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Dig a little deeper, though, and Citi’s stress-test results look more like an F than the B+ the bank seemed to get. Among the 19 banks the government probed, Citi was found to have the lowest common capital ratio, which the government said was a key measure to protect against insolvency. What’s more, Citi also got credit for a capital conversion it has yet to complete. Strip that out, and the amount of capital Citi needs balloons to nearly $63 billion, more than any of the other banks tested. –“Inside Citi’s Stress Test: More like an F than a B+,” Stephen Gandel, Time (via)
The [Washington] Post argued that the bondholders are supposed to have a preferred position in the event of bankruptcy compared to workers’ claim for retirement health benefits. This is true under bankruptcy law. However, the factor that has apparently escaped the Post’s attention is that the government is giving money to Chrysler and General Motors. Bankruptcy law does not require the federal government to hand Chrysler and General Motors a penny. It is doing so as a matter of public policy. There are two policy goals that the government hopes to advance with its intervention. First, to try to keep jobs in these firms and their suppliers at a time when the economy is shedding jobs at an incredibly rapid rate. Second to protect the retirement health benefits of workers. The Post openly shows contempt for ordinary workers (as opposed to bankers), but President Obama was elected in large part because he promised to use the government’s power to advance their interests. One of these interests is protecting the retirement health care benefits for which they worked– just as the government protects the pensions for which they worked. –“Post Misrepresents Situation of Creditors in Chrysler/GM Bankruptcy,” Dean Baker, The American Prospect
American workers afraid to take vacations; Bid $15,500 for an unpaid internship at the Huffington Post; Recession sing-along (via); The new Blackwater/Xe logo; Jarvis Cocker reviews pop music with his sons
“United States Border Patrol! Put your hands up!” screams one in a voice cracking with adolescent determination as the suspect is subdued. It is all quite a step up from the square knot. The Explorers program, a coeducational affiliate of the Boy Scouts of America that began 60 years ago, is training thousands of young people in skills used to confront terrorism, illegal immigration and escalating border violence– an intense ratcheting up of one of the group’s longtime missions to prepare youths for more traditional jobs as police officers and firefighters. –“Scouts Train to Fight Terrorists, and More Scouts Train to Fight Terrorists, and More,” Jennifer Steinhauer, The New York Times
The new docudrama The People v. O. J. Simpson: American Crime Story (FX) isn’t really about Orenthal James Simpson. It’s about the trials that ran alongside his — those informal, unboundaried, court-of-public-opinion trials in which evidence was heard for and against the murder victims, the defense and the prosecution, the judge, the jury, and the Los Angeles Police Department, to say nothing of white and black America. History has freed us from suspense about Simpson’s verdict, so that the man himself (played here by Cuba Gooding Jr.) is less the tragic hero he seemed in the mid-Nineties than a curiously minor character. He comes to the center of our attention only once, in Episode 2, at the end of the lengthy Ford Bronco chase scene — which in real life was followed by a surreal cavalcade of police cars and media helicopters, as well as an estimated 95 million live viewers — when Simpson repeatedly, and with apparent sincerity, apologizes for taking up so much of so many people’s time. It is an uncannily ordinary moment of social decorum, a sort of could-you-please-pass-the-salt gesture on a sinking Titanic, in which Simpson briefly becomes more than just an archetype.
Amount an auditor estimated last year that Oregon could save each year by feeding prisoners less food:
Kentucky is the saddest state.
An Italian economist was questioned on suspicion of terrorism after a fellow passenger on an American Airlines flight witnessed him writing differential equations on a pad of paper.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”