Tuesday, September 16, 2008

The Seven Deadly CEOs

Another remarkable mass delusion has occurred in modern times ! A group of well-educated, experienced CEOs followed the same path of lust & greed for money to lead their firms to colossal losses. And have thus caused enormous pain for their common workers and investors.

I am listening to a course on Dante's Divine Comedy, which is an incredible classic of literature written 700 years ago. Of course, after some background about Florence and Dante himself, the lectures begin with Perdition - the Inferno - that is, Hell. So far, the insight its allegories provides into human failures are quite enlightening to this modern reader. Yesterday these thoughts occurred to me, which I posted in rough form in the comments. But I decided to write a full allegorical blog with this thought.

Perdition - The Inferno - Hell has nine levels in Dante's Comedy. Now this is really Hell - eternal torment of some kind or level - and not Purgatory, which is sort of a place where people do penance before being admitted to paradise - Heaven. So even Level One Perdition is not a pleasant place. Dante's Hell is divided into three major categories: incontinence, violence and fraud. By "incontinence" is meant the subjection of reason to desire. That is, letting one's desires such as lust or greed drive one's free will to bad decisions.

Abandon Every Hope, All you Who Enter

Those are some of the words "greeting" those who enter Perdition. Here are the Seven Deadly CEOs who have committed the sin of "incontinence" and thus caused massive suffering for the common men and women who worked for their firms and invested savings in the stocks of their firms, listed in no special order.




  1. Chuck Prince - Citicorp
  2. Stan O'Neal - Merrill Lynch
  3. Lanty Smith (and Ken Thompson), Wachovia
  4. Dick Fuld, Lehman Brothers
  5. Kerry Killinger - Washington Mutual
  6. The CEOs of AIG
  7. Angelo Mozillo - Countrywide Finance
Markets

A Verily Ugly Day. If I was really paranoid, I'd think the beefers read this blog and especially targeted the stocks of the Alpha Fund. I bought a bit of AAPL when a low GTC order was hit.

Don't be surprised if AIG "buys the farm". Remember the "three strikes rule".

Central banks in Asia are injecting liquidity. Actually this is important as the lower flow of dollars overseas as the US trade deficit falls is really a lessening of the "world monetary base". Other central banks need to make up for this, particularly the ECB. The recent drop began when ECB intransigence was reiterated.

Mrs. B continues to be a smart shopper for stocks. Her patience in deploying new Sky Fund cash reminds me of her Filene's Basement shopping strategy, viz. not snapping up the 20% discount, but waiting for a 30% discount or better. She will certainly get fine prices when she spends her money.

If one is aggresive, the boxing maxim "protect yourself at all times" really means what it says "... at all times".

PS: Sheesh I left out Jimmy Cayne of BSC from teh Seven Deadly CEOs. Of course the FNM and FRE CEOS for the past decade should be there. And a posting reader said in the comments that Alan Greenspan belows there, too. Hmmm ... maybe a "top ten" knaves needs written ?

Word of the Day

"Condign" - adjective [$10]
Condign means deserved, adequate.
Sentence: The condign punishment for the "seven deadly CEOs" must be at least consignment to "Upper Hell" for greed, but perhaps a place in "Lower Hell" for the fraud of false counsel.

72 comments:

mfl59 said...

What are you looking for from Big Ben today bunkerman?

Bunkerman said...

McCain is excellent ... a "Teddy Roosevelt" Republican.

Good, pro-reform, anti-corruption.

Bunkerman said...

I don't have a clear picture.

I think they "should" increase the monetary base faster, however that needs to be done.

Focussing on the Fed Funds rate is the wrong place to focus now.

Unfortunately, I "expect" the Fed to do nothing, except ratify current policy.

I await the CPI number.

Bunkerman said...

Go Honest John !!!

mern said...

u missed 2 bman

frank raines and

sir alan greenspan!

watched your boy mccain on cnbc.

