Posts Tagged ‘Vanity Fair’

The Man Who Spilled the Secrets | Vanity Fair

On the afternoon of November 1, 2010, Julian Assange, the Australian-born founder of WikiLeaks.org, marched with his lawyer into the London office of Alan Rusbridger, the editor of The Guardian. Assange was pallid and sweaty, his thin frame racked by a cough that had been plaguing him for weeks. He was also angry, and his message was simple: he would sue the newspaper if it went ahead and published stories based on the quarter of a million documents that he had handed over to The Guardian just three months earlier. The encounter was one among many twists and turns in the collaboration between WikiLeaks—a four-year-old nonprofit that accepts anonymous submissions of previously secret material and publishes them on its Web site—and some of the world’s most respected newspapers. The collaboration was unprecedented, and brought global attention to a cache of confidential documents—embarrassing when not disturbing—about American military and diplomatic activity around the world. But the partnership was also troubled from the start.

In Rusbridger’s office, Assange’s position was rife with ironies. An unwavering advocate of full, unfettered disclosure of primary-source material, Assange was now seeking to keep highly sensitive information from reaching a broader audience. He had become the victim of his own methods: someone at WikiLeaks, where there was no shortage of disgruntled volunteers, had leaked the last big segment of the documents, and they ended up at The Guardian in such a way that the paper was released from its previous agreement with Assange—that The Guardian would publish its stories only when Assange gave his permission. Enraged that he had lost control, Assange unleashed his threat, arguing that he owned the information and had a financial interest in how and when it was released.

The Guardian partnership was the first of its kind between a mainstream media organization and WikiLeaks. The future of such collaborations remains very much in doubt. WikiLeaks, torn by staff defections, technical problems, and a crippling shortage of money, has been both battered and rejuvenated by the events of the past several months. A number of companies—PayPal, Visa, and MasterCard—stopped acting as conduits for donations, even as international publicity has attracted high-profile supporters and many new donors. Kristinn Hrafnsson, a close associate of Assange’s and a WikiLeaks spokesman, promises that WikiLeaks will pursue legal action against the companies. Although it is not known where the instigation came from, hackers launched a wave of sympathy…
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Beware of Greeks Bearing Bonds

This is a fascinating study of Greece and how the largest of part of its bankruptcy may be in its collective conscience.  - Ilene 

Beware of Greeks Bearing Bonds

Greece, Boat anchored at island

Vanity Fair’s Introduction: As Wall Street hangs on the question “Will Greece default?,” the author heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country’s economic insanity. But beyond a $1.2 trillion debt (roughly a quarter-million dollars for each working adult), there is a more frightening deficit. After systematically looting their own treasury, in a breathtaking binge of tax evasion, bribery, and creative accounting spurred on by Goldman Sachs, Greeks are sure of one thing: they can’t trust their fellow Greeks. 

BY MICHAEL LEWIS, Vanity Fair 

After an hour on a plane, two in a taxi, three on a decrepit ferry, and then four more on buses driven madly along the tops of sheer cliffs by Greeks on cell phones, I rolled up to the front door of the vast and remote monastery. The spit of land poking into the Aegean Sea felt like the end of the earth, and just as silent. It was late afternoon, and the monks were either praying or napping, but one remained on duty at the guard booth, to greet visitors. He guided me along with seven Greek pilgrims to an ancient dormitory, beautifully restored, where two more solicitous monks offered ouzo, pastries, and keys to cells. I sensed something missing, and then realized: no one had asked for a credit card. The monastery was not merely efficient but free. One of the monks then said the next event would be the church service: Vespers. The next event, it will emerge, will almost always be a church service. There were 37 different chapels inside the monastery’s walls; finding the service is going to be like finding Waldo, I thought.

“Which church?” I asked the monk.

“Just follow the monks after they rise,” he said. Then he looked me up and down more closely. He wore an impossibly long and wild black beard, long black robes, a monk’s cap, and prayer beads. I wore white running shoes, light khakis, a mauve Brooks Brothers shirt, and carried a plastic laundry bag that said eagles palace hotel in giant letters on the side. “Why have you come?” he asked.

