Word: accountants
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...Oklahoma case, the CFTC's complaint alleges that, beginning in 2005, Phidippides Capital operated a $34 million hedge fund with approximately 60 investors. Since at least October 2007, the CFTC says, Trimble allegedly issued "false account statements, failed to disclose the fund's actual multimillion trading losses and operated the fund as a Ponzi scheme...
...which would not make it terribly different from the large firms that helped get the economy into trouble. Bank managements bought toxic assets two or three years ago. A government-controlled bank might offer mortgages at extremely low rates, rates so low that they clearly do not take into account the level of home loan defaults. From a policy standpoint, it may make "sense" to do that to help buttress the housing market. But, to some extent that moves the government's control of the credit system from nationalizing banking to nationalizing the home lending system. The government could decide...
...have meant for the reinstatement to help heal the growing rifts within the Catholic Church, it led to an unforeseen result: a serious objection by the international community. The Pope should have vetted Williamson more extensively, understanding the great weight of his decision to reinstate him and taking into account the offense to the Jewish community that such a choice would cause. Another troubling aspect of the Pope’s recent course of action is how it reflects a greater rightward movement of the church since Pope Benedict XVI’s election four years ago. While the Pope...
...Presidents shouldn’t appoint just anyone to their administrations, and Harvard offers some great talents. But no matter how smart they are, professors are still human. Groups of likeminded people fall victim to groupthink—sometimes with disastrous results. Indeed, when David Halberstam wrote his account of the Johnson administration’s bungling of Vietnam, he entitled it, “The Best and the Brightest...
...Behind the glitz, however, is a solid and reasonably full account of Lincoln's life and achievements, with an admirably nuanced examination of the agonizing politics involved in emancipating the slaves. Perhaps the most moving artifacts on display are also the simplest - plaster casts of Lincoln's craggy face and huge, rough hands, made by a sculptor during Lincoln's life. Somehow, these more than any other exhibit capture the power and the gentleness, the strength and the fatigue, that defined Lincoln as president. (See video of Lincoln in film...