Third Point Q2 2010 Investor Letter
hmmm. why did it take so long for him to figure this out? he gave to “obama for america” in 2007, “obama victory fund in 2008”, etc.
Throwing around Jefferson quotes is so much fun! What about this one, Mr. Loeb? “Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.” Or this one: “I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country.” Or this one: “All the capital employed in paper speculation is barren and useless, producing, like that on a gaming table, no accession to itself, and is withdrawn from commerce and agriculture where it would have produced addition to the common mass… It nourishes in our citizens habits of vice and idleness instead of industry and morality… It has furnished effectual means of corrupting such a portion of the legislature as turns the balance between the honest voters whichever way it is directed.” Or this one: “We are now taught to believe that legerdemain tricks upon paper can produce as solid wealth as hard labor in the earth. It is vain for common sense to urge that nothing can produce but nothing; that it is an idle dream to believe in a philosopher’s stone which is to turn everything into gold, and to redeem man from the original sentence of his Maker, ‘in the sweat of his brow shall he eat his bread.'” Or this one: “Every discouragement should be thrown in the way of men who undertake to trade without capital.” Or this one: “The system of banking [I] have… ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.” Or this one: “I sincerely believe… that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” Or this one: “The bank mania… is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.” Or this one: “No one has a natural right to the trade of a money lender, but he who has the money to lend.” Or this one: “…the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.” Or this one: “Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.” Or this one: “Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoilation desolate the country.””To the existence of banks of discount for cash… there can be no objection, because there can be no danger of abuse, and they are a convenience both to merchants and individuals. I think they should even be encouraged, by allowing them a larger than legal interest on short discounts, and tapering thence, in proportion as the term of discount is lengthened, down to legal interest on those of a year or more. Even banks of deposit, where cash should be lodged, and a paper acknowledgment taken out as its representative, entitled to a return of the cash on demand, would be convenient for remittances, travelling persons, etc. But, liable as its cash would be to be pilfered and robbed, and its paper to be fraudulently re-issued, or issued without deposit, it would require skilful and strict regulation.” Or this one: “I am an enemy to all banks discounting bills or notes for anything but coin.”
Your use of the card act to demonstrate the “anti capitalist” bias of this administration is weak at best and at worst very misleading. The card act puts some limits on the banks ability to raise rates but does not prevent them. These were reasonable limits on an industry that is full of snakes.
They don’t say credit cards are the crack cocain of finance world for no reason.
If that’s all you’ve got you should try agian.
The author of this missive IS THE PROBLEM!
Do you realize that the beauty of all this is that you can do this in the United States and not other countries? The consitution was created to protect the people. And yeah, Mr. Loeb can say or do whatever he wants, but don’t forget CEOs/executives should be glad that they live in this country and do as they please. Look at Google in China.
What is upsetting is that while two opposing forces (Mr Loeb, et al and Government) with so much education are against each other, average Americans who helped you gain your wealth are suffering. What gives? Do you really want this country to suffer compared to China?
hello there and thank you for your info – I’ve definitely pcekid up anything new from right here. I did however expertise several technical points using this web site, since I experienced to reload the website a lot of times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and can damage your high-quality score if ads and marketing with Adwords. Well I’m adding this RSS to my e-mail and can look out for much more of your respective fascinating content. Ensure that you update this again very soon..
pvJGQC , [url=http://kebadyybabfs.com/]kebadyybabfs[/url], [link=http://oxziwugpjpvl.com/]oxziwugpjpvl[/link], http://ecydltwdicae.com/
Cannot wait around to start pinging all my Squidoo lenses!
Mail (will not be published)
Bonus Watch ’16: Credit Suisse CEOs
Like many a Credit Suisse employee, Thiam will see his bonus chopped (though in his case the slashing is voluntary).