G.E. circling the drain [Independent]
Catastrophe – Obama uses this word on a regular basis to describe what is going to happen if we don’t keep throwing more money at the problem. Little does he realize the word is reality.
Can’t arrest them, that would look bad
Two East Coast investment managers sued for fraud by the University of Pittsburgh and Carnegie Mellon University misappropriated more than $500 million of investors’ money to hide losses and fund a lavish lifestyle that included purchases of $80,000 collectible teddy bears, horses and rare books, federal authorities said yesterday.
As Pitt and Carnegie Mellon were busy trying to learn whether they will be able to recover any of their combined $114 million in investments through Westridge Capital Management, the FBI yesterday arrested the corporations’ managers.
Paul Greenwood, 61, of North Salem, N.Y., and Stephen Walsh, 64, of Sands Point, N.Y., were charged in Manhattan — by the same office prosecuting the Bernard L. Madoff fraud case — with securities fraud, wire fraud and conspiracy.
Both men also were sued in civil court by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, which alleged that the partners misappropriated more than $553 million and “fraudulently solicited” $1.3 billion from investors since 1996.
Socipathic behavior was not merely tolerated by Wall St.; sociopaths were recruited. Quite a few even made CEO’s (but then that’s obvious).
Teddy Bears? Fer chrissakes. Are these grown men, or teenage girls?
Nothing said about Beanie Babies, Cabbage Patch dolls, or Pez dispensers. But you just know what was on their list.
Boomers: 30% underwater [Money]
All the better for sharks, my dears. Soon it will be time to consider the Freegan lifestyle. We’ll be reduced to fighting over scraps; is this what we’re moving toward? Tsk tsk.
Arsonists Torch Berlin Porsches, BMWs on Economic Woe [BB]
The inter-generational battle has begun!
C’mon people, isn’t it obvious? The time for ostentatious display is over. Get in the back of the van!
Laura Pendergest-Holt: the woman who may bring down Stanford empire
US regulators are hoping that Laura Pendergest-Holt, the former chief financial officer within the frozen Stanford investment empire, will lead them to the heart of what appears to be one of the world’s biggest scams.
Any resemblance that 2009 has to 1929 is purely intentional.