GAO: Serious Cuts, Tax Increases Possible Due to Health Care, Pension Costsby The Daily Reckoning.Posted 5 Days Ago.
An Olympic-Caliber Foreclosure Performanceby Rocky Vega.Posted Feb 18, 2010.Resize TextPrint This PageShare On TwitterShare On Facebook Smack dab in the middle of the Olympics the wheels of foreclosure were turning at the exclusive Whistler Blackcomb resort, the home of this year’s ski events. However, the resort’s management Intrawest, and its owner, Fortress Investment Group, have been able to delay the actual foreclosure auction until February 26th, still two days prior to the closing ceremony, and still plenty embarrassing.According to The Globe and Mail:“Fortress and Intrawest have been in talks with lenders since missing the final payment on a $1.4-billion (U.S.) loan late last year.“The tension is heightened by the fact that one of the big creditors is the estate of bankruptcy Lehman Bros. Holdings Inc. Given that Lehman is liquidating, the former bank can’t be very generous with time, making it more difficult to find a fix for Fortress and Intrawest. “The timing of the auction — set for the middle of the Olympics which are being held in part on Intrawest’s Whistler hill — was widely viewed as a pressure tactic and a message to Intrawest and Fortress: Bring us a deal we like, fast.”Of course, from the above, the crown jewel of this gold medal worthy debacle is the involvement of a currently liquidating Lehman Brothers. You would have thought Fortress would have seen this one coming.You can read more details on the rapidly unfolding story in The Globe and Mail’s coverage of Intrawest getting more time from bankers.Speaking of Vancouver… the Agora Financial Investment Symposium will be held in that fine city July 20-23, 2010. It’s been Agora Financial’s most important event every year for over a decade. This year promises to be no different. We’ve already locked in many speakers you won’t want to miss. You can learn more about the event and also register here.
A New Spin on the Old Oil Warby Matt Insley. Posted 1 Day Ago.When you've got a room full of 200 oil insiders scratching their heads at current high prices, something's gotta give.
Closing the Dow Gapby Greg Guenthner. Posted 1 Day Ago.For most investors, it’s weird to think of stocks as their go-to investing option.
U.S. Shale Gale vs. the Debt Leviathanby Peter Coyne. Posted 2 Days Ago.The petropoly has bills to pay and setting the price of oil was a simple way to balance their budgets.
A Grotesque Economic Experimentby Bill Bonner. Posted 2 Days Ago.Investors don’t seem to care that what's propping up their investments is what will ultimately destroy them: government monetary policy.
Shale Gas and Pax Americanaby Deepak Lal. Posted 3 Days Ago.For the next decade the energy revolution will be likely confined to the US, displaying the robustness of American entrepreneurship.
H.L. Mencken and Thinking Independentlyby Bill Bonner. Posted 1 Day Ago.Why the Sage of Baltimore’s commentary persists through America’s changing times.
It’s Not The End Of OPEC…But Might As Well Beby Matt Insley. Posted 2 Days Ago.After attending Platt’s oil conference in London I want to relay two important themes you need to know.