I'm Rich Enough Already, Thank You***
| Sat Oct. 18, 2008 10:24 PM PDT
I'M RICH ENOUGH ALREADY, THANK YOU....Andrew Lahde, who made himself famous by starting up a hedge fund that made a ton of money betting on the collapse of the subprime market, is closing up shop. On Friday, he explained why:
The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.
Get that man a blog!
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What does all this say about those in the elite who think sending their idiot children to Yale and Harvard and then promoting them to the top is good for them and the people around them? We might want to ask George H W and Barbara.
As far as I can tell, most of those folks who went to those Ivy league schools did take good care of themselves. They screwed their shareholders, but took care of themselves. Isn't that what it is all about -- help yourself and the invisible hand will take of the rest.
You know what? I'm happy that he feels comfortable enough about his ability to sustain himself for good that he can say what he says. There is nothing in the "Hemp Part" that would lead me to believe that he is being satirical, as everything he says is either true or reasonable speculation. The parts that others have characterized as "sour grapes", I would call a dose of reality for the bonus babies who were born on third and believed they hit a triple. This country has been driven into the ground by two decades of unfettered "Greed is good" capitalistic excess. It is time that we wrested control of the reigns of power away from the incompetent aristocrats who have nearly destroyed us and build a new compact that protects the interests of ALL Americans, not just an lucky few born into the lap of luxury with a sense of entitlement and contempt for anyone not of their social stratus.
"I have to say that securitization has always been slightly low-rent, not a white shoe field. It's Cadwalader, not Davis Polk, and Bear Stearns, not Morgan Stanley, that have taken the worst hits"
Not really; Morgan Stanley and Merrill Lynch have actually been among the worst-affected banks in this area. Are you perhaps thinking of JP Morgan (which is a different bank)?
While I enjoyed his spirited defense of hemp, he must have been smoking something here:
"Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government."
Uh, which country is that? Scotland, where, um, Adam Smith lived? I mean really, you can argue that there has been a dearth of philosophers in the US (I would argue that you're probably wrong, but that we do pay insufficient attention to them). But you should at least make sure your examples are apt.
Get this guy an editor, not a blog!
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