Risk, Re-/Insurance and Future Thinking
From the category archives:
The Serious Fraud Office has been investigating whether former Madoff Securities International Ltd. CEO, Stephen Raven, or any London employee of Madoff had knowledge of Madoff’s Ponzi scheme.
Those familiar with the investigation have commented that the U.K. is unlikely to prosecute anyone at Madoff’s London operation because the SFO does not currently have enough [...]
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Last week I was a speaker at the Financial Institutions Insurance conference in Munich, sharing the platform with Dr. Philipp Wassenburg, Global Head of Casualty Treaty Global Clients/North America, and Alexander Stampf,
Head of Financial Institutions, both of Munich Re.
Philipp and Alexander are both great guys and have that wonderful and particularly European sense of [...]
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A quick round-up from the Guardian on 25 people who lead us down the road to ruin.
First up, no surprises — Alan Greenspan. His ideological heroine was the dubious Ayn Rand whose book, Atlas Shrugged, was influential on a range of businessmen such as Greenspan and which was condemned when first published over 50 [...]
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From the WSJ via Clusterstock, it seems that even investors who cashed out of Madoff’s schemes ahead of time may have to divvy up.
[B]ecause Madoff is thought to have run a Ponzi scheme, investors could get money back from other Madoff investors who already took money out,” said Brad Alford, who runs Atlanta-based investment adviser [...]
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In an article called Can the US Do An IMF On Itself? Hellasious posits the global financial systems in terms of fire brigade HQs.
Picture the US as the Global Fire Department (GFD). In the last ten years or so the GFD became extremely irresponsible. It ignored the fire safety of its own firehouse, which became [...]
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This just in on the e-mail:
Somali Pirates in Discussions to Acquire Citigroup. November 20 (Bloomberg) — The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup. The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned from hijacking numerous [...]
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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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From the always wonderful PJ O’Rourke comes this simple person’s take on how we got into this mess:
Brokerages were saying, “We’re going to sell you a room full of horse s–. And with that much horse s–, you just know there’s a pony in there somewhere.”
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