Joshua M Brown

David Friehling: Madoff Henchman #1

So, they got the accountant yesterday.  His name is David Friehling and he inherited an accounting business in New City from his father-in-law which he proceeded to turn into a gristmill for the Madoff fraud, falsifying SEC filings and auditing statements for $186,000 in fees a year. Nice guy, wonder what’ll happen to him in…

FOR SALE: AIG World Headquarters at 70 Pine Street

    FOR SALE:  Charming 2-bed, 2-bath 66 story office tower in scenic downtown New York.  Built in 1932, previous occupant was quaint insurance company, very neat.  Property includes 5 star chef-staffed “breakfast nook”, on-site vault for holding bonus cash, and super computers to calculate CDS risks, available for new tenant purchase, please inquire.  Breathtaking…

The New Glossary of Finance Terms

The New Glossary of Finance Terms Bonus:  A form of extortion whereby employees of a company extract either shareholder or taxpayer money for their own pleasure regardless of the success or failure of said company. Derivatives:  Trading vehicles created by over-educated  finance professionals for whom speculating in stocks and bonds was not quite risky or volatile enough. Bulge…

Kidz Korner: Where Do Bonuses Come From?

Kidz Korner is a new feature here on The Reformed Broker where I explain complex financial issues to kids from the neighborhood in a simple, straightforward way. _______________________________________________________________________________________ Little Timmy Johnson: Gee Mister, I sure do hear a lot on TV about all these bonuses people are getting…am I going to get one? The Reformed…

One Year Later: The Fall of Bear Stearns

  It was a day many on The Street will never forget and in many ways, we probably shouldn’t.  The events of March 17th 2008 will forever be a reminder to me that no one is too big, wealthy, established or smart to fail. The night before, on March 16th, a Sunday, the details about…

This Just In: Cuomo Wants AIG Names by 4PM

Headlines from Reuters: March 16 (Reuters) – New York Attorney General Andrew Cuomo issued a letter to American International Group Inc AIG Chief Executive Edward Liddy:  * Cuomo threatens to subpoena American International Group Inc AIG over bonuses  * Cuomo says has requested list of individuals who are to receive payments under retention plan, as…

Rage Against the Bonus Machine

Now we are being told that our officials are unable to curb $400 million in bonus payments to AIG because the payments are “contractually obligated” to be made. There’s a great scene in the movie Major League where Corbin Bernsen‘s character Roger Dorn complains to the GM of the team about his contract and what he’s…

AIG to Taxpayers: F@$% You

Attention AIG Executives: THE NATIONAL BACKLASH IS COMING.  CASH THOSE BONUS CHECKS AT YOUR OWN PERIL. _____________________________________________________ The below is an actual first paragraph of an article in the NY Times business section this morning.  Seriously, its actually real. The American International Group, which has received more than $170 billion in taxpayer bailout money from…

Hot Links: Doug Kass, DinoTrader & Jamie Dimon

Hot Links for Weekend Reading: Earlier this week, in print and on Kudlow & Co, Doug Kass of Seabreeze Partners emphasized that he felt the market was printing a significant bottom at these levels. Regular readers of TRB know that Kass is my fave pundit/ commentator and his bottoming call is an important one.  It’s…