Friday, December 12, 2008

Giant Ponzi Scheme

The manure keeps piling up on Wall St. and it's getting really hard to breath. As if we weren't already knee deep in shit, now even the die hard investors will want to run for the exits. Here we go again, more fund redemptions and a retest of the lows sooner than anticipated.

Madoff says he's been defrauding investors for years to the tune of $50 billion, paying off old investors with the principal from new investors. How can this be? Are these firms not audited?????

Meanwhile, on another planet, CNBC's Screamer aka, Jim Cramer, is still carrying on about the removal of the shorting uptick rule as the death of Wall St. Is Cramer in denial, or is he just simply retarded?


john said...

Cramer may simply be trying to deflect viewer anger over his money-losing recs to innocent 3rd parties. Dang those evil short sellers.

Jamie said...

Right on John!

If I remember correctly, he was recommending BUY, BUY, BUY all the way down the bear market, and when we were making a bottom, he went on NBC and told the world to SELL, SELL, SELL.

la grande poussée said...

Interesting enough - Cramer - there is a definite way of getting him off TV - yet use his knowledge and intelligence. He has offered his services to be Head of the SEC - and I say give it to him! Funny how a player on the wrong team (CNBC) - can't get the respect of the team or the fans. Put him on the right team (SEC) and maybe he'll surprise us all with touchdown passes every week!

Jamie said...

Well, if Cramer goes to the SEC, he'll probably reinstate the shorting uptick rule. Not so good for day traders.

Personally, I think Cramer might have too many skeletons in the closet to qualify for the SEC position.