MORE GOOD NEWS FROM WALL STREET
Goldman Sachs is cutting 10% of its staff loose in response to the worsening economic environment in the U.S. and abroad. So far 148,000 employees of financial groups around the world have been given their marching orders. With the Goldman Sachs’ firings the number will move past 151,000. Isn’t it funny that less than three months ago we were told most of these now unemployed jerk-offs were paid huge amounts of money for retention purposes because their employers feared if they lost them, they would also lose valuable business? Now they will be returning their fancy cars to the dealers’ lots, placing their flash abodes on the already depressed real estate market and out looking for a real job. I predict once the dust settles, 250,000 ex “Wall Streeters” will be on the scrap heap with no chance of returning to their former occupation. The problem for them is I don’t think they are qualified for the real world and having an investment bank on their resumes will be an absolute stigma. Some occupations could suit them though; used car or snake oil salesmen, swimming pool cleaners or if they are lucky, gigolos.
Why do these “analysts” from the remaining Wall Street houses still pump out their opinions of what are buys, sells and holds. Don’t they realize they have lost all credibility? Today they are working for no hoper outfits that history is revealing couldn’t even run their own businesses and so what makes them think they are still so highly qualified to continue pontificating on others. No-one in their right mind would now listen to what they have to say. Listen you lucky few remaining prognosticators, can you shut your mouths for a while and go hibernate? We currently see the world a little differently because we have had to bail you out to the tune of a $trillion!
I also have a gripe at the media commentators, who still appear to be sucking up to Wall Street and the big players. Two recent examples; ninety-one-year-old, and obviously senile, Kirk Kerkorian. This man for over thirty years had amassed a fortune betting against solid companies while also preying upon the working man to blow his savings in Vegas. Over the last ten years after selling MGM Studios for the third time, he has made some terrible decisions which confirms to me he is definitely suffering from dementia. He started by buying into Chrysler making all sorts of threats to its management, only to see Daimler-Benz buy the company out from under him. Last year he bought up GM large, buying at up to $40.00 only to sell six months later at less than twenty (because of margin calls) and then finally wading in only months ago and taking a 7% interest in Ford at six bucks to liquidate at $2.00, again forced by margin calls. His casino company MGM Grand has lost 85% of its value over the past year. With this latest Ford fiasco, the media reported him as giving the thumbs down to Ford as the reason for his exit, What baloney; the real deal is he’s going broke. Why? Just like the idiots on Wall Street, he leveraged his so-called wealth, working on the basis that green mailing would give him upside. Just like his fellow geriatric buddy, Sumner Redstone, who has fought with people, including his family all his life (and an all round nasty human being to boot) is going broke because the old warrior of greed wanted total control over every business he owned and he spread himself too thin by leveraging his investments. He owes $billions and the media portray his meltdown merely as an adjustment to his portfolio.
Where is the media darling Donald Trump? Haven’t seen the man with the wrap around hair do or heard his self promoting bullshit for weeks. I would like to know the value of his trophy properties as of October 24th and how much he has borrowed against them. I bet he is hiding in his Persian style Trump Tower penthouse with wife number three and not taking calls from angry creditors. Hey Don, I don’t think it will be a good idea to present us with another series of “The Apprentice”. I know you need the money, but I think like many of you contemporaries, what you have to say won’t carry any weight anymore.
Why have the stock markets descended into territory never seen before? One word; speculators. Who are these faceless people? The Hedge Fund operators. They have been forced, like Kerkorian and Redstone, to liquidate their highly leveraged holdings. There are simply not enough buyers to take on their holdings at fair market price. Stock prices will continue to cascade until the last remaining shares of the Hedge Fund investors are liquidated.
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