

The Epicurean Dealmaker weighs in on the Goldman "acceleration" plan. He warms up slowly: sick bastard… lie and dissemble… dodge and weave… weak-kneed, lily-livered, unprincipled, ball-less, gutless, prevaricating, backstabbing, motherfucking pussy… weasel… despicable… But then he really gets going. There … Continue reading →

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Adventures in Acceleration, Goldman Sachs Edition

Posted on June 18, 2008 by Felix

If you’re a bond, being accelerated is not a good thing. If you’re a Goldman Sachs analyst, likewise. Analysts normally have a two-year gig, after which they go on to MBAs or some other job, but Goldman Sachs has decided … Continue reading →

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Blogonomics: When Newspapermen Blog

Posted on June 18, 2008 by Felix

A lot of media companies love the idea that they can get their employees to start a blog. Unfortunately, they don’t like the idea that working on the blog means they might do less work elsewhere. The result can easily … Continue reading →

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Let Me Pay to Send Email!

Posted on June 18, 2008 by Felix

Lee Gomes writes today about the serious problem of false positives when you install a spam filter. It’s a problem I feel particularly acutely: my email address has been floating around the internet for so long that sometimes I feel … Continue reading →

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Jim Chanos vs Charlie Gasparino

Posted on June 18, 2008 by Felix

This could get ugly. Dane Hamilton has found a speech yesterday by Jim Chanos, short-seller extraordinaire: Chanos cited recent travails at a well-known New York investment bank that’s still around (yes, that one) that was the subject of repeated unsourced … Continue reading →

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More Alarmism Over MBIA

Posted on June 18, 2008 by Felix

The NYT tells us in a headline today that "MBIA Debt Is Setting Up a Quandary". There’s real news here – that in practice it could be very difficult for New York’s insurance regulator, Eric Dinallo, to take over MBIA’s … Continue reading →

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Putting Vulture Funds in Perspective

Posted on June 18, 2008 by Felix

Daniel Davies has a spirited and intelligent attack on vulture funds, explaining why I’m misguided in my attempts to defend them. He makes some good points, which I’ll come to in a second. And I do feel a little bit … Continue reading →

Posted in bonds and loans, development, hedge funds | 4 Comments

Extra Credit, Tuesday Edition

Posted on June 17, 2008 by Felix

Blunt asks FTC to look at InBev’s bid for AB: File under "gesture politics". You wanted more transparency? Lehman will transparent you till you drop: The difference between transparency and lots of information. Japan’s Great Insight: "The Japanese have realized … Continue reading →

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Markets in Everything, Healthy Cigarette Edition

Posted on June 17, 2008 by Felix

Paul Schemm reports from Egypt: Earlier this year, the state-owned manufacturer Eastern Tobacco Company voluntarily put pictures of diseased lungs on some packs — but smokers just figured those packs were the ones that were harmful and switched to others, … Continue reading →

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The End of the Line for the Busch Family

Posted on June 17, 2008 by Felix

That August Anheuser Busch IV is the CEO of Anheuser Busch is a feat of nepotism which makes the government of Singapore look like Goldman Sachs. Andrew Ross Sorkin rehearses the facts: By college, his transgressions went well beyond youthful … Continue reading →

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House Price Implosion Datapoints of the Day

Posted on June 17, 2008 by Felix

Courtesy Michelle Leder: City State Original listing price Current price Drop Coral Gables Florida $663,000 $305,900 54% Orlando Florida $294,000 $89,000 70% Palm Beach Gardens Florida $619,000 $242,000 61% Sarasota Florida $755,000 $184,000 76% Antelope California $1,290,000 $213,000 83% Oh, … Continue reading →

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Oil Prices Up, Illegal Immigration Down?

Posted on June 17, 2008 by Felix

Mark Thoma has a rather interesting idea: Producers may shift production closer to the markets where the goods are sold as transportation costs increase with energy prices. If so, it’s possible that higher energy costs could cause producers to shift … Continue reading →

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The Other Side of the Vulture Fund Story

Posted on June 17, 2008 by Felix

I missed this on Sunday – coincidentally, a day before Portfolio’s story about vulture funds came out – but Tony Allen-Mills has a very good article in the UK’s Sunday Times about the long-running fight between Elliott Associates and Congo-Brazzaville. … Continue reading →

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Missed Opportunities, Felix Edition

Posted on June 17, 2008 by Felix

I was teased a lot about my name when I was a kid, but I’ve definitely embraced it now. My instant-messenger icon is Felix the Cat. Two of my favorite wines are Vasse Felix, from Australia, and Cuvée des Félix, … Continue reading →

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Lies, Damn Lies, and Median House Prices

Posted on June 17, 2008 by Felix

A commenter named "Unsympathetic" makes a good point in my blog entry on Berkeley vs Oakland house prices. Yes, median Berkeley house prices are rising. But it’s entirely possible for that to happen even if every single house in Berkeley … Continue reading →

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Has Einhorn Cashed In His Lehman Chips?

Posted on June 17, 2008 by Felix

If you haven’t read Hugo Lindgren’s piece on David Einhorn, go read it now, it’s excellent. I even like the way that Lindgren links Einhorn’s poker prowess to his short-selling abilties: A few days before this year’s conference in May, … Continue reading →

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Jet Fuel Datapoint of the Day

Posted on June 17, 2008 by Felix

Joe Brancatelli: Long-haul flights are going because they burn fuel simply to carry enough fuel to make the long runs. In fact, one European airline executive told me that his nonstop flights to the West Coast use about 30 percent … Continue reading →

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Extra Credit, Monday Edition

Posted on June 16, 2008 by Felix

Insurance fraud: Dean Baker on US health insurance. EMI’s New Boss Sees Cracks in Music World: Another billionaire-tries-to-shake-up-old-media-company story. I’d love to be a fly on the wall at a dinner with Hands, Murdoch, and Zell. Cheney’s false comment on … Continue reading →

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Blogonomics: Romenesko

Posted on June 16, 2008 by Felix

Howell Raines reports on Jim Romenesko: Romenesko is Poynter’s highest-paid nonexecutive employee, at more than $170,000 a year… Because Romenesko is an online pioneer with old-fashioned newspaper values, he chose to do it in a nonprofit environment, but money can … Continue reading →

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Defending the Vulture Funds

Posted on June 16, 2008 by Felix

Ooh boy. Condé Nast Portfolio, in its July issue, is running a major article about vulture funds by Joshua Hammer. Hammer certainly did a lot of reporting: he not only spoke to high-profile vulture investor Michael Sheehan, but even went … Continue reading →

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Dell’s Cunning Business Strategy

Posted on June 16, 2008 by Felix

Michael Dell on why businesses are going to have to move to Vista eventually: A lot of new hardware features are coming out–broadband, wireless, fast graphics–and those aren’t supported by XP.

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The Long Crisis

Posted on June 16, 2008 by Felix

Jesse Eisinger reckons that America is cognitively incapable of understanding a long crisis as opposed to a short one: As a culture, we’ve gotten so good at disseminating and assimilating an idea and then moving on, that we can no … Continue reading →

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