20120801-062702.jpgGood morning

The headlines:

  1. Another Greek budget plan!

    Link: so – more cuts then?

    The coalition partners have reluctantly agreed to a further €11.5 billion in cuts in order to secure the next round of financing.

    After months of being in the hot seat, Mr Venizelos (now one of the coalition partners instead of Mr Austerity) is criticizing Mr Samaras for not pushing for more time to make the necessary changes.

    I’m sure it feels good to be doing the criticizing.

    Meanwhile, far right Golden Dawn members were distributing free food to people in Athens, provided that they could prove that they’re Greek.

  2. Michael Lewis didn’t defame.

    Link: because it was the book that ruined Chau’s reputation.

    Michael Lewis was being sued by Michael Chau (one of the CDO traders from the subprime crisis) for “defamation” in his book, the Big Short.

    Apparently, the book damaged Mr Chau’s reputation in the finance industry.

    Or, like, losing billions of dollars for his clients did.

    I think that the judge saw through that one.

  3. The continuing fall of Facebook.

    Link: yet another “record low”.

    And we’re done to $20.88. The graph now looks like this:

    Which looks a little bit like a bad week last week.

    And the little volume chart at the bottom? The increased trading volume shows like a very bad week.

  4. Iran’s oil losses.

    Link: the price of sanctions.

    $133 million a day in lost sales. Americans are hailing it as an “unqualified success”. Mainly because the 52% drop in Iran exports wasn’t matched by a sudden spike in the oil price (thanks to increased production out of Saudi Arabia).

That’s all for now.

Have a good day.