Michael J. Burry, featured in Michael Lewis’ 2010 book The Big Short: Inside the Doomsday Machine, gives his commencement speech to the UCLA graduates of 2012.
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WSJ Markets
- Jefferson County Debt Plan Is CostlyThe plan by Jefferson County, Ala., to emerge from bankruptcy protection hinges in part on the sale of $1.9 billion of new debt this fall to refinance debt tied to its troubled sewer system. But some observers are calling terms of the new debt onerous.
- Thai Rice Aid CriticizedThailand's government took a step toward revealing the full cost of its contentious rice-price support program, saying it had lost $4.4 billion on the subsidy from fall 2011 to September 2012.
- KPMG Ex-Partner Is ArraignedFormer KPMG LLP senior partner Scott London was arraigned here Monday in federal court, where a not-guilty plea was entered on his behalf, although he is expected to plead guilty once certain procedural matters are resolved.
- China Wrestles With Banks' Pleas for CashChina's big banks are urging the central bank to free up funds to ease an unusual cash squeeze, as Beijing faces a stark choice: add money to the financial system to help lenders, or stay the course to rein in a rapid expansion of credit.
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