A guy in the States who made loadsamoney betting against US subrime home loans has written a letter to his shareholders of his company (Lahde Capital Management of Santa Monica, California). The letter (not long) is on his website here. It makes interesting reading. He refers to his "stupid" traders for making him rich; he thinks banks he says are too risky to deal with, and pleas for a philosophy of economics.
He is now off to spend more time with his money.
Well here is a somewhat double-jointed Adam Smith, fresh off the back of a Clydesdale Bank £50 note. If he does not look happy it is because he thinking that the best he can hope for is good luck; certainly not good management. Wheww! He must be turning in his grave these days!
I wonder what he would think of this fellow's epistle to the shareholders. Apart from smacking of the Dear Brutus Syndrome (all the world is to blame) there is something in that letter that really sticks in my craw. He deliberately deceived people. That, to my mind, is fraud. Furthermore, that is the lowest of the low when it comes to social, financial, or should I say, economic, deviance.Sub-Plot: What one does for Photoshop Art: I wanted a picture of Adam Smith. I ended up at the Clydesdale Bank. We are, as it happens, long-standing customers of this Scottish Bank (owned by Australians). Where was I? I was told to come back in 10 minutes for the note...which I did. I needed to hand over my debit card (in order that the money change could be recorded - yes, really....) All the while, I told the teller what I wanted it for. Then I asked, after handing over my £50 in smaller notes, "What if I was not a customer of this bank and wanted that particular note?" "Ah well," he replied, "it would cost you 5£." !!!!!!!!! ROGB (Rip Off Great Britain)