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HA! The financial crisis summed up...

Quote:

O.K., students: Jack the Hedge-Fund Manager is running $250 million from the Yahoo City Municipal Employee Pension Fund. He paid a 1 percent transfer fee to the placement agent who steered the money to him through a feeder fund; he takes 2 percent to manage the money and 20 percent of any profit he makes with it. Now, if Jack buys ?puts? on shares of triple-leveraged short-financial-index exchange-traded funds (E.T.F.?s) and Brazilian-coffee-futures options while he sells calls on shares of double-long agriculture-index exchange-traded notes while buying AAA-rated high-yield commercial-debt obligations, which he margins to purchase discounted tranches of B-piece positions in securitized mortgages, and he hedges all of this with options on a portfolio of gold-producer stocks?and does all of this in Sri Lankan rupees?precisely how much does this leave in Frank the Phys-Ed Teacher?s I.R.A. account when the market tanks and the hedge fund blows up? Bonus question: If you managed to follow all of this, would you care to explain the difference between investing with Jack and plunking your entire life savings down in a Las Vegas sports book on a pony with a 50-to-1 shot in today?s third race at Hialeah?

http://www.vanityfair.com/online/pol...-and-more.html

That about sums up what got us here...

Loves it! :1orglaugh

Wall St has a history of fucking up the lives of many trusting/naive Americans.

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Bonus Read: Levi Johnston on Live with the Palins

Oh and this months Vanity Fair also confirmed for me that I've hooked up in the house that Jackie O' moved to immediately after the assassination -- in Georgetown. It is an old historic townhouse/mansion that Georgetown is known for. I had been told it was her house but I figured it was just a story to sound more interesting. Then I saw the address in an article...

Quote:

Originally Posted by epitome (Post 16341775)

Interesting, Vanity Fair is my favorite mag ....... I spent many nights in G'town's bars and restaurants. First wedding reception was at the Watergate. Second was at the Four Seaons. In high school we always got our beer at the liquor store by the Key Bridge. Love that area.

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Nobody is forced to invest their money with a hedge fund. Government and private pension plans need to have stricter investment standards. :2 cents:

LOL...

57. “I Gotta Guy.”
The three most dangerous words in American finance. Let’s eavesdrop on these two gents sweating in a Palm Beach country-club steam room: “I’ve gotta guy.”

Man I've seen this on GFY a few times myself... too funny.

Quote:

Originally Posted by sharphead (Post 16341878)

LOL...

57. ?I Gotta Guy.?
The three most dangerous words in American finance. Let?s eavesdrop on these two gents sweating in a Palm Beach country-club steam room: ?I?ve gotta guy.?

Man I've seen this on GFY a few times myself... too funny.

:1orglaugh:1orglaugh