Mary Flood notes that former Enron Task Force director Andrew Weissmann has been named in this Ethisphere article as one of the “100 Most Influential People in Business Ethics.”
They are kidding, right?. If it’s acceptable to promote business ethics through abuse of prosecutorial power, then Weissmann is your guy.
As the Texans fade to their sixth straight losing season and fifth last place finish in their six year existence, head Texans cheerleader John McClain is preaching patience.
A year ago at this time, the Texans looked deader than a doornail and like a team that was not particularly well-coached. The Texans closed the season by upsetting the Colts and beating a bad Browns team to finish with a 6-10 record.
Then, after the usual pre-season cheerleading and despite the fact that the Texans continued to make questionable personnel moves in the off-season, McClain went batty over second-year coach Gary Kubiak after the Texans opened this season with wins over a bad Chiefs team and an even worse Carolina team.
Now, a couple of months later and a year later after the Texans looked deader than a doornail, the Texans again look deader than a doornail and like a team that is not particularly well-coached. The Texans will have to win two of the last four games against tough opponents just to finish one game better than last season’s 6-10 record.
And McClain preaches patience.
Frankly, I’m quite patient with the Texans — I don’t think the team will improve much until Bob McNair is completely comfortable with a management model for the team, gets the right management and coaches in place, and that management quits making bad personnel decisions. However, I’m much less patient with what the Chronicle attempts to pass off as analysis from John McClain.
This Tom Fowler/Chronicle article (also see later report here) reports on the beginning of the latest in the series of criminal trials nicknamed “the trader cases” among the Houston defense bar involving Houston-based natural gas traders who allegedly manipulated natural gas trading indexes that are used to value billions of dollars in gas contracts and derivatives. The defendants are former El Paso Corp traders Jim Brooks, Wesley Walton and James Pat Phillips, who face 49 charges of conspiracy, false reporting and wire fraud. The trial of this particular trader case looks as if it will last about two months.
So, Warren Buffett finally gets to experience the price of ratting out his business associates (background here, here, here and here).
As noted in the foregoing posts, I seriously doubt that the transactions involved in this prosecution are the product of any criminal conduct. However, does anyone really believe that Buffett did not fully understand the nature, scope and purpose of these transactions? Ah, the benefits of being the mainstream media’s folk hero of business.
(Dom Furore/Golf Digest photo) My old friend and prominent Las Vegas criminal defense attorney David Chesnoff introduced me to the late Evel Knievel back in the mid-1980’s when we bumped into him while playing golf at Las Vegas Country Club. That led to an afternoon of David telling me stories about the high-stakes Vegas golf games in which Knievel regularly played, a good number of which involved Knievel’s legendary ability to hold up well under extraordinary pressure.
Knievel’s death last week reminded me of another story about Knievel thriving under pressure that Knievel told in this Golf Digest inteview from a couple of years ago:
I was playing 21 at the Aladdin in Las Vegas, betting $10,000 a hand. Arnold Palmer and Winnie are standing right behind me, watching. And I’m losing. The dealer is pulling 20 every time, and although I’m pulling my share of 20s, too, I can’t win a hand, and I’m losing a lot of money. And I’m getting really angry. The next hand he deals me a 20, and he’s got a face card showing. I’m certain he has 20, and I just can’t bear tying again. So I ask for a hit.
The dealer freaks out, shuts the table down and screams for Ash Resnick, who runs the casino. Ash comes along and is told I want to hit 20. He looks at me for a long time and then says, “Give the kid a hit.” The dealer gives me an ace, and when I turn around, Arnold’s eyes are this big, and Winnie looks like she’s going to be sick.
“I know what pressure is,” Arnold said, “but you’re too much.”
Read the entire interview here.
I swear, there isn’t much that you can’t find out something about on the Web these days. Check out this list — 25 Unexpectedly Useful Websites for the Uncommonly Curious.
This earlier post reported on how the full story about the Department of Justice’s sordid prosecution of former Dynegy executive Jamie Olis is finally starting to come out in connection with a civil trial earlier this year by Olis’ former attorney and Olis’ recent motion to set aside his conviction.
Now, Ellen Podgor reports that Olis’ new legal team has filed a motion that Olis be released from prison on bond pending the outcome of the motion to set aside his conviction, and the basis of the motion is that the DOJ failed to turnover to the Olis defense in violation of its obligation under U.S. v. Brady evidence regarding the DOJ’s frequent communications with Dynegy’s employees and attorneys during the prosecution of Olis. As Professor Podgor asks:
“What was the collective knowledge of the government here, and was the discovery properly provided to [Olis’] defense counsel prior to trial?”
This is getting very interesting.
EconLog’s Arnold Kling is one of America’s best thinkers on economic issues relating to the U.S. health care finance system (previous posts here), so this recent TCS Daily op-ed is required reading for anyone interested in the proper role of government in a reformed health care finance system. In so doing, Kling summarizes well the current state of stress in the U.S. health care finance system:
All of our health care finance systems are under stress. The government system is completely unsound–the Titanic headed toward the iceberg of unfunded liabilities. Employer-provided health insurance is a questionable concept in theory that is unraveling in practice. The individual insurance market is a disaster, with something like 3/4 of all families who do not get insurance through work or government electing to remain uninsured.
Kling sums up his view of the proper role of governement in reforming the health care finance system in the following manner:
I believe that there are things that government can do to enhance access, improve quality, and lower the cost of health care. However, I believe that we would be best served by having government focus on the policies that I put into the “good” category–clinics in poor neighborhoods, vouchers, high-risk pools, and better information on the effectiveness of services and the performance of providers. If we look to government to take a larger role in running our health care system, then my prediction is that things will get ugly.
Previous posts here, here and here reported on the Dallas SWAT team’s dangerous and absurdly over-the-top campaign over the past year to terrorize participants in private poker games.
Now, Reason.TV has produced the video below with Drew Carey narrating about Dallas SWAT’s latest debacle — raiding a regular poker game at a local VFW Hall in Dallas. This is certificable proof that Dallas SWAT does not have enough work to stay busy. H/T Radley Balko.
(AP Photo/Mark Humphrey; previous weekly reviews are here)
Titans 28 Texans 20
Let’s see here. The Texans (5-7) lose another game on their way to their sixth straight losing season and lose their starting QB Matt Schaub to injury. Schaub is injured after being brutally hammered two plays in a row when two different Titan defensive ends waltzed virtually untouched threw the Texans’ offensive line, which has been a chronic weak spot of the team for its entire six year existence. Schaub has now had to leave three different games this year with injuries and missed one game entirely (Oakland) that the Texans won.
Viewing this landscapte, the Chronicle’s Richard Justice reacts to all this by expressing concern that second-year coach Gary Kubiak might not be the right coach for the Texans:
Now the Texans are at another crossroads. They’ve got four games left in a season that’s again going nowhere. I hope Bob McNair takes a hard look at his franchise and asks this question: ”Are we headed in the right direction? Are we getting the pieces in place? Are Rick Smith and Gary Kubiak the guys that can get us to the playoffs?”
He can ask himself that question today, but he really should answer it at the end of the season. Kubiak and Smith have had two. That’s enough to know whether they’re what he hoped they’d be. When you see the turnovers and penalties, when you see leads consistently disappear, it makes you wonder.
Of course, this is the same Richard Justice who wrote the following only two months ago: