Daily Digest

Daily Digest - Apr 25

Saturday, April 25, 2009, 3:00 PM
  • Subprime Loans, Corporate-Style, Will Fuel Defaults
  • Jon Stewart saves investors: Cramer’s book in free fall
  • End of Day 4/23 – Because you’ve got to pick a pocket or two!
  • Stress Test Scores ‘C’ If Name Ends in ‘itigroup’: Mark Gilbert
  • The (False) Glimmer of Hope
  • BOA Video
  • IMF: Negative Global Growth for First Time Since WWII (Chart)
  • European Manufacturing (Chart)
  • Swine flu could infect U.S. trade and travel
  • Mike Larson - The Fed: Our Next Troubled Bank?
  • Video-o-rama: Economy – recovery or relapse?
  • New Home Sales (Chart)
  • Week #18, Friday Night Special #26
  • Week #18, Friday Night Specail #27
  • Week #18, Friday Night Specail #28
  • Bank of Canada blames Geithner for financial mess 

Economy 

Subprime Loans, Corporate-Style, Will Fuel Defaults 

So it went with the subprime mortgage crisis. And so it is now going with corporate loans and bonds. It appears that defaults on leveraged loans and corporate bonds will soon rise to levels not seen since the Great Depression. 

Jon Stewart saves investors: Cramer’s book in free fall 

Yesterday, I had a lunch meeting about Bailout Nation with the folks at Borders HQ in Detroit was quite interesting. 

I was over-caffeinated, and essentially babbled away for 2 hours. I did manage to remember to ask a few questions, and learned quite a bit. It was an education for me in a real “Art meets Commerce” kind of way.

There is the creation of content, and then there is the selling of that content. They are two utterly different worlds, bound by a small overlap. (Picture a 2 circle Venn Diagram, with a rather smallish “c”). Quite fascinating to me, as I know little of the publishing/book selling universe, especially in the midst of a severe recession.

We discussed the book, purchase promotions, driving traffic to stores and websites, the Bailout Nation blog (coming soon!), and a bunch of other related things.

They asked me what shows I wanted to do to promote the book, and I gave them the full run down. What really surprised me was their reactions to two of the quasi-news opinion programs — The Daily Show with Jon Stewart, and The Glen Beck Program.

After Oprah, these two are (apparently) amongst the biggest book sellers on TV. Like Oprah, Glenn Beck has a loyal audience, is perceived as very sincere — and moves books.

But the most intriguing “inside baseball” stuff we discussed was the impact of The Daily Show on book sales — in particular, two recent books that were the subject of big TDS segments. These were mentioned as prime examples of the power of Jon Stewart.

 End of Day 4/23 – Because you’ve got to pick a pocket or two! 

One bombshell after another… We learn that of the program trading which accounts for more than 30% of all trading on the NYSE, Goldman performed more than twice the next lower program trading firm and that they solely were responsible for nearly 25% of all program trading. If that doesn’t tell you who controls the markets, I don’t know what does. If there is a PPT surrogate, there it is, right there. Goldman, and all the large Primary Dealers need to be broken up if we ever want any hope of having free markets again.

 Stress Test Scores ‘C’ If Name Ends in ‘itigroup’: Mark Gilbert  

April 23 (Bloomberg) -- Tomorrow, the U.S. authorities are scheduled to disclose the methodology for the stress tests that will gauge the creditworthiness of the 19 largest U.S. banks. Below are a few examples of the kinds of searching, penetrating questions the Treasury Department should ask. Some sections have point scores. Others will be judged more subjectively. 

(1) Award your institution five points for every ex-Goldman Sachs Group Inc. manager on your board. Double that tally if former Federal Reserve Chairman Alan Greenspan ever took part in a private conference call for your favorite clients. Lose all points if the head of your executive compensation committee has a worse golf handicap than your chief executive officer.

(2) This week, an anonymously sourced blog entry said the government’s stress test would show that 16 of the 19 banks in the study are technically insolvent, with none of the 16 able to survive a disruption of their cash flow or additional defaults on their loans. On hearing this, your first reaction

 The (False) Glimmer of Hope 

“But, welcome as it is, optimism contains two traps, one obvious, the other more subtle. The obvious trap is that confidence proves misplaced—that the glimmers of hope are misinterpreted as the beginnings of a strong recovery when all they really show is that the rate of decline is slowing. The subtler trap, particularly for politicians, is that confidence and better news create ruinous complacency. Optimism is one thing, but hubris that the world economy is returning to normal could hinder recovery and block policies to protect against a further plunge into the depths.”

