TRES FAUX MORNING REPORT 7/23/12

Vital Statistics:
Last Change Percent
S&P Futures 1344.96
-236.73
-1.85%
Eurostoxx Index
2,171.87
-65.46
-2.93%
Oil (WTI) 88.35 -3.48 -3.79%
LIBOR – 3 mo 0.46 0.000 0.00%
US Dollar Index (DXY) 83.972 0.494 0.59%
10 Year Govt Bond Yield 1.41% -.044%
Penn State $60M to child abuse prevention  

strip PSU of all wins

from ’98-

2012

 

 

reduce     schollies;    no  bowls for 4  yrs

Penn State did not get DP.  NCAA violated its procedural rules, wildly, to do this, so the penalties are largely unprecedented.  NCAA will probably get away with this and Penn State will probably not appeal.  That is because if the sanctions are reversed on procedural grounds, as they would surely be, the NCAA would come back with a “duly processed” Death Penalty as the next step.

27 Responses

  1. Apparently Spanish bank bailout did not achieve the desired result.

    My grandfather-the-engineer once explained to me that the Italian civil engineers persisted in pouring cement into the soft soil under one side of the Leaning Tower of Pisa. Pumping concrete into the soft soil would be a perpetual job and the tower would always lean.

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  2. mark

    Thanks for the report

    Financially speaking this is worse than the death penalty. The total cost will exceed 100 million porbably

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  3. If only I had a secretary!

    Corporate debt is looking pretty good today eh? Even common stock with a good yield.

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  4. They did that so the trustees would keep their jobs

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    • OT.

      Have any of you ever read a Lee Child novel? These are junk, lowbrow, airplane or beach, action potboilers that pass time. I have read a lot of them.

      The protagonist is Jack Reacher, 6’5″ 250# ex military cop who finds himself in unbelievable positions to save the world from the bad guys as he wanders aimlessly about the country. He usually saves western civilization and the damsel in distress with his bare hands. Brian Urlacher has a side career in Chicago of being a pitchman on TV and considering the acting talent unnecessary to play Reacher it would be a perfect first movie for the Bears’ linebacker.

      So guess who is playing Reacher in the first film to be made from a Child novel?

      5’6″ Tom Cruise.

      Dyslexic producer?

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  5. I love Jack Reacher and hate the fact that they would pick Tom Cruise for the part……….isn’t there a Scientology buff dude around who can act?

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    • LMS, did you agree with my description of him? Is there a scientology dude around who is a lean 6’5″ 250#?

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  6. The only series of novels I keep up with the day that they come out is the Dresden Files by Jim Butcher.

    Dresden Files

    http://en.wikipedia.org/wiki/The_Dresden_Files

    Tom Clancey’s latest have gone off the deep end as he tries to imagine what the presidency of Teddy Kennedy would look like in the middle of the war on terror.

    The best series of novels I have ever read would be the First Man in Rome series of historical novels by Colleen McCullough.

    http://en.wikipedia.org/wiki/Masters_of_Rome

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  7. mark

    Randall Patrick McMurphy

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    • Your favorite fictional character? I met Kesey summer of ’69, I think. He parked his bus in front of our law office for two weeks, while visiting Austin with Timothy Leary. They were friends with Dave Hickey, of Austin, who was my partner’s client. They were going to park by Hickey’s but the City metered the parking there that Spring. So Hickey said his lawyers had space in front of their office, which was still unmetered.

      My other partner was running for County Republican chair and became uncomfortable.

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  8. Mark, I was just teasing about the Scientology dude, but yeah I agree with your description. I still have fond memories of James Bond from being a young teenager and reading the books under the covers with a flashlight as I wasn’t allowed to read them. I love semi-trashy action thrillers with a strong male character…………just can’t help it, and good vs. evil gets me every time. Luckily I read really fast normally so I can still find time for more valuable reading.

    We’re off to the casinos. I have a crappy day coming up tomorrow and my husband just said let’s go have some fun. See y’all soon.

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  9. I’m a huge Travis McGee fan. A big shambling beach bum prone to getting into brawls with evil real estate developers.

    I’ve seen Cruise in person. He has lifts in his sneakers.

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  10. mark

    I was pointing out that Nicholson was nothing at all like the character in the book, but it worked as a movie

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    • That worked b/c Randle was a schemer, a wiseass, mainly, a con artist. Reach is mainly a big bad jock.

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  11. “markinaustin, on July 23, 2012 at 11:14 am said: Edit Comment

    jnc, did you ever read the Aubrey-Maturin novels by Patrick O’Brian?”

