Once upon a time, in a country wide and beautiful, there was a very audacious and flamboyant financier who liked to wear very nice clothes. (Here he is in his gold tie and pinstripe finery.) One day, this very daring man saw a need in the housing market, and lo, with a skill for salesmanship and the help of the...

You’d look like this too, if you had to sit before Chairman Carl Levin and the Senate’s Permanent Subcommittee on Investigations looking into alleged improprieties of investments and investment procedures by Wall Street banking and investment giant Goldman Sachs.  Get a load of the document bundle sitting in front of (self-named) “Fabulous Fab” Fabrice Tourre, the architect of the investment vehicle under SEC...

When Hieronymus Bosch painted The Conjurer, in the 1500s, I’m sure he never imagined that the cups and balls routine he rendered would morph into a variety of schemes, scandals and shell games. Here’s just a few that make this month’s list. The Eric Massa mess – Among the newly uncovered allegations: “Beginning in March 2009,” the New York Times reports, “male staffers...

Just because I’ve been off-line for two weeks doesn’t mean I’ve been off sleeping. The French philosopher Albert Camus once observed, “A man without ethics is a wild beast loosed upon this world.” Here’s a snapshot of some of the wild things you may have missed: A former senior vice president at Lehman Brothers wrote a letter in May 2008...

“A person who maintains a pornstar’s erection between scenes; a broker of products or services that gets the client ready.” – Urban Dictionary The New Museum of Contemporary Art “…has evolved from a scrappy alternative space into a mainstream institution,” The New York Times reported (Nov. 11). However, in the opinion of many, the Museum “…is jeopardizing its integrity by giving too much...

Right now an eminent TV actor, (an up-and-coming Dustin Hoffman type) is busy researching his role as the lead in the next made-for-cable hit. No, not “Weekend at Bernie’s III.” It’s “a gripping docu-drama” about the man who out-Ponzied Ponzi entitled “The Man who Made off with Other People’s Money.”  (Of course it’s a dumb title, it’s cable.) A little putty...

I’m gone a few short weeks hiking the Appalachian Trail and what do I come home to?  Well, here’s the CliffsNotes version. Manny’s Back!  Manny Ramirez, the “vacationing” Dodger slugger returned to the lineup following a 50-game suspension after testing positive for a banned substance.  He went 1 for 6 with a walk against the San Diego Padres in his first two...

In an afternoon press conference, the Securities and Exchange Commission announced that former Countrywide CEO Angelo Mozilo has been charged with fraud. The Washington Post reports that “from 2005 to 2007, the SEC alleged, Countrywide dramatically loosened its standards even though these executives were warned that the company would have trouble selling loans into the market. Countrywide was required to...

A recent conversation about the bonuses paid to some employees at AIG like Jack DeSantis, led to this question:  ‘Don’t you believe in honoring contracts?” In fact, I do believe in honoring commitments and obligations.  However, when a multi-billion dollar company like AIG runs into multi-billion dollar debt, asks for and then receives $182.5 billion in financial support from the federal...

Re-interpreting a New York Daily News headline from 1975, the following is in response to a resignation letter written by Jake DeSantis, former executive vice-president, A.I.G. financial products unit to Edward M. Liddy, chief executive of A.I.G., appearing in the New York Times on Wednesday, March 25th.   Dear Mr. DeSantis, It’s difficult to read that you feel “betrayed by A.I.G.  » Read more...