Daily Digest

Daily Digest - January 9

Saturday, January 9, 2010, 11:45 AM
  • Rents Signal Rise of D.C., Fall of N.Y.
  • Warning issued over arms sales to Taiwan
  • Bill Gross opines on investing in a world of crony capitalism
  • Anarchy in the UK (and US, too)?
  • Lawsuit: Goldman Sachs bonuses bigger than its earnings
  • No Rhyme Or Reason: The Heads I Win, Tails You Lose I Bank Bonus Culture
  • Britain's plan for giant wind farms will need 'super-grid' to take off

Economy

Rents Signal Rise of D.C., Fall of N.Y. (Robert Hare)

The office market in Washington, D.C., is poised to topple New York as the nation's most expensive, reflecting the declining fortunes of the nation's financial center and the government expansion under way in the U.S. capital.

Warning issued over arms sales to Taiwan (Claire H.)

China yesterday urged the United States to cancel a massive arms deal to Taiwan, warning of severe consequences if it does not heed the call.

Bill Gross opines on investing in a world of crony capitalism (Davos)

Bond king Bill Gross has gone populist. He starts his latest monthly investment outlook with an indictment of capitalism as practiced today in the United States that is a frontal assault on the corruption we are witnessing in Washington. As more and more revelations like the Geithner AIG cover-up surface, one must wonder if America is becoming another Banana Republic.

Anarchy in the UK (and US, too)? (Nickbert)

The cost of insuring against a U.K. default in the derivatives market is only slightly lower than the price of insuring against a default by Portugal.

Lawsuit: Goldman Sachs bonuses bigger than its earnings (Ben Johnson)

A lawsuit filed against investment bank Goldman Sachs by a shareholder alleges that the company spent more money on corporate bonuses than it earned in 2008. Shareholder Ken Brown's lawsuit is one of two suits filed against the company this week over its controversial decision to hand out billions of dollars in bonuses even after it was accused of playing a central role in the financial collapse of 2008 and receiving $10 billion in direct aid from the US government. In his lawsuit, Brown states that Goldman Sachs gave out $4.82 billion in bonuses in 2008, despite earnings of only $2.32 billion that year. The lawsuit alleges that the company spent 259 percent of its income in the first quarter of 2009 on compensation.

No Rhyme Or Reason: The Heads I Win, Tails You Lose I Bank Bonus Culture (pinecarr)

When the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well. And when the banks did very poorly, they were bailed out by taxpayers and their employees were still paid well. Bonuses and overall compensation did not vary significantly as profits diminished. An analysis of the 2008 bonuses and earnings at the original nine TARP recipients illustrates the point.

Energy

Britain's plan for giant wind farms will need 'super-grid' to take off (pinecarr)

Power companies awarded contracts to build 6,400 wind turbines off the British coast have warned that they will need a "super-grid" connected to Europe to guarantee a steady power supply.

17 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest - January 9

"The pension plan has unfunded liabilities of nearly $80bn, while the state faces a budget gap of almost $12bn, with an estimated $4.3bn shortfall in the current fiscal year.

Illinois - which was downgraded last month by Moody's and Standard & Poor's - now has the lowest state bond rating in the US except for California. The Pew Center on the States warned in a recent report that Illinois was in "fiscal peril"."

"The $1.9 billion Cincinnati Retirement System will go broke within 17 years unless fundamental changes are made that could force City Hall, its employees and retirees to start paying more for reduced benefits."

"AUSTIN – Four months into its new two-year budget, Texas already is nearly $1 billion behind its expected pace of sales tax collections, according to new figures released Friday.

Comptroller Susan Combs said there's no need for panic, as tax collections should start growing again in the first or second quarter of the year.

But the decline is dramatic. A year ago, Combs forecast essentially flat sales taxes receipts in the budget year that started Sept. 1; instead, they've decreased by 12.9 percent in the first four months."

"COLUMBIA — While lawmakers and the governor wrestle with ways to handle a projected $560 million budget shortfall for the coming year, legislative leaders say they have no specific plans yet on what to do about the tsunami of shortfalls that is predicted for each of the following two years.

In part because federal stimulus and Medicaid match funds disappear after the next fiscal year, the Office of State Budget is projecting a $1.3 billion deficit for fiscal year 2011-12 and a $1.4 billion deficit in 2012-13. Those amounts are almost a fourth of the state’s general fund budget.

