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- Gazprom's Recent Deals Should Be a Red Flag to the Rest of Europe
- Craig Pirrong submits: In potentially ominous news, Gazprom has entered an agreement with Azeri national energy company SOCAR to purchase Azeri gas at a price of $350/thousand cubic meters. Initial volumes of 500 mcm for 2010 are modest, but Gazprom is allegedly to be a preferential buyer (whatever...
- External links 2009-07-02
- Much Ado About Commodity ETFs
- Craig Pirrong submits: Exchange Traded Funds (”ETFs”) are attracting a lot of attention given a the CFTC’s clear signaling of its intention to impose limits on these funds, and b the reactions of fund issuers to this signal, most notably Deutsche Bank’s DB announcement that it was closing down...
- External links 2009-09-03
- Why GM Is No Longer In a Hurry to Sell Opel
- Craig Pirrong submits: Spiegel has released a long article chronicling the Opel saga. In brief, the story appears to be that GM originally agreed to the Magna-Sberbank/Avtogaz deal out of desperation, but as its existential crisis eased due to the infusion of massive amounts of US taxpayer support,...
- External links 2009-09-04
- Upholding the Sanctity of Contracts: Is Gazprom Listening?
- Craig Pirrong submits: I don’t know whether to laugh or cry at Dmitri Medvedev’s stirring defense of the sanctity of contracts: President Dmitry Medvedev on Monday accused Ukraine of seeking changes to a contract for the transit of Russian gas across its territory, the latest row over...
- External links 2009-09-08
- GM's Lagging Opel Sale: Hang Tough and Avoid a Dodgy Acquirer
- Craig Pirrong submits: Last week I hypothesized that the real reason GM was balking at the Magna MGA deal for Opel was that it wanted nothing to do with Oleg Deripaska and Gaz, widely considered to be the ultimate buyer of the stake originally slated to go to Sberbank....
- External links 2009-09-08
- Russian Economy: Medvedev Delivers Devastating Diagnosis, But No Solutions
- Craig Pirrong submits: I don’t watch much TV, and medical shows have always been near the bottom of my list of things to watch. But one show that I find entertaining from time to time is House. It’s about a quirky (and now, apparently, actually delusional) physician...
- External links 2009-09-12
- Russia and Russian Business Gets a Taste of Its Own Expropriation Medicine
- Craig Pirrong submits: Russia, and Oleg Deripaska’s RusAl, is getting a taste of its own medicine of expropriation. The government of the African country of Guinea voided the sale to RusAl of a large alumina smelter there. And Russia is none too happy about it: ...
- External links 2009-09-14
- Regulatory Reform: No Case for Mandated Clearing
- Craig Pirrong submits: New York University Stern School of Business professors Aarya, Engle, Figlewski, Lynch, and Subrhmanyam (AEFLS) contributed a chapter advocating centralized clearing of credit derivatives in the recent volume Restoring Financial Stability: How to Repair a Failed System edited by Acharya and Richardson. Although the authors are...
- External links 2009-10-26
- Economic Crisis 2008-9: Ignore Friedman's Lessons at Your Peril
- Craig Pirrong submits: I can’t count the number of times I’ve heard that the financial/economic crisis has discredited Milton Friedman and Chicago School economics. This argument was raised repeatedly during the shrill debate over the creation of the Milton Friedman Center at UC, but it has been made...
- External links 2009-10-28
- More GM Magna-Fallout: What Russia Will Have to Learn
- Craig Pirrong submits: Vladimir Putin is whining, predictably, about the GM board’s decision to terminate the sale of Opel: "We will have to take into account this style of dealing with partners in the future, though this scornful approach toward partners mainly affects the Europeans, not us,” Putin told...
- External links 2009-11-08
- More Voices of Dissent over Clearing Regulation
- Craig Pirrong submits: I welcome Gillian Tett’s recognition that clearing is not the silver bullet–or the “magic wand”–that will make financial crises a thing of the past. This bit is particularly spot on: What is notable about the reform debate this year, is that there has been remarkably...
- External links 2009-11-09
- Financial Regulation: Disincentivized Investigators Won't Improve Anything
- Craig Pirrong submits: This is my inaugural post as guest blogger at O&M. I am grateful for the opportunity. In his very gracious introduction, Peter Klein noted that my research is at the border of finance and industrial organization. Quite true (and indeed, “borderer” is...
- External links 2009-11-11
- Rampant Theft and Bribery Make It Difficult to Transform Russia's Economy
- Craig Pirrong submits: Yes, Russia can breathe easy. Even when it comes to corruption, it’s not the worst! Bad, tied for 146th out of 180, according to an average of surveys assembled by Transparency International, but not the worst. Indeed, not even the worst in the...
- External links 2009-11-19
- FX Clearinghouses: Exacerbating Systemic Risk
- Craig Pirrong submits: In his megalomaniacal effort to use the financial crisis as a Trojan horse to advance his campaign “on every front to increase the role of government,” Barney Frank is hellbent on fixing things that demonstrably didn’t break. Even under the extreme stresses of the crisis....
- External links 2009-11-22
- What's Wrong with Market Speculation?
- Craig Pirrong submits: I’m sure that no one would be surprised that CFTC Commissioner Bart Chilton was not pleased by my recent post that lambasted his equation of the activities of ETFs with manipulation. Well, the sarcasm was arguably overdone (that NEVER happens, I’m sure you’re saying), but...
- External links 2009-09-02
- China's Economy: Everything Looks Great, Yet Many Reasons for Disquiet
- Craig Pirrong submits: Trying to figure out what is going on with the Chinese economy is a first-order issue. Superficially, everything looks great; growth is right on official targets, and is at levels that the world would envy even during boom times. In spite of that–no, because...
- External links 2009-09-01
- Heard the One About the Baker Institute and Oil Speculators?
- Craig Pirrong submits: In an apparent attempt to make Michael Masters look good, Rice University’s Baker Institute has released a report on oil speculation, that concludes that increasing volumes of speculation have caused oil prices to be higher than they would otherwise be, and in a novel twist, have...
- External links 2009-08-30
- Senate Subcommittee Report on Wheat Futures Speculation Doesn't Prove Any Point
- Craig Pirrong submits: The Senate Permanent Subcommittee on Investigations released a report on “Excessive Speculation in the Wheat Market.” The report blames index funds in particular for driving up wheat prices, and particularly for driving a wedge between wheat futures prices and the price of cash wheat, both...
- External links 2009-07-04
- Is Excessive Speculation in Oil and Commodities Markets Actually Occurring?
- Craig Pirrong submits: Almost exactly a year ago, I testified before the House Ag Committee and wrote an oped for the WSJ on the effect–or lack thereof–of speculation on oil prices. The issue was high on the political agenda at the time, as oil prices hit $147/bbl, and...
- External links 2009-07-09
- Department of Justice: Potential Headache for CDS Dealers
- Craig Pirrong submits: According to Matt Leising and Justin Blum at Bloomberg, the Justice Department investigation of the CDS markets includes clearing: A U.S. antitrust probe of the credit-default swaps market includes efforts to guarantee contracts through clearinghouses, according to a Justice Department spokeswoman. by Craig Pirrong
- External links 2009-07-16
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