Sure, let Ruth keep The House that Ponzi Built, the upper east side penthouse Madoff Attorney Ira Sorkin is now claiming is “unrelated” to the fraud charges. Yeah, ok…unrelated! Like the gold and art looted from every corner of Europe by the Nazis and hoarded in Swiss banks was “unrelated” to the genocide. Sure. Ruth’s…
Dow 6800: Free Fallin'
Bet they ain’t cheering now… [youtube=http://www.youtube.com/watch?v=-FqA2WINPF4]
AIG's $60 Billion Loss, Buffett's Mea Culpa
Death is Pretty Final I’m Collecting Vinyl I’m Gonna DJ at the End of the World! – R.E.M. And the Deflation Olympics marches on with a more vicious news cycle this morning than usual. First up, the best-run insurance company on earth, AIG, announces yet another staggering loss for the fourth quarter, this time in…
Hot Links: Zombie Banks, the Trader Tax & Doug Kass
Hot Links for Weekend Reading On The Big Picture this week, Barry Ritholtz explained the definition of a Zombie Bank, complete with a table of companies that currently qualify as zombies. TheStreet.com‘s James “Rev Shark” DePorre has certainly been busy this week with the launch of his petition to combat the “Trader’s Tax“. It seems…
TGIF: Presenting the Ripping Martesians, My New Favorite Band
After one of the ugliest weeks in the history of capitalism, I’d like to lighten things up and introduce you to my new favorite band, The Ripping Martesians. These kids are talented and way cooler than those freaky little Jonas Brothers. Watch as they tear through a few covers and then blow the roof off…
Scumdog Billionaires: 2 More Hedge Fund Ponzi Schemes This Week
Chant with me, y’all: Pon-ZI! Pon-ZI! Pon-ZI! Pon-ZI! PON-ZI! PON-ZI! Wait til you hear what these Pillars of Society were up to! Prince Charming #1: Westgate Capital Management’s James Nicholson, had a fake accounting firm since 2004. He set up a “virtual office” and had calls to this phantom auditor forwarded to himself! In the…
Vikram Pandit: I Will Survive
[youtube=http://www.youtube.com/watch?v=ZBR2G-iI3-I] The New York Post is reporting that Vikram Pandit, current CEO of Citigroup Inc. (C) will survive in his position if the bank gets nationalized. Below is Vikram Pandit’s rendition of Gloria Gaynor‘s “I Will Survive“: _____________________________________________________________________________________ At first I was afraid I was petrified Kept thinking they would never let Our credit…
CEO-Swapping at UBS and Credit Sweeeeesse
Ah, Switzerland. The land of fine time pieces, exquisite chocolate and institutionalized tax evasion. There’s been a switcheroo as regulators on two continents engage in a light wrist-slapping at UBS over the bank’s role in the Madoff fraud and the let’s-arm-our-unregistered-advisors-with-encrypted-laptops-to-help-Americans-cheat-Uncle-Sam affair. Troubled UBS has brought on the architect of Credit Suisse‘s recent turnaround, Oscar…
Ben Shoval is Funny…I Can Prove It!
I know, I know…Finance Comedy is kind of a geeky sub-genre. You know what? I don’t care… I’m a finance geek and I like laughing. That said, let me introduce you to Ben Shoval, a hedge fund guy by day and stand up comic by night who is funny whether you work on The Street or…
Behold the Power of the 13D
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. –)* (Name of Issuer) …………………………………………………………………………………………………. (Title of Class of Securities) …………………………………………………………………………………………………. (CUSIP Number) …………………………………………………………………………………………………. (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) …………………………………………………………………………………………………. I plan to do a lot of posts…