“It’s going to hurt when these funds come to an end,” Gov. Mark Sanford said of the stimulus and Medicaid match dollars. “You really can’t do a lot. … It’s as if Washington is exporting financial recklessness.”"

"Stoneham - A fiscal watchdog group has some sobering news for the commonwealth: Not only will Massachusetts have to deal with a shortfall of several hundred million dollars this fiscal year, but it also faces a “gaping $3 billion structural deficit” in the new fiscal year that begins on July 1.

According to the Massachusetts Taxpayers Foundation (MTF), the state must still deal with a shortfall of $300-$500 million in the current fiscal 2010 budget, despite the recent round of cuts announced by the Patrick Administration in October. But that shortfall pales in comparison to a projected structural deficit of “at least $3 billion” that awaits in fiscal 2011."

"AS A U.S. ATTORNEY, Chris Christie took on mobsters, crooked politicians and New Jersey's infamous culture of corruption.

That seems simple compared to the task Christie now confronts: balance a state budget that is projected to be $9.5 billion in the red. That's equal to about a third of the current budget."

"The federal budget deficit was about $390 billion in the first quarter of fiscal year 2010, CBO estimates—$56 billion

more than the shortfall in the same period in fiscal year 2009. Outlays were slightly lower than they were last year at

this time, but revenues have fallen by about 11 percent. Later this month, CBO will issue new budget projections for

2010 and the following 10 years.

NOVEMBER RESULTS

The Treasury reported a deficit of $120 billion in

November, about $5 billion more than CBO projected

on the basis of the Daily Treasury Statements. The

difference occurred primarily because of greater-thanexpected

spending for Treasury and Justice programs."

"WASHINGTON (Reuters) - The U.S. government is set to provide more than $1 billion over the next several weeks to help low-income families pay their energy bills, an agency spokesman said on Friday."

"Jan. 9 (Bloomberg) -- Venezuela devalued its currency by half yesterday, the first such action since March 2005, as President Hugo Chavez seeks to pull the economy from recession amid falling oil revenue.

Chavez said the bolivar will be devalued to 4.3 per dollar from 2.15 per dollar for most imports. A second, subsidized peg of 2.60 bolivars per dollar will be used for importing food, medicine and machinery intended to boost the economy’s competitiveness."

"The Legislature that convenes Monday will likely be consumed with cutting state spending to cover a budget shortfall that some think could reach $1 billion. Critics warn that those cuts could force increases in property taxes that finance local schools and governments.

Gronstal said lawmakers are crafting a measure that would restrict those increases and force use of cash reserves.

"We're dipping into our cash reserves in a fairly significant way," said Gronstal."

"Already grappling with recession-weakened revenues, West Virginia’s state government now must find an additional $145 million to shore up its pension funds, Manchin administration officials said Friday.

The Wall Street meltdown inflicted losses totaling around 16 percent on the invested assets of these programs, Budget Director Mike McKown said. The state had been counting on a 7.5 percent return.

“You’ve got a 23.5 percent gap in earnings,” McKown told reporters and editors during The Associated Press’ annual Legislative Lookahead conference. “The major driver of the fiscal year 2011 budget will be shoring up the retirement systems.”"

"We face a $3.5 billion shortfall over the next two years, this after Kaine has already trimmed $7 billion from Virginia's last $77 billion two-year budget. Kaine's proposal closes that shortfall (Virginia is constitutionally prohibited from having a budget deficit), and involves additional cuts to the budget including the very controversial cut of the car tax relief program, which is a payment from the state to the localities at $950 million per year to make the localities whole from the car tax cut instituted by Gov. Gilmore several years ago.

Kaine proposes to make the localities now whole by replacing the payment with money from a 1 percent increase in Virginia's income tax."

"The average price of a gallon of regular gasoline hit $2.70 this week, according to the auto club AAA. That's up 67 percent from this time last year, and it's the highest price since October 2008 -- a fact not lost on drivers.

Sayed Bilal, a cabdriver in Rockville, Md., estimated that he's spending $200 more a month on gas than he's used to.

"It's affecting everyone's budget," he said, "especially after the holidays. In my business, I depend on people's pocket money. If they don't have any ... ." He trailed off with a shrug."

