Retraining Investment Bankers in New York City

According to a story in the New York Times, Mayor Michael Bloomberg plans to stem the loss of talent and jobs from the ailing financial sector by retraining investment bankers, similar to what Detroit has done with it’s laid-off auto workers.  With an expected 65,000 total jobs to be lost on Wall Street, will Bloomberg’s…

Quick Comment: Stanford Bank Ponzi Scheme

I’ve been asked for my thoughts on the latest Ponzi scheme, the Stanford International Bank Certificate of Deposit Fraud… #1  If you put your entire “life savings” into a bank in the Caribbean, chances are you’ve got something to hide, so…sucks for you. #2  This is a CD paying out double what every other CD…

Golden Age for Activist Investors? 'Bout Time!

“A lot of people die fighting tyranny.  The least I can do is vote against it.” – Activist Carl Icahn, Texaco Annual Shareholder Meeting 1998 Could 2009 be a Golden Age for Activist Investors?  Ken Squire wrote a pretty convincing case in Barron’s this week and I can only say that it’s about time. His…

Missed the Gold Rally? Now What?

Gold hit a 7 month high today, breaking $960 an ounce. The fear trade is very much alive as companies worldwide cocur that we have a FUBAR economy and probably will for awhile. On top of that, Count Porkula signed the stimulus bill into law this afternoon which basically authorizes the mass dilution and devaluation of the dollar. This in the hopes that a bullet train from Vegas to Disneyland and the building of a Frisbee golf park (not joking) will be stimulative enough to offset the economic Armageddon in our midst.

Celebrity Apprentice: Trump Bankruptcy or Not, the Show Must Go On.

Donald Trump is one of the most interesting and iconic figures in the history of American business.  He’s a billionaire and has an unmatched flair for marketing in the real estate world.  That said, Trump should be admired from a distance…and don’t EVER go into the casino business with him. For the second time in…

Hot Links: Maxine Waters, Bailout Nation and A-Rod

Hot Links for Weekend Reading This week, we watched another episode of half-educated Congressional grandstanding.  This time around, the focus of misguided indignation was how much TARP money ended up being paid out to executive compensation and bonus by the largest banks. The show-stealer was none other than Maxine Waters, the representative of California’s 35th…

America's Most Miserable Cities in Forbes

More depression porn…Forbes has a funny-sad slide show up of America’s Most Miserable Cities (yes, I know they all are miserable right now) and the list will not surprise you. Flint, Michigan is, as usual, right in the mix.  The city that gave rise to the comic stylings of docu-slanderer Michael Moore and became a…

Great Moments in Willful Ignorance

willful-ignorance

I’m far from perfect and no one should point fingers at those who make mistakes, as we are all human. That said, in keeping with the recurring theme of my blog these days that “The Emperors Have No Clothes”, let’s take a look at those who chose to be wrong…those who had all the information but went out of their way to ignore it and be epically, willfully ignorant.

Geithner Makes His First Impression…And It Sucks

As I watched the Dow Jones Industrial Average do that cascading-down-400-points thing that it’s gotten so good at, I listened in disbelief as our new Treasury Secretary Tim Geithner went through the whole litany of how we got to this point.  Does anyone really need a recap of the last 18 months and what’s gone on? …

Too Bess, Didn't Levin: Why Dealbreaker is a Must-Read Site

Misery loves company and anyone who makes their living in the investment, Wall Street, real estate or banking world has just gone through the most miserable set of 12 months since the Great Depression.  So for this reason, those of us in need of commiseration have found each other and our favorite source of guilty…