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Matters Financial |
29 September 2003
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Iraq for Sale
Those who said that the war against the Saddamite regime in Iraq was really all about oil had it wrong. The Iraqi government will keep its oil industry according to a Pentagon statement last week. Instead, the American conquerors and their auxiliaries will simply sell off the rest of the country to pay for the cost of reconstruction. Click here to read more.
Argentina Offers 25 Cents on the Dollar
Argentina has its creditors in an uproar. A congenital debtor, it owes the outside world about $94 billion denominated in 7 different currencies. The country suspended repayment almost two years ago, and it has proposed a 75% cut in the nominal value of the debt. Argentine officials have called it a "haircut," but it's more of a scalping -- and creditors are rightly thinking about suing for Argentine assets. Click here to read more.
Reed May Bring 21st Century to NYSE
John Reed, former head of Citigroup, was selected to take over the leadership of the New York Stock Exchange from Richard Grasso, who was sacked after legitimately accepting money from a board he had selected. Reed (whose approach to capital is not to be confused with those of the John Reed buried in the Kremlin Wall) will be paid $1 for however long he serves, and who will be responsible for calming the nerves of the excessively rich. He might even make a few improvements. Click here for our view.