and i've been looking for his 'naked shorts'........maybe his lobbyist is wearing them...
The sky that fell on my house today was very unpalatable....full of Hydro Fluor Carbons, carbon dioxide, methane, (don't want or need to know where it came from) ozone, and a host of nasty particulate matter.
Can't eat it even if I wanted to. Can't drink it. Can't sell it. Dangerous to breathe. Damn!
However,
The sun will come out tomorrow, bet your bottom dollar that tomorrow, there'll be sun!
The crooks used CNBC and online trading and the internet to convince the public that thier interests were alined with thiers. Larry Kudlow type nonsense.....It was bullshit right out of the gate. The government loved to see the public happy and they loved those campaign donations.
Nice Post. Thanks for sharing.
Just confirming my personal eyewitness account that the sun did come out this morning.
My seat belt is firmly fastened, my tray is in the upright position, and I am ready for my Tower of Terror ride.
Here we go.....
Rooting out corruption is obviously bullshit, but anyway the bigger problem is incompetence.
So much of every asset bubble'n'burst comes down to institutionalised buy-side ineptitude, but it hardly ever gets discussed.
Financial asset management must be just about the hardest industry to judge whether management is actually any good or not.
The metric is risk-adjusted return versus a benchmark. A manager who exceeds return benchmark but at the price of above-mandate risk is theoretically a bad manager, but too often the stakeholders are financially unastute types who push just for return, paying lip service to risk but too easily gulled about what it actually is.
For years, decades pension fund managers and trustees have been bombarded with fairy-tales about alpha. Clueless trustees buy it; managers who don't chase the chimera get de-allocated. The sell-side obligingly develops products to feed the appetite - eg toxic crap in a fraudulent investment-grade wrapper from Moodys or S&P. And the hedge fund industry is more & more a sell-side activity, peddling similarly bogus products to the same trustees.
Put the Dick Fulds up against the wall, sure, but they are just salespeople, at bottom. They don't really know anything; they just talk and take people to lunch. Hank Paulson; all of these guys.
What you want running the bail-out is some flinty traditional buy-side maanger who's natural instinct is to beat to death with his green eye shade anybody who starts talking about "alpha".
And the root issue which needs to be dealt with are the pension fund trustees and similar types who didn't listen to him over the last 10,15,20 years.
Cox ignored the Greenberg coverage of NFI , the Gradient coverage of NFI and instead tried to help Patrick and Phil Saunders find the Sith Lord...Cox ignored the press reports about bogus home loans and hugh leverage in the system while cashing Phil Saunders and Patrick's Sith Lord. Bottom line thats what happen here. Its a historic blunder that continues today. Cox ignored all the warning signs while he join the hunt for the Sith Lord. Still today he blames the shorts for his own stupidity..While i'm no expert on World War 2 didn't a buffoon ignore wanings the Japanese were about to attack Pearl Harbor ?
Bottom line Cox ignored all serious warning while he joined the search for Patrick's Sith Lord . This is amazing stuff, amazing history.
Cox should resign. He is a total failure. But he likes red tie and teeth whitern
Need more proof ? Read his testimony in front of the House. Look at his budget request for 2009
Hey gary do you really think the naked short selling theory is that crazy http://garyweiss.blogspot.com/20...-
escalates.html
I think it is going to bring down the system very soon if not stopped.
The shorts and the few reporters that cover that small part of the market are getting swift boated and if they don't stand up soon history will overwhelm them....Cox and Bush are serious punks. They are blaming others, as usual . The Dems are blaming others, as usual . Its time the shorts stand up . Make your case in a new conference . Put all the evidence on the table...Now. I followed the NFI story. I read Lanny Davis.
http://news.yahoo.com/s/ap/
20081...ancial_meltdown
Read this.....Did they invite one, just one short or member of the press that had warned about possible serious troubles ? Did Bush invite just ONE person would had questioned anything about leverage or home loans or anything in the last 5 years ??? !! ....Look who is invited to this...Look at the SEC budget for 2009.
The joke continues..
This sounds like a cover up to me...
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