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

Facebook needs regulation - here's why it should be done by algorithms

 

Facebook needs regulation – here's why it should be done by algorithms

Shutterstock

Courtesy of Emanuele Giovannetti, Anglia Ruskin University

Facebook has been likened to a “digital gangster” by a critical parliamentary report into disinformation and fake news. One witness in the 18-month inquiry into the way digital platforms have transformed the flow of information describes the current use of t...



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Zero Hedge

US Demanding China Keep Value Of Yuan Stable, Halt Devaluations

Courtesy of ZeroHedge. View original post here.

In the latest sign that at least some progress might be made this week toward a US-China trade accord as the seventh round of talks gets underway in Washington, Bloomberg just reported that the US - in addition to its other demands - also been pressing China to "stabilize" the yuan, a move aimed to neutralize efforts by Beijing to devalue its currency to counter American tariffs.

According to sources close to the talks, the two sides are discussing how to codify language prohibiting currency manipulation in a memorandum of understanding that would form the ...



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ValueWalk

Current Quarterly Earnings Forecasts Accentuate The Negative

By Jacob Wolinsky. Originally published at ValueWalk.

In revising their forecasts of companies’ current quarterly earnings, analysts accentuate the negative, new research finds

3844328 / PixabayWidely available earnings forecasts not as informative as many think

It may be the most persistent criticism leveled against stock analysts – excessive optimism, what is widely perceived to be a tendency to be more upbeat about the companies they cover than the facts...



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Kimble Charting Solutions

Doc Copper About To Hurdle Important Breakout Level?

Courtesy of Chris Kimble.

Doc Copper often times sends important messages, to the global economy, reflecting growth or lack thereof. An important price test is currently in play for Ole Doc Copper!

The long-term trend for Copper remains up, as it has created a series of higher lows for the past 18-years along line (1). Over the past few months, Copper could be creating a double bottom just above this long-term rising support line at (2).

The small rally of late has Doc Copper testing the top of its 6-month trading range at (3).

Can ole Doc Copper hurdle this important breakout leve...



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Insider Scoop

The Street's Early Reaction To Walmart's Q4 Beat

Courtesy of Benzinga.

Related WMT Mid-Morning Market Update: Markets Edge Higher; Walmart Tops Q4 Expectations Walmart Brings Bright Spot T...

http://www.insidercow.com/ more from Insider

Digital Currencies

Cryptos Are Surging: Bitcoin, Ethereum Hit One-Month Highs As Institutions Dip Toes

Courtesy of Zero Hedge

Cryptocurrencies are surging while the US equity markets take the day off. Ethereum is up over 18% from Friday's 'close' and the rest of the crypto space is a sea of green. While no immediate catalyst (headline or technical level) is clear, increasing chatter over institutional investors dipping their toes in the space have prompted an extension of the positive trend.

A sea of green...

Source: Coin360

Ethereum is leading the charge follow...



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Chart School

Weekly Market Recap Feb 17, 2019

Courtesy of Blain.

The “V” shape bounce continues in unrelenting fashion as bulls are stampeding bears in 2019!  All due to a little “patience” from the Federal Reserve.  It is really quite breathtaking but we have seen it repeatedly the past decade as the Federal Reserve pours gas on the market.  Hopes for a deal with China also spurred the action upward.  Rallies (both with gap ups) on Tuesday and Friday provided the juice this week.   The S&P 500 is back over its 200 day moving average after being below for 46 days – it’s longest period of time below that level since March 2016.

Mat Klody, chief investment officer at Keebeck Wealth Management, told MarketWatch that the major benchmarks’ steady march higher since the beginning of the year is being driven &#x...



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Biotech

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

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

 

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

Illustration of acute lymphoblastic leukaemia, showing lymphoblasts in blood. Kateryna Kon/Shutterstock

Courtesy of Alba Rodriguez-Meira, University of Oxford and Adam Mead, University of Oxford

...

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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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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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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.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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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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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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