Hot Links Weekend Reading:
The always erudite Equity Private wrote two great posts this week on Dealbreaker. The first was a satirical how-to guide to escaping capture after a “Massive Financial Fraud“. The advice includes “Don’t Watch CSI” and “Have a Plausible Explanation for Why Your Body isn’t Found”.
He also wrote a timely and knowledgeable piece related to the pilot that saved 150 lives by landing a jumbo jet in the Hudson after an emergency called “We Needed a Hero This Week“. EP knows a thing or two about flying and I certainly couldn’t agree more with the title.
Elsewhere, Barry Ritholtz throws a literary haymaker at Ken Lewis and the Bank of America disaster. His most salient point is that B of A made two horrible acquisitions (Merrill Lynch and Countrywide) and they deserve to feel the pain.
This morning, he followed up by pointing out that both B of A and Citigroup have now borrowed more TARP money than they are currently worth, throwing water on the theory that these liquidity injections will one day become good investments for the American tax payer.
Finally, Paul Kedrosky posted a really funny Stephen Colbert video explaining the difference between Ponzi schemes and “Fonzi” schemes (defrauding juke boxes out of thousands of dollars worth of nickels…lol).
He also put up a list of things he doesn’t care about or believe in, including the whereabouts within Manhattan of Bernie Madoff and the decoupling theory.