R WE SERIOUS ABOUT THIS GUY AND HIS (WELL it ryhmes with bunt)?

he thinx we need a 911 like committee (of course gotta mention that, right) to get to the bottom of these shennigans. the rules from the 30's are antiquated.

he cant not believe that, right?

we got rid of the glass steagal act in 94, how did that work out?

we got rid of the uptick rule last yr, how is that working?

we blew up in 29, wrote a ton of laws and everything was ok, until we got rid of those laws.

honestly he shud remember all this, he was 38 yrs old in 1929.

DIE mccain & palin DIE!

obama sux and is a douche bag, but ill take a douche bag over a tranny hot mess.........

ya, mccain is teddy......

LMFAOOOOOO

mfl59 said...

How can donny take that sack at the end of the game last night? Eli would have certainly thrown that ball away...

Bunkerman said...

I thought McCain sounded OK for a presidentail candidate. The commission idea is the only way to get the politicos like Pelosi out of it.

And he did say to reinstitute the uptick rule, etc.

Bunkerman said...

btw, if the rich and their beefer managers want to panic, nothing the government can do will stop it.

Bunkerman said...

I had thought about Raines - maybe I should have included all the CEOs of FNM, FRE.

But I stuck with the number 7.

Bunkerman said...

good CPI.

headline converging to core, as expected.

Bunkerman said...

true, Elmer should be there, too, as a "false counselor" - they go to a lower level of Perdition.

Maybe the idea for another blog ?

Bunkerman said...

Hmm I see Meredith is still singing the song on housing. A tired refrain.

I don't see how national numbers mean much.

The losses are moslty in CA, NV, AZ and FL.

Hmm I wonder what her numbers were on GS ?

Spin-em said...

pay no attention to Merny Maher honest John...speak softly and carry a big stick sir

mfl59 said...

Looks like Ken Heebner is joining the rank and file....he is starting a hedge fund....beefer indeed...

Bunkerman said...

it's pretty obvious the "credit default swap" market is dead.

Those numbers seem meaningless now.

Frosty said...

Sit This One Out
8:11 AM EDT
Let the pundits trip over themselves calling bottoms -- you're too smart for that.

yes jim thanks...banks and brokers off 20% a day, who needs that type of profit...well played sir.

UYG stock of week. now Bud that is just dirty.

Bunkerman said...

I sold some detritus that I had been adding recenlty to protect my core BAC, JPM, FCX, DVN, CVX, RIG holdings: GD, LMT, BA, IR, ITW, LMT. Dumped GE, too. Very disaapointing. Dumped AAPL and GOOG, too.

Dumped CCJ, too. Too ugly to bear.

I suppose this signal the bottom when even an inveterate optimist like me sells a lot. Ugh!

Frosty said...

hang in there bro...we have all been in your shoes...the boys are here for ya.

Bunkerman said...

lolol I've been in my shoes - lived through the '87 crash.

That's why the protection today.

Not predicting it, but the beefers can cause one.

mfl59 said...

JP Morgan in advanced talks with Washington Mutual-Bloomberg

Bunkerman said...

I see an article from Daily Mail says Jamie cosidering a stock deal for WM at $8.

C'mon, Jamie, you point is 8

$8, that is.

;-)

Frosty said...

nonono playing the slobber blues on you meat horn....easy Hoss.

Spin-em said...

sorry ya didnt get the cobbsis email ALERT frost...pffttttt

mfl59 said...

Hank gonna save AIG it seems.....

HANK THE TANK! HANK THE TANK!

Frosty said...

no worries Spin...team max OT last night had me well prepared for today...boys did a fine job indeed sir.

Spin-em said...

speaking of Dante..where's BeelzeBu"d"..El Diablo?....

Bunkerman said...

I haven't got to that part yet - where Satan is.

Bunkerman said...

Sheesh I wriote a PS to teh Seven Ceadly CEOs - I left out Jimmy Cayne ! I mentioned him yesterday.

So I guess I need to write a "Top Ten Kaves" list.

Spin-em said...

Mern Maher with the one and done hot shot every 4 days

if that a sign to come...He may have to breakout the Courvoisier to keep his lady friends

fallst said...