BOA Video

IMF: Negative Global Growth for First Time Since WWII (Chart)

European Manufacturing (Chart)

Swine flu could infect U.S. trade and travel 

CHICAGO, April 24 (Reuters) - Mexico's deadly swine flu could disrupt trade and travel between the United States and Mexico if it prompts restrictions on the movement of goods across the border or sparks fear in consumers, analysts say. 

The potential impact is far from clear as experts race to learn more about the disease, which has claimed the lives of as many as 61 people. But shipping and travel industries are especially vigilant.

"If you end up with a significant demand shift, you could end up with a very substantial effect on our products, whether it be government-imposed restrictions or alternatively if the consumers just decide to say 'no'," said Bob Young, chief economist with the American Farm Bureau Federation.

Since Mexico and Canada are the two largest buyers of U.S. agricultural goods, such restrictions could be a drag on U.S. agriculture, Young said.

The World Health Organization has said it is concerned about 800 "influenza-like" cases in Mexico. The group confirmed the outbreak of a new strain of swine flu in the United States and said about 60 people had died in Mexico

Mike Larson - The Fed: Our Next Troubled Bank?

The Federal Reserve is watching the backs of U.S. banks. But sometimes I wonder, "Who's watching the Fed's back? Is the Fed our next troubled bank?"

You see, all of this garbage paper that's going bad — the troubled residential mortgage backed securities (RMBS), the commercial mortgage backed securities (CMBS), the asset backed securities (ABS), the Fannie Mae bonds, the corporate loans, and so on — hasn't just gone "Poof."

Instead, more and more of it has been landing on the Fed's doorstep — either through direct ownership or as collateral against Fed loans that keep getting rolled over.
The result? The Fed's once pristine balance sheet is starting to look more and more like the balance sheet of a troubled financial institution.

From AAA to
Something Else Entirely

What do I mean? Well, take a look at this April 26, 2007, Federal Reserve Statistical Release. Table 2, the Consolidated Statement of Condition of All Federal Reserve Banks, shows the breakdown of the Fed's assets back then.

You'll see that the Fed banks listed total assets of $883.5 billion at the time. The lion's share of those assets — $787.1 billion, or 89 percent — were "AAA" quality U.S. Treasury bills, notes, and bonds. There were a few other assorted line items (gold, bank premises, etc.) ... but that's about it.

Now compare that two-year old balance sheet, to this multi-headed hydra of a balance sheet that came out a few days ago. The equivalent table (number 9) shows that total Fed assets have exploded to $2.19 TRILLION. And those plain-vanilla, risk-free Treasuries? They make up just $526.1 billion, or 24 percent, of Fed assets!

The Fed now also owns more than $355 billion of mortgage backed securities and $61 billion in debt issued by Fannie Mae, Freddie Mac, and Ginnie Mae. Term auction credit comes to $455.8 billion. Those are short-term loans against just about anything and everything — from auto loans and credit card receivables to Brady Bonds and CMBS.

The Fed is also holding $238 billion in commercial paper as part of an October 2008 program to help corporations fund short-term debt obligations. And it has $111 billion in so-called "other loans." This all-purpose category includes loans made to primary dealers ($12.9 billion), bailout baby AIG ($45.1 billion), and loans made as part of the Fed's Term Asset-Backed Securities Loan Facility ($5.1 billion).

Finally, the Fed has lent money to so-called "Maiden Lane" LLCs that acquired dodgy asset portfolios as part of the Bear Stearns and AIG bailouts. The grand total there comes to $72 billion.

Bottom line:

- The quality of the balance sheet of the U.S. central bank is deteriorating.
The Fed is now heavily burdened by the same kind of crappy paper that has been hammering private U.S. banks for several quarters.

- The Fed is now heavily burdened by the same kind of crappy paper that has been hammering private U.S. banks for several quarters.

- And the Fed banks are holding total capital of just $45.7 billion against the sum total of $2.19 trillion in assets, meaning the Fed is leveraging its capital 48-to-1. That compares to only 27-to-1 two years ago.
What's the Risk?

