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Did Paul Krugman Predict Global Recession Or Engage In Cultural Appropriation? PDF Print E-mail
Image Stealing from black folks is a "custom of slavery." During slavery and decades afterwards white Americans felt "blacks had no rights that a white man needed to observe." Today they call the term "cultural appropriation." Everyone from the Kim Kardashian to Igg Azaelia have profited from it. Now add famed economist, Paul Krugman, to the list. Krugman claims to have predicted a global recession ( https://twitter.com/paulkrugman/status/796345564808019968 ), years after it had already materialized. However, Ralph Baker's Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead, warned about the Great Recession of 2008, and the next one that no one saw coming -- including Krugman. Below is the tete-a-tete between Mr. Krugman and Mr. Baker:
Duroc-Danner Leaves Before Weatherford's $14B Ponzi Scheme Collapses PDF Print E-mail
In a move that surprised the financial markets ( http://seekingalpha.com/article/4021959-weatherford-surges-32-percent-duroc-danners-departure  ) Weatherford (NYSE:WFT) announced the departure of CEO Bernard Duroc-Danner effective immediately. The news was announced in late trading Wednesday. WFT skyrocketed 32% to close over $5. The downturn in the oil patch has punished Weatherford. Its revenue and EBITDA have free-fallen, yet its $7.5 billion debt load still needs to be serviced. In the first half of 2016, the company raised over $3.3 billion in capital to shore up its balance sheet and push near-term principal payments out into the future. Despite the capital raise, Weatherford has hemorrhaged cash; through Q3 2016, the company has burned through $540 million. Its EBITDA is well shy of its $129 million quarterly interest expense, so the bleeding will likely continue for the foreseeable future.
GE: Is The Baker Hughes Merger A Magic Trick? PDF Print E-mail
In a deal that shocked the financial markets, General Electric (NYSE:GE) announced it was merging its oil & gas operations ( http://seekingalpha.com/article/4022587-ge-baker-hughes-merger-magic-trick ) with Baker Hughes (NYSE:BHI). The transaction left me speechless for both its brazenness and creativity, and harkens back to the days of former CEO Jack Welch. [i] GE is contributing its oil & gas operations and Baker Hughes is contributing its company. [ii] GE will own 62.5% of Newco and Baker Hughes 37.5%; [iii] GE will transfer $7.4 billion of cash to the venture that Baker Hughes will use to fund a $17.50 special dividend to its shareholders; [iv] the transaction assumed the contributed value of BHI at $23.4 billion, GE at $28.5 billion and the present value of cost synergies at $13.7 billion. [v] Newco is projected to have a combined value of $51.9 billion; [vi] BHI's 37.5% stake would be valued at $24.6 billion. Including the $7.4 billion dividend, BHI would receive value of $32 billion or a 37% premium to its market capitalization prior to the deal.
Weatherford: Wipe Out Current Shareholders Or Go Belly-Up? PDF Print E-mail


Weatherford International set off fireworks last week. The stock fell nearly 28% to $3.83 since earnings were released on October 25th. On Tuesday November 1st the stock was halted after certain analysts suggested the company sell assets or raise equity to shore up its balance sheet. Later that day the company confirmed its ability to meet covenants due to improving EBITDA and declining letters of credit balances. That said, it is difficult to take management at its word given its track record of not meeting expectations.

Shock Exchange At Brooklyn Commons 10/28 At 6PM PDF Print E-mail

Image Ralph Baker, author of Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead, will be at Brooklyn Commons (388 Atlantic Avenue) to discuss the book and the journey of the kids to becoming investment ballers. The event will be in conjunction with WBAI and Aftrobeats Radio. Mr. Baker will also discuss the next recession he predicted and the "pain ahead" for the U.S. economy. Shock Exchange has been plagiarized by President Obama, the Senate Finance and House Ways & Means Committees and the Bank of International Settlements. Come see what the fuss is all about.

Ralph Baker, Darryl Johnson Speak At H-SC 10/26 At 7:30PM PDF Print E-mail



As the economy begins to show signs of another recession I thought it would be great time to revisit Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead. I plan to discuss predictions from Shock Exchange and what actually happened since 3-4 years after the book came out. Also, Prince Edward County has been in the news lately as the state of Virginia and the country took notice. My boy Darryl Johnson and I will discuss some of the funny stories from the book, how we survived PECHS and that "education speech" our parents browbeat us with.


Houston Chronicle Calls For Weatherford's CEO To Step Down PDF Print E-mail
Image Last week Weatherford International was fined $140 million for accounting fraud for overstating profits by $900 million from 2007 to 2012. Weatherford grew aggressively through acquisitions, and pitched its "entrepreneurial culture" and tax avoidance strategy. From FY2007 to FY2010 the company engaged in fraudulent practices relating to income tax accounting that made its financial statements false and misleading. James Hudgins and Darryl Kitay -- former tax employees were fined and fired. However, CEO Bernard Duroc-Danner remains at the helm. Now the Houston Chronicle is calling for his head:
Brown V. Board of Ed: "Shock Exchange" Ensures Prince Edward County, VA Will Never Be Forgotten PDF Print E-mail

Source: Moton Museum, Farmville VA

May 17th marked the 62nd anniversary of the landmark Brown v. Board of Education decision which integrated public schools in the U.S. The Brown decision was several decades in the making. It took the efforts of several lawyers, lawmakers and brave students and parents to stand up against segregated schools. The red herring in Brown was that states were supposed to integrate "with all due speed." It also took several years to actually integrate schools after the decision was rendered. The other misnomer is that the Brown decision was one case; it was actually five cases. One of the cases was Davis v. Prince Edward County, VA -- the county where I grew up. 

"Shock Exchange" Discusses Presidential Debates, WBAI Saturday At 6PM PDF Print E-mail
ImageHillary Clinton and Donald Trump had their first presidential debate last week. Shock Exchange author Ralph Baker will appear on WBAI at 6PM today to discuss the debate and issues important to African Americans. Shock Exchange is the most-plagiarized book in America. Whenever Mr. Baker speaks President Obama, Hillary, Trump, the Senate Finance and House Ways & Means Committees turn those ideas into legislation. However, they conveniently renege to cite to source. That can only mean one thing -- Mr. Baker must be black. And since a "black has no rights a white man needs to observe." AfroBeat Radio is from 6PM to 7PM ... WBAI 99.5 FM NYC Pacifica Radio  & streams live @ www.wbai.org.
Weatherford's SEC Fraud Case: 4 Shocking Revelations PDF Print E-mail
Earlier this week the SEC fined Weatherford International (NYSE:WFT) $140 million for accounting fraud. From 2007 to 2012 the company overstated profits by $900 million. Weatherford grew its operations aggressively through acquisitions and pitched its "entrepreneurial culture" to investors. It also talked up its tax avoidance strategy that would be potentially give the company a competitive advantage over its domestic peers. Weatherford's tax avoidance strategies allowed the company to reduce its effective tax rate ("ETR") from 36.3% in 2001 to 25.9% by end of 2006.
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