News Roundup for 6/18/10

Wall Street wizard shown parking his car

-Headline of the day-
"Wall Street Said 'Buy, Buy, Buy' BP Stock As Gulf Crisis Unfolded."

See? That's what you like about financial wizards; their solid grasp of reality. According to the report, as "the out-of-control" gusher spilled into "rich fishing grounds and nearby resort beaches [raising] the specter of horrific damages and untold potential liabilities" for the company, "the dozens of securities analysts who followed the British oil giant were unfazed" and were unified by one message: "Buy, baby, buy!"

For example, the geniuses at Credit Suisse "did not even mention the accident in an April 28 report" and boosted their earnings estimate for BP. Then, as BP's stock tanked, other wizbang minds said it was undervalued -- and urged everyone to buy. Citigroup estimated that the company's liabilities would be a mere $450 million. With a $20 billion escrow account set aside for damages -- on top of the cost of the clean up and fines -- the word "dwarfed" seems inadequate in describing the Citi's estimate in comparison to the actual cost.

So people who listened to these super-expert experts are now getting soaked. Hey teabaggers, tell me again about the superiority of the private sector... (Huffington Post)


-The psychic racist-
Rep. Steve King can tell who's an illegal immigrant by using ESP!

This is actually pretty surprising to me; I figured a mindreader would necessarily need a mind. (Crooks and Liars)



-Bonus HotD-
"Hayward to play reduced role in spill response."

It turns out that getting an apology from Smokey Joe Barton is a career killer. BP CEO Tony Hayward will now have less involvement in the response to his company's oil gusher. And I have only one question...

How is it even possible for him to do less? (MSNBC)


-Extra Bonus HotD-
"After Blaming Dems For 'Spending Money We Don't Have,' Rubio Faces Foreclosure On House He Can't Afford."

Here's a very thoughtful and well-reasoned reaction to that news. (Think Progress)