With the Fed doing its best to tarnish its balance sheet and the Treasury borrowing like crazy (not to mention the Fed monetizing some of that debt), the natural question becomes: "What's the risk?"

The answer is that it all comes down to the reaction of the capital markets...

- Do investors continue to aggressively bid on U.S. Treasuries at our debt auctions?

- Do foreign creditors, who hold more than 53 percent of the privately held Treasury debt outstanding, start balking at supporting our profligacy?

- Does the U.S.'s AAA credit rating come under closer scrutiny?

- And does the dollar start to reflect the fact that the Fed is throwing money around like a drunken sailor — and taking on any and all kinds of crummy assets?
These questions likely won't be answered today, tomorrow, or next week. We may not learn for months or even quarters. But that doesn't mean we shouldn't discuss these risks now ... that those risks aren't very real ... and that you don't want to start taking some protective steps now.

I warned about an impending blow up in residential real estate in 2005. If you sold housing, construction, and mortgage stocks back then, you dodged the worst meltdown in modern history. I warned that commercial real estate was in big trouble in early 2007. If you sold your REITs then, you dodged the biggest crack up in office, industrial, and retail real estate shares in ages.

Now, I recommend you consider buying some gold and dump the heck out of any long-term U.S. bonds. Because some day, the trashing of the Fed's balance sheet is going to matter, and in a potentially huge way.

Video-o-rama: Economy – recovery or relapse? 

On the video front, the IMF upped its forecast of total global credit crisis-related losses to $4.1 trillion by the end of 2010 and the Congressional Oversight Panel on Tarp conducted a hearing on Capitol Hill, whereas a host of commentators - including Martin Feldstein, Joseph Stiglitz, Nouriel Roubini, Frederic Mishkin, Paul McCulley and John Mauldin - weighed in with a combination of gloomy and “bottom-in-sight” economic forecasts, as well as comments on the imminent results of the bank stress tests. 

Other clips worth viewing include the Charlie Rose interview with Mikhail Gorbachev and Martin Wolf’s take on the UK economy.

Enjoy the footage while I enjoy the views across the North Pacific.

Bloomberg: IMF’s Vinals says losses from crisis may hit $4 trillion
“Jose Vinals, director of monetary affairs and capital markets at the International Monetary Fund, speaks about the outlook for global losses on distressed loans and securitized assets due to financial market turmoil and the recession. Banks will shoulder about 61% of the writedowns, with insurers, pension funds and other nonbanks assuming the rest, IMF said in a report today on the state of the global financial system. The fund forecast $4.1 trillion in losses by the end of 2010 with $2.7 trillion in losses from US-originated loans and assets, compared to its estimates of $2.2 trillion in January and $1.4 trillion in October.” 

New Home Sales (Chart)

Week #18, Friday Night Special #26

Week #18, Friday Night Specail #27

Week #18, Friday Night Specail #28

Bank of Canada blames Geithner for financial mess 

Looks like bloggers aren’t the only one concerned about Geithner’s plan. But that doesn’t matter because Americans think the U.S. is on the right track. Obama’s policies are putting Americans in the best frame of mind since Saddam Hussein was captured in 2004. See the video below for details.

11 Comments

Davos's picture
Davos
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Re: Daily Digest

 perils-of-optimism

OMG, I listened to the Bloomberg video on that Canada slams our idiot treasurer. 48% think the country is heading in the right direction.

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Re: Daily Digest

As always we thank you Davos for your Daily Digest links everyday -- including weekends!! 

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Re: Daily Digest - Apr 25

Just how much longer before something gives, and how bad will it be? Can't help but notice that despite it being on 60 minutes the media ignores the alt-a option arm disaster that is about to strike. Are they all complete retards? Not only will housing (and hence general wealth) continue to fall these loans mainly affect small business's.

It was on 60 minutes, I thought it was a popular show but does no on watch it? How come they just ignore it? Look at it, it's worse than the sub primes, how can you possibly say things are getting better? Am I missing something?

 

A google search brought up this site: Coming wave of Resets - Is there a Simple Answer?

The author askes his readers for advice and the comments bought up some interesting things:

 

The NASE survey is at http://advocacy.nase.org/research.asp See the NASE News for the Survey on Toxic Mortgages. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other “toxic” mortgages. Of this number, 3 million are “very worried” about their ability to make the monthly payment due at “reset” , and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected “Resets” that are scheduled to begin in 4th Quarter 2008 through 2012.

