The Supreme Court sets the dates for hearing arguments for and against Obamacare
Clear your calendar: The Supreme Court has set aside March 26, 27, and 28 for hearing arguments for and against Obamacare.
Year: 2011
Five ridiculous gun myths promoted by movies
Five ridiculous gun myths promoted by movies. I like this one:
It’s an old joke by now that nobody runs out of bullets in action movies (unless it’s suddenly convenient to the plot, that is). Hollywood shows some restraint with revolvers–usually no more than 10 or 11 shots per six-shot cylinder–but damn, do they go hog-wild with anything that fires full-auto. So much so that that most of us have wound up with an utterly ridiculous concept of how those guns work. They’re seriously depicting these things firing a hundred times more bullets than they can actually hold.
A new kind of metal in the deep Earth
EPA ponders expanding its regulatory power in the name of “sustainable development”
We’re here to help you: The EPA is considering expanding its regulatory power in the name of “sustainable development.”
In related news: New EPA pollution rules will force the shutdown of dozens of coal-fired power plants.
Former astronaut John Grunsfeld is to take over NASA’s science post from Ed Weiler
Excellent choice: Former astronaut John Grunsfeld has been picked to take over NASA’s chief science post from Ed Weiler.
Not only is Grunsfeld an excellent choice, his experience as an astronaut repairing Hubble will help improve relations between the science and manned space programs. In the past, scientists have often argued against manned space, trying to get that money for their unmanned research probes. Instead, when manned space got cut, so did science, and no one won. Grunsfeld’s leadership I think will forestall these short-sighted complaints.
The bar at the center of the Milky Way
The bar at the center of the Milky Way.
Seven predictions for the year 2011 from 1931
Seven predictions made in 1931 for the year 2011.
The states have shed thousands of public employees since the beginning of the recession
State governments have eliminated thousands of public employees since the beginning of the recession.
North Korean leader Kim Jong Il, 69, has died
Good riddance: North Korean dictator Kim Jong Il, 69, is dead.
The astonishing collapse of MF Global
The astonishing collapse of MF Global.
The failure of broker MF Global is a unique event in the annals of American corporate history: To my knowledge, it’s the first time a CEO singlehandedly bankrupted his firm through actions that the board of directors was not only knowledgeable of, but had indeed expressly sanctioned. “That takes some talent!” quipped Roderick Hills, a former chairman of the SEC.
The article is long, detailed, and thorough. It describes a deep corruption that should chill the spine of anyone who has money in the investment world.
I must note that I do not advocate more regulations to eliminate this corruption. Such regulations never work. Take for example this quote from the article, describing the accounting systems that are required by law to prevent a client’s funds from being misused:
As noted above, it’s a major part of the CEO’s job to put the proper systems in place. In fact, regulations implemented through Sarbanes-Oxley — a bill that Corzine co-wrote while he was a senator — require that the CEO and CFO sign off on the effectiveness of the controls over financial reporting. … If those proper “controls and procedures” were in place, a breach of segregated client funds should have set off loud, blaring, obnoxious alarms that would have alerted management to that breach.
In the case of Jon Corzine and MF Global, those controls were obviously not in place, and thus the Sarbanes-Oxley bill wasn’t worth the paper that Corzine used to write the bill.
Rather than more regulations, what works is very simple and can be summed by two words: “Buyer beware.” Investors (as well as voters considering the political ambitions of Corzine and his friends) have to be more skeptical of whom they put their trust in. You have to protect yourself. You can’t ask others to do it for you.
Festive Mechanized Holiday Cat Accessories
An evening pause: Some advice from engineers on how to prepare for the holidays.
Egyptian Islamists have been accused of kidnaping Christian girls and forcing them to convert to Islam under threat of rape.
Islamic romance: Egyptian Muslims have been accused of kidnapping Christian girls and forcing them to convert to Islam under threat of rape.