OBGibby's Account Talk

[OBGibby]

November 11, 2009

2 Bear Stearns Fund Leaders Are Acquitted

By ZACHERY KOUWE and DAN SLATER (The New York Times)

It was, prosecutors claimed, a clear case of Wall Street crime — and a chance to bring to account two culprits of the subprime age.
But jurors disagreed, and on Tuesday, two former Bear Stearns hedge fund managers were found not guilty of securities fraud in federal court in Brooklyn, in what legal experts called a setback for prosecutors hoping for easy victories in this era of bailouts and foreclosures.

The verdict, the first in a major criminal case stemming from the current financial crisis, brought to an end a two-year ordeal for the managers, Ralph R. Cioffi and Matthew M. Tannin. They had been led away in handcuffs in June 2008 and accused of lying to their investors about the precarious state of the funds they oversaw.

Investors lost $1.6 billion when the funds, heavily invested in mortgage securities, collapsed in the summer of 2007. The fiasco presaged the financial turmoil that would later upend Wall Street and the broader economy.

More at http://www.nytimes.com/2009/11/11/business/11bear.html?_r=1&hpw

 

[OBGibby]

Chairman Says G.M. Can Repay Taxpayers

By NICK BUNKLEY

The chairman of General Motors, Edward E. Whitacre Jr., said Tuesday that the automaker would be able to repay all of its government loans and would begin doing so soon. (The New York Times)

More at http://www.nytimes.com/2009/11/11/business/11gm.html?ref=business

 

[OBGibby]

For all the union lovers -



Survey Finds Deep Shift in the Makeup of Unions

By STEVEN GREENHOUSE

About 48.9 percent of union members are now in the public sector, up from 34 percent in 1983. (The New York Times)

More at http://www.nytimes.com/2009/11/11/business/11membership.html?ref=business

 

[OBGibby]

Sometimes, an Extremist Really is an Extremist - Jonah Goldberg, LAT

The Shrink and the Terrorist - Debra Saunders, San Francisco Chronicle

A Case of Deadly Denial - Ralph Peters, New York Post

 

[Buster]

This 2010 Buick Lacrosse looks like a great car. I don't anticiapte being in the market for a new car for another 18-24 months, but this one is already near the top of my wish list. Good job, GM. It looks like a winner to me. Great looking car.

http://www.buick.com/lacrosse/2010/

A lady I work with..just bought one..I must say it has the fit, finish and feel of a Mercedes..a Very nice looking car....
(I had a Benz from new for 12 years, so I can rightfully compare)

 

[OBGibby]

A lady I work with..just bought one..I must say it has the fit, finish and feel of a Mercedes..a Very nice looking car....
(I had a Benz from new for 12 years, so I can rightfully compare)

I've owned Chevrolets (new and slightly used), Fords (slightly used), Volvos (new), Infinitis (new), and Hondas (new). Never had any problems with the American brands - just can't stand losing so much on depreciation (tend not to keep cars past three or four years). This Buick has really caught my eye. Please let me know if your colleague has any problems with it. This one is on my wish list for sure.

 

[Buster]

. Please let me know if your colleague has any problems with it. .

Will Do..

Almost all the the reviews I've read are positive..

• The 2010 Buick LaCrosse is the best car no one will buy. It's a shame really...People should line up at Buick dealerships in droves to order the new LaCrosse, which arrives this month. It's well-priced, sharp-looking and comes with a stellar interior, perhaps the best inside makeover General Motors Co. has ever completed." -- Detroit News
• "No fair appraisal of this car can conclude anything but that the Buick is as good as or better than the Lexus [ES 350] in every way." -- Los Angeles Times
• "It generally seems like more than it is. More space, better gear, fewer annoyances, more quiet, less total road isolation-and more value. All this Lexus-contending fabulosity starts at $27,835 for the CX, rising to $30,395 for the CXL, and $33,765 for the CXS (similarly equipped, the savings is about $2500 relative to an ES 350)." -- Motor Trend
• "The new LaCrosse is a dramatic departure in both style and technology. It may not be a sports sedan, but it's a very competent sedan that's out to change our perception of Buick from something dad owned, to something you might want to own." -- Road and Track
• "I'm in my 20s, and I want one." -- Cars.com
• "There is a lot that is right with the 2010 LaCrosse, and it's a testament to what kind of car GM can build when it puts its collective worldwide resources into building it." -- AutoWeek

http://usnews.rankingsandreviews.com/cars-trucks/Buick_LaCrosse/

 

[OBGibby]

Have You Learned Your Lessons?

