Just months after amassing a war chest for American Energy Partners, his new drilling company, McClendon is actively trying to add to it.» Read More
The Libyan government announced an immediate cease fire on Friday morning—just hours after the U.N. authorized the use of force against the Qaddafi regime to protect civilians.
The Libyan Foreign Minister, Moussa Koussa, is quoted by CNN as saying that Libya is "obliged to accept the Security Council resolution that permits the use of force to protect the civilian population," and that the Qaddafi regime will engage in "an immediate ceasefire and the stoppage of all military operations."
CNBC has learned before President Obama leaves for Rio, he'll be getting a letter signed by more than 18 GOP Governors calling on the President for more energy options.
The detailed letter obtained by CNBC lays out concerns over the EPA's policy and regulatory initiatives, saying these regulations will "within the next five years which will significantly impact the energy industry, increase burdensome costs to consumers, and hurt the competitiveness of U.S. manufacturers."
United Nations approves military force in Libya, including no fly zone. [CNBC]
Repairs at Japanese nuclear plant continue. [NY Times]
Japanese supply chain concerns grow. [Reuters]
Chinese central bank raises rates. Again [ZeroHedge]
St. Patrick's Day Rally! [MarketWatch]
President Obama seeks to reassure on Japan crisis—but the phrase "We Do Not Expect Harmful Levels of Radiation" doesn't exactly sound definitive. [CNBC]
The New York Times has begun—rather rudely—autoplaying video on its front page. Check it out. [NY Times]
And now—with their new paywall—you can pay them for the privilege of having your music interrupted! [CNBC]
Bank CEOs to get rich(er) [DealBook]
Whenever I critique efforts to legislate for proxy access or other measures designed to make corporate governance more democratic, I inevitably get attacked for being a shill for management.
A gentler form of that attack came recently from Nell Minow, board member of GovernanceMetrics International and a film critic for Belief.Net. (Full disclosure: that sounds like a pretty sweet combination of jobs to hold.)
In response to one of my semi-regular diatribes against shareholder democracy, Minow writes:
There are two different ways the jury can take Anil Kumar's testimony, which finished yesterday.
The final argument between the defense and Kumar, the prosecution's witness, basically sums it up.
Have you ever noticed how few public companies are run on anything like a democratic basis?
They have some of the trappings of democracy. Elections for directors; ballots on important—and sometimes unimportant—questions of corporate governance or strategy; investor meetings that sometimes resemble a New England townhall.
"The challenges, on a global scale, are considerable: A nuclear power disaster; concerns about anemic growth and inflation; Middle Eastern discord; oil supply worries."
When I wrote that, earlier today, the irony hadn't yet fully occurred to me—especially in the context of advice to a president .
If the plotline of this movie sounds familiar that's because it is. The original melodrama is set in 1979—the power plant is Three Mile Island, and the president is Jimmy Carter. And the precedent for a remake isn't a favorable one.
If you happen to see our president tell him this: Now might be a good time to put together a little soirée in the East Room of the White House—just to let the folks hear your voice and to let them know you're still at the helm.
Because your countrymen are getting restive.
Instant messaging and twitter may allow traders to be more profitable than when they work alone or under centralized command.
A new study by a team at the Kellogg School of Management found that internet tools that allow traders to collectively process information without central coordination can increase trading profits.