Risk, Re-/Insurance and Future Thinking
From the category archives:
Will Lehman be Ernst & Young’s Enron?
That is the question everyone is asking after the publication of investigator Anton Valukas’s report suggesting that Lehman may have used an, um, unusual accounting practice — Repo 105 — to make it look as if its leverage was much lower at each quarter-end that in fact it [...]
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Eric Sprott has an excellent paper on the financial crisis and how we collectively appear to have learned nothing from it.
So where does this leave us for the decade ahead? In bad fiscal shape. It seems as if we’re just making the same mistakes over again, and on a far larger scale. We have passed [...]
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Just when you thought it was all over, safe to go in the water etc, it looks like the banks are going to get hit all over again. Mrs. ReRisk has been predicting this for some time and it looks as if she is going to be vindicated.
From data compiled by DeMontfort[1] University, Savills [...]
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There’s an interesting post from Hellasious on Sudden Debt about the fundamental wrongs in the US economy (which shades over into general considerations on the American Way of Life).
His 3 facts are these:
Fact 1:
There is too much debt in the economy to be properly serviced by the
earned income generated. Total debt has doubled as a [...]
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Two years ago, I was doing a deposition with a witness in a very long-running, very messy and very costly reinsurance dispute. It was the third time that we had been through the process, with various parties, so we were very familiar with the facts, the issues and the questions likely to be put.
Asking [...]
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Excellent LRB article this week from Michael Kare, “professor of peace and world security studies at Hampshire College”[1] all about the world’s continuing, in fact growing dependence on oil – “the International Energy Agency (IEA) predicts that global consumption will rise from 86.9 million barrels a day in 2008 to 94.1 million in 2013.”
Professor Kare [...]
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[Warning: No reinsurance content]
There’s a difference between the two, of course. Today, it rather looks as if justice took a back seat to ‘legality’ in the Lords.
First, they approved the extradition of computer hacker and self-styled ‘bumbling computer nerd’ Gary Mackinnon to the US. Officials there are said to wish to see him ‘fry’, though on [...]
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–Begin Daily Mail rant–
More ridiculous politically-correct nonsense from HM Government (following the Abu Qatada debacle). This time, according to the Times:
> THE Royal Navy, once the scourge of brigands on the high seas, has been told by the Foreign Office not to detain pirates because doing so may breach their human rights.
> Warships patrolling [...]
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Following revelations of Mr Spitzer’s own alleged “irregular dealings” there is no little sense of satisfaction on Wall Street at his probable demise:
One might call it Shakespearian if there were a shred of nobleness in the story of Eliot Spitzer’s fall. There is none. Governor Spitzer, who made his career by specializing in not just [...]
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