This is by far my favorite of all the ridiculous Ponzi’s (oh, so many to choose from!) From WSJ: A federal judge agreed to freeze the assets of a man accused of running a multimillion-dollar Ponzi scheme targeting Chinese-Americans, primarily near Dallas. The Securities and Exchange Commission charged Weizhen Tang, who describes himself as the…
Fun With Math: How Much Has the Bailout Cost?
I recently used this data in a client presentation to illustrate, and give context to, the cost of the 2008 bailout versus other large expenditures in US history. The numbers themselves come from Bianco Research LLC and only factor in expenditures as of mid-December, the dollar amounts have only grown since then. Marshall Plan 115.3 billion…
Jilted JAVA: Sun Micro Left at the Altar
From CNET: Sun’s stock plummeted nearly 23 percent to $6.68 a share in premarket trading, following reports in The New York Times and The Wall Street Journal that the company rejected a formal buyout bid of $9.40 a share or less, and terminated an exclusive negotiating agreement, prompting IBM to withdraw its offer. Sucks to…
The Modified Uptick Rule Debate
Coming Soon! The following is not an argument for or against shorting, as that is a non-debate. The presence of short-selling is a necessary component of a free, liquid and healthy market. The question we’ll focus on here is what type of form the safeguards against abusive short-selling should take when the discussion by…
Private Equity, Public Embarrasment
Apollo Management sure has made some awful deals recently… From Bloomberg: Apollo founder Leon Black, 57, is trying to salvage some of the $60 billion worth of companies he has acquired since 2006. Retailer Linens ‘n Things Inc. filed for bankruptcy last year. Casino operator Harrah’s Entertainment Inc. is restructuring debt to stave off default….
Where Do Shopping Malls Go When They Die?
This is an interesting topic, albeit a morbid one. Shopping malls are an American institution, like Baseball or Five Dollar Footlongs. The question of what you can do with the physical space once a mall closes is suddenly apropos, as the retail picture grows more grim with each passing day. Ever since the first modern,…
More Hot Links: Original Dow 30 & Marc Dreier
More Hot Links for Weekend Reading Here’s the story about a lawyer you will hate even more than all of the other lawyers you already despise. Marc Dreier was a powerhouse bi-coastal player, ripping off hedge funds, real estate developers and possibly one of my favorite rock bands in the world, Wilco. New York Magazine…
Hot Links: Trading, PPIP, Protests, Spices & Econoland!
Hot Links for Weekend Reading Ever wonder about the “being responsible” side of trading on your own for a living? I have a lot of trader friends and I respect the discipline they show in terms of segregating moneys and so forth in the heat of the battle. Michael Higgins of Tickerville wrote a really…
TGIF: 8.5% Unemployment…Here's the Anthem
In honor of another horrific Non-Farm Payroll number, here is the ultimate anthem for the unemployed, George Thorogood & The Destroyers with a live version of “One Bourbon, One Scotch and One Beer“. Take it away, George… [youtube=http://www.youtube.com/watch?v=kgxhLJKMDsc] From the Bureau of Labor Statistics: Nonfarm payroll employment continued to decline sharply in March (-663,000), and…
Dude, Where's My Hedge?
This morning, Bloomberg has an article about how hedge fund managers are no longer in the driver’s seat when dealing with clients. They are now flying to visit with their accounts when they used to force them to come to Connecticut. They are adjusting fees downward to keep assets from CALPERS and other large investors. …
