Articles
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Posted Sunday, November 15, 2009 - 8:10pmWe know what you’re thinking: Why isn’t anyone in jail? By the summer of last year, it was clear that the subprime housing market was a catastrophe. Junk mortgages had been offered to janitors or day-care-center operators, and financial institutions had sold the debt to funds. Much of it was garbage. But we thought otherwise—because the credit-rating agencies told us so. Time after time, Fitch, Moody’s, and S&P were asked to evaluate securitized mortgage tranches, on behalf of the very issuers who pay their fees. Time after time, they blessed them with a AAA rating.
TAP Tagline:Credit-Rating Agencies Caused the Recession. So Why Aren’t They in Jail?
Foreclosed house photo by David McNew/Getty Images. Google Gives Ground on Book Settlement
By Paul SmaleraPosted Sunday, November 15, 2009 - 3:13amGoogle, in response to authors, publishers, critics, lobbying efforts and renewed focus on antitrust laws in Washington, is changing its tune on books. As the Washington Post writes, the company filed a revised legal settlement that, “scaled back its ambitious plan to digitize books from U.S.
More Madoff Accomplices Nabbed
Posted Saturday, November 14, 2009 - 6:13amFederal prosecutors have charged two men with providing the technical support that enabled Bernie Madoff to conduct his massive Ponzi scheme. The Wall Street Journal says, “They face a maximum of 30 years in prison for allegedly conspiring to falsify the books and records of the firm, as well as creating programs that enabled Mr.
Wonk Watch 11.13.09
Posted Friday, November 13, 2009 - 6:18pmBrad DeLong tackles the future of the US budget and deficit, but doesn't place much faith in Congress for being able to manage it. He quotes Doug Elmendorf--Director of the Congressional Budget Office--and Matthew Yglesias as they discuss the nation's economic future and the politics that they believe gets in the way. All three focus on medium-term future, between 2012 and 2020.
Nissan's Zero Worship
Posted Friday, November 13, 2009 - 6:16pm
Above, you can see the business end of a Nissan Leaf, the 100-mile-per-charge, all-electric car that Nissan will begin selling next year (the charging ports are located right between the headlights). I attended a sunsplashed media even in the parking lot of Dodger Stadium today (read: it was toasty hot, even for November).The Job Interview from Hell
Posted Friday, November 13, 2009 - 4:32pmWe've all had them, but Google (GOOG) seems to spawn more than its fair share. Lately, the Googlesphere's been buzzing about some of the search company's notoriously arcane interview questions, which seem designed to simultaneously test your math/engineering skills and unnerve you to see how you'll react under pressure.
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By TBM StaffPosted Friday, November 13, 2009 - 3:43pm
Starbucks' Via Boils Over
By Dan MitchellPosted Friday, November 13, 2009 - 2:16pmAre baristas and customers growing annoyed by Starbucks' (SBUX) "hard-sell" tactics for Via, the new instant-coffee product?
Word of the Week
Posted Friday, November 13, 2009 - 2:05pmThe Wall Street Journal had a report this morning about former bank executives starting up “blind pools.” Like “dark pools,” which TBM explained recently, these things sound murky. How do “blind pools” work? Like this: Investors commit money to a certain fund.
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Posted Friday, November 13, 2009 - 1:56pmThe Department of Education is having the most decadent Employee of the Month contest ever. On Thursday it released applications for its $4 billion “Race to the Top” program, a competition designed to reward the states most in line with the Obama administration’s educational values. The idea is to bait states into Obama’s reform agenda with the promise of millions of dollars, and then highlight the ones who do it best.
School desk by Ryan McVay/Getty Images.