The financial crisis supposedly has been a painful, but valuable, education about finances in later life. Let's see how much you've really taken away from the past year. (Wall Street Journal)

More at http://online.wsj.com/article/SB100....html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond

Take the quiz at http://online.wsj.com/article/SB100...roject=ENCOREQUIZ0911&articleTabs=interactive

 

[OBGibby]

How to Ignore the Yes-Man in Your Head

Professional investors who so often ignore warning signs that they are on the wrong track are victims of confirmation bias. Tips on how to avoid this gremlin of your own mind. (Wall Street Journal)

 

[OBGibby]

KSM Hits Manhattan—Again

Eric Holder's decision to move a trial on war crimes to American soil is morally confused, dangerous and political to a fault. (Wall Street Journal)


"...Attorney General Eric Holder...called his decision to move their trial...to American soil "the toughest" he has had to make. Other words come to mind. For starters, intellectually and morally confused, dangerous and political to a fault...

...Please spare us talk of the "rule of law." If that was the primary consideration, the U.S. already has a judicial process in place. The current special military tribunals were created by the 2006 Military Commissions Act, which was adopted with bipartisan Congressional support after the Supreme Court's Hamdan decision obliged the executive and legislative branches to approve a detailed plan to prosecute the illegal "enemy combatants" captured since 9/11...

...Contrary to liberal myth, military tribunals aren't a break with 200-plus years of American jurisprudence. Eight Nazis who snuck into the U.S. in June 1942 were tried by a similar court and most were hanged within two months. Before the Obama Administration stopped all proceedings earlier this year pending yesterday's decision, the tribunals at Gitmo had earned a reputation for fairness and independence...

...As it happens, Mr. Holder acknowledged their worth himself by announcing that the Guantanamo detainee who allegedly planned the 2000 bombing of the U.S.S. Cole off Yemen and four others would face military commission trials..."

More at http://online.wsj.com/article/SB10001424052748703683804574533622533459520.html

 

[OBGibby]

OBAMA BOWS BEFORE JAPAN'S EMPEROR

 

[OBGibby]

ACORN and the Housing Spike - Edward Pinto, Wall Street Journal

 

[Birchtree]

I just finished reading that article in my paper this afternoon. The stinky liberals created this whole Allah damn mess. There was also a good read regarding our next president to be - Sarah Palin. Her poll numbers among independents are strong enough to give her a chance. Just keep giving Barack the rope.

 

[OBGibby]

I just finished reading that article in my paper this afternoon. The stinky liberals created this whole Allah damn mess. There was also a good read regarding our next president to be - Sarah Palin. Her poll numbers among independents are strong enough to give her a chance. Just keep giving Barack the rope.

I'm not a fan of Sarah Palin, but I'd take her over Barry any day!

 

[OBGibby]

KSM Trial Will Be Intel Bonanza for Al-Qaeda - John Yoo, Wall St. Journal

 

[OBGibby]

The Best of the Bull Market Is Likely Behind Us - Mark Hulbert, Barron's

"....THE DOW JONES INDUSTRIAL AVERAGE'S NEW RALLY HIGH last week is giving at least some investors renewed hope that they may soon be able to recover the losses they incurred during the 2007-2009 bear market.

In fact, if the Dow Jones Industrial Average were to gain as much over the next eight months as it did over the last eight, it would be above the 16,000 level by next June.

Unfortunately, the chances of that happening are quite low, even if you think the bull market still has further to run. That's because a bull market typically produces its greatest gains at its beginning. Its rate of advance thereafter tends to be markedly more subdued....."

 

[OBGibby]

Feds Mull Rules, Fees to Spur Net Access

Regulators will begin laying out the case to provide all Americans with cheaper broadband Internet by giving the government more control and levying fees. (Wall Street Journal)

 

[OBGibby]

How Does the '09 Rally Stack Up Against '82 Bull Market? - Big Picture

 

[Birchtree]

Mr. Rosenberg is not ready yet to let go of his bearish confirmation bias. Otherwise the article was educational. I rode that bull and this one feels even stronger to me - I've made three times the dollars from the March'09 bottom. Of course I have a lot more money working now.

 

[OBGibby]

Here's some more for you, Birch:

Dreaming of a Multi-Year Bull Market - Bill Smead, TheStreet.com