Baseball91's Weblog

November 10, 2008

That Sucking Noise Left by Those Investment Banks

Filed under: Business,Current Affairs,Election 2008,Media,Minnesota,MN,news,newspapers,PA — baseball91 @ 3:20 AM

In the Information Age, no one could stay on top of all the goings-on. The amazing thing is the job that The New York Times does each day with their staff.   

In the Sunday Times, the following articles indicated the state of the nation:

-“The financial crisis which afflicts the country is largely a result of speculative bubbles, built on false hopes, in the housing and stock markets. Many Americans thought that they would rise in the economic hierarchy from one or another of these investments, and their disappointment is profound.  Finance is really more about helping and sharing than “beating the market.”  -Robert  Shiller NY Times


-in a story on the fall of Merrill Lynch, it was reported, “As the depth of Merrill’s problems emerged, its shares plummeted. With Lehman on the verge of collapse, Wall Street began to wonder if Merrill would be next.  For the first nine months of this year, Merrill recorded net losses of $14.7 billion on its C.D.O.’s. Through October, some $260 billion of asset-backed C.D.O.’s have started to default.”

“…about the increasingly precarious state of Midtown Manhattan’s real estate market at a time when once-mighty financial companies like Lehman Brothers are disappearing and the slowing economy is driving the vacancy rate up and commercial rents down. The companies signed leases for as much as $132 a square foot, when the market was near its peak. Despite the building’s new glass skin, refurbished space and prime location at the corner of 42nd Street, many brokers say they would be lucky to get $95 a square foot today.”

-“In these attacks, computer networks are hijacked to form so-called botnets that spray a deluge of data which is meant to bring down Web sites and entire corporate networks. Known as distributed denial of service, or D.D.O.S. attacks, such cyberweapons are now routinely used during political and military conflicts, as in Estonia in 2007 during a political fight with Russia and in the Georgian-Russian war last summer. Such attacks which produce random packets of data in huge streams over the Internet are also being used in blackmail schemes and political conflicts, as well as for general malicious mischief. The Arbor Networks researchers said a 40-gigabit attack took place this year when two rival criminal cybergangs began quarreling over control of an online Ponzi scheme. The report said 58 percent of the Internet service providers had referred no instances to law enforcement in the last 12 months. When asked why there were so few referrals, 29 percent of internet service providers said law enforcement had limited capabilities, 26 percent said they expected their customers to report illegal activities and 17 percent said there was “little or no utility” in reporting attacks.”


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