Wall Street – Washington “Do-Si-Do” If the SEC prosecuted bank robbers . . . . –98% would get away with it, scott-free; –the ones it apprehended would sign a cease-and-desist letter “neither admitting nor denying guilt,” and pay a civil fine of 2¢ for every $1 they stole. –the bank robbers so chastened would wait six months (maybe) before ....Read More
Whodunnit? “Fannie Mae and Freddie Mac!” Never have so many owed so much to so few. –Winston Churchill If Winston Churchill had been alive to witness The Crash of ’08 and the events leading up to it, I think he would have offered an updated version of his famous observation about the Royal Air Force pilots who defended...Read More
Two Tales, Both Stinky* ConAgra Offers to Acquire Ralcorp for About $4.9 Billion –headline, Bloomberg.com (5/4/2011) It’s hardly unusual for the target of a corporate acquisition to jump in price: such deals often occur at premiums, and can occasionally trigger bidding wars, further goosing the target’s stock price. So, what’s the big deal about Ralcorp...Read More
Ben Bernanke’s Unintended Consequences The good news? Ben Bernanke has confounded naysayers, and proven that The Federal Reserve really can resuscitate (levitate?) the stock market — now up 85% from The Crash of ’08 lows. How? By printing money — lots and lots of money — and driving interest rates into the toilet (and keeping...Read More
Why is This Man Still Collecting Speaking Fees? Why can’t Alan Greenspan retire? About to turn 85 next month, it’s not that he isn’t old enough. And, after all these years of lucrative consulting and speaking fees, it’s not exactly like he needs the money. So, why is Greenspan spending his time going around the...Read More
Robbing Peter to Pay Paul Wall Street “THERE it is.” –“30 Rock” character Liz Lemon, upon identifying the inevitable flaw in each new, too-good-to-be-true suitor. Want a culprit for now-rising prices at the grocery store and gas pump? No, it’s not because of worldwide droughts and floods — headline-grabbing shortages in places like the Soviet Union are roughly...Read More
