Credit Suisse helps solve the toxic debt problem

In a fiendishly clever plan, Credit Suisse Group AG has found a way to reduce its exposure to toxic securities and transfer risk off its balance sheets--it's paying senior executives' bonuses with them.

Managing directors and directors, the two highest ranks at the Zurich-based company, will be paid year-end bonuses in its most illiquid loans and debt. Those assets will be transferred to a "Partner Asset Facility," and those directors will receive shares of ownership in the facility. Those assets will make semi-annual payments to the owners, with the full value only to be known as the assets mature or default.

A Very Merry Unauthorized Children's Scientology Pageant

Last night Einzige, frequent commenter Schtacky, and I went to see "A Very Merry Unauthorized Children's Scientology Pageant" in Tempe, put on by the Stray Cat Theatre. By lucky coincidence, local Scientology expert and critic Jeff Jacobsen was also attending (see his recent article), and we sat with him in the front row for what proved to be a very enjoyable performance.

On the way to work this morning, I heard Robrt Pela of Phoenix's New Times reading his review on the local NPR station, and his review describes our experience quite well:

About three minutes into Stray Cat Theatre's newest production, I found myself thinking: This can't be really happening. When you go to see it — and you must, if you do nothing else this holiday season, go see this astonishing stage production — you will almost certainly experience the same sense of delighted confusion. ... I rarely stopped laughing during this barely-hour-long show, and my single complaint about A Very Merry Unauthorized Children's Scientology Pageant is that it ended too soon.

The play was a special treat for those of us who already know something about Scientology and the life of L. Ron Hubbard.

The production tells the story of L. Ron Hubbard's life ("writer, explorer, nuclear physicist ...") and how he came to develop Dianetics and Scientology, in the form of a children's holiday pageant. Cheesy props and frequent costume changes are used to portray rapid changes of location, from Hawaii to New York to China. Much of what is presented is accurate--Hubbard's birthplace, some of his claims about his life, and especially the content of Dianetics and Scientology. A few liberties are taken in the story of his life, though fewer than Hubbard himself and contemporary Scientologists take in describing his achievements. While there are countless amusing and disturbing events of Hubbard's actual life that could have been used for comic relief but were omitted, we were surprised at how much they managed to pack into a short show. If you want the longer version, you can read Russell Miller's biography of Hubbard, Bare-Faced Messiah, online, complete with supporting documentation including paperwork from his FBI files.

The show continues tonight and tomorrow--if you have the opportunity to see it, take it, and you'll be very glad you went.

Bank slogans as signals to depositors

The traditional bank lobby, filled with expensive marble and and furnishings, is designed to signal to the customer that the bank is stable and isn't going anywhere.

Some recent failed banks have used advertising slogans also designed to inspire confidence, such as IndyMac's "you can count on us."

Others, however, should perhaps have been recognized as clues of impending problems:

Dexia: "The short term has no future."
Fortis: "Here today, where tomorrow?"
Countrywide: "[A] lender that actually finds ways to make loans."
Fannie Mae: "As the American dream grows, so do we."
Washington Mutual: "Whoo hoo!"

(Via The Economist, October 2, 2008.)

Sean Hannity: Media Matters' Misinformer of the Year for 2008

The award appears to be well-deserved.

(Hat tip to Schtacky.)

Jeff Jacobsen article on Anonymous protests against Scientology

Jeff Jacobsen has written a detailed article about the Anonymous protests against Scientology, which brings the reader up-to-date on Internet-supported counter-Scientology protesting since the article we wrote for Skeptic in 1995, "Scientology v. the Internet: Free Speech and Copyright Infringement on the Information Superhighway."

The new article is called "We Are Legion: Anonymous and the War on Scientology." Check it out.

Wine accelerator from SkyMall

If there was any doubt that the SkyMall catalog is full of bogus products that are complete ripoffs for idiots, that should be removed by this product--a "wine and liquor accelerator" that "surrounds the beverage with a powerful triangular-shaped magnetic field, and in just 10 seconds, you'll taste a premium drink's smooth, mellow flavor equal to years of traditional slow aging."

And here, Alex Chiu has been telling us that magnetic devices slow aging, not speed it up.

Not to mention that aging is not something that tends to improve the quality of wine.

The Center for Public Integrity is doing great work

The Center for Public Integrity has published a slew of new investigative reports:

"Global Warming: Heated Denials" -- reporting on climate change denialism pseudoscience from the Heartland Institute.

"The Shadow Government" -- 900 little-known federal advisory committees wielding influence over public policy.

"Divine Intervention" -- how the Bush Administration's initiative to fight AIDS abroad is hampered by conservative ideology.

"Broken Government" -- an assessment of 128 executive branch failures since 2000.

Check them out, and consider providing financial support for this organization, which is one of my top organizations to support.

Beware the feral hogs

This is what we need more of in apocalyptic future science fiction--rampaging herds of feral hogs:

There are thought to be between 4m and 5m feral hogs at large in America, spread across 38 states. The biggest population is in Texas, but states from Florida to Oregon are infested and worried. Feral hogs destroy the habitats of plants and animals, spread diseases, damage crops, kill and eat the eggs and young of wildlife and sometimes menace people with their aggressive behaviour.
The problem originated with the Spanish conquistadors, who took herds of pigs with them as they marched across the American continent. Stragglers reverted to their wild state. Much later “sportsmen” began releasing hogs into reserves for commercial hunting. More recently still declining pork prices have induced farmers to turn some of their stock loose rather than continue feeding them. Pigs produce so many piglets that a feral herd can double or even triple within as little as a year.

Via The Economist.

