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U.S. Department of the Treasury

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  • Baltimore's narcotic history dates back to the 19th-century shipping-driven boom, quietly aided by bringing Turkish opium to China

    Baltimore's narcotic history dates back to the 19th-century shipping-driven boom, quietly aided by bringing Turkish opium to China
    With its longstanding reputation as a high-volume heroin town, Baltimore’s modern black-market economy is openly opiated, driving sizeable budgets for maintaining the criminal-justice apparatus to combat it. Far less appreciated, and only opaquely understood, is the role another poppy-derived narcotic—opium—had in forming Baltimore’s 19th-century fortunes, when trade with China helped fuel the city’s shipping boom.  In fact, merchant John O’Donnell was the first to bring goods from the Chinese city Canton to Baltimore and it was such a boon that he named his waterfront plantation Canton, and the name for the area persists today (along with its O’Donnell Square).
  • Still Waters

    Still Waters
    One doesn't expect to find folks like Ben Lyon and Jaime Windon living in sleepy St. Michaels. Tall, slender, model-esque, the young 30-something couple-Windon, a professional photographer, and Lyon, once a Wall Street trader as well as a brewer at...

    Bankenstein Lives!

    Last night Federal Reserve and CitiGroup officials dropped a financial bomb, emerging from all-weekend talks to say that the U.S. taxpayers are bailing out Citi. It was the inevitable result of policy decisions made a decade ago, after CitiGroup broke a...

    NYT spotlights the derivatives lobby

    The New York Times posted a long and important story by Gretchen Morgenson and Don Van Natta yesterday discussing the derivative industry's sneaky lobbying campaign to prevent effective regulation of their profitable scam. It notes that the flaws in the...

    Fannie-Freddie Updates

    The Chief Financial Officer of Freddie Mac apparently committed suicide this morning or last night. The New York Times says there is no way to know yet whether his death is related to an ongoing investigation of Freddie's finances. Meanwhile, Fannie...