Hello again and happy Sunday reading. I have recounted a few of the latest rubbernecking tales about Bernie Madoff and his massive fraud again today. But, my focus is a bit different today.
You will see a lot of stories about the UK. In the wake of the massive $11 billion writedown by HBOS on Friday, there is a lot of news coming out of the UK. Most of it isn’t good.
Otherwise, it’s the usual potpourri from around the net. Other news stories can be found at our . The newsfeed is also available via RSS.
Here’s my first Madoff story from Yves Smith. Apparently Madoff was clearing his own trades and the SEC was not doing its homework. No regulation leads to fraud.
A poor economy means poor hotel revpar (revenue per available room – kind of like seat capacity for airlines). Just this morning on The Today Show, there was a segment about amazing hotel and vacation deals in the U.S.
China is not looking good of late. I have it from some good sources that things are a lot better there than we may think. However, I remain skeptical. Let’s see how the data flow proceeds going forward. In the meantime, here is what Mish has to say about things.
Here are the UK stories featuring a plunging pound, political infighting and questions about favoring savers at the expense of debtors.
Sam Zell is a smart man but you have to wonder about advice from a mn who bought the Tribune at the top of the market only to see it go bust the very next year.
A very good chart on bank leverage over the past years in various countries. Highly recommended.