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Friday, March 13, 2009

Great Recession Roundup — March 13, 2009

Items of Interest:

Jim Cramer vs. Jon StewartJim Cramer vs. Jon Stewart

Capital Commerce:
Why Jon Stewart Really Attacked Jim Cramer — There was a lively exchange last night on The Daily Show between Jon Stewart and CNBC's Jim Cramer, in which Stewart hammered Cramer and the network for being subservient to Wall Street and not alerting viewers to the coming meltdown...
Daniel Larison / Eunomia: Missing The Point Entirely
Joshua Allen: Jon Stewart is an Ass
Mark Hemingway / The Corner: Cramer v. Stewart
John Cole / Balloon Juice: Extending a Hand to Daniel Larison
Donald Douglas / American Power: Jon Stewart Attacks Jim Cramer (and Markets)
Michael J.W. Stickings / The Reaction: Reflections on the Stewart-Cramer interview
Jimmie / The Sundries Shack: Jon Stewart Doesn't Understand You
Megan McArdle:
Cramer v. Stewart — The buzz today is Cramer's appearance on Jon Stewart's show. I've been of two minds about this whole fooforaw, which is why I haven't blogged about it. On the one hand, I am not a fan of financial cable news (Bloomberg usually excepted). I think Jim Cramer should be illegal...
Alessandra Stanley / New York Times:
Economic Meltdown Not a Laughing Matter — It wasn't a “Brawl Street,” or a thrilla in vanilla. It wasn't a “Daily Show” friendly feud or even much of a discussion. Mostly, the much-hyped Thursday night showdown between Jon Stewart and Jim Cramer, the mercurial host of “Mad Money” on CNBC, felt like a Senate subcommittee hearing...
SteveK / TVNewser:
MSNBC Producers Asked Not To Highlight Cramer/Stewart — A TVNewser tipster tells us MSNBC producers were asked not to incorporate the Jim Cramer/Jon Stewart interview into their shows today. In fact, the only time it came up on MSNBC was during the White House briefing …
Muriel Kane / The Raw Story: Is MSNBC censoring mentions of Stewart/Cramer conflict?
Chris Rovzar / New York Magazine: Jim Cramer Cowers Under Jon Stewart's Open Palm
John Cole / Balloon Juice: Glenn Beck Friday!
Dan / Riehl World View: Bread and Circuses: Say What You Want About Cramer

Ryan Powers / Think Progress: MSNBC producers told ‘not to incorporate’ Cramer's Daily Show interview into their programming. — TVNewser reports that “MSNBC producers were asked not to incorporate the Jim Cramer/Jon Stewart interview into their shows today.” By TVNewser's count, Cramer's Daily Show interview …
Hilary Potkewitz / Crain's New York Business:
Andrew Sullivan / The Daily Dish:
Amanda Terkel / Think Progress:
$500 Billion Rogue Trader

AIG Rogue trader: Joseph Cassano led team that ran up $500bn in lossesAIG 'Rogue trader' Joseph Cassano led team that ran up $500 billion in losses

Evening Standard [UK}:
The man who broke the banks from his Mayfair office -- A team of "rogue traders" based in Mayfair was today blamed for triggering the financial meltdown that led to the global recession.

The traders at the London branch of AIG Financial Products, led by veteran American trader Joseph Cassano, accumulated losses of $500billion (£360billion) dealing in worthless "toxic" debts, it was claimed.

Their Mayfair office in the heart of London's hedge fund district has been dubbed the "ground zero" of the world economic downturn.

An investigation by America's ABC News found that the traders were caught with monumental losses that threatened the entire world banking system when the US housing market collapsed in 2007 and last year.

Investigative journalist Peter Koenig told ABC's Good Morning America: "AIG Financial Products was the core, the hottest point of the global financial crisis, it was the epicentre." ...

ABC News:
AIG's Small London Office May Have Lost Big -- Feds, Brits Probe AIG's London Office on Losses...

Calculated Risk

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