Intelligence Lapses: The Risks of Relying on ‘Chatter’

If early last September you’d parked outside Lehman Brothers’ Manhattan headquarters with a cell-phone scanner and listened only to some of the “chatter” coming out of Lehman’s front office, you almost certainly would have realized that Lehman was going under. But to understand the wider consequences, how capitalism was about to do a somersault into the watery abyss, you would have needed to understand how Lehman fit into the global financial system

Share

RNC chief Steele: Limbaugh is more a performer than GOP leader

Republican Party Chairman Michael Steele is taking issue with the notion that Rush Limbaugh is the de facto leader of the GOP, calling the conservative radio talk show host an entertainer whose comments can be ugly. Steele, chairman of the Republican National Committee, said in an interview with CNN that he, rather than Limbaugh, is “the de facto leader of the Republican Party.” And Steele described Limbaugh as a performer. “Rush Limbaugh is an entertainer

Share

World markets slump on banking fears

Stock markets in Asia and Europe were reeling Monday amid fresh concerns over the strength of the global banking industry as HSBC announced a huge slump in profits and the U.S. government said it would pump $30 billion into ailing insurance giant AIG. London’s FTSE dropped more than 3 percent in early trading to drop below 3,700 points — a six-year low — with banking stocks leading the slide

Share

British PM attacks ‘indefensible’ banking practices

Britain’s prime minister Gordon Brown repeated his call Saturday for former bank chiefs to give up massive pension packages and demanded a clean-up of the banking system to eradicate "Indefensible" practices. In a speech to the ruling Labour Party’s National Policy Forum in Bristol, south-west England, Britain’s Press Association quoted him as saying: “Some of the practices now being discovered in our banks are not only unacceptable, they are indefensible and they have got to be cleaned up now.

Share

20 alleged Hispanic gang members indicted in Colorado

Twenty alleged members of a Hispanic gang believed to be one of the nation’s largest and most violent have been indicted in Colorado on drug and firearm charges, authorities said Tuesday. Of the 20 alleged MS-13 members named in two indictments, eight were arrested Tuesday morning in Denver and in Los Angeles, California, authorities said. Another eight were already in custody, according to a news release from the U.S

Share