Bill of Rights celebration at the Wrigley Mansion

Kat and I attended Alan Korwin's Bill of Rights celebration, celebrating the 217th anniversary of the Bill of Rights, which was held this evening at the Wrigley Mansion. There were several hundred people in attendance, mostly civil libertarians of both liberal and libertarian varieties, including people from the Institute for Justice and the ACLU. We were asked in the invitation to think about which Amendment is our favorite--I would probably rank the 1st and 4th at the top of my list, of which the 1st is much healthier than the 4th. I'd also put the 8th and 5th high in importance, both of which have taken some recent hits but are showing signs of recovery. And of course the 6th, and the under-utilized 9th... ah, heck, they're all important. The crowd seemed dominated by 2nd Amendment fans, not surprising since Alan Korwin is the author and publisher of numerous books on U.S. gun laws.

The reading of the Bill of Rights and its preamble was excellent, but I was disappointed that the event included a Patrick Henry impersonator played by Lance Hurley of Founding Fathers Ministries. Hurley is a Christian who endorses David Barton's works of pseudohistory on his website (for which the antidote is Chris Rodda's Liars for Jesus), and at the event argued in character, with quotations from Henry, that the 2nd Amendment came from the teachings of Jesus Christ, that the American revolution was fought on Christian principles, and the Constitutional Convention succeeded because of Ben Franklin's prayer. He also stated, when there were discussions of the health of the first ten amendments to the Constitution, that freedom of religion is in serious danger, because no one can mention God in schools but the Koran can be discussed. This is simply untrue--God and the Bible can be discussed by students, but such discussions cannot constitutionally be imposed by state agents such as teachers and administrators in a way that constitutes an establishment of religion. The Bible can be legally taught as the combination of myth, history, poetry, literature, and religious doctrine that it is, but Christianity cannot be endorsed as true by state agents. The same rules apply to the Koran. Hurley seems not to realize that Madison's version of the First Amendment won out, not Henry's. Some Christians--and it appears that Hurley may be one of them--have a view that their freedom of religion is infringed if they are prevented from legally imposing their religion on others through acts of state agents.

I'll find it amazing that Christians consider themselves to be a poor, persecuted minority prohibited from expressing their religious views when they are, in fact, regularly engaging in establishment clause violations, and Congressmen are signing on to bills like last year's House Resolution 847.

Hurley does public speaking as both Patrick Henry and George Washington--I wonder if his George Washington is historically accurate with respect to Washington's religious views. He's also an advocate of conspiracy theories (Illuminati, Trilateral Commission, Bilderbergers, etc.) and an advocate of the National Day of Prayer.

Further fringe elements were represented at the event by Ernie Hancock of the Ron Paul Revolution, who distributed multiple pieces of literature promoting his Freedom's Phoenix website, billed as "uncovering the secrets & exposing the lies." That site also promotes conspiracy theory, including "9/11 truth" conspiracy claims.

In the discussions, several people brought up Phoenix's recently installed freeway traffic speed cameras as evidence of the sickliness of the Bill of Rights, though no one really offered an explanation of how the Bill of Rights is violated by them. And the objection seemed to only be to the cameras, not to speed limit laws. I'm not a fan of speed cameras, and I agree that they are more of a revenue generation method than a safety measure, but I don't see an obvious case that they violate the Bill of Rights.

That's not to say that the event was entirely dominated by the lunatic fringe--one woman in the audience commented that she was particularly concerned about the 4th Amendment, because she is now regularly stopped at a "border checkpoint" while driving between destinations well inside the U.S. border, because of the 100-mile "Constitution-free zone" that the courts have created around the perimeter of the U.S. And Jennifer Perkins of the Institute for Justice pointed out that even though the U.S. Supreme Court blew a gigantic hole in the 5th Amendment with the Kelo case, nearly all of the states have passed legislation adding further protections against eminent domain abuse (and Arizona's are the strongest).

There was one critical mention of the USA PATRIOT Act (by the Patrick Henry impersonator, to well-deserved applause), but no mention of Guantanamo Bay, the Military Commissions Act, or torture that I noticed. I think concern over traffic cameras is at least a bit lower on the priority list than any of these items. A point in favor of the Patrick Henry arguments is that he correctly identified the risk of expanding executive power and judicial decisions that disregarded basic rights (the fact that the Bill of Rights, as well as the Constitution itself, has many passages that have effectively been written out of it, is testament to the accuracy of that prediction).

The First Amendment's guarantee of free speech, at least, is alive and relatively well.

UPDATE (December 16, 2008): Ed Brayton at Dispatches from the Culture Wars points out that Ron Paul introduced the American Freedom Agenda Act which would:

Repeal the "Military Commissions Act of 2006" and thereby restore the ancient right of habeas corpus and end legally sanctioned torture by U.S. government agents

Restore the "Foreign Intelligence Surveillance Act" (FISA) and thereby outlaw warrantless spying on American citizens by the President of the United States

Give Congress standing in court to challenge the President's use of "signing statements" as a means to avoid executing the nation's laws

Make it illegal for government agents to kidnap people and send them abroad to be tortured by foreign governments

Provide legal protection to journalists who expose wrong-doing by the Federal government

Prohibit the use of secret evidence to label groups or individuals as terrorists for the purpose of criminal or civil sanctions

Ed suggests, and I agree, that writing or calling your elected representatives and asking them to support this bill is a good way to do something to preserve and protect the Bill of Rights.

Otto on a fundraising mailer

Our dog Otto continues his celebrity career by being featured on the front of a "save the date" postcard for a fundraiser for Altered Tails, a local charity that provides low-cost spaying and neutering for dogs and cats. The image is a painting done by local artist Susan Barken.