"Legislators from the 20th District are adamant that creating new jobs is the best way to solve the $2.6 billion budget deficit facing the state when the 2010 session begins on Monday.

The question posed to state legislators for the next session is how to close the gap.

Gov. Chris Gregoire submitted a balanced budget in December, as required by law, but quickly said she couldn’t stand by her own proposal that would cut or completely eliminate some state programs, such as state-provided health care and student financial aid.

Gregoire predicts tax increases may be necessary."

"ATLANTA (AP) Georgia lawmakers are facing a grim to-do list as they return to the Capitol Monday for the 2010 legislative session.

Tax collections are still in freefall, meaning legislators will need to get to work immediately hacking what could be another $1 billion or so from the $18.6 billion state budget."

"Hill said the steep drop in revenues ``is like falling off a cliff.''

Perdue has already ordered about $900 million in cuts to the budget for the fiscal year that began July 1, telling state agencies to tighten their belts yet again.

Unless tax collections pick up which is unlikely anytime soon those cuts will have to go even deeper.

And the budget for fiscal year 2011, which begins in July, could be even worse as some of the state's federal stimulus dollars begin to dry up."

"So says Florida House Speaker Larry Cretul, R-Ocala, who describes the state's short-term fiscal outlook as "dismal." It is an accurate assessment, given that the Legislature's own economists project a revenue shortfall of between $1 billion and $2.6 billion - on top of $8 billion in state revenue already lost since 2006."

"Tucked deep into the budget that Gov. Arnold Schwarzenegger unveiled Friday is a plan to give cities and counties the green light to install speed sensors on red-light cameras to catch -- and ticket -- speeding cars.

Those whizzing by the radar-equipped detectors at up to 15 mph over the limit would have to pay $225 per violation. Those going faster would be fined $325."

"That would add up to big bucks for cash-strapped California -- about $337.9 million through June 2011 -- to pay for state courts. Every year after that, the program would generate nearly half a billion dollars, the Finance Department says. Local governments would get a share."

"In an eye-opening op-ed column, retired state House Republican press secretary Joseph Santangelo reminds us that we are fast approaching the edge of the abyss.

Connecticut’s tax supported debt is the highest in the country at $4,490 per person. Even Taxachussetts’ debt is lower.

Nutmeggers owe $58.9 billion in unfunded obligations, which includes “outstanding debt, state employee pensions, teacher pensions, and retired state employee health and life insurance benefits, according to the state Office of Fiscal Analysis. For every man, woman and child in Connecticut, that means we each owe about $16,800, with no repayment plan in sight.”"

"Legislators will be saying "no" quite a bit in the session that began Wednesday, as they work to close a budget gap of $438 million to keep the state in the black through June 2011. Maine has a biennium budget, which began July 1, 2009."

"The next day, the Legislature’s chief revenue forecaster, Terry Johnson, projected that the state surplus as of June 30, 2011, would be $16.9 million out of a two-year general-fund budget of $3.7 billion. The reason for the declining surplus is that actual tax collections during this recession are falling far behind what the 2009 Legislature forecast.

The projected $16.9 million surplus is a fraction of the $282.4 million surplus that legislators had projected for mid-2011 when they adjourned last year. It’s also deteriorated from the $44.4 million surplus that Johnson forecast in his last report in early December 2009."

"Arkansas’ December revenue collections revealed a decline in net available general revenue of 5.7 percent from the previous year and 5.3 percent below forecast. Total net revenues topped $376.2 million for the month.

All major income categories were down in December. Individual income tax collections were 5.3 percent below expectations, while corporate income taxes settled 7.8 percent below forecast.

December gross receipts — which include sales and use taxes — totaled $159.9 million, 8.3 percent below forecast.

Year-to-date net available general revenues, which totaled $2.25 billion for the first six months of the state’s fiscal year, are down 1.7 percent from last year and 2.4 percent below forecast."

"Legislators open their annual, 90-day session Monday, and they’re facing a projected budget shortfall approaching $400 million. The biggest issue is whether they’re willing to raise taxes to protect schools, social services and other programs from more cuts –– and, if so, who gets to pick up the tab."

