Wednesday, July 18, 2007

On his Plastic Crucifix...

So I'm closing up shop in NYC for at least a year. I still get a laugh out of Bear Stearns' subprime hedge funds which went belly up in June. Only because I can't imagine who the hell in that department got hired, and why? And who the morons who invested in it are? Leverage alone can be deadly, but leverage upon leverage to invest in people who are ridiculously leveraged(subprime mortgage borrowers, who are known to pike off debt)... It's like giving my homeless friend Charles $10.00 that I borrowed from a loan shark, and hope by next week he'll turn it into say, $15.00, by buying a 2 string guitar and learning how to play Cat Stevens and Harry Chapin to passerbys on the corner of Gray's Papaya. (Now, 'Tyrone', who I 'invested in' in the years 2001-2003, on the other hand, actually did finally purchase a bass guitar and actually does reasonably well for himself playing renditions of Marvin Gaye and Earth Wind and Fire.)

Funny quote:
"They are a big investment house. They are supposed to be professional,” said one fund of funds executive. “There is nothing to do now except maybe go shoot the guy who did it.” I'd correct that in saying, 'shoot the 'kids' who did it, because I bet they were wet behind the ears, and have no clue how to cut losses, because they can't stand the pain, because they haven't been there yet. Pikers.


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