I see David Tepper of Investing is Easy fame was back on CNBC this morning. Not content with his last public appearance, which was a real gem, Tepper wanted a chance to redeem himself, show the world he has a pulse and a heart.
Obviously his publicist sat his egotistical ass down for a long chat on the art of creating 'empathy'. We got to hear all about Mr. Tepper's philanthropic endeavours with the New Jersey food bank ad nauseum. How magnanimous of him to sponsor and support such a worthy organization. I won't get into the fact that anyone with a dose of humility - which Tepper cannot spell let alone possess - doesn't take out a billboard to notify the public about that which he has donated but I digress.
The propaganda network or CNBC for short never offers any perspective so I will. First off, it was too bad that Carl "what's it like to be a billionaire" Quintanilla was not there to grovel on his knees so Joe Kernan responded by picking up the mantle and doing yeoman's work in this regard.
Tepper;s donation, according to the WSJ, was $2 million to the cause that hopes to raise 15 million. Tepper and his company have given $4million. You can read all the details here about Tepper's wonderful charitable streak. I thought to myself what if Tepper was a real dyed in the wool philanthropist with a real need to give back and kicked in the entire lot of $15 million for the food bank. Well, it would represent just slightly more than 3/1000 of 1 % or 0.003488. (15mill divided into his net worth of 4.3 billion)
Just for some perspective here Teppers donation of $2million, while noteworthy and laudable, is a pittance given his net worth. For example to replicate his donation on a percentage of net worth basis a person, with a net worth of $1million, would have to give..... are you sitting down for this.....$465 to match Sir Tepper's grandiose generosity.
Well done Mr. Tepper, or should I save the congratulations for your publicist?
Come on the propaganda network and spend 80% of the interview blowing charitable sunshine up your own ass. Lovely.
Mirror mirror on the wall, whose hubris tops them all?
In other news, how interesting that Google (ticker GOOG) on earnings last night, couldn't take out it Wednesday's highs (with the gap) and have now (as of just recently) taken out yesterdays lows. Oops, how did that happen?
Anyone happen to catch Charlie Gasparino's hit on Meredith Whitney and her 60 Minutes muni report over on Fox Business News yesterday?
Poor Charlie. Forget investigating the underlying muni debacle and its causes, its enablers and benefactors. No. Mainstream journalists with advertisers to placate just go after the messenger and the message. Yup financial journalism. No surprise here again. Its those dastardly short sellers again! Haven't they outlawed that as they are everywhere and always to blame.
Funny how during the S&L crisis there were about a 1000 prosecutions (according to Bill Black) and how during this mushroom cloud of a debacle that is what... 10 times a big and we still as yet no convictions. Maybe Charlie ought to chase down and do a journalistic hit job on Angelo Mozillo, or Phil Gramm, or Franklin Raines, or Bob Rubin, or Hank Paulson, or Alan Greenspan the hundreds of other ponzi enabling culprits who still roam freely.
No, can't happen as that would take an investigative journalist with..... .how does basketball analyst Bill Raftery say it...oh yeah.... "ONIONS....DOUBLE ORDER"!
Heck, maybe someone from the Globe or the Enquirer can get it done.
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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