 

But don't worry the big mess will be adverted with  "the Libor."

One thing that isn't getting mentioned in all of the above doom & gloom is that the LIBOR is around 2%. You take a typical sub prime ARM at LIBOR + 5% and the rate is only 7% at reset - which is probably about what the original rate was. Same for I/O and Option ARM loans. I have many clients - including myself, actually - with Option ARM loans where the minimum payment is currently the same or higher than the I/O payment, which causes their Neg Am to cease for a while. Should LIBOR, the 12MTA, and other indices stay low, which I think we can safely assume they will for the forseeable future, these resets are not going to be as bad as everyone is making it out to be.

 

I can't help but think those are the same kind of shit reasons "experts" had to explain why the housing bubble was going to go on forever.

 

 

 

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Damnthematrix
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Re: Daily Digest - Apr 25
Someone else in severe danger of "commiting suicide".  

http://www.telegraph.co.uk/finance/5209788/Bank-of-America-forced-to-conceal-Merrill-rescue-facts.html

Bank of America 'forced to conceal' Merrill rescue facts

Pressure from Fed and Treasury chiefs to complete purchase of Merrill Lynch despite 'staggering' losses

By James Quinn, Wall Street Correspondent
Last Updated: 9:40AM BST 24 Apr 2009
 
Ken Lewis's position at the helm of Bank of America looked increasingly uncertain on Thursday after it emerged he stopped short of pulling out of the deal to buy loss-making Merrill Lynch after Treasury Secretary Hank Paulson threatened to oust him and his entire board.

Mr Lewis, BoA's chairman and chief executive, also knowingly hid the state of Merrill Lynch's "staggering" losses from shareholders at the behest of former Treasury Secretary Paulson and Federal Reserve chairman Ben Bernanke.

Mr Cuomo, who released details of the exchanges yesterday, has been investigating BoA after Merrill paid $3.6bn (£2.45bn) of bonuses to its staff just days before the acquisition was completed on January 1.

He believes he has uncovered "facts that raise questions about the transparency" of the Treasury's $700bn bank bail-out programme "as well as about corporate governance and disclosure practices at Bank of America."

Investors have already expressed serious concern that BoA did not attempt to pull out of the merger with Merrill, given the investment bank racked up losses of $15.84bn in the fourth quarter of 2008. The loss required BoA to take on an extra $20bn of Treasury funding as well as an $118bn loan-loss guarantee.

The documents paint all three men in a bad light. Mr Lewis, though initially keen to pull out of the Merrill deal after revealing the extent of what he calls the "staggering amount of deterioration in its finances," claimed he caved in after being threatened by Mr Paulson on December 21, ten days before the sale was due to complete.

"That makes it simple. Let's deescalate," Mr Lewis told Mr Paulson, with reference to his original plan to invoke a material adverse clause (MAC) to get out of the Merrill deal.

Mr Paulson later testified to Mr Cuomo that he only threatened Mr Lewis "at the request of Chairman Bernanke."

As part of his testimony, Mr Lewis claimed that he was told by the two men not to disclose that he had considered invoking the MAC, and admitted that over the short term BoA shareholders were being asked to shoulder some of the damage from the Merrill losses.

At a later board meeting, on December 30, the BoA board stressed it was not influenced by the threat of removal and that it was only going along with the government's requests because of "serious concerns regarding the status of the US financial services system" were it to pull out of the Merrill deal.

The disclosures will provide investors already seeking to oust Mr Lewis at next week's annual general meeting on April 29 extra ammunition.

A BoA spokesman said: "We believe we acted legally and appropriately with regard to the Merrill Lynch transaction."

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something to cheer you up...

Deadly swine flu outbreak 'can't be contained'

http://www.abc.net.au/news/stories/2009/04/26/2552700.htm?section=justin

The strain of swine flu is suspected of killing as many as 60 people in Mexico.

The strain of swine flu is suspected of killing as many as 60 people in Mexico. (Reuters: Jorge Dan Lopez)

The US Centres for Disease Control and Prevention (CDC) says an unusual new flu virus has spread widely and cannot be contained, as the World Health Organisation urges governments to be on the alert.

"It is clear that this is widespread," the CDC's Dr Anne Schuchat told reporters.

"And that is why we have let you know that we cannot contain the spread of this virus."

