

Found at some wingnut/libertarian dating site. Have at him, ladies.
Musings, findings, nonsense. Oh, and boobies.






1997: Federal Reserve Chairman Alan Greenspan's famous "irrational exuberance" speech in 1996 was somehow ignored by, um, Fed Chairman Greenspan. The Fed missed the opportunity to change margin requirements. Had the Fed acted, the bubble would not have inflated as much, and the subsequent crash would not have been as severe.
1998: Long Term Capital Management was undercapitalized, used enormous amounts of leverage to purchase all manner of thinly traded, hard-to-value paper. It failed, and under the authority of the Federal Reserve a "private-sector" rescue plan was cobbled together. Had these bankers suffered big losses from LTCM, they might have thought twice before jumping into the exact same business model of undercapitalized, overleveraged, thinly traded, hard-to-value paper. Instead, they reaffirmed Benjamin Disraeli's famous aphorism: "What we learn from history is that we do not learn from history."
1999: The Financial Services Modernization Act repealed Glass-Steagall, a law that had separated the commercial-banking industry from Wall Street, and the two industries, plus insurance, came together again. Banks became bigger, clumsier, and hard to manage. Apparently, risk-management became all but impossible, even as banks had greater access to larger pools of capital.
2000: The Commodities Futures Modernization Act defined financial commodities such as "interest rates, currency prices, and stock indexes" as "excluded commodities." They could trade off the futures exchanges, with minimal oversight by the Commodity Futures Trading Commission. Neither the Securities and Exchange Commission, nor the Federal Reserve, nor any state insurance regulators had the ability to supervise or regulate the writing of credit-default swaps by hedge funds, investment banks or insurance companies.
2001-'03: Alan Greenspan's Fed dropped federal-fund rates to 1%. Lulled into a false belief that inflation was not a problem, the Fed then kept rates at 1% for more than a year. This set off an inflationary spiral in housing, and a desperate hunt for yield by fixed-income managers.
2003-'07: The Federal Reserve failed to use its supervisory and regulatory authority over banks, mortgage underwriters and other lenders, who abandoned such standards as employment history, income, down payments, credit rating, assets, property loan-to-value ratio and debt-servicing ability. The borrower's ability to repay these mortgages was replaced with the lender's ability to securitize and repackage them.
2004: The SEC waived its leverage rules. Previously, broker/dealer net-capital rules limited firms to a maximum debt-to-net-capital ratio of 12 to 1. This 2004 exemption allowed them to exceed this leverage rule. Only five firms -- Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley -- were granted this exemption; they promptly levered up 20, 30 and even 40 to 1.
2005-'07: Unscrupulous home appraisers found that they could attract more business by inflating appraisals. Intrinsic value was ignored, so referrals kept coming in. This helped borrowers obtain financing at prices that were increasingly unsupportable. When honest appraisers petitioned both Congress and the bureaucracy to intervene in the widespread fraud, neither branch of government acted.


The Trader had come to Lehman only a year ago, after being recruited from a rival firm. He’d studied physics as a grad student, then come to Wall Street as the tech bubble and the aggressive gentrification of the Giuliani years remade Manhattan into a banker’s playground, a place where a $2 million salary could seem like the norm.
Like many on Wall Street, the Trader’s career was moving along briskly. By 2006, he had settled into a new $2 million house in Connecticut with a pool, and kept a pied-à-terre in Manhattan. With two young children, he had private-school tuition to cover. He had recently completed a home renovation, and now there was talk of a new porch with a built-in stainless-steel barbecue. The Trader estimated that he was two years from making enough money to retire and never have to work again.
...
The collapse of the world’s most powerful wealth-creating engine required everyone to take stock of their financials. One Lehman executive in Rye Brook, fretting about paying off a Hamptons summer house and a ski chalet in Vermont, panicked on Monday morning and laid off her nanny, who had been with the Westchester family for nine years. “The nanny called me crying,” says Marla Sanders, who runs Advance Nannies and staffs Lehman homes. “One of the children she had brought home from the hospital.” Sanders knows more cuts for her clients are on the way. “They’re going to have to sell homes. The question is, will the homes sell? They’re cutting some of the children’s activities out, dance class, acting class. Are they going to have flowers delivered every day to their homes? I don’t think so!”
...
On Friday, September 12, the Wall Street Journal reported that Lehman’s former president, Joe Gregory, who was demoted along with former CFO Erin Callan in a management shake-up in June, was listing his Bridgehampton house on Surfside Drive for $32.5 million. The collapse of Lehman’s stock is a blow to Gregory’s lifestyle. He reportedly used to travel by helicopter to midtown from his $3.5 million mansion in Huntington, which was recently renovated, according to a Sotheby’s broker. According to one source, Gregory’s financial adviser was in negotiations with Lehman’s attorneys at Simpson Thacher & Bartlett, working to avert his filing for bankruptcy, after he borrowed money against his Lehman stock to pay for the renovation. “He owes a lot of money for it. They called the margin loan” late last week, the source said. (Gregory and attorneys didn’t return calls for comment.)
...
[A Craigslist post] read, “Should I leave my fiancé? … I guess I already know the answer. My boyfriend … rather fiancé, is/was employed by Lehman Brothers,” the posting stated. “In less than a week we went from being millionaires to just having a couple of 100K … I suppose this means it’s over. I am who I am. I personally blame all this on [Lehman CEO] Dick Fuld. I blame him for ruining my happiness.”





