Day February 11, 2008

Credit default swap tsunami approaches

Major insurance company AIG said yesterday they can no longer quantify what their credit default swaps are worth, this after their auditors concluded there was “material weakness” in the way AIG was doing their valuations. Sounds like the early days…

Venezuela vs. ExxonMobil. Round 2.

President Hugo Chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets. John Robb says “might be an interesting test of the…

Ron Paul supporter goes for Obama

Mish’s Global Economic Trend Analysis has some of the best coverage anywhere on the unfolding subprime and credit crisis. Mish voted for Ron Paul in the primary, realizes Paul can’t win now, and has switched to Obama. The war is…