January 16, 2009

Ferdinand Pecora*

Waiting For Accountability, Closure “Our current stock market slump and housing bust can seem like natural calamities without identifiable culprits, creating free-floating anger in the land. A public deeply disenchanted with our financial leadership is desperately searching for answers. The new Congress has a chance to lead the nation, step by step, through all the...
Read More

The New Language of Mea Culpa

“Disappointed” Political & Business Leaders “Vikram Pandit, Citi‘s chief executive, calls the latest earnings ‘disappointing.'”–Floyd Norris, “Living Blogging Bank Losses“; The New York Times (1/16/09) I remember, in another era, when business or political leaders were cornered and had to acknowledge that they screwed up, they’d grudgingly allow that “mistakes were made” (exactly which ones,...
Read More

2009 "Dear Client" Letter – Part One

Rational Moves in an Irrational MarketWarren Buffett, Chairman of Berkshire Hathaway (the ultimate parent company of Edina Realty), writes a renowned annual shareholders’ letter read by tens of thousands. Buffett’s letters contain nuggets of wisdom, pithy quotes (his line about credit derivatives being “weapons of mass destruction” was from 2003), and his general take on...
Read More