The Joy of Sachs

(nytimes.com) OP/ED from Paul Krugman

The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it’s preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?

First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America.

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"Goldman Sachs In Talks To Acquire Treasury Department"

Just kidding, but worth a read.

(businessinsider.com)

..........According to Goldman spokesperson Jonathan Hestron, the merger between Goldman and the Treasury Department is "a good fit" because "they're in the business of printing money and so are we."..........

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First Pacific Advisors' Robert Rodriguez

Consuelo Mack interviews one of the best in the business.

(wealthtrack.com)


This week on WealthTrack's "Great Investors" series: he races Porsches for fun and runs top performing stock and bond funds for his profession. What makes First Pacific Advisors' Robert Rodriguez step on the investment brakes or the accelerator? That's next on Consuelo Mack WealthTrack.
Hello and welcome to this "Great Investors" edition of WealthTrack. I'm Consuelo Mack. This week our great investor is Robert Rodriguez, a maverick money manager who has accomplished a feat no one else has. For the last 25 years, he has run not one but two top performing mutual funds, in not one but two asset classes, a stock fund and a bond fund. As widely followed personal finance columnist Jason Zweig put it, that is the investing equivalent of running two marathons at the same time, which is why Zweig calls him the best fund manager of our time.

Read the transcript here

Daily Show Takes on Lenny Dykstra

(huffingtonpost.com) It was only a matter of time before Jon Stewart -- an unabashed New York Mets fan -- tackled the puzzling rise and spectacular fall of Lenny Dykstra's career as a financial guru. Dykstra, an ex-Mets star, declared bankruptcy last week, after amassing what seemed to be a staggering fortune, including a California home once owned by Wayne Gretzky.

Stewart showed a clip of some of Dykstra's profanity-laden responses his recent financial and legal troubles, and responded with:


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Madoff Is Headed for Prison in Butner, NC, Sources Say

We really do not want Bernie in NC

(cnbc.com) Convicted swindler Bernie Madoff is on his way to federal prison in Butner, NC, where he is sentenced to spend the next 150 years, CNBC has learned.

According to the Federal Bureau of Prisons Web site, the Butner facility houses a total of about 3,400 inmates.

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Investment Outlook-Summer 2009

Read the Investment Outlook-Summer 2009 from Jolley Asset Management, LLC

Go here to read the letter

Monday Interview: Man on the money with Buffett

(ft.com) Wesco Financial’s Pasadena headquarters are a blur of earth tones and cloudless sky. Bathed in southern California sun, the offices hold a glow befitting the gilded career of the company’s chairman, Charlie Munger.

Mr Munger, best known as business partner to Warren Buffett, head of Berkshire Hathaway, is settled deep into his chair. His lips stretched to a thin smile, the 85-year-old billionaire peers through thick glasses.

Over the years, generations of investors, chief executives and journalists have wondered why Mr Munger has stayed happily in the background for almost half a century as Mr Buffett forged a reputation as the world’s greatest stock-picker.

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