Wednesday, 25 February 2009

Earlybird, Feb. 25, 2009

Seré yo, maestro? David Murcia, head of Colombia's biggest investment scam.
He now points his fingers at President Alvaro Uribe, who he alleges
sponsored his company. Los pájaros les disparan a las escopetas ...

These are the headlines:

U.S. -- Obama Says Pulling Country Out of Recession Requires 'Bold Action´(click here for link to Bloomberg story): U.S. President
Barack Obama, delivering his first address to a joint session of Congress, said the credit crunch must be fixed now or the country risks ending up paralysed. One interesting comment he made about the economic crisis was what he described as a short-sighted attitude that infected Main Street, Wall Street and Washington. ''We have lived through an era where, too often, short- term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election.´´ His comments came at a moment where the world was looking for an aggressive, encouraging speech by the president. Early reactions to the speech were positive. The speech also coincided with remarks made by Federal Reserve Governor Ben Bernanke that bank nationalisations aren't either the policy solution nor the focus of the recovery plan. Markets should react today positively to these two stories.

U.S. -- Merrill Hit By Unexpected $500 Million Charge (click here for link to Financial Times story): Ineffective internal controls at
Merrill Lynch & Co. caused the firm to understate its 2008 losses by more than $500m, the investment bank said in its annual report. Then, Bernanke says banks will do what they have to do without imposing them additional controls. BS. Well, at least they won't nationalise banks such as Merrill that fail to do their homework properly.

BRAZIL -- Carnival Ends; Petrobras to Invest $2 Billion in Nigeria in Five Years (click here for link to Estado story): Petroleo
Brasileiro SA, the state-controlled oil company, will invest in Nigeria, a country with worse political risk instability than Colombia, $2 billion by 2014. Well, that $174.4 billion five-year plan is big enough to pay for this and other investments.

COLOMBIA -- Defense of Pyramid Scheme Owner Will Ask Judge to Summon President Uribe (click here for Tiempo story link):
Gimme a break! The defense lawyer of David Murcia, owner of the DMG pyramid investment company, alleges President Alvaro Uribe urged Colombians to invest in DMG. Well ... I wonder who of these two have more credibility.


  1. Well as you're asking, Murcia has.

  2. Doesn't surprise me ... the funny thing is he did all his business in complete peace until he dared accussed the children of P. Uribe of having business deals with him. That's when the police captured him ... I think you are, unfortunately for the cuntry, right.