Got a big fish in Diyala, Iraq

IRAQI and US forces have arrested the “number one butcher” responsible for beheadings in the volatile Diyala province north of Baghdad.

“Iraqi forces received intelligence on a very dangerous terrorist known as the number one butcher who was responsible for a beheading squad that slaughtered innocent people,” Major General Mohammed al-Askari said.

The suspect, Riyad Wahab Hassan Falih, “also supervised the training of terrorists specialising in beheading Iraqis”, he said.

The arrest came amid a series of operations across the province in which Iraqi army troops backed by local tribes apprehended 65 people in 72 hours.

65 people in 3 days, plus one real bad sumbich.

Many thanks to the Australian press for bringing us this story that has been neglected by the all-obama American press.

The end of the boom

wall-st-bull

President Bush has described the current economic meltdown with the phrase, “Wall Street got drunk.”

After reading Michael Lewis’ account, “The End of Wall Street’s Boom,” I think the president’s description is quite the understatement.

Usually, reading about financial topics, subprime mortgages, CDO’s, CDS’s, is enough to glaze my eyes over. The reason, primarily, is because they are hard for me to get my head around. Know what I mean? That’s not the case with Mr. Lewis’s explanation. His writing is sharp, witty, and refreshing. I encourage you to take a few minutes and read this. Here is an excerpt:

To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.

I’d never taken an accounting course, never run a business, never even had savings of my own to manage. I stumbled into a job at Salomon Brothers in 1985 and stumbled out much richer three years later, and even though I wrote a book about the experience, the whole thing still strikes me as preposterous—which is one of the reasons the money was so easy to walk away from. I figured the situation was unsustainable. Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud. Sooner rather than later, there would come a Great Reckoning when Wall Street would wake up and hundreds if not thousands of young people like me, who had no business making huge bets with other people’s money, would be expelled from finance.

read it all

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