Friday, 22 February 2008

Moo

Newsflash:

REUTERS in Vacaville, California - A motorist was killed when an airborne cow smashed through the windscreen of his pick-up truck, striking him on the head. The California Highway Patrol said the 340-kg, 11/2 year-old heifer wandered on to a road during stormy weather on Wednesday night in an unincorporated area of Solano county about 80 km northeast of San Francisco. A 1983 Mercedes-Benz travelling north on the road hit the animal, sending it hurtling into the air and into the path of the Toyota pick-up, which was travelling south. The cow fell through the windscreen and killed the driver, who was wearing a seat belt. After hitting the pick-up, the heifer was thrown on to the southbound lane and was hit by another Toyota pick-up. "This is about as freaky an accident as you can imagine," California Highway Patrol Officer Chris Linehan said in an interview. [Ed.: For reasons unknown, the journalist does not specify the make of officer Linehan's car. Perhaps he ran out of drugs.] "Animals get hit but not something like this, with it getting thrown up into the air and flying into another car," he said. Officer Linehan said police were withholding the name of the victim pending family notification.The drivers of the Mercedes and the second pick-up were not injured. Officer Linehan said the heifer was probably killed by the first impact.


What do you think about that story? Thin, huh? Not credible. Officer Linehan was clearly not telling the truth. It is a shame that the cow is now beyond repair, because that means we can't interview it, but surely nobody in their right mind would believe that the cow wanders out to graze on the northbound lane of the San Francisco highway?! Unless of course the grass was greener on the other side, and the tragic incident was caused by the cow trying to cross the road. Evidence collected by your investigative team, however, suggests no such thing; in fact the grass at the side of the northbound lane was probably marginally greener, if anything.

So why is Officer Linehan lying? Perhaps out of ignorance, but perhaps he was following orders... Is this a massive cover-up to hide from the public evidence of facts so frightening, this reporting team almost wet their pants? We realised that a case with such calamitous implications required the undivided attention of the two finest brains in East Asia today. Unfortunately, they were tied up with other important business, so we decided to have a go at it ourselves.

We didn't have many leads to go on, but we now believe the truth is to be found in one of the theories below, produced by your tireless investigative team after intense research without food or drink except for steak sandwiches and a couple of six-packs of beer each.

1. At the 16th anniversary of the transmogrifier strip invented by Sam Watterston for Calvin and Hobbes, scientist Norman F. Jennings in Paco Alto, Ca, perfected the device, incorporated it into a bright green squirtgun, and, in the proud tradition of scores of scientists before him, promptly misplaced it. It was found by his 5-year old son Jim, who while watching the traffic pointed the gun at a sparrow flying low over the northbound lane of the San Francisco highway. "Cow," he said (young Jim was not equipped with what you might call an above average IQ), and that was it. Finale for the driver of the Toyota.

2. The cow in fact belongs in the 16th century. In order to understand this, it is important to study the geological past of that particular strip of high-way: rigorous research combined with some educated guesswork by your investigative team has discovered that before the road was constructed, the area was in fact farmland, populated by domesticated animals such as the cow. Little did it know that it was about to be transported through the fourth dimension and land in heavy mid-morning traffic on the San Francisco highway in 1999. One moment, the cow was grazing, minding its own business, thinking cow thoughts such as, hey, maybe the grass is better over where Bob is, and - WHAM - it walks through a hole in the time/space continuum and is dumped on the hood of a 1983 Mercedes Benz. This phenomenon is often described as "a ripple in the surface of the universe," no doubt caused by the proximity to the Earth of a massive billion-years old black hole, as Dr. Stephen Hawking would gladly explain (if he could speak, that is). We would have liked to present evidence for this theory, but unfortunately the cow was destroyed that same day (Officer Linehan will be the first to admit that his wife is not a good cook). In reality, had Officer Linehan not been so eager to close the case based on that very dubious grazing theory of his, he might have spent just a little time investigating the dead bovine. A carbon-dating test would almost certainly have revealed that the contents of the cow's stomach could not possibly have been consumed in this century (Note: Don't think this investigative team doesn't know that a cow typically chews its food over a long period of time. OF COURSE we had thought of that).

