 The Wild Wild World of Wealth |  |
Here’s something to consider the next time that trader yells in a throaty voice, “Five million Buckeye 5 7/8′s of ’47 to go at six.” Traders earn more money than neurosurgeons. So do I-bankers. According to Bloomberg today, the comparison isn’t even close.
Goofy bets, though, are not the exclusive province of Wall Street.
Nor is Lady Gaga the only one who can wear a meat dress. Check out this video from the Czech Republic
There’s plenty to discuss from the headlines these days. But this summer I’ve been buried with edits to my next novel, The Gods of Greenwich. And I’m staring at a few deadlines now. With this post, however, I’d like to take you back to the summer of 2007. It was a time before Bernie Madoff confessed, before AIG lost $99 billion in one year and before banker bonuses had everybody in a lather. Now two members of Congress occupy our attention, elected officials who sit in judgment even with their hands in the cookie jar (allegedly).
Like I said. We’re going back three years to the summer of 2007. Here’s the first chapter of Top Producer, which will be out in paperback on December 28. If you stop back tomorrow or Thursday, I’ll post Chapter Two.
Yesterday, Goldman Sachs settled fraud charges associated with Abacus CDOs for $550 million. Not surprisingly, the settlement excluded Fabrice P. Tourre, who will no doubt be hung out to dry as the Tourre de Toxic winds to a close.
Personally, I think the government just got pimp-slapped. Here are five reasons why:
Twenty-nine Madoff victims have banded together to tell their stories. I can hardly wait to read their book which is appropriately titled: The Club No Wanted to Join—Madoff Victims in Their Own Words.
I have not seen the book. My copy has not shipped yet. But I look forward to reading about the investment experiences with Madoff and his intermediaries. I also look forward to reading what the authors report about Irving Picard, the trustee.
Click on the title above to read more, including my recipe for “Spaghetti alla Madoff.”
Recently, I described financial reform as a “petri dish” of pending legislation. The government is tackling too many issues at the same time. Without constants—we don’t know how markets will react to all the moving pieces.
It gets worse. Last night The Wall Street Journal profiled the back-room deals working their way through pending legislation. I guess you can hide anything in a 1,500 page document. And those legislative walkabouts are what trouble me.
How can we trust financial reform when approval depends on non-related issues?
Here are five “amendments” that have nothing to do with sub-prime debt, banking leverage, or even the flash crash of two weeks ago. I’ve dubbed them the “Fungus Five,” because they call into question the Congressional focus on “getting it right.”
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