That was


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Henry Paulson’s Longest Night

Henry Paulson’s Longest Night

By Todd S. PurdumVanity Fair, October 2009

In 2006, Goldman Sachs C.E.O. Henry Paulson reluctantly became Treasury secretary for an unpopular, lame-duck president. History will score his decisions, but the former Dartmouth offensive lineman definitely left everything on the field. In private conversations throughout his term, as crisis followed crisis—Bear Stearns, Fannie Mae and Freddie Mac, Lehman Brothers, A.I.G., and so forth—Paulson gave the author the inside track, from the political lunacy and bailout plans to the sleepless nights and flat-out fear, as he battled the greatest economic disruption in 80 years.
 Henry Paulson

Henry Paulson, then the Treasury secretary, in his office last September, the month Lehman fell and the bailout took shape. By Nigel Parry/CPi Syndication.

 

 

 

 

 

 

It was February 2008, and Henry M. Paulson Jr., a prince of Wall Street turned secretary of the Treasury, was reflecting on his biggest achievement to date: a $168 billion economic-stimulus package that had passed Congress four days earlier after swift, bipartisan prog ress through both houses. In light of all the later twists and turns that the global financial system and the national economy took, this measure would come to seem quaint and fainthearted. But at the time, it was a very big deal indeed, and Paulson felt justifiably proud. The stimulus had been his baby. Paulson had persuaded George W. Bush, whose relations with both parties in Congress were by then close to toxic, to articulate only the broadest principles, and not to present a detailed plan. Paulson himself, in endless night and weekend negotiations with congressional leaders, had delivered the final package.

“Nancy Pelosi to me was a wonder in this deal, and she was available 24-7, anytime I called her on the cell phone,” Paulson told me, his hulking frame unfolding in a comfortable chair in his office at the Treasury, dominated by an oil portrait of his first pred e ces sor, Alexander Hamilton. “She was engaged, she was decisive, and she was really willing to just get involved with all of her people on a hands-on basis.” Paulson paused. “Now let me … I’ll be there in one minute … Let me just make a … I have been, you know … I finished this thing on Thursday night, flew over to Tokyo,…
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Michael Lewis’ AIG Article in Vanity Fair: The Man Who Crashed the World

Michael Lewis’ AIG Article in Vanity Fair: The Man Who Crashed the World

Courtesy of Marketfolly

Here’s an excellent read in Vanity Fair from noted author Michael Lewis regarding the madness that is AIG. His piece is entitled ‘The Man Who Crashed the World.’ There has been a slew of intriguing journalistic pieces hitting the tabloids lately and its refreshing to see. Just last week, we brought you Matt Taibbi’s piece on Goldman Sachs as well.

Below is the embedded AIG article. RSS & Email readers will need to come to the blog to view it. Again, our apologies for using Scribd as we know many of you dislike it. However, the other alternatives we have tried out have not been any better. As such, we are stuck using the lesser of many evils. If you need the actual .pdf of this article please let us know and we’ll do our best to meet all the requests (we were inundated with requests for the GS article last week and are still sifting through all those!) Don’t try to print the article directly from Scribd as it will mess up the margins and come out illegible. We recommend clicking on the Scribd logo, going to their page and selecting the ‘download’ option which will let you save the .pdf to your desktop. Do note that you’ll need a free account there to do this.

 

Marketfolly


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Kimble Charting Solutions

Dow Theory Concerns? Transportation Stocks Make New Lows

Courtesy of Chris Kimble.

The bull market is experiencing its first real test since the 2014/2015 stock market correction. Volatility is high and key sectors are heading lower.

One such sector is the Transportation Sector(NYSEARCA: IYT) and select stocks.

The age-old Dow Theory call for the Industrials and Transports to lead the market (and confirm each others moves). Currently, both are struggling. But the Dow Transports are on the precipice of a major breakdown. Looking at the chart below, you can see that the Transportation Sector ETF (IYT) is attempting to break down below its 12-month trading range and 9-year rising support line.

If the market doesn’t reverse higher soon, this break down will send a negative message to investors about the economy… and the broader stock market.

A move lower wou...



