Gordon Ghetto
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@24- Much cheaper to make those degrees Wharton degrees retroactively. Kind of like a Latin American country revving up the printing press to get out of debt.
I guess this is CG's little act of revenge for Krawcheck saying they didn't go back very far.
I'm glad these weaklings are gone, especially the ones who have decided finance is immoral now that they can't get jobs in it.
On another note, this show looks hilarious, both intentionally and unintentionally. I expect maximum ridicule from DB readers. www.megan.vh1.com
Kind of sad that no one else has commented yet.
Venture capital firms are having trouble because they do not think outside the box enough, despite allegedly investing in innovation. Innovation is not funding another social networking site. Innovation is thinking about the widest range of possibilities and picking the best one. Specifically, VC firms should invest in industries other than technology. Almost all are focused exclusively on IT, biotech, communication technology, etc. They should really be called technology capitalists.
@1- Posts like that are why I read Dealbreaker.
Did Wachovia ban DB? Not many comments.
19- So true. I was talking with a science PhD student recently about Wall Street and he started talking about "Morgan Stearns." Was he referring to JP Morgan in the manner in which Dealbreaker talks about Bank of Amerillwide? Or, did he think that was actually the name of a real company? Sadly, the context of his remarks leads me to think the second scenario is the case. All that the average American knows is that they're pissed off that other people are richer than them.
GM will be given to the workers.
Taleb is a moron whose intellectual rigor is comparable to that of a conspiracy theorist. He claims that LBO's are Ponzi schemes because investors buy companies with the intention of someday selling them to other investors. By that logic, McDonald's is a Ponzi scheme because its franchisees buy hamburgers with the intention of selling them to other people. Or, as the moron would say, it has a "Ponzi-attribute."
"At my age, you don't get many more chances to swing for the fences." Perhaps this was just a poor choice of words, but this is an example of what the psychologist was talking about. As I have learned the hard way, starting a business rarely results in an immediate, large success. To use his analogy, you have to plan on taking lots of swings and, if you are lucky, start out by getting some singles.
19- You bring up an interesting point. America is such a vast country that we need to make widely known a conversion scale to account for the difference in cost of living between say, North Dakota and New York. A compensation limit of even $250,000 will still seem unfair to many in rural areas, as it would be a large amount in their communities, despite the fact that someone in New York with student loans, a mortgage, etc., could have trouble getting by with that amount.
26- Interesting point. However, regarding your next to last paragraph, keep in mind that it is extremely difficult, even under Bush level income taxes, to accumulate a large fortune through ordinary income. Capital gains, preferably deferred for years until the sale of an asset, is the tax that an aspiring mogul should be trying pay.
When do the zero down, neg am, stated income arm's come back?
53- Excellent comment. The stagnation and decline of working class and middle class quality of life has been in its initial stages in the US since the '70's. The rest of the world got in on the industrialization game that made us so prosperous, and as a result some are worse off than they would be otherwise. I don't know what the long-term effects will be, but I suspect that many of the American masses will just have to take what is given to them until skill-adjusted wages even out world-wide. This could take many decades, although the current crises is redefining a lot of expectations.
19, 21- Great posts. Think that relying on the Chinese to fund the deficit so we can buy many basic necessities from them would count as dependence?
What's really sad is that he is probably doing this to pay the rent.
The Vanity Fair article had an interesting quote from the head of York Capital who said, when he started his fund, he never expected to make anything like what he has. Think of all the people who accumulated a net worth of, say, $20 million or more by working in hedge funds. How many got into the industry this decade, when doing so seemed like a no-brainer? Probably not very many. The moguls of tomorrow are currently toiling on ventures at which "respectable" people are scoffing.
When I saw this post's headline, I thought it was the number of hedge funds that have turned out to be Ponzi schemes.