| "Only dull people are brilliant at breakfast" -Oscar Wilde |
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"The liberal soul shall be made fat, and he that watereth, shall be watered also himself." -- Proverbs 11:25 |
On Tuesday, Attorney General Eric Holder urged Americans to fink on their neighbors and report intellectual-property offenses like popping or hawking unapproved pharmaceuticals and downloading music and movies illegally.
The announcement at the White House came as the Justice Department kicked off a public campaign against intellectual-property theft, which like all successful wars against societal scourges, will have public-service announcements on MTV.
“Fortunately, we can all be part of the solution. Anyone who suspects an IP crime can visit cybercrime.gov, fbi.gov, or iprcenter.gov to report suspected offenses,” Holder said. “The public’s proactive attention to these issues can help us to disrupt the sale of illegal goods; to prosecute the individuals, gangs, and international criminal organizations that profit from these activities; and to stop those who would exploit the ingenuity of others for monetary gain.”
So far there’s no word on what kind of reward you’ll get for reporting your teen sister for using an app to turn a Miley Cyrus YouTube video into an MP3, but surely you’ll get at least a Scouting badge for your loyalty to Big Content and the American Way.
Labels: I Am Aware of All Internet Traditions, so-called free market
Labels: economic death watch, President Barack Obama, so-called free market
A number of financial experts now fear that the federal government's $143 billion attempt to rescue troubled insurance giant American International Group may not work, and some argue that company shareholders and taxpayers would have been better served by a bankruptcy filing.
The Treasury Department leapt to keep AIG from going bankrupt on Sept. 16, and in the past seven weeks, AIG has drawn down $90 billion in federal bailout loans. But some key AIG players argue that bankruptcy would have offered more structure and greater protections during a time of intense market volatility.
AIG declined to comment on the matter.
Echoing some other experts, Ann Rutledge, a credit derivatives expert and founding principal of R&R Consulting, said she is not sure how badly the financial system would have been rocked if the government had let AIG file for bankruptcy protection. But she fears that the government is papering over the problem with a quick fix that was not well planned.
"What we see now are a lot of games by the government to keep these institutions going with a lot of cash," she said. "This is to fill holes in companies' balance sheets, and they're trying to hold at bay the charges that our financial system is insolvent."
The deal that the Treasury and the Federal Reserve Bank of New York pressed upon AIG was intended to stop any domino effect of financial institutions falling because of their business ties to AIG. The rescue allowed AIG to provide cash to huge banks and other players who had invested in rapidly souring mortgages insured by the company.
Early this year, investors had begun privately demanding that AIG pay off its billion-dollar guarantees. But in mid-September, when the demands for cash reached a public crescendo, AIG had to admit that it didn't have enough cash on hand to meet the obligations.
In the first weeks of its federal rescue, AIG has used the loan money to post collateral demanded by these firms, sources close to those deals say.
"No one else benefits," former AIG chief executive and major shareholder Maurice R. "Hank" Greenberg wrote to AIG's current chief executive on Thursday. "Unless there is immediate change to the structure of the Federal loan, the American taxpayer will likely suffer a significant financial loss."
Another concern is that in this depressed market, AIG, and the taxpayers that now own 80 percent of the company, will lose coming and going.
Labels: corporatism, f***ed companies, so-called free market, supply-side economics
