Month July 2008

San Diego sues Bank of America

They want to make the city a “foreclosure sanctuary” and stop banks from foreclosing. If successful, the lawsuit should provide all manner of chaos, merriment, counter lawsuits, and unintended results.

Drop in oil prices possibly due to speculation

SemGroup just filled bankruptcy after a $3.2bn trading loss in commodities. Interestingly, they were short oil, meaning they expected prices to drop. But a wildly flucuating oil market combined with other traders smelling SemGroup blood in the water forced them…