About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios.
It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.
"We are in the middle of a deep, dark recession, and it won't end soon. Here it is, and it is pretty nasty," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is chief executive officer of research firm FusionIQ.




A Quebec businessman whose name is one of the many that have erroneously landed on the U.S. Department of Homeland Security's flight passenger watch list has decided to change his name to avoid lengthy security hassles at the airport.
Mario Labbé, an executive with a Montreal-based record company, says his Canadian passport triggers a red alert on the computers of U.S. customs agents every time he tries to board a flight to the U.S. — which is about once a month for the past seven years.
"I was pulled aside in a room ... and you have to wait your turn to finally be released," Labbé said. "An hour, an hour and a half, two hours, whatever it is after. Once I was caught in Miami like that for six hours.
"It's always the same questions, about if I've lost my passport, if I've been to Japan — I don't know why Japan, but in their file it was something to do with Japan."
The U.S. Department of Homeland Security wrote a letter to Labbé in 2004, saying he had been placed on their watch list after falling victim to identity theft. At the time, the department said there was no way for his name to be removed.
Although Labbé wrote letters to the U.S. department, his efforts were in vain, prompting him to legally change his name. "So now, my official name is François Mario Labbé," he said. "Then you have to change everything: driver's license, social insurance, medicare, credit card — everything."
Although it's not a big change from Mario Labbé, he said it's been enough to foil the U.S. customs computers.




Ratings scale recap: I use the same rating here as I do at Netflix. A little nebulous, but this is how I see them.
1 - Ugh, why can't I give this a zero?| AFC | ||
| East | W | L |
| New England | 12 | 4 |
| NY Jets | 9 | 7 |
| Buffalo | 7 | 9 |
| Miami | 4 | 12 |
| North | ||
| Pittsburgh | 10 | 6 |
| Cincinnati | 8 | 8 |
| Cleveland | 7 | 9 |
| Baltimore | 6 | 10 |
| South | ||
| Indianapolis | 11 | 5 |
| Jacksonville | 10 | 6 |
| Houston | 9 | 7 |
| Tennessee | 8 | 8 |
| West | ||
| San Diego | 11 | 5 |
| Denver | 9 | 7 |
| Oakland | 6 | 10 |
| Kansas City | 4 | 12 |
| NFC | ||
| East | ||
| Dallas | 11 | 5 |
| NY Giants | 10 | 6 |
| Philadelphia | 10 | 6 |
| Washington | 6 | 10 |
| North | ||
| Green Bay | 10 | 6 |
| Minnesota | 8 | 8 |
| Chicago | 6 | 10 |
| Detroit | 4 | 12 |
| South | ||
| New Orleans | 10 | 6 |
| Tampa Bay | 9 | 7 |
| Carolina | 8 | 8 |
| Atlanta | 4 | 12 |
| West | ||
| Seattle | 10 | 6 |
| Arizona | 8 | 8 |
| St. Louis | 6 | 10 |
| San Francisco | 5 | 11 |



