"Gov. Bobby Jindal ordered budget reductions to cope with a $248 million midyear deficit in the $29 billion budget for the fiscal year that ends June 30.

The eight-campus University of Louisiana System plans to lay off 42 non-faculty employees, eliminate vacant faculty jobs, cut scholarships and reduce support for sports programs as officials manage a $21 million share of the $84 million cut doled out to higher education by Jindal."

"Councilman Parks says the City is running out of money and is likely headed for bankruptcy. Word is that another 2,000 city employees will be laid off. 2400 employees have been nudged into early retirement … costing the City uncountable years of experience and institutional memory … and another 300-plus have applied for the early retirement package. More furlough days will be required and more city phones and emails will go unanswered."

"The new year has greeted County Executive Jim Smith with a county budget gap projected to be as much as $138 million.

The deficit, attributed to declining revenues, is part of budget analysis released Friday by County Auditor Mary Allen, who discussed the revenue shortfall last month during a briefing with the County Council’s Spending Affordability Committee.

Allen said recently in an interview that shortfalls in state income tax disbursements and property transfer taxes mean county revenues are on track to be $138 million less than expected in the county general fund budget approved by the council last year.

When reduced state aid is taken into account, that figure climbs to $152 million."

"The New Year started where the old one left off: Federal and state banking regulators closed a pair of banking institutions on Friday, Jan. 8. "

"The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $539.1 million. "

"CHICAGO (Reuters) - Illinois Governor Pat Quinn is under attack for a plan to save his financially ailing state money by speeding up the release of prisoners who served just a fraction of their sentences.

Of the more than 1,700 inmates released for good behavior since mid-September under an accelerated early-release plan, 56 were already back in prison for parole violations or new infractions, according to Quinn. An analysis by the Chicago-Sun Times on Wednesday found 20 prisoners had previously served time for serious crimes such as murder or attempted murder.

As the recession depletes their coffers, U.S. states are looking in every corner of government for ways to save money, and some are squeezing their prison budgets."

"I'd planned to put this chart up for some time now, ever since it was noticed that, back in late-2007, the total number of government jobs exceeded the total number of goods producing jobs. After the events of the last two years, the gap is now about four million."

IMAGE

dak9779's picture
dak9779
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Re: Daily Digest - January 9

Thank you for your research.  You are giving insight on the "real" economy for people like me.  It is so hard to find sources who report the truth while CNBC and the federal reserve spew that there is economic recovery.  Hopefully the American people will have the common sense to understand that there are many difficulties in our future.  God help us as a nation and God bless you as an agent of the truth.

 

Thank you,

Dan

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Re: Daily Digest - January 9

Re: Lawsuit: Goldman Sachs bonuses bigger than its earnings

I remember telling friends about this - they didn't believe me!

They also found it difficult to believe GS's trading figures (>95% successful trading days in Q2/Q3) - I didn't find it difficult to believe, I found it impossible to believe.

DavidC

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Re: Daily Digest - January 9

These are quite long reads, but I found them riveting.

There's a chunk in the third part that describes Martin Armstrong's case itself.

http://www.martinarmstrong.org/files/Behind-The-Curtain-The-Full-Monty-Part-One.pdf
(Why the SEC likes to bring cases in NYC, Goldman Sachs and the birth of derivatives. )

http://www.martinarmstrong.org/files/Behind-The-Curtain-The-Full-Monty-Part-Two.pdf
(The Full Monty - The growth of the "Club", "Tech Bubble" "Housing Bubble" and commodity manipulation using the CFTC. )

http://www.martinarmstrong.org/files/Behind-The-Curtain-The-Full-Monty-Part-Three.pdf
(The Full Monty - 'The Art of Political Manipulation,' 'The Oil Manipulation,' and 'Manipulating the Bailout')

DavidC

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Re: Daily Digest - January 9

Food Stamps Create Jobs… in India

Several States With High Unemployment Are Outsourcing Food Stamp Services

http://abcnews.go.com/Business/Economy/story?id=7452561

Sometimes there are informations which let me stuck in surprise, especially that JP Morgan manages the food stamp programm ...

Best greetings
Regina

 

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Re: Daily Digest - January 9

This latest Martin Armstrong document(s) is the most amazing thing I've read since this crisis started in 2008 and I haven't missed much. The level of corruption in a few firms, particularly Goldman Sachs, the regulatory agencies, and most disturbing, the entire judicial system of NY is hard to fathom.

