That is a red, gasoline-soaked, rag to CDS holders.

ECONOMIST: Corporate bankruptcy

Mr Draper runs the LabourList blog and was proposing to set up Red Rag, a gossip-led site.

BBC: E-mail smears handling defended

Margaret and I were sprawled out on the grassy bank of the Mississippi River, taking a break from the French Quarter Festival, when I noticed, a few feet away, a familiar, homeless-looking guy with an eight-inch red beard and a piratical soldier rag tied around his head.

NEWYORKER: Romance

The Conservatives have urged Cabinet Secretary Sir Gus O'Donnell to clarify who knew about the proposal to set up a Labour website, called Red Rag, where it was suggested the smears sent in Mr McBride's e-mails be published.

BBC: E-mail smears handling defended