Fork in the Road
photo: Colin Gregory Palmer
The DOW closed down 277 points yesterday. One week after the brokerage house of Merrill-Lynch announced a $5 billon bailout from the government of Singapore and say they are talking with China and the Saudis for more money, Citigroup has accepted a bailout by Saudi prince Alwaleed bin Talal, making the prince Citi’s largest individual shareholder.
The Supreme Court of the United States handed down a ruling preventing shareholders from suing for damages, banks, brokers, or other third parties along with companies that deceive investors, a concept known as "scheme liability." Thereby placing a major roadblock in the way of employees and other investors who lost their live savings in the Enron sham.
The U.S. Food and Drug Administration issued its ruling calling meat and milk from cloned animals as "Indistinguishable" from that of naturally bred animals, paving the way for sale of cloned milk and meat. Two U.S. companies, Viagen Inc. and Trans Ova Genetics, have already produced more than 600 cloned animals for U.S. breeders.
Our president is touring the Middle East begging for more oil and reassuring his Arab friends that he doesn’t believe the latest intelligence report on Iran.
I had planned to post another look at the history of American music, but the evening news preempted all other thought. Thankfully it is an election year.
buy it: here
Update: to keep things balanced I have added the the following:
Thanks for the tip, Paul.
Thanks to my friend, Virgil, for the inspiration for today’s post.