Testosterone Pit

Scandal Is Washington DC Lawyer Bonanza

Contributor — Thu, 23 May 2013 05:45:17 +0000

Contributed by Chriss Street: Premier Washington DC criminal attorney William W. Taylor III of Zuckerman Spaeder LLP announced that his new client Lois G. Lerner, the now infamous Director of the IRS Tax-Exempt Organization Division, will exercise her right against self-incrimination. She’ll pay him $2,000 per hour. Scandal, a bonanza for DC lawyers.

Revealed: Apple’s “Offshore” Cash Isn’t Even Offshore

Wolf Richter — Wed, 22 May 2013 23:39:01 +0000

No one accused Apple of having violated US tax laws. The Senate hearings merely exposed how Apple is dodging income taxes by doing what multinationals do: taking advantage of handouts and loopholes that Congress hands them. Now it turns out that much of the discussion was based on a fairytale.

Argentine Inflation: It’s Tough When All You Get Is Lies

Wolf Richter — Wed, 22 May 2013 01:05:48 +0000

The issue of inflation is complex everywhere. Official rates are disputed. People can’t reconcile them with what they see at the store. There are different formulas, resulting in different rates, and everyone picks and chooses what suits their needs. But nowhere is the issue as “complex,” infested with lies, and shrouded in obscurity as in Argentina. But 34.9%?

Outside the Box: Can Two Senators End “Too Big to Fail?”

Contributor — Tue, 21 May 2013 20:21:24 +0000

Contributed by John Mauldin and Barry Ritholtz: Last month, Senators Sherrod Brown, an Ohio Democrat, and David Vitter, a Louisiana Republican, introduced a resolution calling for the end of the implicit subsidies that TBTF banks enjoy and that put taxpayers at risk. The Senate voted 99-0 in support. Now they're turning their ideas into actual legislation.

Germany Fires Live Ammo In Sino-European Trade War ... At Brussels

Wolf Richter — Tue, 21 May 2013 01:58:54 +0000

The solar-panel industry, once fattened by taxpayer subsidies and false hopes, has been in a death spiral around the world. In the US, a slew of photovoltaic standouts like Solyndra went under, taking billions of subsidies and investor capital with them. In Germany, it has been just as brutal. Even large companies are licking their wounds.

Diplomatic Immunity For Your Assets In Interesting Times!

Wolf Richter — Mon, 20 May 2013 02:30:07 +0000

Since I write so much about financial fiascos, debacles, nightmares, and entanglements, I’ve been asked by my readers about ways to protect assets in this environment. I had to disappoint them: I don’t give financial advice. Even if I did, I wouldn’t have all the answers. But I just finished reading an excellent book on precisely that topic, so I decided to review it.

The Quiet Triumph Of Oil And Gas In Obama’s Policies

Wolf Richter — Sat, 18 May 2013 20:36:48 +0000

It was announced Friday afternoon, when no one was supposed to pay attention: after years of controversy, heated rhetoric, intense lobbying, and stiff opposition from some unlikely bedfellows, the Obama Administration decided in favor of the US oil and gas industry. With major geopolitical impact.

Timothy Geithner Is Key To IRS Scandal

Contributor — Fri, 17 May 2013 20:23:08 +0000

Contributed by Chriss Street: The plot thickens...

'ECB's Desperation Is Taking On Epic Dimensions'

Wolf Richter — Fri, 17 May 2013 01:04:52 +0000

In my interview with Voice of Russia, I talk about the ECB's fears for its own existence. I use Spain, which is stuck in an existential crisis, as an example of the greatest “achievement” of central banks: the separation of economic reality from stock markets. And I get a chance to lambaste the French finance minister who is once again barking up the wrong tree.

Newspapers’ War of Words Rekindles Nationalist Tensions in Europe

Contributor — Thu, 16 May 2013 21:39:34 +0000

Contributed by Don Quijones: The eternal economic malaise affecting many European countries is sparking a resurgence of the long-dormant forces of nationalism. In the most perverse of ironies, the closer the old continent gets to fulfilling the Eurocrats’ vaunted dream of political union, the more divided and unruly its constituent parts become.