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Thank you for finding that Tanta! It must've taken just a bit of digging... My kids were hysterical over it and made me play it twice, and they've never even had the privilege of growing up with Ronco...
OT, sorry for that, and forgive me if this has been discussed somewhere already, but I posted this in somewhat stale BearS thread I don't thing anyone's still reading. Seems like BearS is trying to figure out a way to sell toxic waste to the public, and introducing the mother-of-all conflicts-of-interest in the process.
Original comment:
Just saw this and would love the CR take:
Bad Request 7D
Everquest Financial, a company that filed plans for an initial public offering last month, has ties with a troubled hedge fund run by investment bank Bear Stearns Cos.
...
The hedge fund, as well as another run by Cioffi called the Bear Stearns High Grade Structured Credit Strategies Fund, transferred riskier parts of collateralized debt obligations, or CDOs, that they owned to Everquest when the company was being set up last year, according to the company's IPO filing with the Securities and Exchange Commission.
In return, the Bear Stearns hedge funds got a large stake in Everquest and nearly $150 million in cash, the filing said.
In addition to running the Bear Stearns hedge funds, Cioffi is co-chief executive of New York-based Everquest, the filing noted.
"If the stories are correct about the problems at the fund, it sounds like they off-loaded the riskiest positions to Everquest," said Josh Rosner, a managing director at research firm Graham Fisher & Co.
"It is not clear if this was before or after they were aware that those positions were hurting the hedge fund, but the decision seems to have happened before news leaked of the funds' supposed problems," he added.
...
Everquest also noted potential conflicts between the interests of Cioffi and his hedge funds and the interests of future Everquest shareholders. The company said it plans to resolve those conflicts by requiring that its managers "act in a manner that they consider fair and equitable in the allocation of business opportunities," according to the IPO filing.
Well, they may be BK, but ronco.com is up and in business. Buy 1 pocket fisherman, get 1 free! Quick... everyone go buy stuff... they need the dough!
P.S. I read in the LA Times that Ron is doing just fine (the 40mil they paid him sorta screwed up the companies finances though...).
He's working on his latest invention, a home turkey fryer. Turkey-O-Matic?
P.S. I read in the LA Times that Ron is doing just fine (the 40mil they paid him sorta screwed up the companies finances though...).
Ahhh. That's some mighty good bass.
Home turkey fryer? Now, thousands more will have the opportunity to burn down their homes at holiday time.
This one was inspired by something posted to Mr. Coté's blog earlier this week:
CDO's Defective
Bear Stearns has one little defect.
MBS risk model's incorrect.
The LIBOR soars just as the ARMs reset.
The Chinese won't budge on the yuan peg.
Now the CDO's defective
Hedgies in cahoots
Made the CDO defective
When the rates shoot shoot shoot shoot
They didn't think it could get up so far
When they used a HELOC for the family car
Long shot bet on a jumping yen
Printing presses being run by Ben
Flood of liquidity funding LBOs
But the ABX keeps hitting new lows
Your payments jump as you hit 110%
The neg-am's done, better find a place to rent
I don't know how much more the economy can take.
The foreclosures mount while they're hiking the rate.
Now the CDO's defective
Dow goes down the tubes
Since the CDO's defective
And the rates shoot shoot shoot shoot
Everyone decided it was time to sell
The breakers tripped before the closing bell
You think your money's safe but your pension plan's been funding it.
Now the PBGC's defunct you can forget about retirement.
How can you pay it off when the credit card has no limit?
Got another paycheck but the money's already spent.
The congress schedules hearings to appease the baby boomers
Who want to know the truth about their money's dissapearance.
Though it nearly took a lifetime to earn it and save
It only took one malinvestment to lose it away.
Because the CDO's defective
Who can you sue?
Since the CDO's defective
Nobody thought it could go on so long
But they kept on spending 'till the money was gone.
Now, thousands more will have the opportunity to burn down their homes at holiday time.
Call within the next 5 minutes, and receive a FREE FireOut-O-Matic kit with your order!
1-800-LIT-BIRD
The article that Tanta picked up in the NYT about web-based fraud in mortgage applications is number 8 on the most e-mailed list.
The power of bs.
Alan Gin, economist at the University of San Diego, said that the new job figures were bad news. San Diego lost 6,900 jobs in construction; 3,200 in financial services, including real estate and mortgage operations; 1,300 in construction and 1,300 in trade, transportation and utilities.
The Fresno Bee. Unemployment rates rose in the central San Joaquin Valley and across California in May, as a weak housing market continued to bring job losses.
Mike Miller, Fresno division president for nationwide home builder Lennar Homes, said the company has shrunk its Valley work force by about 25% over the past 12 months. The market has really pulled back, not just in Fresno County, but throughout the Central Valley, he said.
subprime is now at 9%-10% :
Mortgage Grapevine: CA, $495,000, 582 FICO, 90% LTV, Refinance, SF, stated, OO
Max, great job.
Thanks Jim. Looks like another lost weekend around here. Can't believe people would rather hang out in the beautiful sunshine than sit indoors alone on a computer and write parody lyrics to random songs on Father's Day.
Just goes to show, it takes all kinds.
The GreenspanX(Reagan-Bush-Clinton-Bush-Clinton?) scam is coming undone.
There is No Free lunch -
Cannot prop up GPD growth with debt to cover the propensity for consumption to fall as the real wage falls for 80 % of the economy while increasing regressive tax burden.
We will need another increase in social security withholding on minimum wage earners to balance this budget mess, for sure.
Interesting to note the insensitivity of the trade imbalance to the weak $US.I guess that's what happens when a country has no manufacturing for export, service exports are insensitive. BTW, if you haven't noticed, the purchasing power of US citizens has declined by over 40 pct, vis a vis the rest of the world, these last few years.
Surely, the Fed will figure out how to make it all come out in the end. As long as real wages don't rise (that's inflation). Luckily we have an unlimited pool of third world workers who will keep prices under control and purchase American goods as their wages increase. Oh, America doesn't have any goods to export and the low wage countries don't buy anything anyway.
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