The strain of swine flu is suspected of killing as many as 60 people in Mexico and infecting thousands more.

It is a new strain, and therefore poorly understood. The World Health Organisation (WHO) says it does not know the full risk yet.

The organisation has held an emergency meeting to discuss the outbreak.

Its director-general, Margaret Chan, says the deadly new form is serious and does have pandemic potential.

"It has pandemic potential because it is infecting people," WHO Director-General Margaret Chan said in Geneva.

"However, we cannot say on the basis of currently available laboratory, epidemiological and clinical evidence whether or not it will indeed cause a pandemic."

The WHO is advising all countries to be vigilant for seasonally unusual flu or pneumonia like symptoms among their populations, particularly among young, healthy adults who seem to be the most affected in Mexico.

The CDC's acting director, Dr Richard Besser, says it seems humans are transmitting the virus.

"There are things that we see that suggest that containment is not very likely, in that we are seeing cases in Texas and we're seeing cases in San Diego without any connection between them, which makes us think that there's been transmission from person to person," he said.

The Mexican government says there will be a mass vaccination campaign, and in the meantime it has closed all schools and universities.

CDC officials are assisting public health authorities in Mexico to test additional specimens and providing epidemiological support as part of a WHO team.

The centres have also dispatched teams in southern California, where several cases were reported.

Health leaders in the US, Mexico, Canada and at the WHO say they are communicating frequently, and state and local US health authorities are conducting investigations.

There is no vaccine to protect humans from swine flu, only to protect pigs, according to the CDC.

Dr Schuchat says measures are being taken to produce a vaccine against the virus if necessary, but cautions that it usually takes "months" to produce a vaccine.

"We're not going to have large amounts of vaccine tomorrow," she warned.

- ABC/BBC/AFP/Reuters

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Re: Daily Digest - Apr 25

Several years ago I read the book, "The Great Influenza." I gave the book to a good friend, but if I recall, one of the things that stuck out and struck me was that scientists believed for the bird flu to be a pandemic it would have to mutate with the swine flu first, and a version of it (pig flu) that was transmittable by humans.

I find it a bizarre coincidence that Baxter stepped on it several weeks ago and accidentally released H5N1 in a vaccine and now we have this mess on the other side of the globe.

The author wasn't a doctor, and neither am I so maybe what he wrote and or what I perceive he wrote mean nothing and are totally insignificant.

But I do have to admit, reading how the prep school in NY is waiting to consider closing school does remind me of how we handle crisis (Katrina and the financial mess.) Seems like we don't just go over the cliff, we race towards it to get a good trajectory and hit it at an unstoppable speed.

Take care

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Re: Daily Digest - Apr 25

Of course the people over at LATOC are going apeshit but I don't see this virus going that far. Unlike the old days they know what it is and how it spreads and can clamp down on problem area's quickly. Causing a lot of economic damage mabey but killing hundreds of millions of people, I doubt it. Just the beggining though so we'll see.

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Re: Daily Digest - Apr 25
American Electric Says Industrial Demand May Drop 15% This Year
By Jordan Burke

April 24 (Bloomberg) -- American Electric Power Co., the biggest U.S. producer of coal-fuelled electricity, expects demand from industrial customers to fall 10 percent to 15 percent this year from 2008 because of the recession, its chief executive officer said.

Demand rose in March compared with February, Michael Morris, the company’s CEO, said in an interview. American Electric supplies power to more than 5 million homes and businesses in 11 states.

April demand is also improving, “but not good enough to get excited,” Morris said. “It’s early to get all excited about, ‘Well maybe the world is finally coming out of its downturn.’”

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Re: Daily Digest - Apr 25

Hello FireJack:

Hope you are right, they made a mess of Katrina and if the officials in charge of this are on par with Geithner and Summers I'm sure they will spread it not contain it.

This Baxter Pharmaceutical thing really amazes me. I mean, I'd of thought there would be some controls in place - ones that worked anyway.

http://www.naturalnews.com/025760.html

(NaturalNews) There's a popular medical thriller novel in which a global pandemic is intentionally set off by an evil plot designed to reduce the human population. In the book, a nefarious drug company inserts live avian flu viruses into vaccine materials that are distributed to countries around the world to be injected into patients as "flu shots." Those patients then become carriers for these highly-virulent strains of avian flu which go on to infect the world population and cause widespread death.

