A student sent me this today....

By Marwaan Macan-Markar

BANGKOK - The largest island off west coast is emerging as another frontier for China's expanding plans to extract the rich oil and gas reserves of military-ruled Myanmar.

Initial explorations by a consortium, led by China National Offshore
Oil Company (CNOOC), has left a deep scar on Ramree Island, which is twice the size of Singapore and home to about 400,000 people. ''They have destroyed rice fields and plantations when conducting the seismic surveys and mining the island in search of oil,'' says Jockai Khaing, director of Arakan Oil Watch (AOW), an environmental group of Myanmar people living in exile.

''The local communities have been directly and indirectly affected,'' he said. ''Hundreds of people have been forced to relocate as a result of the drilling conducted near their communities. The locals hate the Chinese; their world has become crazy after the Chinese arrived.''

CNOOC has been pushing ahead with its work since early 2005 with no attempt to consult the local residents and showing little regard to such notions as corporate social responsibility, said Jockai. The Chinese company, which is listed on the New York and the Hong Kong stock exchanges, has ''not conducted the required environmental impact assessments and social impact assessments that are recognized internationally as a must before exploration work begins.''

Disturbing News From Wall Street

Disturbing to me anyway. What Happens on Wall Street stays on Wall Street? (Unless you are one of the poor folks harmed by non-transparent financial systems and don't know where to trace it back to...)

From the WSJ:

Goldman Sachs Group Inc. ranks as the most profitable securities firm on Wall Street -- reflecting its mastery of trading on the world's public markets.

Now Goldman is turning that franchise on its head, creating its own private system to trade the stocks of companies that don't want the scrutiny and regulatory burdens of going public.

The new system, GS TRuE -- short for Goldman Sachs Tradable Unregistered Equity -- was announced two weeks ago and made its debut on Monday with an $880 million sale of a 15% stake in Oaktree Capital Management LLC, an alternative-investment manager.