Tom R. Yarnell and thread/ Re: Pirates
I wasn't referring to bankers, per se, as pirates, earlier; want to be clear on this as I may have offended some, but thanks Tom and others for support and links to other's perspectives on this.
Piracy(Webster's): the unauthorized use of another's production
So, the hedge fund managers are unfairly demonized as pirates.
Worswick would have them akin to "aircraft pioneers"; is their current experiment at LTCM similar to the recent unsuccessful satellite launch, blew up 10 satellites with one rocket.ggg
Are reports that principals of the major brokerage firms that pledged
$300 Million of their firm's money, themselves holding personal accounts investing in LTCM, correct? If so, will they inform thier shareholders that the brokerage firm's resources will support the bailout/buyout for the common good, but, by the way it will also cover their personal ass-ets.ggg
To Clark: you got me right, I am angry and frustrated with the hedge funds ability to function without, as Bill Seidman said today, any
rules or transparency. I have personal experience with the maneuvers of a onetime wannabe and current hedge fund operator, Jeff Vinik. When he managed Magellan fund at Fidelity, he was hyping tech stocks while dumping them on the run up. Lost his job, now runs up smaller stocks and dumps them. Another misunderstood genius at work or just a more appropriate style of "investing" for a hedge fund operator.
As a small investor, and a tax payer, who will ultimately pay for the consequences of the LTCM's of the world, as we have all paid for the bailouts of Mexico/read Citibank, et al., in the past(and maybe again, soon; e.g. Brazil/Latin America/IMF) I have difficulty having respect for hedge fund operators currency raids, et al.
Paul Voelker was quoted on this thread thru a link re: LTCM
"Why should the weight of the Federal Government be brought to bear to help out a private investor? It is not a bank."
To Henry: I appreciate the input you and Clark and all the others give freely to this thread. But what I really would like you to comment on
RE: your post #161: "...large and prestigious(will) admit some very big losses." Which ones, Henry. Should I just choose from the list of
the new owners of LTCM for short candidates.ggg
Thanks to all for this informative and thought provoking thread.
vocex |
