Bankruptcy Bill .
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After the recent teetering-on-the-edge-of-total-economic-and-financial-meltdown couple of weeks it seems economic systems and their workings have pushed their way into the need-to-know-category. Well, we can now simplify this all by explaining 21 economic models with cows.
It is remarkable how much sense it all makes from this real world perspective!
SOCIALISM
You have 2 cows.
You give one to your neighbour.
COMMUNISM
You have 2 cows.
The State takes both and gives you some milk.
FASCISM
You have 2 cows.
The State takes both and sells you some milk.
Related PostsAre Chinese …
- 5 Trillion dollars in equity vanished from global markets
- AIG, Citigroup, Morgan Stanley, Bear Sterns, Lehman, Merril Lynch saved or gone…..
- Recession in furious motion.
Enjoy this blast from the past.
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(from left) Timothy Geithner, treasury secretary;
Christina Romer, chair of his Council of Economic Advisers;
Lawrence Summers, National Economic Council director;
Melody C. Barnes, Director of the Domestic Policy Council
read NYTimes article
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China’s richest man, an electronics tycoon worth more than £4 billion, has disappeared, amid reports that he is under investigation for alleged insider trading.
Huang Guangyu, 39, who turned a single street stall selling radios and watches into China’s largest electrical appliance chain, has not been heard of for several days, according to his company. Mr Huang vanished last Wednesday and the absence of information about his fate highlights the opacity of China’s justice system and the secrecy with which the …
It’s Dubai’s time: Reuters have an interesting article on the struggles of Dubai Inc
The seaside emirate of Dubai shifted into crisis mode this week as its breakneck building boom stalled, its lending bonanza evaporated and the government pondered wider steps to rescue banks.
Dubai — self-styled bling capital of the Middle East, nightclub hotspot for the teetotalling Gulf and home to the world’s tallest building and biggest mall — has gone pear-shaped.
“It’s gotten pretty ugly out there,” analysts at Nomura …
How the US-Bailout Works
Young Chuck moved to Texas and bought a donkey from a farmer for $100.
The farmer agreed to deliver the donkey the next day.
The next day he drove up and said, “Sorry son, but I have some bad news, the donkey died.”
Chuck: “Well, then just give me my money back.”
Farmer: “Can’t do that. I went and spent it already.”
Chuck: “Ok, then, just bring me the dead donkey.”
Farmer: “What ya gonna do with him?”
Chuck: “I’m going to raffle him …
The Sky is falling in and it gets worst: we’re headed towards Great Depression II, apparently, here are 30 reasons why:
1. America’s credit rating may soon be downgraded below AAA
2. Fed refusal to disclose $2 trillion loans, now the new “shadow banking system”
3. Congress has no oversight of $700 billion, and Paulson’s Wall Street Trojan Horse
4. King Henry Paulson flip-flops …
Ernst & Young ‘recklessly disregarded’ the true state of Lehman Brothers’ finances in a bid to protect its continued fees, claims San Mateo County Investment Pool, a Californian county suing E&Y for its role in the biggest corporate bankruptcy in US history.
The local government investment pool took a $150m hit when Lehman failed, has named the accountancy giant and a gaggle Lehman executives in a lawsuit filed last week.
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Bill enjoys writing haiku as a release from the pressures of the bankruptcy law world. In keeping with the tradition of the great zen bankruptcy masters, please feel free to add to the chain by writing your own haiku in the comments section below.
****************
To write all weekend
But convey nothing. ‘Tis my
Disclosure statement
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Last week Goldman Sachs took the opportunity to cull 3,000 of its staff; it is now apparent that it will begin relocating first year investment bank analysts to back-office operations such as credit, treasury, compliance and control. Usually, back-officing investment bankers is a sure way to guarantee defections. But in this market, where are they going to go?
If this transpires, Goldman will have the smartest back office on the Street.
We are making attempts to confirm this story
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Deutsche Bank AG has been named in an unsealed indictment against a lawyer trained in accounting, as the unnamed foreign bank reportedly playing a key role in a fraudulent tax shelter.
Federal prosecutors in the US have indicted John Ohle, having accused him of advertising questionable tax shelters with spurious names such as that of ‘The Simpsons’ lead character; Homer, thus helping wealthy Americans avoid paying tax in excess of $103m (£68.5m) in taxes.
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Will love this etrade video.
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The good people at BB, want to let you know they need to earn some income so that they can continue to publish future strips of Bankruptcy Bill . Hence they’re going to test out the goodwill potential in the bankruptcy professional/legal community and ask everyone to simply send in a small (or large) donation to us if you like the latest strip.
Just click HERE or click on Bill to make a donation to BB via Amazon’s Honor …
Market meltdown, bank bailouts, Porsche trying to eat your lunch (+breakfast + dinner + take your wife) but spare a thought for the biggest losers on the stock market.
With the market down 40% since its peak, roughly one year ago, some have been hurt more than others; mostly the world’s gahzillionaires have a gander at this list from Vanity Fair, published October 9th, 2008:
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Phillips has designed an intelligent pill, which they call the “iPill,” that can release drugs to certain areas of the body. Equipped with a microprocessor, battery, wireless radio, pump and a drug reservoir, the pill can measure acidity in the gut. These measurements, as well as targeting specific locations in the body, can lead to lower dosages and therefore fewer side effects.
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Gordon Gecko may have been right when he said “lunch is for wimps”. In a recent BBC article it was reported that only one in six workers takes a regular lunch break. The credit crunch has exacerbated the effects of this culture and the study shows that breaks are getting even shorter as redundancy tolls mount up. The research which was carried out by human resources firm Chiumento found that only 16% of employees regularly take a “proper” …
