Financial Nudists

Naked Captilalism is another great finance/economics blog oft cited by The Baseline Scenario. These blogs are the Woodward and Bernstein of the Financial Crisis.

NC is by far much more dense than Baseline Scenario when it comes to the details but one generally gets the point:

Things are rotten in the United States of America.

The following begins the post “Rahm Emanuel and Magnetar Capital: The Definition of Compromised”

Magnetar

1) A neutron star with an intense magnetic field, capable of emitting toxic radiation across galaxies
2) A hedge fund, the single market player most responsible for the severity of the 2008 financial crisis, through the toxic instruments it created

Rahm Emanuel

1) White House Chief of Staff
2) Politician selected by Magnetar’s CEO to be sole recipient of his political donations, 2006-2008

Surf the blog…Get upset!

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One Ring to Rule Them All!

After reading how Magnetar, the hedge fund, was able to engineer bets against its own fraudulent financial products and win, one can’t help but feel discouraged.

Gambling has been universally feared as one of man’s most dangerous and ignoble predilictions since the dawn of recorded history. I am not a religious man yet if I were, gambling and the usury that feeds it would be the Devil incarnate.

Wall Street, of course,seems to think that gambling should instead continue to be the cornerstone of U.S. finance and banking.

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