Today we bring you another interview with Johnny Upside (read the first one here). Johnny’s a Wall Street hotshot armed with an MBA, very little brain power and a limitless ego. Today, Johnny discusses his new venture, Distressed Asset Investing. The Reformed Broker: Hey Johnny, what’s happening? Johnny Upside: Happening? IT’S ALL HAPPENING, BABY! TRB:…
Deadbeat Biker Gangs and Retired Dentists
It will come as no surprise to you to read that people who bought Harley-Davidson (HOG) motorcycles with sub prime loans have started to default on their payments. What? Yep, the crisis has finally gotten ugly for the biker set. From the New York Times: In a pattern similar to that of the housing bust, Harley…
The Ener1 Situation is Exactly Why We Suck
I haven’t made many recommendations for clients in alternative energy stocks because a lot of the names that look commercially viable just seem too far away from profitability or are subject to drastic margin erosion (solar stocks, anyone?). I guess I’d rather be late but at least be involved in something proven. I read about…
More Hot Links: Madoff Insider
More Hot Links for Weekend Reading No one on the interwebs has had more big scoops on the Madoff Scandal than Lucinda Franks of The Daily Beast. I just got around to reading her interview with an ex-Madoff employee who breaks down the whole organization and who did what. Some Highlights: The “legit” parts of…
Hot Links: AIG Hearings, Class of '09 and Fed Open Thread
Hot Links for Weekend Reading The big happening in Bailoutland this week was, without a doubt, the Senate hearing on the Notorious A.I.G. bonus scandal. Whenever a disgraced Wall Street executive is called onto the Congressional Carpet, you can be sure that Dealbreaker‘s Bess and EP are going to Liveblog it for your reading pleasure….
TGIF: Definition
This week was all about Definition. Defining what contracts really allow for was at the center of the debate over the AIG bonuses. Congress did the right thing and defined its power by approving a 90% tax on the bonus money, essentially negating the BS contracts anyway. I also tweaked the definitions of certain finance terms the…
Modern Day Gomorrah: Goodbye Greenwich Culture
If NYC’s Meatpacking District was Sodom, with it’s teeming masses of 20-something investment bankers running across cobblestone streets waving Amex Black Cards and puking off the side of luxury hotel rooftop bars, then surely, Greenwich, Connecticut was the modern-day equivalent of Gomorrah. One of the particularly offensive attributes of the 2003-2007 bull market was the rise…
The Career Politician Who Sucks at Politics
I’ve really only heard Christopher Dodd‘s name peripherally over the years. The Career Democratic Senator from Connecticut’s name has been popping up more and more now that his constituents are starting to learn about how much he loves rogue financial corporations. From the New York Times: Across Connecticut, anger is erupting against Mr. Dodd, the…
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…
