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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Phil's Favorites

After Mega Banks Supervised by the Fed Lose Over $10 Billion to a Highly Leveraged Hedge Fund, Fed Puts Lipstick on a Pig in its Financial Stability Report

Courtesy of Pam Martens

Remember the phrase “putting lipstick on a pig.” It became popular after the dot.com bust when it was learned that the big Wall Street banks had glowingly recommended “hot” new issues of stocks to their customers while secretly calling them “crap” and “dogs” in internal emails.

Putting lipstick on a pig is what the Federal Reserve is attempting to do in the Financial Stability Report it rel...



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Zero Hedge

Are Stocks Cheap, Or Just Another Rationalization?

Courtesy of ZeroHedge View original post here.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Are stocks “cheap,” or is this just another bullish “rationalization.” Such was the suggestion by the consistently bullish Brian Wesbury of First Trust in a research note entitled ...



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Digital Currencies

NFTs are much bigger than an art fad - here's how they could change the world

 

NFTs are much bigger than an art fad – here's how they could change the world

Homes fit for zeroes (and ones). Julien Tromeur

Courtesy of James Bowden, University of Strathclyde and Edward Thomas Jones, Bangor University

Sotheby’s has become the latest establishment name in art to dive into NFTs (non-fungible tokens) through its collaboration with anonymous ...



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Biotech/COVID-19

India COVID crisis: four reasons it will derail the world economy

 

India COVID crisis: four reasons it will derail the world economy

India is the fifth largest economy in the world. Deepak Choudhary/Unsplash

Courtesy of Uma S Kambhampati, University of Reading

The second wave of the pandemic has struck India with a devastating impact. With over 300,000 new cases and 3,000 deaths across the country each day at present, the total number of deaths has just passed the 200,000 mark – that’s about one in 16 of all COVID deaths across the world....



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Chart School

Yellen can not stop the dollar decline

Courtesy of Read the Ticker

Printing money results in a lower currency, so long as the currency does not fall too fast.

Previous Post: US Dollar Forecast - Weakness

Here are the very strong fundamentals for a lower US dollar: 

(a) US inflation exploding.
(b) Massive US twin deficits.
(c) Better conditions in Europe.

However French election worries in 2022 Q1 and Q2 may provide US dollar strength (via European weakness) after Christmas, but this strength may come after a low in the DXY near $84.  

It looks like Yellen knows a down swing in the US dollar is near because ...

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Politics

If China's middle class continues to thrive and grow, what will it mean for the rest of the world?

 

If China's middle class continues to thrive and grow, what will it mean for the rest of the world?

Over the past few decades, hundreds of millions of Chinese citizens have become part of the middle class. AP Photo/Ng Han Guan

Courtesy of Amitrajeet A. Batabyal, Rochester Institute of Technology

China’s large and impressive accomplishments over the past four decades have spurred scholars and politicians to debate whether the decline of the West – including the ...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Kimble Charting Solutions

Will Historic Selloff In Treasury Bonds Turn Into Opportunity?

Courtesy of Chris Kimble

Long-dated treasury bonds have been crushed over the past year, sending ETFs like TLT (20+ Year US Treasury Bond ETF) spiraling over 20%.

Improving economy? Inflation concerns? Perhaps a combination of both… interest rates have risen sharply and thus bond prices have fallen in historic fashion.

Today’s chart looks at $TLT over the past 20 years. As you can see, the recent decline has truly been historic. $TLT’s price has swung from historically overbought highs to oversold lows.

At present, the long-dated bond ETF ($TLT) is trading 7.8% below its 200-...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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Promotions

Phil's Stock World's Weekly Webinar - March 10, 2021

Don't miss our latest weekly webinar! 

Join us at PSW for LIVE Webinars every Wednesday afternoon at 1:00 PM EST.

Phil's Stock World's Weekly Webinar – March 10, 2021

 

Major Topics:

00:00:01 - EIA Petroleum Status Report
00:04:42 - Crude Oil WTI
00:12:52 - COVID-19 Update
00:22:08 - Bonds and Borrowed Funds | S&P 500
00:45:28 - COVID-19 Vaccination
00:48:32 - Trading Techniques
00:50:34 - PBR
00:50:43 - LYG
00:50:48 - More Trading Techniques
00:52:59 - Chinese Hacks Microsoft's E...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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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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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.