Hedgie Tepper on pace to make $2.5 billion this year (WSJ) The moral hazard trade has a new face. Tepper bet big that government would rescue bank shareholders and creditors. He was right. Can we blame him? He didn’t make the rules; he just played the game better than the rest once they were made.
Why can’t Americans make things? Two words: Business school (Scheiber, New Republic) For 30 years we’ve been focused on teaching finance, not manufacturing…
At top subprime lender, policies were invitation to fraud (Heath, HuffPo)
Goldman threatens to move some London staff to Spain (Evans, Independent)
Citadel files for bankruptcy (Spector/McBride, WSJ) The syndicator of Don Imus’ morning show is the latest radio company to struggle with debt. See also Clear Channel, Emmis and Regent….
GE uses UK libel law to gag doctor (Gerth, ProPublica) Ironic: GE wants to shut up a doctor for saying GE suppressed information. (ht, NG)
Trader Joe’s does something awesome (Reddit) Reminds me of all the guys out on bicycles Saturday night delivering food in NYC. I’m from Chicago so am not intimidated by windy Winter weather. Still, Saturday night’s storm was impressive. Wind so bad in the building canyons that you couldn’t walk more than a block or two. So everyone ordered in. No one was on the street besides food delivery guys. I wish Lou Dobbs could have seen it….
Snoop Dogg invests in inner-city football (AP) Snoop Dogg, 38, launched the [youth] league in 2005 with $1 million of his own money after noticing that much of urban Los Angeles had no football for boys ages 5 to 13. He’s since invested about $300,000…The league now has 2,500 kids enrolled.
For anyone else who’s ever sung Handel’s Messiah….(ht CSQT)