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Thursday, May 20, 2010

Today's 6 G's: Gulf, Grads, Greece, Goldman, Gold & Gwyneth

Items of Interest:

BP Capturing 5,000 Barrels a Day From Gulf Oil Leak -- BP Plc is capturing 5,000 barrels of oil a day from its leaking well in the Gulf of Mexico. The company couldn’t say whether that was all of the spill from the well, which has been estimated to be leaking at that rate.

“That’s 5,000 barrels a day of oil that is not going onto the sea bed,” said Mark Salt, a spokesman in Houston for BP. “We are continuing to optimize the flow.”

The oil is flowing into a drillship on the surface via a mile-long tube inserted May 16. The ship also is flaring natural gas from the well at a rate of 15 million cubic feet a day, said Salt. BP, based in London, yesterday estimated the daily flow to the drill ship at 3,000 barrels a day and 14 million cubic feet of gas...

NY Times:
Scientists Fault U.S. Response in Assessing Gulf Oil Spill -- Tensions between the Obama administration and the scientific community over the gulf oil spill are escalating, with prominent oceanographers accusing the government of failing to conduct an adequate scientific analysis of the damage and of allowing BP to obscure the spill’s true scope...
CBS News:
Heavy Sludge Oozes into Marshes of Louisiana

CBS News:
BP Bows to Pressure for Oil Leak Livestream -- Footage of Blown-Out Well to be Provided on Government Website 24 Hours a Day, Congressman Says...
College Grads Flood U.S. Labor Market With Diminished Prospects -- Schools from [Ohio State University] to Harvard University will soon begin sending a wave of more than 1.6 million men and women with bachelor’s degrees into a labor market with a 9.9 percent jobless rate, according to the Education and Labor departments. While the economy is improving, unemployment is near a 26-year high, rising last month from 9.7 percent in January-March as more Americans entered the workforce.

The graduates’ plight has been the subject of high-level discussions within President Barack Obama’s administration...
Greece, Shunned by Markets, Taps Bailout to Pay Debt -- Greece tapped emergency loans from the euro region today to repay 8.5 billion euros ($10.5 billion) of 10-year bonds, debt that threatened the euro-region’s first default and left the nation cut off from financial markets...
Financial Times:
Greek tourist minister sacked in tax dispute -- George Papandreou, the Greek prime minister, scrambled to shore up his crackdown on tax evaders by sacking his tourism minister yesterday after a newspaper revealed that her husband, a nightclub singer, owed €5.5m in unpaid income taxes...

Business Week:
Greek Unions Hold Fourth General Strike, Protest Pension Reform
Goldman now wants your 401k -- Ha! Goldman wants to do to 401k accounts what they've done to clients in the previous post- Goldman's Trading Advice: HORRIBLE!. Would you trust Goldman with your life's savings?
Gold rebounds but hovers below $1,200 an ounce -- Gold gained on Thursday but hovered around $50 below its record high, while the world's largest gold-backed ETF rose to a lifetime high as investors sought safety from turmoil in the financial markets...
NY Daily News:
Conservative pundit Glenn Beck should be 'ashamed' of Goldline endorsement: Rep. Anthony Weiner -- Rep. Anthony Weiner to Glenn Beck: You should be "ashamed" of yourself!

The New York Democrat is on the attack against the popular Fox News commentator over his association with Goldline International, a company that sells precious metals in the form of bars and coins.

According to a report released by the congressman's office on Tuesday, Goldline "rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover...
Gwyneth Paltrow sings Bette Davis Eyes... major league cute.

One last 'G' story: Global Cooling...

Fox News:
Global Cooling Is Coming -- and Beware the Big Chill, Scientist Warns -- Contrary to the commonly held scientific conclusion that the Earth is getting warmer, a scientist who has written more than 150 peer-reviewed papers has unveiled evidence for his prediction that global cooling is coming soon...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia