September 19, 2008

A Heartbeat Away? I believe this has something to do with "energy":
Of course, it's a fungible commodity and they don't flag, you know, the molecules, where it's going and where it's not. But in the sense of the Congress today, they know that there are very, very hungry domestic markets that need that oil first. So, I believe that what Congress is going to do, also, is not to allow the export bans to such a degree that it's Americans who get stuck holding the bag without the energy source that is produced here, pumped here. It's got to flow into our domestic markets first.
--Sarah Palin, sans teleprompter, at a McCain-staged "town-hall" meeting yesterday.

Remember when we thought the Republic was doomed because Dan Quayle was next-in-line....

September 15, 2008

Although I practice bankruptcy law, the type of filing that Lehman Brothers initiated this morning is way out of my league. Although Chapter 11 filings have become more popular for individuals in recent years, mainly due to the archaic secured debt limitations of Chapter 13 cases, there tends to be very little overlap between practitioners of consumer and business bankruptcies. Business bankruptcies are almost always filed by large, corporate law firms with a huge support staff, whilst consumer cases are typically handled by humble country lawyers like myself.

For those of you who are interested, here is a copy of the Voluntary Petition filed by Lehman, and the supporting affidavit by its CFO describing how Lehman got into this position. More to come....