country was sinking into its worst
financial crisis in more than 70 years,
Security and Exchange Commission
employees and contractors cruised porn
sites and viewed sexually explicit
pictures using government computers,
according to an agency report obtained by
the past five years, the SEC OIG (Office
of Inspector General) substantiated that
33 SEC employees and or contractors
violated Commission rules and policies,
as well as the government-wide Standards
of Ethical Conduct, by viewing
pornographic, sexually explicit or
sexually suggestive images using
government computer resources and
official time," said a summary of the
investigation by the inspector general's
half of the workers made between $99,000
and $223,000. All the cases took place
over the past five years
From The Big
I have been watching with a mixture of awe
and dismay some of the really bad analysis,
sloppy reporting, and just unsupported
commentary about the GS case.
I put together this list based on what I
know as a lawyer, a market observer, a
quant and someone with contacts within the
SEC. (Note: This represents my opinions,
and no one elses).
Ten Things You Don’t Know (or were
misinformed by the Media) About the GS
This is a Weak Case:
Actually, no — its a very strong case.
Based upon what is in the SEC complaint,
parts of the case are a slam dunk. The
claim Paulson & Co. were long $200
million dollars when they were actually
short is a material misrepresentation —
that’s Rule 10b-5, and its a no brainer.
The rest is gravy .....
Economists Martin Feldstein and Robert
Reich agree a value added tax (VAT) is a
poor solution to America's deficit
“Any tax that hides itself is not a
good tax,” Reich says, and VATs
are hidden because most are levied on
production, which means consumers don’t
know how much tax they are paying.
Reich, who served in three national
administrations and was a secretary of
labor under President Bill Clinton, told
CNBC that he is also concerned about the
VAT’s inherently regressive nature because
it takes equally from the rich and the
Feldstein agrees with Reich that a VAT
would be regressive. “Half of all Americans
who file tax returns don’t pay any tax, but
they would pay a value added tax every time
they bought something,” he says.
Feldstein would like to .....