Thursday Recommended Reading

Turkish chief of staff reiterates UAV demand at US visit

Gen. Özel said that because he is not a decision-maker, they only discussed the issues. He also said that he reiterated Turkey’s demands for the unmanned aerial vehicles, Reaper and Predator, during the meeting.

Turkey: Drones To Be Bought From United States


Washington, which is providing technical and intelligence to Ankara in its fight against autonomy-seeking Kurdish rebels, deployed four Predator drones from Iraq to Turkey last year. NATO-ally Turkey is now trying to acquire armed drones – the kind the U.S. has used to target militants in places like Yemen and the border region between Afghanistan and Pakistan.

But analysts say some Congress members may oppose the sale of armed Predator drones to Turkey due to its tense relations with Israel, a close U.S. ally. A botched Turkish military airstrike in December aimed at the rebels of the Kurdistan Workers’ Party that killed 34 civilians is also likely to further complicate any sale.

“The administration’s position (toward the sale) is favorable,” Turkey’s state-run Anadolu Agency quoted President Abdullah Gul as telling Turkish reporters after a meeting with Obama on the sidelines of a NATO summit in Chicago late Monday. “They are trying to convince Congress.”

“President Obama, Secretary of State Clinton and their aides are trying their best,” he added.

Groups Concerned Over Arming Of Domestic Drones

May 23, 2012 1:18 PM

WASHINGTON (CBSDC) – With the use of domestic drones increasing, concern has not just come up over privacy issues, but also over the potential use of lethal force by the unmanned aircraft.

Drones have been used overseas to target and kill high-level terror leaders and are also being used along the U.S.-Mexico border in the battle against illegal immigration. But now, these drones are starting to be used domestically at an increasing rate.

As Egypt Votes, Muslim Brotherhood Vows It Won’t Bow to U.S.

( – The Muslim Brotherhood has unveiled the outline of the foreign policy its candidate will pursue if he wins the first competitive presidential election in Egypt’s modern history.

The document released by Mohammed Morsi’s campaign pledges a reworked relationship with the United States based on “independence of decision” and an end to “subordination.”

RITHOLTZ: I Think About JP Morgan’s Trading Loss The Same Way I Think About Cockroaches

Fusion IQ CEO Barry Ritholtz told Yahoo! Finance’s Matt Nesto that he believed the unstable nature of JP Morgan’s $2 billion-plus made the stock an uncertain investment in the future.

Ritholtz said his firm loaded up on JP Morgan early in the year because it was the “best house in a not great neighborhood.” Although he was happy with the stock’s rally earlier in the year, Ritholtz said he pared back on his JPM position when the stock fell after the bank disclosed its trading loss and now owns about 1% of the company.

“The question is, ‘Is this $2 bill loss going to be $3 billion, $4 billion, or $5 billion?’ I don’t know. The lesson we learn about cockroaches is that there’s never just one,” he said.

He added that the type of bets and risk the bank took on with exotic products such as derivatives made the industry hard to understand and invest in.


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