There's only one problem with this story: It's not fiction. Or, at least, the part about live avian flu viruses being inserted into vaccine materials isn't fiction. It's happening right now.

Deerfield, Illinois-based pharmaceutical company Baxter International Inc. has just been caught shipping live avian flu viruses mixed with vaccine material to medical distributors in 18 countries. The "mistake" (if you can call it that, see below...) was discovered by the National Microbiology Laboratory in Canada. The World Health Organization was alerted and panic spread throughout the vaccine community as health experts asked the obvious question: How could this have happened?

As published on LifeGen.de (http://www.lifegen.de/newsip/showne...), serious questions like this are being raised:

"Baxter International Inc. in Austria 'unintentionally contaminated samples with the bird flu virus that were used in laboratories in 3 neighbouring countries, raising concern about the potential spread of the deadly disease'. Austria, Germany, Slowenia and the Czech Republic - these are the countries in which labs were hit with dangerous viruses. Not by bioterrorist commandos, but by Baxter. In other words: One of the major global pharmaceutical players seems to have lost control over a virus which is considered by many virologists to be one of the components leading some day to a new pandemic."

Or, put another way, Baxter is acting a whole lot like a biological terrorism organization these days, sending deadly viral samples around the world. If you mail an envelope full of anthrax to your Senator, you get arrested as a terrorist. So why is Baxter -- which mailed samples of a far more deadly viral strain to labs around the world -- getting away with saying, essentially, "Oops?"

But there's a bigger question in all this: How could this company have accidentally mixed LIVE avian flu viruses (both H5N1 and H3N2, the human form) in this vaccine material?
 

Was the viral contamination intentional?

The shocking answer is that this couldn't have been an accident. Why? Because Baxter International adheres to something called BSL3 (Biosafety Level 3) - a set of laboratory safety protocols that prevent the cross-contamination of materials.

As explained on Wikipedia (http://en.wikipedia.org/wiki/Biosaf...):

"Laboratory personnel have specific training in handling pathogenic and potentially lethal agents, and are supervised by competent scientists who are experienced in working with these agents. This is considered a neutral or warm zone. All procedures involving the manipulation of infectious materials are conducted within biological safety cabinets or other physical containment devices, or by personnel wearing appropriate personal protective clothing and equipment. The laboratory has special engineering and design features." 

Take care

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Re: Daily Digest - Apr 25

Hey Davos,

I've said it before and I'll say it again, thank you, thank you, thank you for the Daily Digest!  Your contributions to this site are amazing and I have great respect for your work here.  I look forward the Daily Digest everytime I check in to the site to see what's up.  I am getting concerned though.  I've noticed your comments have gotten a little darker lately taking on a somewhat of a conspiritorial tone.  These comments sound like something I would write. 

Davos wrote:


Or, put another way, Baxter is acting a whole lot like a biological terrorism organization these days, sending deadly viral samples around the world. If you mail an envelope full of anthrax to your Senator, you get arrested as a terrorist. So why is Baxter -- which mailed samples of a far more deadly viral strain to labs around the world -- getting away with saying, essentially, "Oops?"

But there's a bigger question in all this: How could this company have accidentally mixed LIVE avian flu viruses (both H5N1 and H3N2, the human form) in this vaccine material?

 

Was the viral contamination intentional?

The shocking answer is that this couldn't have been an accident. Why? Because Baxter International adheres to something called BSL3 (Biosafety Level 3) - a set of laboratory safety protocols that prevent the cross-contamination of materials.

 

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Davos
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Re: Daily Digest - Apr 25

Hello HuckleJohn & Worker Bee:

It is a pleasure to contribute to the fine site Chris created, takes but a minute, I read everyday so pasting it over into a blog is really nothing.

Worker Bee: That wasn't the article I would have chosen to post. I posted it becuase the other 4 that "covered" this (what I consider to be a quite importnat story) never mentioned that Baxter shipped this to EIGHTEEN!!! different countries????? That article just said the Czech Republic and nothing about the other 17 countries.

I'm amazed that Baxter is probably left to do the "investigation." To me that would be like the NTSB saying to a pilot, okay you balled one up get back to us as to why.

I don't want to come across as a conspiracy theorists, and I'm sure like the way they fix the economy and save people from Katrina a lot probably has to do with stupidity.

Take care

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