    I started and pretty much finished the first book, but I kept having to look up too many terms in “A Sea of Words” to get through the rest.

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  12. Possibly significant:

    “Spiegel: IMF to provide no new funds to Greece

    The German news magazine Spiegel reports that the IMF has told the EU it will provide no additional funds for Greece. The report has sparked fresh fears that Greece could fall into bankruptcy by the autumn.

    A report by a German news magazine on Sunday sparked fresh concerns about the possibility of Greece being forced into insolvency.

    In an article published on its website, Spiegel cites unnamed senior European Union sources in Brussels who told the news magazine that the International Monetary Fund (IMF) had signaled it would not contribute to any further aid for Greece.

    According to the report, this makes the possibility of Greece going bankrupt more likely, and it could do just that as soon as September.”

    http://www.dw.de/dw/article/0,,16117892,00.html

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  13. Weird reaction from one of the jurors in the Sandusky case:

    Barnes said she understood why Penn State President Rodney Erickson made the decision to take the statue down, but she called it the “wrong decision.” She went on to propose her own idea on how Erickson could have handled the situation.

    “Maybe Erickson should’ve gone somehow and had the Judge talk to every one of the victims and see what the victims thought, ‘Should the statue come down or shouldn’t it?’ ” Barnes said. “I don’t know if that would’ve been the answer, but at least it would’ve been a thought.”

    Barnes added she was also upset about the decision because it didn’t allow Penn State students a chance to “say goodbye” to the statue.

    “It’s [the students’] statue and they need to see what’s going on,” Barnes said. “And my heart aches for the students, and my heart really aches for the Paterno family.”

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  14. jnc:

    I think “fall” is an interesting choice of words, as opposed to pushed, knocked, shoved, etc

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  15. Statement issued by Joe’s family:

    “Sexual abuse is reprehensible, especially when it involves children, and no one starting with Joe Paterno condones or minimizes it. The horrific acts committed by Jerry Sandusky shock the conscience of every decent human being. How Sandusky was able to get away with his crimes for so long has yet to be fully understood, despite the claims and assertions of the Freeh report.”

    I would say lying by all parties involved would be the reason that it has yet to be fully understood.

    He should have quit at 70 but he got more power mad and angry, the more people pointed out that he was long past his prime and everyone else’s

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  16. It’s not really a lie, it’s just not really the truth. Ok, it’s not the truth at all!

    According to the Republican presidential hopeful, Senator Carr also touched on America’s economic vulnerabilities during their chat.

    “I met today with the Foreign Minister of Australia. He said something, and I said ‘Can I quote you?’ and he said yes. He said, ‘America is just one budget deal away from ending all talk of America being in decline,”’ Governor Romney told attendees at a fundraiser today.

    ”And this idea of America in decline, it was interesting [Carr] said that, he led the talk of America being in decline. See that’s not talk we hear about here as much as they’re hearing there. And if they’re thinking about investing in America, entrepreneurs putting their future in America, if they think America’s in decline they’re not gonna do it.”

    The repeated comments can be seen as a not-so veiled attack on US President Barack Obama and his handling of the economy.

    But despite headlines today such as ”Mitt Romney Gets Grim Warning From Australian Leader”, a spokesman for Senator Carr says Australia’s Foreign Minister was talking up the US economy, not talking it down.

    That is, any fears that Australia’s foreign minister has been overseas criticising a key alliance parnter, would be misplaced.

    ”That interpretation is not correct,” the spokesman told The National Times.

    Indeed, Senator Carr has used a similar phrase about the US budget before – on people such as former World Bank chief Robert Zoellick – to indicate his belief in the US economy’s strengths and potential.

    The comments did not get as much attention at the time. Then again, Mr Zoellick was not running for president.”

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  17. What happens when you aren’t too big to fail:

    ““The Lost Bank: The Story of Washington Mutual” by Kirsten Grind
    By Steven Pearlstein, Published: July 21”

    http://www.washingtonpost.com/opinions/the-lost-bank-the-story-of-washington-mutual-by-kirsten-grind/2012/07/20/gJQAsPoQ0W_story.html

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  18. I saw a funny bumper sticker this morning: “When I Grow Up I Want To Be Too Big To Fail.” Wouldn’t we all?

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  19. On that same car:

    “If You Cut Off My Reproductive Rights May I Cut Off Yours?”
    “Gun Control is Hitting Your Target Repeatedly”

    and my favorite

    “Time is What Keeps Everything From Happening All at Once”

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Be kind, show respect, and all will be right with the world.