Scumbags, Idiots, and Taxes
I have a couple of links that I wanted to share with my CAPS friends this morning. They all are great reads:
Scumbags: Breaking: FBI Arrest Opens Goldman-Sachs' Pandora's Box. Scumbagism is very profitable...until you get caught doing something illegal. What are the odds that there is anyone in the government that A) Goldman doesn't have influence over and B) actually has the stones to levy a real penalty on the company when it eventually gets caught doing something shady. Giving a $10 million fine to a company after it has reaped $100 million in profits from the act doesn't count.
Idiots: Hall of Shame: 12 of the Worst Financial Gurus. I have blasted Cramer, Trump, Kudlow, and Greenspan in my blog in the past. Complete idiots. The article doesn't say anything new, but I love it when others mock these guys.
Ratings agencies: Why U.S. Financial Markets Need a Public Credit Rating Agency. Speaking of Scumbags and Idiots the ratings agency oligopoly of Moody's, S&P, and Fitch is a nice combination of both.
Being a huge contributor to the current economic mess that we find ourselves in: Millions of dollars in profits
Not being held accountable for your actions: Priceless
The markets need another, competent ratings agency or two in the worst way.
Bill Miller: I have seen a number of people recommend Legg Mason's stock over the past year or two and their recs completely blow my mind. Superstar fund manager Bill Miller made that company what it is today and he has completely lost his mojo. Everyone keeps taking about how Miller is back, blah, blah, blah. That's because the recent rally in the markets has been lead by the crappiest crap on Earth. Do the math, 50% down and 50% up from that lower level does not a profit make. Miller's cooked and that's bad news for LM. 8,893 “Bill Millers”
Amazon.com: I've learned the hard way never to short AMZN in CAPS, but I have mentioned in the past that I think that states will eventually force consumers to pay sales tax on everything that they purchase on-line and that that will eventually be a major negative for the company. E-tailers Grapple With Sales Tax