Markets are confabulations

For Citigroup's new leaders, the first task they confront will be sorting through these losses, and reassuring investors that no more bad news is coming . . . Jim Zarolli, NPR

• There is not a single democratic nation left on Earth though we are sold on that every day. repurpussing
• They're juking the stats. David Simon, via AKMA via Doc et al.
• For $600,000 I would write an inspiring moral biography for the devil himself. . . Gifthub

Prince replied that subprime losses aside, the company was doing pretty well. Zarolli

...all of the world's major financial institutions are intertwined through counterparty agreements in which they hedge their risk using derivatives sold to them by other banks. globeandmail