Links: 2008-12-12

It’s Friday and the madness must come to an end. I don’t have a lot on the table so I’ll leave you with just the usual links. I would say the Madoff stuff is pretty unbelievable. See the first four articles to see what I mean. Other news stories can be found at our newsfeed. The newsfeed is also available via RSS.

Have a good weekend.

Don’t Ask, Don’t Tell – (This one is from 2001)

NakedShorts: If it sounds too good to be true… (this is a good one on the $50 billion hedge fund fraud – hat tip Barry Ritholtz)

Calculated Risk: The Madoff Complaint

Cassandra Does Tokyo: Bernie Comes Out of the Closet

EU giant isolated as Merkel puts Germany first | World news | The Guardian

Jim Rogers: Most Big U.S. Banks Are Bankrupt – DealBook – New York Times

8 really, really scary predictions – FORTUNE (these are some pretty scary predictions. Read them and see what I mean) Josepph Stiglitz – Chapter 11 is the right road for U.S. carmakers Dollar Slumps Below 90 Yen as U.S. Auto Bailout Fails in Senate (If you forgot about currencies, the dollar is tanking against the Yen and the Euro, just s you know) Dollar Heads for Biggest Weekly Decline in 8 Years on Auto Bill Pound Sinks to Record Versus Euro as HBOS Says Economy Worsens (The Pound is tanking too)

Fury Builds Over Crisis at Banks – DealBook – New York Times

HBOS takes $11.9 billion hit as UK economy worsens | Reuters (Get ready for more of the same – massive writedowns coming to a theater near you)

Spain’s property crash | Builders’ nightmare | The Economist Household Net Worth in U.S. Declines Most on Record

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