Elsewhere on Friday:
- Biofuels have forced global food prices up by 75%
- “Assets the Federal Reserve agreed to accept in March from Bear Stearns Cos. to facilitate its sale to J.P. Morgan Chase are now worth about $1 billion less.”
- Notable quote: “Buying a house and buying a house on fire are two different things. Bear Stearns wasn’t really of value.”
- How Lehman lost its way.
- Carl Icahn has hit the roughest patch of his hedge-fund career.
- “It’s me. I’m taking this blog seriously. I intend to spend some time with you on this blog so that we can make a difference in corporate America. I hope we will change the course of corporate governance in this country.”
- Banks make money from derivatives again.
- “This summer, droves of school-age children will attend summer camps… Others, will go to finance camp, where they will take excursions to a local bank or delve into budgeting and investing simulations.” (HT DealBreaker)
- “I ate the balance of my fentanyl patches.”
- “My lawyers couldn’t stop laughing and nor could I as the naive questions droned on about if we had a policy and how often was it amended and how did we react to market rumors and if we kept a log how often was it reviewed.”
