Sidetalk

 New data on Iraq oil revenues suggests that country’s government will reap an even larger than expected windfall this year—as much as $70 billion—according to the special U.S. auditor for Iraq.  Read details from the AP:  iraqiwindfall

The British banking authorities have been “cooperative” with the US financial markets over the last decade, buying up countless questionable derivatives.  Now it seems they are realizing that it may be “every man for himself.”  From Financial Times’ Alphaville blog, this comment on American “dis” of LIBOR:

“They say the only time the British consider themselves European is during the Ryder cup. Also perhaps, when reading the Wall Street Journal: (more…)