Marketplace Scratch Pad

Morning Reading

Scott Jagow Apr 2, 2009

The unemployment line keeps getting longer. Jobless claims increased once again last week, but is it really a lagging indicator? Other stories and columns of interest this morning:

Hanky Panky Ahead of Today’s AIG Hearing (Clusterstock)
“Hank Greenberg’s Nixonesque reclamation continues on Capitol Hill today as the former AIG chief will continue to shift all the blame to others for the debacle at the company he built. “

KPMG sued over New Century collapse (DealBook)
“Accounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its “grossly negligent audits” helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis.”

Budget Debate Shows Washington Politicians in Denial (Real Clear Markets)
“Yet, instead of having an honest conversation with the American people about the need for restraint we are continuing to indulge in the bad habits of the past. President Obama was elected on pledges to go through the budget line by line, eliminate failing programs and end the abuse of earmarks and no-bid contracts. Congress, however, has little interest in change, unless it comes from the taxpayer’s pockets.”

Spend it in Vegas or die paying taxes (WSJ)
“Today in America you can take your after-tax income and go to Las Vegas and carouse, gamble, drink and smoke, and as far as our government is concerned that’s just fine. But if you take that same after-tax income and leave it to your children and grandchildren, the government will tax that after-tax income one additional time at rates up to 55%.”

The Credit Crisis: Already a Museum Exhibit (Clusterstock)
“Someday all of Wall Street will be a museum,” wrote my friend Everett Stuckey.

Diaries of a Temp, Chapter 15 (Unemploymentality)
“Your Power Color. Whatever color makes you feel like you could rule the world (and complements your skin tone). For me it’s red. And maybe I wore the same red top to all 3 meetings this week. Mind your own business.”

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