The Lehman news overnight and their balance sheet games is what I want to touch on this morning. Zero Hedge has the summary which you can read here. But you don't have to, as there are much more pressing matters of import like American Idol and America's Top Model.
What does one say about the Lehman now that post mortem we know for a fact that the fraud and deceit was pervasive and endemic and yet somehow, miraculously no one is responsible?
Pom Pom network side note. This morning the boobs and boobs on CNBC were discussing the Lehman revelations. You just gotta marvel at their nerve to even comment on the subject.
From Joe Kernan having the gall to mock Erin Callan now, when during the crisis when they had people like her front and center all he could do was his best tea bagging, ass kissing gig, to "the brain" David Faber proclaiming how when Lehman was drowning he and few others had little understanding of what an SIV - structured investment vehicle- was.
Yup, you read it right. Purported financial reported nicknamed 'the brain' pulling a Sargent Schultz (re: Hogan's Heros) on us. Could it be that just maybe nicknames on CNBC are like nicknames in the World Wrestling Federation?
I would have more respect for them at CNBC if they would just come out and say what is common knowledge. The fact is that they blew it. They didn't have the onions to ask the tough questions when they had people like Fuld, Callan, or any one of the hundreds others involved in this heist on the set because they need the sponsors. the ad dollars and that trumps all else.
If they could do this then at least then I could have some respect for their character. Come to think of it, no wonder there is a shortage of mirrors, I would get sick of looking at myself as well if I had compromised my principles like they boobs and boobs at CNBC have. Yet another example of why it's a bull market in Prozac in this country.
Back to my original thought. You want to me to get out my dictionary and thesaurus and go on an insulting diatribe against Dick Fuld or Erin Callan?
Come on. What good what that do? I mean beyond stating indisputable facts.
Ya think the're gonna do some time?
You think dirt bags like Harry Reid, Charlie Rangle, John Bohner and the like are gonna hold anyone accountable?
Don't make me laugh. That would take onions which is something in seriously short supply in this country, along with mirrors.
No my friends, the elite and privileged have circled the wagons and jail time, which in my opinions would be a gift for those responsible, is a non starter as it would violate their perimeter which they cannot tolerate.
No people like Fuld and Callan, and if you want to dig further, Mozillo (Countrywide), Raines (Fannie), Perry (Indymac), Casano (AIG) are all safely ensconced in the million dollar flats with their comfortable net worths well intact.
I ask THE question again. What lengths would you go to in a effort to make $5, 10, 20 million in net worth? Would you hide liabilities in a structured vehicle off balance sheet whilst going on TV proclaiming all is fantastic.
If caught how much time would you do if allowed to keep said net worth?
Dollars to doughnuts you would do it standing on your head.
My stomach had turned this morning.
I have been trying very hard to forget the goings on up here in Lansing Michigan. Things like a current mayor and now wanna-be governor who thinks Michigan needs a state owned bank to make business and student loans. (Didn't we try that already on a national level with Fannie, Freddie and Sallie with disastrous results?)
Or a police chief retiring at age 46 with a full pension only to enter the private sector as a security consultant with a 6 figure salary. I owe my high school guidance counsellor fat lip for not cuing me in on the spoils of public service.
Yes, in an attempt forget that type of crap I have the Lehman news to console myself with. I have talked in this blog about the lack of trust in our capital markets countless times. It matters not currently but mark my words, there will come a day when it matters plenty and it will be a pretty sight. Nothing to see here, move along now.
I was stopped out of my FXA position Wednesday of this week at 91.75 for a loss of just over 2 pts on 1 unit short.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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