Before the Big Bust happens, here are a few cautionary words for the hoi polloi: One of the reasons for the existence of the stock market is to provide a casino for gambling and for the movement of capital from the pockets of small gambler "investors" to the pockets of big gambler "investors."
The new Rich List is out -- yet another example of financial pornography. While nearly 15 million Americans still can't find jobs due to the Wall Street-created crash, the top hedge manager, David Tepper, earned $1,057,692 an HOUR in 2012.
When what you do is make money from money, it seems as if breaking or avoiding laws and rules create victimless crimes. It's all a big game, where each person is trying to out-hustle the other. It's him or me so what does it matter if we both cheat a bit?
Since when is stock something that you have to check on every year? Stocks are touted as instruments that you put away and forget about while they grow. Not so, the representative said. If the bank cannot verify your whereabouts, it turns the stock over to the government.
How did I not know allegedly illegally obtained insider information was used by managers at my own fund? It's because I'm a genius. If you don't get it, it's because you're not a genius. But don't worry. I'll explain it to you later in this press release.
The issue of insider trading from information emanating from Treasury Secretary Paulson's office was a focus of ruminations from this corner some four years ago. But hard questions, perhaps until now, have been few and far between.