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<\/a><\/p>\n3. Wall Street does a lousy job figuring where things are going — despite all their “research.” Their BIG assumption is that the future will look like the past. With three huge financial busts in the past ten years, you can no longer make this assumption.<\/p>\n
4. Goldman received a bunch of Wells notices from the SEC in recent months. It didn’t o tell its shareholders that the SEC was investigating the company! (Go figure.) \u00a0Goldman chairman and CEO \u00a0Blankfein told Congress recently he “was doing God’s work.”<\/p>\n
This is getting weirder and weirder.<\/p>\n
For the SEC’s 20-page accusation against Goldman, click here.<\/a> <\/strong>I’ve highlighted the important bits.<\/p>\n For Goldman’s own PowerPoint deck, click here. <\/a><\/strong><\/p>\n You need to read these two documents before you read what reporters, like Matt Taibbi of Rolling Stone are saying. From Taibbi:<\/p>\n Goldman, Sachs is getting busted, finally, for what to me is one of the most devious and brilliant crimes of the last decade.<\/p>\n I can\u2019t get into this too much because I have other material coming out about it. But the upshot of it is that GS teamed up with a hedgie named John Paulson (no relation) to make the biggest ball of subprime shit they could, got short of it by credit-default-swapping it, then roped third parties into buying it. It\u2019s kind of awesome in a way, and I\u2019m sure it was fun while it lasted.<\/p>\n But now\u0085 I\u2019m reminded of the scene in Goodfellas when the cops bust Henry\u0085:<\/p>\n Bye bye, dickhead!<\/p>\n <\/strong><\/p>\n I have no idea how Goldman, \u00a0the SEC and all the financial pontifications will affect this market. Is suspect they won’t be good. But I’m not “buying on the dips.” The market has looked like it’s needed a \u00a0little pullback for some time.<\/p>\n Citigroup reports a nice profit this morning. I’s reading Citi’s 272-page annual report for 2009. I repeat 272 pages of tiny print, no pictures and lots of unanswered questions. <\/span><\/span><\/span><\/strong><\/p>\n Much worse than Goldman Sachs is today’s hay fever.<\/span><\/strong> Allegy season is on us with a vengeance. The solution is twofold:<\/p>\n + Wash your face with cold water, and<\/p>\n + Claritin.<\/p>\n The world’s most expensive coffee beans<\/span><\/strong> are found in the droppings of the civet, a catlike animal from Southeast Asia, whose digestive tract produces a smooth brew.<\/p>\n A civet farm in Liwa, a town in Sumatra, where the catlike animals eat coffee cherries. Their droppings contain coffee beans fermented in their stomachs. <\/em>Learn more.<\/a><\/strong><\/p>\n Friday’s column exists. I<\/span><\/span>t was late because Time Warner’s RoadRunner was “losing packets.” Meantime, you can read it by clicking on the date above and then clicking on the headline, to bring up the full column, which had some funny cartoons.<\/span><\/span><\/span><\/strong><\/p>\n Driving Miss Daisy. <\/span><\/strong>A friend, who worked away from home all week, always made a special effort with his family on the weekends. Every Sunday morning he would take his 7-year old granddaughter out for a drive in the car for some bonding time — just him and his granddaughter. One particular Sunday however, he had a bad cold and really didn’t feel like being up at all. Luckily, his wife came to the rescue and said that she would take their granddaughter out.<\/p>\n When they returned, the little girl anxiously ran upstairs to see her Grandfather.<\/p>\n ‘Well, did you enjoy your ride with grandma?’<\/p>\n ‘Oh yes, Papa’ the girl replied, ‘and do you know what? We didn’t see a single ass hole, dumb bastard, dip shit or horse’s ass anywhere we went today!’<\/p>\n Almost brings a tear to your eye?<\/p>\n<\/a><\/p>\n