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One of my many……many………MANY………short positions is one which I have based my investment on not just a chart but on vitriolic hatred. The company is AIG. The company cranks out all kinds of deceptive and misleading ads about all the fine work they’re doing, but let’s remember what happened in 2008 and with one particular criminal Joe Cassano, shall we?
Cassano is alleged to have been responsible for losses of $500bn (£360bn) dealing in worthless ‘toxic’ debts. The team that he headed took huge bets on complex financial instruments called ‘credit default swaps’ used to insure US mortgages and other debts. When the US housing market fell out, the team realised that they had to come up with half a trillion dollars and all they had was a couple of million. The company received a $132 billion taxpayer bailout.
When he was sacked in March 2008 Cassano received $280 million in cash and an additional $34 million in bonuses. He continued to receive $1 million a month until the end of September 2008, even after AIG had received $85 billion in government support. When asked in October why the company still retained Cassano at his $1 million-a-month rate CEO Martin Sullivan told Congress AIG wanted to “retain the 20-year knowledge that Mr. Cassano had.”(more…)
Greetings from Los Banos (“the bathrooms“) California, where I think nasty thoughts about Southwest Airlines. This is hardly how I like to execute my trading day. In any case, I’ve been strident for many, many moons about how AAPL needs to break for a real bear market to begin. Well this is a pleasure to see:
I’m traveling now (you can guess why), and as often happens during these trips, I encountered a bit of a nuisance that merits a post. Frankly, after yesterday’s post, I’m sort of out of big ideas, so why not an anecdote!
For decades now, I’ve had a book on my shelf called The Psychology of Everyday Things. (they renamed it the Design of Everyday Things to makes its content more obvious, but frankly, I prefer the original title, particularly since it makes the lyrical acronym of POET). The book describes at length good and bad design in everyday objects, such as doorknobs, signs, switches, and so forth. It’s a light, fascinating read which tunes you in to the surrounding world better.
I was reminded of it soon after I got our rental car here. I got a minivan, not because of its sex appeal, but because we have a lot of humans and gear to deal with. It was an extremely new 2019 Dodge Caravan. In fact, it had 3 miles on it, so I was its first occupant. I figured it would have all kinds of new, spiffy features. But I wasn’t after anything new or spiffy. I just needed to plug my phone in for a charge, since it was just about dead and I needed to navigate. (more…)
So this bald putz Jack Welch has always held himself out at some kind of management genius. Given the disaster that GE has become, it’s fascinating to see when his books were bestsellers and what happened afterward. “Straight From the Gut” – – give me a break, chrome-dome.
Just an update on two of Slope’s favorite stocks-we-hate, which I’ve pissed on since each of them went public. First there’s SNAP run by Evan “I still have $1.6 billion and Miranda Kerr, so screw the shareholders and their 80% loss” Spiegel………
Following up on my Whiskey Tango Foxtrot post, it seems that the antique-shopping, mincing, taffeta dress-wearing equity bulls aren’t getting the “Alpha” or “Bravo” rallies I had suggested might transpire, so now we’re looking at “Charlie” and “Delta“. Because the effete bulls are so accustomed to getting bailed out by our corrupt government at the slightest sign of any weakness – – criminal cowards that they all are – – they are probably waiting for Trump to tweet out some kind of chubby surrender. We shall see. For the moment, October continues to be a very good month indeed.
Our valiant Treasury Secretary’s gold-digging, failed soft-porn actress of a wife, featured below, presents to us the fall in the NQ today alone. What’s exciting, of course, is that we’re just getting into the thick of earnings season. As NFLX has plainly demonstrated, we are at “peak earnings” now, so even the BEST news only excites people for a few minutes before all hell breaks loose again.