On Monday morning, liquidators seeking to recover money for investors in the funds filed a fraud lawsuit against three major credit rating agencies.
The action, filed in a New York State court, accuses Standard & Poor’s, Fitch Ratings and Moody’s Investors Service of assigning artificially high credit ratings to the mortgage bonds in the funds. When those bonds collapses, the funds failed, resulting in more than $1 billion in investor losses.
In a 141-page complaint, the liquidators cite a trove of emails — some of which had already surfaced in earlier cases — which they say show that the agencies knew their high-quality ratings on the mortgage bonds were a sham.
Mortgage bond investors have had mixed results bringing civil lawsuits against the ratings agencies. S.&P. and the other agencies have argued that their ratings are speech that is protected by the First Amendment. A number of judges have agreed with the ratings agencies and tossed out these lawsuits.
— "3 Ratings Agencies Sued for Fraud in Bear Stearns Case" B1, 11/12/13
3:00 pm • 12 November 2013 • 1 note
Lady Gaga Flies (Sorta), Sings, and Vogues at Multimillion-Dollar 'ArtRave'
'ARTPOP' singer introduces new LP at sprawling warehouse festooned with giant Jeff Koons sculptures, eye-popping drag queens
though my report back from last night’s artRave is some 700 artWords long, i spent like 7 and a half hours at the thing so the ‘notepad’ on my phone is filled with a whole bunch of artLeftovers. the following fragments are what we in the biz used to call a “random notebook dump”
-during Gaga’s press conference (said Gaga of Volantis: “Although she is a vehicle, she is essentially a metaphor,” an inspiration to the youth who worry that they will never be able to “climb up the corporate ladder) she sounded frighteningly similar to will.i.am (who in fact co-produced a track on artPop). a compare/contrast between the two pop stars could actually be sort of fascinating
-during the pre-party, the mood was set by a playlist of classical music featuring Samuel Barber’s “Adagio for Strings,” so while a hundred or so people attempted to find a truck full of hamburgers, i focused all my energy toward willing Tiesto’s remix of the same song onto the warehouse’s speakers. it was not to be.
-if you read the linked article, know that i originally wrote “five giant Koons sculptures made — if not provocative conversation — a convenient place to dispose of your empty cups”
1:53 pm • 11 November 2013
#official #rappyhour #2002 #playlist
12:16 pm • 8 November 2013 • 2 notes
“Clutching her trophy, the singer-songwriter said: “I can’t even put it into words” — which was tough to believe, considering her gift for articulating the disappointments of young adulthood at a time when so many other country stars are drowning them in Southern Comfort.”
seems like a good deal of country music coverage (in particular, country music coverage at certain east coast magazines and newspapers) is caught up in perpetuating this dichotomy: the truth-tellers vs. the party animals, a dichotomy (false, obv) so familiar that you would hope that the critics with large salaries and larger readerships would finally have moved beyond it, not trot it back out and use it to champion the same soft-spoken artists they always champion and blame the same institutions they always blame. oh, radio is why (say) brandy clark entered the album charts at #28 and immediately fell dropped from the top 30? you know that both “merry go round” and “blowin’ smoke” did better on the country airplay chart (the one that tallies only airplay) than they did on the country songs charts (the one that factors in sales), right? oh well, easier to blame an abstract entity than to actually engage with consumers whose preferences that entity registers and reproduces more scientifically than ever.
[and just to be clear, this mini rant has little to do with the two artists mentioned—the musgraves album is probably my favorite of the year and i covered brandy clark before just about anyone—only blowin’ steam while i listen to florida georgia line (the music video for “round here” says more about country music in 2013 than all of our blog posts combined) and wait for my own 200 word CMA recap to be posted]
1:59 pm • 7 November 2013 • 15 notes