Reason TV has a video out that touches on several points I've posted on before about corn-based ethanol. If you're a glutton for punishment you can go back and look at them here, here, here, here, here and here. Or you could watch the video:
Via Instapundit)
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Not related to this article, but check this one out. I think I am glad I didn't take that job....
Babcock & Brown Shuffles Board, ManagementDow Jones Newswires (08/21/08) ; Thurlow, Rebecca; Lindsay, Bill
Babcock & Brown Ltd. has overhauled its board and management to address declining confidence in the company's leadership in the wake of an 11th-hour profit warning and write-downs, and a prolonged slippage in share price. The reshuffling includes the resignation of CEO Phil Green and Chairman James Babcock, who founded the company 32 years ago. CFO Michael Larkin said the new board and management intend to drastically cut Babcock's leverage and lower principle investment activity, and eliminate 25 percent of its workforce. Another part of the plan is a refocusing of expansion in the infrastructure business on unlisted funds, with emphasis on core competencies such as operating leasing and real estate as part of strategic review being conducted with assistance from Goldman Sachs Group Inc. and Deutsche Bank. Babcock's shares are currently a fraction of its record peak of A$34.78 in mid 2007, and have been declining since the credit market turmoil choked access to cheap debt for funding the acquisitions that have previously fueled rapid growth in the company. The firm was forced into discussions with its lenders in June after a steep drop in its market capitalization empowered the financiers to review Babcock's A$2.8 billion corporate debt facility. The lenders later lifted the market capitalization clause attached to the facility and deferred their right to review Babcock's ability to repay the debt, and the company agreed to a hike on the margin of the debt and agreed to pay it down by roughly A$400 million through previously announced asset sales. Debt across Babcock's assets totals A$50 billion, including the debt of its listed and unlisted funds. Babcock and its satellite funds are hoping to lower leverage and raise their security prices through asset sales.
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