Lehman Ledgers.

This is one man's view of Lehman Brothers as seen from the inside. It isn't pretty. He was fired one month after he submitted the memo to senior management.

$2 Billion Short.


The reason that New York State has postponed mailing out refund checks to its taxpaying citizenry is that it is staring down the barrel of a $2 billion cash shortfall. The day of state insolvency is thus postponed to May 31, which is the last day the tax refund checks can be mailed before the state has to start paying interest on that money. But the math doesn't change.

Downsizing.

Detroit plans to shut down 45 public schools in the next five years. The plan is designed to keep people from moving to the suburbs.

Junk Bond Avalanche.

Not to worry, it doesn't come crashing down the mountain of debt until 2012.

Nevada Republican Leadership.

It seems all but certain that US Senator John Ensign (R-NV) will soon be indicted. This would probably (although not certainly) force him to resign. At which point, another scandal-tarnished Republican, the incumbent governor, would probably appoint himself to fill out the remainder of Senator Ensign's term. Only in Nevada.

Michael Lewis Interview.


For those who missed "60 Minutes" last night, here's the link. It's worth watching in full.

How Private Equity Works

The tale of what was once Greece's third-largest mobile phone company is both instructive and depressing. Strip the cash, bankrupt the company, repeat as necessary.

Clear and Present Danger.


At some point, the United States of America is going to have to respond to the increasingly brazen attacks by Mexican drug cartels against US citizens and representatives of the US government. Saying one is "outraged" is not going to cut it.

Ernie Els.

Golf's best guy is back on top. He shot six under par in the last round at the Blue Monster at Doral. He finished at 18 under par.