3. Due to high local unemployment among domesticated animals following pressure from imported foodstuff, one ambitious cow had enrolled in a training scheme for carrier pigeons, using a fake ID. Having passed the theoretical test, it was only a few seconds into the first practice flight that the unfortunate cow realised why he was the only non-feathered participant on the team.

4. Having successfully negotiated the abolition of the law of gravity on behalf of all cows in Solano County, the chief negotiator returned in triumph to his constituency, only to realise that this particular cause was perhaps not such a bright idea after all. Stepping out of the helicopter, the wind from the rotor swept him off the ground in a general northern direction which eventually led him to a, we are beginning to feel, almost predestined meeting with the hood of the 1983 Mercedes Benz.

5. The California Cow Pole Vaulting Team was training for the Cow Olympics in the vicinity, and following a heated discussion with the other team members after having unwittingly chewed the leaves of a nearby coco-bush, the unfortunate cow champion yelled at the top of his voice: "Don't be schilly. OF COURSE I can jump across all six lanes on the highway. Moo."

6. It was well into the third six-pack that your investigative team suddenly realised the truth that had been staring them in the face all that time. We had missed the geopolitical significance of the location of this tragic incident. Yes, we realised that only a short distance separated Solano County from the last Stalinist empire in the world. Well, actually separated by the biggest ocean in the world, but you get the picture. Yes, the origin of the cow must have been North Korea, a country ruled with an iron fist by that notorious unashamed wearer of outrageous hair-dos Kim Jong-Il. Not only would a bovine carrying missile be a typically defiant gesture from a country supposedly ravaged by hunger, but we actually have evidence of the country's source of the ammunition: The chairman of Hyundai, mr. Chung Ju-Yung, recently sent a herd of cows across the border.

A friendly gesture? Perhaps you think it's a coincidence. Perhaps you are hopelessly naive. No, we think you will all agree that what we are dealing with here is a North Korean secret plan to develop missiles that can reach across the whole world, carrying such animals as rabbits, Labrador retrievers, and weasels. Imagine hundreds of Labrador retrievers raining down over New York. Or donkeys darkening the skies over Paris, London or Berlin. World War Three material. And the question is, when will the dictators of this world learn that such behaviour is unacceptable? How much longer can we tolerate such blatant defiance of common humanity? And spare a thought for the poor animals - picture the cow desperately sending distress signals from inside the missile, "Moo-MoooMooo-Moo", trying to alert the driver of the 1983 Mercedes Benz to the impending disaster. Why can't we all just get along?

Tuesday, 19 February 2008

Chapter Five,

in which Winnie the Pooh learns about juicy fruits, financial geniuses and American litigation law.

"Christopher Robin, please tell me a story," Pooh said. Christopher Robin knew so many different stories, and Pooh was bored.

"Sure, Pooh, do you want a funny or a strange story?"

"I think I would like a strange story today."

"Fine, but you have to promise me you'll listen very carefully, because this is a very strange story. It's about a man called mr Citron."

"That's a funny name."

"It is. And it gets funnier, because he worked for a county in America called Orange."

"Hmm... Are there lemons involved, too?"

"You might say that. Quite a lot of lemons in fact. But just listen. Mr. Citron was a financial genius. Everybody knew this, so he was hired by Orange County to invest their tax revenues to get the highest possible return for the taxpayers. Mr. Citron did this for many years, but one day he started getting a bit restless. So he spoke to another financial genius in a bank in New York, and this man told him he could earn much higher returns if he borrowed some money in that bank, and bought more securities."

"Christopher Robin, I'm just a little old bear, and I don't understand much, but didn't you just say his job was to invest some money for the people in the county? I didn't know you could earn money when you borrowed, but maybe I'm missing something..."

"No, you are quite right, Pooh, but you have to remember that Mr. Citron was recognised as a financial genius so nobody wanted to challenge him. In the end he had a pile of securities so high, he had to stand on a chair to reach the top."

"But did they really pay so much tax in Orange County?"

