Monday, September 15, 2008
I Didn't Make This Up-2
Asarco Followup-5
"A U.S. judge found that Mexican mining company [GMSAB], the world's third biggest copper company by production, commited fraud against U.S. mining company Asarco LLC--the latest twist in a long-running legal battle over control of the U.S. firm. Judge Andrew Hanen in Brownsville, Texas said the Mexican company defrauded the U.S. firm's creditors when, in 2003, it transferred Asarco's stake in its valuable Peruvian copper company to another [GMSAB] unit shortly before Asarco declared bankruptcy. In Saturday's decision, disclosed on Tuesday, the judge said the Mexican company acted 'to structure and accomplish the ... transfer, knowing that the transaction as contemplated would constitute a transfer in fraud of Asarco's creditors. ... For years, critics of the Asarco maneuver have argued that [GMSAB] put its U.S. unit into Chapter 11 to avoid paying Asarco's liabilities, which amount to paying extensive environmental clean-up charges as a result of more than a century of mining and refining across the Western U.S. ... Attorneys for ... Asarco claimed victory and the company's bankruptcy-court appointed directors are asking for damages of $8 billion following the ruling. [GMSAB] issued a statement highlighting the judge's ruling to deny the plaintiffs punitive damages. ... But the court did find [GMSAB] hindered payment to some of Asarco's creditors. That opens the possibility that Juge Hanen could rule Asarco deserves to get its SPCC shares back. [GMSAB] is appealing that part of the ruling", my emphasis, Joel Millman at the WSJ, 3 September 2008.
http://skepticaltexascpa.blogspot.com/2008/06/bankruptcy-finagling.html.
http://skepticaltexascpa.blogspot.com/2008/06/asarco-followup-2.html.
http://skepticaltexascpa.blogspot.com/2008/07/asarco-followup-4.html.
Sunday, September 14, 2008
Which is the War Party?
William McKinley: Albany Law School (LS), Spanish-American War, 6 weeks.
Theodore Roosevelt: Harvard College, Columbia LS, no wars of substance (NWOS).
William Howard Taft: Yale, Cincinnati LS, NWOS.
Woodrow Wilson: Princeton, Johns Hopkins PhD, World War I.
Warren Harding, Ohio Central College, NWOS.
Calvin Coolidge: Amherst, NWOS.
Herbert Hoover: Stanford, NWOS.
FDR: Harvard College, Columbia LS, World War II.
Harry Truman: No college, Korea.
Dwight Eisenhower: West Point, NWOS.
John Kennedy: Harvard, Vietnam. In 1963 we had 16,000 men in Vietnam.
Lyndon Johnson: Southwest Texas State Teachers College, Vietnam.
Richard Nixon: Whittier College, Duke LS, Vietnam.
Gerald Ford: U of Michigan, Yale LS, NWOS.
James Carter: Annapolis, NWOS.
Ronald Reagan: Eureka College, NWOS.
George Bush I: Yale College, Iraq.
William Clinton: Georgetown, Yale LS, NWOS.
George Bush II: Yale College, Harvard MBA, Iraq and Afghanistan.
What do I conclude from this, if anything? Most of our larger wars, WWI, WWII, Korea and Vietnam started during Democratic administrations. Only Iraq I and II and Afghanistan started during Republican administrations. WWI, WWII, Vietnam, Iraq I and II and Afghanistan started during Ivy League college graduates' administrations. Only Korea did not. That Obama has Columbia and Havard degrees is no guarantee he will not take us to war. His anti-military procurement bias is an especially ominous omen! Conclusion: if you want war, elect the Ivy League party candidate.
I remember a popular saying during the 1968 election which shows how little a nominee's promises mean. "They told me if I voted for Goldwater, we would have a half a million men in Southeast Asia. They were right! I voted for Goldwater in 1964 and we have a half a million men in Southeast Asia". Laugh! I thought that was funny in 1968!
California in Crisis
Saturday, September 13, 2008
Russia's a Big Girl Now
"Prime Minster Vladimir Putin said Tuesday that Russia will respond calmly to an increase in NATO ships in the Black Sea in the aftermath of the war with Georgia, but promised that 'there will be an answer.' ... 'We don't understand what American ships are doing on the Georgian shores, but this is a question of taste, it's a decision by our American colleagues,' Mr. Putin reportedly said. 'The second question is why the humanitarian aid is being delivered on naval vessels armed with the newest rocket systems'," WSJ, 3 September 2008.
I agree with BB, who agrees with Spengler, see my 24 and 28 August 2008 posts. Our Russia policy is insane We should accept the fact Russia's interests are not ours. Vladimir the Great's public approval ratings are in the 80s. Why? Because Russians believe, rightly or wrongly he represents them. Not: the US, UN, EU, oligarchs or anyone or anything else. How many Americans believe George Bush is "their" president?
Newsflash: It is an act of war to deliver war materials to a belligerent except on a "cash and carry' basis". Where are our international lawyers on this one? Does anyone remember one thing which drew us into WWI? Extending credit to France and England from 1915 to 1917! EM uses some of my very words: backyard, backfire, childish, petulant, inflammatory. Yes, EM! We are in big trouble here. If Obama, AB Columbia, JD Harvard, wins, the war party wins! War party? McCain, would be more likely to avoid war. Unless the current White House occupant, George Bush, AB Yale, MBA Harvard, drags us into a war before 21 January 2009. Stay tuned.
Good questions Czar. Perhaps the Czar remembers the 1964 Gulf of Tonkin incident and is not looking to repeat it.
The DOJ and Attorney-Client Privilege
Admitting error? Give me a break WSJ, the Feds knew exactly what they were doing.
Friday, September 12, 2008
KKR's Product
California Sprawl
Thursday, September 11, 2008
Foreign Policy and Other Realists
Would IR prefer being Secretary of Defense or State in the next administration?
Indeed.
BB states what many, perhaps most in the West are not even able to think about!
