Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Wall Street Banker Calls for Cannabis Hemp Legalization
by Katherine Burton, Bloomberg (18 Oct, 2008)
Andrew Lahde Quits Hedge Funds, Thanks ‘Idiots' for Success
Andrew Lahde, the hedge-fund manager who quit after posting an 870 percent gain last year, said farewell to clients in a letter that thanks stupid traders for making him rich and ends with a plea to legalize marijuana.
Lahde, head of Santa Monica, California-based Lahde Capital Management LLC, told investors last month he was returning their cash because the risk of using credit derivatives -- his means of betting on the falling value of bonds and loans, including subprime mortgages -- was too risky given the weakness of the banks he was trading with.
"I was in this game for money," Lahde, 37, wrote in a two-page letter in which he said he had come to hate the hedge-fund business. "The low-hanging fruit, i.e. idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other sides of my trades. God Bless America."
Mr. Lahde is predicting a recession, and sees a collapse in the value of bonds backed by commercial property loans on the horizon -- mortgage crisis part deux.
i guess we know where our next bailout efforts will go.
Wall Street Banker Calls for Cannabis Hemp Legalization
by Katherine Burton, Bloomberg (18 Oct, 2008)
Andrew Lahde Quits Hedge Funds, Thanks ‘Idiots' for Success
Andrew Lahde, the hedge-fund manager who quit after posting an 870 percent gain last year, said farewell to clients in a letter that thanks stupid traders for making him rich and ends with a plea to legalize marijuana.
Lahde, head of Santa Monica, California-based Lahde Capital Management LLC, told investors last month he was returning their cash because the risk of using credit derivatives -- his means of betting on the falling value of bonds and loans, including subprime mortgages -- was too risky given the weakness of the banks he was trading with.
"I was in this game for money," Lahde, 37, wrote in a two-page letter in which he said he had come to hate the hedge-fund business. "The low-hanging fruit, i.e. idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other sides of my trades. God Bless America."
the troubling thing about his letter was that he called on the governments to install a new system. the system we have works fine esp if you remove legislation encouraging consumption and borrowing, you remove implicit govt guarantees and you address the easy monetary policy of the federal reserve! having said that, it's high time that our govt revoked the war on drugs. it's costly, immoral, fascist and the only winners are the people who you don't want to win ie the dealers!
the troubling thing about his letter was that he called on the governments to install a new system. the system we have works fine esp if you remove legislation encouraging consumption and borrowing, you remove implicit govt guarantees and you address the easy monetary policy of the federal reserve! having said that, it's high time that our govt revoked the war on drugs. it's costly, immoral, fascist and the only winners are the people who you don't want to win ie the dealers!
the system we have works fine . . . .
Yes and if a cow were a dog, it would bark, chase its tail and curl up by the fire.
Not arguing about your list of mods -- but if we did all those modifications -- it would not be "the system we have."
it's high time that our govt revoked the war on drugs. it's costly, immoral, fascist and the only winners are the people who you don't want to win ie the dealers . . . .
ummm, hello? Those Winners = Dealers = the Folks Who ARE the War on Drugs. The DEA functions as Price Supports for the industry, and keeps the little people in line.
Yes and if a cow were a dog, it would bark, chase its tail and curl up by the fire.
Not arguing about your list of mods -- but if we did all those modifications -- it would not be "the system we have."
ok, i'll clarify: i would like to see the continuation of the free market without the govt distortion and stimulus. generally everytime the govt starts talking about new systems, you can be rest assured that they have something a little more orwellian in mind.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