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Phil's Favorites

The NRA's financial weakness, explained

 

The NRA's financial weakness, explained

Political clout doesn’t guarantee a healthy bottom line. AP Photo/Evan Vucci

Courtesy of Brian Mittendorf, The Ohio State University

The National Rifle Association’s political spending fell during the 2018 midterm elections. There’s talk of ending small perks like free coffee at its offices and even ...



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Zero Hedge

Attention US Millennials: Japan Is Now Giving Away Free Houses

Courtesy of ZeroHedge. View original post here.

There are over 8 million abandoned homes in Japanese suburbs, according to The Japan Times. 

If you are a struggling American millennial: you could theoretically move to Japan because the sushi’s fresh, cost of living is low, and the government is giving away free homes. 

What is driving the government to give away these homes? Well, there is a mass...



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Digital Currencies

Crypto Bull Tom Lee: Bitcoin's 'Fair Value' Closer To $15,000, But He's Sick Of People Asking About It

Courtesy of ZeroHedge. View original post here.

Listening to the crypto bulls of yesteryear continue to defend their case for new new all-time highs, despite a growing mountain of evidence to suggest that last year's rally was spurred by the blind greed of gullible marginal buyers (not to mention outright manipulation), one can't help but feel a twinge of pity for Mike Novogratz and Wall Street's original crypto uber-bull, Fundstrat's Tom Lee.

Lee achieved rock star status thanks to ...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga.

  • Data on retail sales for November will be released at 8:30 a.m. ET.
  • Data on industrial production for November will be released at 9:15 a.m. ET.
  • The flash Composite Purchasing Managers' Index for December is schedule for release at 9:45 a.m. ET.
  • Data on business inventories for October will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the recent week is schedule for release at 1:00 p.m. ET.

Posted-In: Economic DataNews Economics ...



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Biotech

Those designer babies everyone is freaking out about - it's not likely to happen

Reminder: We're available to chat with Members, comments are found below each post.

 

Those designer babies everyone is freaking out about – it's not likely to happen

Babies to order. Andrew crotty/Shutterstock.com

Courtesy A Cecile JW Janssens, Emory University

When Adam Nash was still an embryo, living in a dish in the lab, scientists tested his DNA to make sure it was free of ...



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Members' Corner

Blue Wave with Cheri Jacobus (Q&A II, Updated)

By Ilene at Phil's Stock World

Cheri Jacobus is a widely known political consultant, pundit, writer and outspoken former Republican and frequent guest on CNN, MSNBC, FOX News, CBS.com, CNBC and C-Span. Cheri shares her thoughts on the political landscape with us in a follow up to our August interview.

Updated 12-10-18

Ilene: What do you think about Michael Cohen's claim that the Trump Organization's discussions with high-level Russian officials about a deal for Trump Tower Moscow continued into June 2016?

...

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Chart School

Weekly Market Recap Dec 09, 2018

Courtesy of Blain.

Bears are certainly showing the type of strength we haven’t seen in a long time.   A week ago at this time futures were surging on news of a “truce” for 90 days between China and the U.S. in their trade spat.  But the charts were still not saying lovely things despite a major rally the week prior.   And by Tuesday, darkness had descended back on the indexes, with another gut punch Friday.    A lot of emphasis was put on a long term Treasury yield dropping below a shorter term Treasury.

On Monday, the yield on five year government debt slid below the yield on three year debt, a phenomenon which has p...



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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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ValueWalk

Vilas Fund Up 55% In Q3; 3Q18 Letter: A Bull Market In Bearish Forecasts

By Jacob Wolinsky. Originally published at ValueWalk.

The Vilas Fund, LP letter for the third quarter ended September 30, 2018; titled, “A Bull Market in Bearish Forecasts.”

Ever since the financial crisis, there has been a huge fascination with predictions of the next “big crash” right around the next corner. Whether it is Greece, Italy, Chinese debt, the “overvalued” stock market, the Shiller Ratio, Puerto Rico, underfunded pensions in Illinois and New Jersey, the Fed (both for QE a few years ago and now for removing QE), rising interest rates, Federal budget deficits, peaking profit margins, etc...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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