Carmen Reinhart and Kenneth Rogoff (R&R), the Harvard economists whose research on the linkage between economic growth rates and high levels of public debt has helped inform the debate on the eurozone debt crisis and whose now famous (and largely inconsequential) spreadsheet error became an unlikely water cooler talking point, are now engaged in a full-on war of words with Paul Krugman. Essentially, Krugman claims R&R overstate the importance of the 90% debt-to-GDP threshold. R&R now accuse Krugman of using "wild hyperbole" to describe the influence of their work and call his recent behavior "spectacularly uncivil." Stay tuned. [View news story]
To say the change in data is "largely consequential" is written by someone who looks at a number range (4, 2.8, 2.8, -0.1) and clams it is not significantly different than (4, 2.8, 2.8, 2.2)... even without the context it is bizarre to say so. But, it is ideology that drives the austerian junkies, not facts or data.
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
Irani is out: LA Times says the longtime Occidental Petroleum (OXY +3.2%) chairman withdraws as a nominee to serve a new term on the board, and is absent from today’s shareholder meeting. It's not known who will become the next chairman, but replacing Irani on the board is Edward Djerejian, a former U.S. ambassador to Israel and an assistant secretary of State. (earlier) [View news story]
During Irani's CEO reign he saw the company flat for 10 years then when oil started to rise in 2000 it went up about 8x (through very little effort of his just natural earnings with the most important rare commodity being the earner). He made about $billion in the last 10 years plus owns a $billion more in OXY stock. He also donated over $50,000 to the GOP in 2012. (repost after removing derogatory remark about the poor little man).
Irani is out: LA Times says the longtime Occidental Petroleum (OXY +3.2%) chairman withdraws as a nominee to serve a new term on the board, and is absent from today’s shareholder meeting. It's not known who will become the next chairman, but replacing Irani on the board is Edward Djerejian, a former U.S. ambassador to Israel and an assistant secretary of State. (earlier) [View news story]
Also, his golden parachute included $2.2 million per year in security expenses... who needs that except a crimelord.
It's rare for chairmen to lose their jobs, but today's shareholder meeting may mark the end for Occidental Petroleum (OXY +3.4%) Chairman Ray Irani after a nearly 30-year legacy at the oil and gas producer. Irani could wind up with a consulting contract with OXY through the end of 2014, says a person familiar with the board’s thinking, particularly given his Middle East contacts. [View news story]
"According to the company’s most recent proxy statement if Mr. Irani retired from the company at the end of last year he could have received a package worth more than $20 million. This includes more than $15 million in company shares tied to his long term incentive pay package, $5.7 million in life insurance coverage, ongoing medical and dental coverage for he and his wife, about $2.2 million annually to cover security services, tax preparation and financial planning services, club dues and travel benefits, and $800,000 for unused vacation time."
At least one Herbalife (HLF -1.4%) shareholder says that not only won't he sell his shares on the KPMG news, but he'd be a buyer if it gets cheap. Activist investor Robert Chapman Jr. has been betting on HLF for some time, and says he's "very long" and will double his position today if it falls materially. [View news story]
Icahn is such a dick... I hope he chokes on his nutritional supplements.
"iRadio is coming. There's no doubt about it," a music industry source tells The Verge's Greg Sandoval. After months of tough negotiations with studios, Apple (AAPL) is said to be aiming for a summer launch. The company's reported plan to limit the service to Apple hardware stands to affect its popularity with customers who listen to music on both Apple and non-Apple gear. Sandoval adds the music industry has "a love-hate relationship" with Pandora (P), believing (in spite of Pandora's gripes about royalty rates) it "chokes off demand" for more profitable services. [View news story]
It is laughable how many SA members talk down Iceland when in reality they did it the right way: shut down their greedy banks and jailed the boards... and they got a market still for their bonds...
Carmen Reinhart and Kenneth Rogoff (R&R), the Harvard economists whose research on the linkage between economic growth rates and high levels of public debt has helped inform the debate on the eurozone debt crisis and whose now famous (and largely inconsequential) spreadsheet error became an unlikely water cooler talking point, are now engaged in a full-on war of words with Paul Krugman. Essentially, Krugman claims R&R overstate the importance of the 90% debt-to-GDP threshold. R&R now accuse Krugman of using "wild hyperbole" to describe the influence of their work and call his recent behavior "spectacularly uncivil." Stay tuned. [View news story]
The Sell-Off In Gold Has Become Plain Silly [View article]
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
Short Gold For The Long Haul [View article]
Short Gold For The Long Haul [View article]
Irani is out: LA Times says the longtime Occidental Petroleum (OXY +3.2%) chairman withdraws as a nominee to serve a new term on the board, and is absent from today’s shareholder meeting. It's not known who will become the next chairman, but replacing Irani on the board is Edward Djerejian, a former U.S. ambassador to Israel and an assistant secretary of State. (earlier) [View news story]
Irani is out: LA Times says the longtime Occidental Petroleum (OXY +3.2%) chairman withdraws as a nominee to serve a new term on the board, and is absent from today’s shareholder meeting. It's not known who will become the next chairman, but replacing Irani on the board is Edward Djerejian, a former U.S. ambassador to Israel and an assistant secretary of State. (earlier) [View news story]
It's rare for chairmen to lose their jobs, but today's shareholder meeting may mark the end for Occidental Petroleum (OXY +3.4%) Chairman Ray Irani after a nearly 30-year legacy at the oil and gas producer. Irani could wind up with a consulting contract with OXY through the end of 2014, says a person familiar with the board’s thinking, particularly given his Middle East contacts. [View news story]
It's good to be the king, no?
This Gold Slam Is A Massive Wealth Transfer From Our Pockets To The Banks [View article]
This Gold Slam Is A Massive Wealth Transfer From Our Pockets To The Banks [View article]
Gold Nosedives Below $1,500 As ETF Holdings Free Fall, Fueling Panic Selling [View article]
At least one Herbalife (HLF -1.4%) shareholder says that not only won't he sell his shares on the KPMG news, but he'd be a buyer if it gets cheap. Activist investor Robert Chapman Jr. has been betting on HLF for some time, and says he's "very long" and will double his position today if it falls materially. [View news story]
"iRadio is coming. There's no doubt about it," a music industry source tells The Verge's Greg Sandoval. After months of tough negotiations with studios, Apple (AAPL) is said to be aiming for a summer launch. The company's reported plan to limit the service to Apple hardware stands to affect its popularity with customers who listen to music on both Apple and non-Apple gear. Sandoval adds the music industry has "a love-hate relationship" with Pandora (P), believing (in spite of Pandora's gripes about royalty rates) it "chokes off demand" for more profitable services. [View news story]
Cyprus Commits Economic Suicide [View article]
Cyprus Commits Economic Suicide [View article]