I'd love to see this made into a movie!

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Early warning...Treasury to Raid IRA and 401(k)'s?

If this happens, I thinking of cashing out entirely and buying physical gold...I can't keep them from using my taxes to prop up the zombie, but I can cash out from the IRA game and walk away...

http://beforeitsnews.com/story/3048/401k/IRA_Screw_Job_Coming%3F

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

Side note:  I appreciate the job CM 's defacto editors are doing...you have saved me so much money and shined a bright light on the ugly truth...I post and contribute when I can.  In doing so, I see the effort you all put in every day and I really do value your time. 

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Re: Early warning...Treasury to Raid IRA and 401(k)'s?
bikemonkey wrote:

If this happens, I thinking of cashing out entirely and buying physical gold...I can't keep them from using my taxes to prop up the zombie, but I can cash out from the IRA game and walk away...

http://beforeitsnews.com/story/3048/401k/IRA_Screw_Job_Coming%3F

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

Side note:  I appreciate the job CM 's defacto editors are doing...you have saved me so much money and shined a bright light on the ugly truth...I post and contribute when I can.  In doing so, I see the effort you all put in every day and I really do value your time. 

Our democracy is being demolished - we now have a Demo-Dictatorship. 

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Damnthematrix
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Re: Daily Digest - January 9

Catastrophic fire warning as SA swelters

http://www.abc.net.au/news/stories/2010/01/10/2788929.htm?section=justin

Firefighters are on high alert across South Australia today, with nearly every major regional centre expected to top 40 degrees Celsius.

The highest danger is on the west coast, which has been issued a catastrophic fire warning.

Renmark and Port Augusta are forecast to hit 44C, while Adelaide is expecting a top of 43C, nearly 14C above average, according to the weather bureau.

This will be Adelaide's fourth day of temperatures above 35C.

The coastal towns of Victor Harbor and Robe are the state's only two major towns not expected to record temperatures in excess of 40C.

But Mark Anolak, from the Bureau of Meteorology, says elsewhere the mercury will be up.

"Even in the south-east we're getting quite warm, with Mount Gambier heading for 41C," he said.

Residents have been warned to keep an eye on relatives and neighbours during the extreme heat.

Paramedics have been kept busy with call outs, but Keith Driscoll from SA Ambulance says the service is well prepared.

"We have tried to put on extra cars to accommodate events that we also know we have happening at the time," he said.

More extreme heat is forecast for tomorrow, before a cool change arrives on Tuesday.

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Re: Early warning...Treasury to Raid IRA and 401(k)'s?

Here's the way they present it on Business Week and then here's where Business Week says that people oppose it.

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Re: Early warning...Treasury to Raid IRA and 401(k)'s?-lipstick

Here's the lipstick on that pig....

http://www.dailyfinance.com/story/investing/guaranteed-retirement-income...

 

 

Guaranteed Retirement Income Bill Legislation Likely in 2010

MATTHEW SCOTT Posted 6:00 AM 01/09/10 Retirement, Investing

Comments: 10 Print

Text Size A A A

After pushing for health care legislation to cover millions of uninsured Americans last year, expect Congress in 2010 to begin efforts to help millions of American workers who don't have adequate retirement savings. After the recent recession wiped out $1.3 trillion in wealth, legislation offering incentives for workers to invest in financial vehicles that provide guaranteed retirement income has been proposed. The movement is gaining support from the insurance industry and retirement advocates.

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Re: Daily Digest - January 9

Great Article, Ben!  I just had to laugh at reading GS paid out MORE in compensation than its earnings...what else can you do? 

Well, actually, I guess these folks came up with an even better solution; sue the greedy S*Bs and make them accountable for their actions. Yep,now that I think about it, I think I like their reaction a LOT better.

-pinecarr

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Re: Daily Digest - January 9

Midweek Politics with David Pakman - Chris Martenson Interview - Part 1

Midweek Politics with David Pakman - Chris Martenson Interview - Part 2

Midweek Politics with David Pakman - Chris Martenson Interview - Part 3

V's picture
V
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Re: Daily Digest - January 9

Here is how GS was able to pay out more than they took in.