"Silly old bear, remember what I just said, he borrowed money from the man in New York so he could buy all these securities."

"You are right, that IS a strange story."

"It sure is. But it now it turns a bit sad because all of a sudden the price of the securities started falling, and Mr. Citron lost a lot of money for the county. Lots and lots of money. In fact so much money, the number has almost as many zeroes as I have fingers. And the people in Orange County were very upset with Mr. Citron because they'd have to pay more taxes to pay for the losses, you see."

"Poor old Mr. Citron. He must have been very ashamed of himself."

"He certainly was, Pooh. In fact, he was so ashamed of himself he filed a complaint with the police, claiming the bank in New York had tricked him, and in fact he never understood the trades he had done."

"Wow, what did the bank in New York say then?"

"The bank said could he please stop behaving like a baby when everybody knew he was a financial genius."

"That wasn't a very nice thing to say."

"No, but it wasn't very nice of Mr. Citron either if you think about it. He was happy enough being known as a financial genius before."

"I suppose so." Pooh scratched his nose. "What happened then?"

"Mr. Citron pondered that message a little, and then he got a bright idea. Before the bank could say Jiminy Cricket, Mr. Citron had dragged them in court in front of a doctor who explained that while Mr. Citron used to be a financial genius in the past, unfortunately he had suffered an infection in his brain causing him to be dizzy and not able to think clearly during the period when he made the trades with the bank in New York."

"But -"

"Yes, Pooh, it sounds childish, but this is America, you see."

"I see. America. So because he had fallen sick, the bank had to refund him the losses?"

"That's right, Pooh. You're not so silly after all."

"Christopher Robin, you have told me many strange stories, but this one beats them all. So the bank had to pay in the end?"

"Sure, so far the bank has repaid four hundred and twenty million dollars to the county, and they may end up footing Mr. Citron's medical bill, too."

"Imagine how much hunny you could buy for that kind of money."

---------------------

Los Angeles Times/Orange County Edition, 07/23/98


Citron Says 'Cognitive Defects' Led to His Risky Investments Bankruptcy: Ex-treasurer testified his brain deterioration affected the strategy that resulted in county's bond crisis. E. SCOTT RECKARD


With the benefit of hindsight and psychotherapy, former Orange County Treasurer Robert L. Citron testified he believes his mental deterioration began as early as 1989--five full years before his investments toppled the county into bankruptcy.
Indeed, Citron--once lauded as a genius, then disgraced when his treasury lost $1.6 billion--links brain disease diagnosed by his doctors to the very moment he began the investments that proved so foolish, four years before the collapse.
Telling his story under oath during 40 days of questioning from lawyers for Merrill Lynch and 10 days before other lawyers in 1997, Citron also said it was his loss of judgment that moved him to divert other agencies' funds to a county account, according to documents released Wednesday.
"So when Mr. Raabe [assistant Orange County treasurer Matthew R. Raabe] came to me and suggested that we do this, I trusted Mr. Raabe. He was a certified public accountant, and I had no reason whatsoever at that time to believe what we did to be illegal in any way," Citron said in testimony taken in the county's recently settled lawsuit against Merrill Lynch.
The county so far has recovered $739 million as a result of litigation, including $420 million from Merrill Lynch.
"And then, in going back, in retrospect, I realized that a large part of the decision was because of my cognitive deficits, not being able to really rationalize and think out in my mind that major executive decision," Citron testified.
The contention that his "cognitive deficit," diagnosed after the county's debacle, affected his judgment has been made before. Indeed, Citron submitted lengthy material from his psychologists and psychiatrists in arguing for a light sentence when he pleaded guilty to six felonies.
But while the problems previously were offered in mitigation of his behavior, Citron told lawyers for Merrill Lynch & Co., the target of a county lawsuit, that he believed they were directly responsible for him making the bad investments as far back as 1991.
That, he said, was when star Merrill Lynch salesman Michael G. Stamenson showed him how interest-sensitive securities issued by government agencies like Sallie Mae could immediately be put up as collateral to borrow more such securities, which then became collateral for still more purchases. -END