Bruce, no, he was not a governor, but he worked for some time at the Fed's, and please, do not fault him, he was fed BS from Corporate IR and refused to see the inevitable fact of life that floorless bandits are not interested in saving corporate entities (his eternal "White Knight"), but their interest is in making as much money as fast as possible and remove their money "at risk" from being "at risk" the next day they commit it, if they can. He also has no "gut feeling" as far as chart reading goes. Last, he was a strong proponent of throwing good money after bad (his own and Bear Stern, I believe, the "potential "White Knight". He is extremely smart, but a little timid in matters of sheer high sea robberies, and has infinite faith in what corporate management told him orally, so much, he put more faith in those words then the printed words in company's SEC filings (the only think I heeded at the time). He made the same mistake re: YHOO on the Mohan Thread when strongly recommending shorting YHOO at 50, because Softbank was going to dump, why should Softbank dump the best performing asset in their folio?
But all in all, particularly his general discourses on economic issues were well thought out, and actually quite brilliant, IMHO.
Zeev |
