Daily Archives: August 2, 2012

When bad people do good things, Nigeria edition

The difference between blogs and “traditional” news reporting is simple: blogs are supposed to express something closer to an unvarnished opinion. And so it is with Latitude News’ compellingly titled, “Half of Google’s Nigerian traffic happens here,” about the American University of Nigeria in Yola. Catchy, right? Unfortunately this obscures an equally important element to this story, which reveals itself halfway down the page:

The Nigerian school, which opened its doors to students in 2005, was the brainchild of Nigeria’s former Vice President, Atiku Abubakar, who credits the Peace Corps for inspiring him to found the school. As a child, Abubakar was orphaned in a town near Yola, right around the time Nigeria gained independence from the UK.

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Hypocrisy is really bad, except when I practice it

Continued fallout from the Sandy Weill interview last week is one of those news items that I just don’t think can be discussed or examined enough. Jesse Eisinger of ProPublica nails it in the NY Times:

Those who are left defending the banking status quo are on an island. These are current bank executives — who can be counted on to change their views the instant they lose out in the corporate race and are booted from the organization with engorged severance packages — and the politicians and lobbyists who love them.

And so what? Supporters of change can win all the intellectual arguments they want; the structure of the financial system remains intact.
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Emerging & Frontier Markets Headlines 2012.08.02

Tanzania plans sovereign wealth fund for gas finds — Reuters

“Moody’s raised its rating of Uruguay’s sovereign debt following Standard & Poor’s earlier move to restore the country to investment grade. The ratings agency attributed the rise to a “a sovereign debt profile that in general terms has aligned itself with Baa investment grade coutries”. At the same time, they recognized “continuing improvement in fiscal indicators” and “less credit vulnerability to regional shocks”. Moody’s had previously rated Uruguay Ba1 the highest speculative grade. They raised Uruguay’s debt rating to Baa3 the lowest investment grade.” — Uruguay Business Reports

Behind the Scenes in the Libor Interest Rate Scandal — Speigel Online
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