If you’re wondering where your retirement money went, we’ve found a few clues.
Indeed, last year’s wealth wasteland has become a billionaire bonanza. Most of the richest people on the planet have seen their fortunes soar in the past year.
And so, it appears, that this latest stampede/transfer of wealth is almost complete.
via worlds-billionaires-2010: Personal Finance News from Yahoo! Finance.
Apparently, Goldman Sachs would be in trouble if it were a Vegas casino.
The issue deals with things called front-running and derivatives trading against its own investors. For the rest of us, “derivatives” is a general term used on Wall Street to describe any kind of securities trading that is done off the market and is consequently unregulated.
Oh, and these are always the types of deals that cause market crashes.
The Securities Act of 1934 specifically defines a class of “qualified” investors who are supposed to have enough assets and enough savvy to make their own mistakes, God bless ‘em. Yet in Vegas, where there is a sucker born every minute and capitalism is at least as popular as it is in New York, section 465.070 of the Nevada Gaming Law makes it a felony “to place, increase or decrease a bet or to determine the course of play after acquiring knowledge, not available to all players, of the outcome of the game or any event that affects the outcome of the game or which is the subject of the bet or to aid anyone in acquiring such knowledge for the purpose of placing, increasing or decreasing a bet or determining the course of play contingent upon that event or outcome. ”
“…at least one witness said the animal leaped from the water and dragged the woman in.”
I believe the correct conjugation is “leapt.” That is f-ing gnarly. Can you imagine? At first you’re like, “Wow, Shamoo is smart enough to knock me into the water.”
And then you’re like, ”And now I’m going to die. I guess we shouldn’t keep these animals in captivity and make them do tricks for money.”
God bless MATT TAIBBI. He got it right again!
This is the most important issue in America right now and the only magazine to deal with it right is Rolling Stone?
Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash.
I have to admit, I do have a soft spot for Jann Wenner.
Incidentally, America’s ruling class should be hopping mad they’re getting fleeced by this corrupt executive compensation system. The bankers run their businesses into the ground because their bonuses are based on year-on-year performance.
That is to say, the easiest way for me to double profits from one year to the next is to crash the company first. Then I can do a mediocre job and look like a rockstar.
Seven things about the economy that everyone should be more worried about than they are
U.S. prime jumbo mortgages at least 60 days late backing securities reached 9.6 percent in January from 9.2 percent in December, the 32nd straight increase for “serious delinquencies,” according to Fitch Ratings.
via Jumbo Mortgage ‘Serious Delinquencies’ Rise to 9.6% (Update1) – Bloomberg.com.
Kyle Hayes
My friend Kyle has a blog. Kyle is The Master.
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