Timmy in a secret deal got a couple of printing presses

smuggled out of Treasury. One for him and one for GS.

i just made it up but we are in strange times and anything can happen.

Any guesses  what Wall Street bank Timmy will end up at

when Barry throws him under the bus? i am guessing GS

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Re: Daily Digest - January 9

Chris says, in regard to Obama's performance on economic measures (paraphrased): "Because I couldn't see any daylight between the two administrations, I got an uncomfortable feeling about who's really running things in Washington, and it's not the administration."

Of course that is not news to most of us here, and I think it is not news to most of the People that matter; and when I say that, I do not mean to belittle the People who are too busy living their lives, raising children, working multiple minimum-wage jobs to survive, or attempting to survive personal catastrophes of you name it. What I mean to say is this:  when you consider that it is blatantly obvious to thinking, voting, breathing Americans that the administration is a puppet troupe, it is all but impossible to not come to a pretty dark conclusion:

The fact that the behavior and agenda of the corporofacists has not only not diminished, but has actually increased absolutely and, relatively, with respect to what should be a moderating factor, Citizen awareness (the denominator in the corruption quotient: Brazen Theft/Citizen awareness), indicates that the Goldman Sachs of the world have no fear of any kind of retaliation on the part of the American populous at all. We are, in their minds, considered to be...pussies!  They have no fear; not in the slightest. They are absolutely sure that there will be no repercussions for their continued exploitation and theft of middle class and other wealth, and the destruction of the working American's way of life.

How could they be that sure? How could Tim Geithner (I can  barely stand to say that name anymore) sit in front of "Our" "congress?" and deny everything, obfuscate when convenient, and refuse  to respond at will when backed into a corner? That is nothing more and nothing less than the behavior of  a mafia boss; a boss who knows he has mercenaries (of some sort) at his back.

If you think you're living in America, think again. HItler "ended badly," but he started somewhere.

How does this all end? Like all "Family" matters, with a new boss. So who's it gonna be Americans?

 

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Re: Daily Digest - January 9
Exxon’s Failure Rate, Hungarian Flop, Led to XTO Deal

By Joe Carroll

 

Jan. 8 (Bloomberg) -- Exxon Mobil Corp. seeks more than added reserves with its takeover of XTO Energy Inc. The biggest U.S. oil company also intends to prevent a repeat of exploration flops such as a Hungarian well that struck more water than gas.

Last month’s agreement to buy Fort Worth, Texas-based XTO for $30 billion, Exxon’s largest takeover since its 1999 purchase of Mobil Corp., provides growth potential to a company that’s failing on four in 10 exploration wells, analysts say. Those setbacks culminated in the Nov. 2 abandonment of a $75 million effort to crack open a natural-gas field in Hungary.

XTO knows more than Exxon about tapping petroleum deposits that require unconventional drilling methods, said Gary Adams, a vice chairman at Deloitte LLP in Houston. XTO became the largest U.S. gas producer by exploiting so-called shale and tight-sand deposits while Exxon focused on offshore oil projects, he said.

“Exxon is buying XTO for the people so they can take their knowledge and skill base and put it to work in Hungary as well as Germany and other places,” said Brian Youngberg, an analyst at Edward Jones & Co. “For the large, integrated oil companies, unconventional plays were kind of forgotten for a long time, but now it’s one of the few growth areas.”

Unconventional deposits include tight sands, or sandstone so dense that traditional drilling won’t unleash the gas, and shale, a type of rock with pores so small that fracturing is required to allow fuel to flow. Exxon’s Hungarian prospect involves tight sands like those at the Freestone Trend in Texas, which accounts for 28 percent of XTO’s output.

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Re: Daily Digest - January 9

Great Article, Ben!  I just had to laugh at reading GS paid out MORE in compensation than its earnings...what else can you do? 

Well, actually, I guess these folks came up with an even better solution; sue the greedy S*Bs and make them accountable for their actions. Yep,now that I think about it, I think I like their reaction a LOT better.

Thanks pinecarr.  I've heard of many lawfirms shedding their staff; maybe some of these out of work / under worked lawyers can come up with some big class action lawsuits and could just start suing some of these crooks left and right.  If they can get even just a few percentage points paid back, the lawyers' cuts would be plenty to pay their own bills I would think. 

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