Hot Links for Weekend Reading This past Sunday, the most memorable commercial on the Super Bowl was Cash4Gold‘s spot featuring MC Hammer and Ed McMahon. What made the commercial memorable was not the humor (down-on-their-luck celebs melting their gold for money). No, the memorable aspect was the very existence of a cash for gold company…
Joshua M Brown
Can I Buy a House With Money From My IRA?
From the Mailbag: Dear Josh, Thanks for writing this excellent blog. I am one of the fortunate few sitting with 80% of my IRA in cash over the past 9 months or so. My wife and I are house hunting and since we want nothing to do with the stock market or mutual funds right…
Who Really Gets Punished by a Wall Street Salary Cap?
Yesterday, the Obama administration announced that firms who are significant moochers of the TARP will have salary caps imposed on their executives of $500,000 per year. While the effects will be deeply felt on Wall Street, let us not forget that many other individuals and businesses will also be devastated. Below is a list of…
Were the Feeder Funds in on the Madoff Scam?
There’s a great scene in the movie “Casino” where Ace Rothstein (Robert DeNiro) has to fire a local young man named Don Ward, who is responsible for supervising a slot machine that pays out multiple times in a short span: Don Ward: You might regret this, Mr. Rothstein. Ace Rothstein: I’ll regret it even more…
Pandit's Bandits: a Memo to Citigroup's Sponsored Little League Team
Dear Pandit’s Bandits Players and Personnel,
It is with a heavy heart that I must announce my absence for the majority of the upcoming Spring Training season to you, my favorite mini-employees of Citigroup. Our sponsorship of the Pandit’s Bandits little league team has brought all of us here at Citi much joy in these dark times of accountability and prudence.
Happy 52 Week Low: Scholastic Corporation (SCHL)
CEO Richard Robinson, sold over $12 million worth of Scholastic stock last October alone (ya know, for estate planning purposes). The stock is down roughly 80% from where he liquidated just 3 months ago and surprisingly, he hasn’t bought back a single share. The name of the game seems to be award yourself stock options, exercise them and then dump your discounted shares at an instant profit, either through non-open market dispositions, automatic sale plans or outright market sell orders. Don’t worry shareholders, unless he is awarded more stock, he only has 4.7 million shares left to sell.
Hot Links: When Giants Clash
Hot Links for Weekend Reading Shedlock vs Schiff The big hullabaloo in Wall Street Blogland this week was the unsolicited Peter Schiff beatdown issued by Michael “Mish” Shedlock (Sitka Advisors) on his Global Economic Trend Analysis site. Mish was sick of all the “Peter Schiff Was Right” promotional videos floating around and decided to call…
Good Bank, Bad Bank by Dr. Seuss
Good Bank Bad Bank Wood Bank Fad Bank Red Bank Blue Bank Old Bank New Bank
People I Can Do Without: Winter '09
The greatest stand-up comedian of all time*, George Carlin, had a bit in the late 80’s called “People I Can Do Without“. While his version included people like “a dentist who has blood in his hair”, I will keep mine strictly investment-related. The Reformed Broker’s “People I Can Do Without” Magazine editors and advertising executives…
This Just In: Nadel Caught in Florida, AG Cuomo Investigating Thain Bonus
Today’s going to be a doozy… Art Nadel just surrendered to authorities in Tampa, Florida according to CNBC. New York Attorney General Andrew Cuomo has subpoenaed ex-Merrill Lynch CEO John Thain and one of his henchmen regarding the bonus snafu according to Dealbreaker. Kind of like the final scene of The Godfather when the family takes…