John McCain? Reformer?
Google The Keating Five....

Bud said...

i'm right here spin

waiting for frosty with his daily dose of stupid karachi or tandoor house posts

oh wait.......he's prolly 'playin' with his goat

f'ng hillbilly

Bud said...

i see mccain and obama tied in PA


scranton rocks !!!!!

Bunkerman said...

Oh I know all about the Keating Five - he made a mistakle long ago - didn't really do anything corrupt then. Was Arizona Senator & Keating was from Arizona.

From Wiki re Ethics Committee investigation - which is my "real time" memory, too:
"Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment".

A good learning experience for him.

Spin-em said...

"i see mccain and obama tied in PA
scranton rocks !!!!!

Bud..someone moving in next door..you have a choice...a white lady..or a black dude...who you going to pick?

mfl59 said...

Bunkerman what are your thoughts on AIG? If you were Hank what would you do?

Bunkerman said...

uhnless there is more trouble there tahn I understand, I'd let it fail.

I don't know what kind of problem the credit default swaps might become, as I saw somewhere they had a very large net position.

But that market is dead know in my opinion and should be dead, too.

If people want to speculate on credit, let them put up the cash to buy the actual bonds.

Bunkerman said...

but "what I don't know, I don't know."

Bunkerman said...

btw, that short sentence is why most opinion ppolls are utter bilge ... just are polls of ignorance.

Bunkerman said...

btw, I am trying to learn French and the DVD course takes over my entire computer like a video game.

So I might be in my office, but not watching the market at all.

I read learning a language at older person helps retain & improve memory, so ...

mfl59 said...

As Ivan Drago once said, "If he dies, he dies"....

The same should hold true for AIG...

Frosty said...

Bud...tu me fais chier vas faire foutre a la vanche... rosettastone indeed.

Spin-em said...

Le révérend Jim est héros de Bud quoiqu'il juste argent de s veuille Bud " et n'ait aucun intérêt si le bourgeon réussit.

Bunkerman said...

uh guys .... I am a beginner - only 5 lessons.

I know how to order coffee, etc., at a cafe.

Spin-em said...

"rev Jim is a hero of Bud,even though he just wants his money and has no interest if Bud succeeds or fails.....

mfl59 said...

JIm et Sammy possèdent le Bourgeon plus qu'il jamais saura. ..he est un chapeau de pion ils utilisent pour leur divertissement et leur profit

Spin-em said...

loooooooooool oui oui

mfl59 said...

Since when do anchors give opinions? Who the fuck cares what Michele Caruso Cabrera thinks about the Fed lowering rates? Hey, Sue Herrera, what do you think? Hey Insana, how's that hedge fund going son? Bill Griffiths, what should I do?

mfl59 said...

Read off the teleprompter and look nice....sheesh...

Spin-em said...

non posters I believe thats mfl's first F-bomb

Bunkerman said...

I don't know how to do the accents on this keyboard, but ...

Je veux une biere.

;-)

Bunkerman said...

Priorities: how to order beer, wine, food.

Je veux ce plat ... grand, s'il vous plait.

mfl59 said...

Bunkerman are you going against Bill O'Reilly and his boycott of France and French products?

Frosty said...

"Priorities: how to order beer, wine, food."

missing a priority...je veux avoir des rapports sexuels avec vous.

Frosty said...

Bunky...in english...why did you sell today.

Bunkerman said...

easy: I was at 40% equity in Alpha Fund and had to protect my core postions against a big drop.

I am aggressive and was recently at 200% long.

I swing the bat in those accounts.

I didn't want top put more money into there - had too much already.

"Protect yourself at all times"

Bunkerman said...

I feared a beefer meltdown as they get money ripped out of them.

AIG, too. I'd guess it is a big beefer counterparty.

mern said...

bman not a lot of time, at home, caring for mutts.

mccain said we need to address shorting, he made no mention of the uptick rule.

do u really thinx he knows what that is?

I DONT!

i love how just last week he said the economy is fine.

ya just your typical mid cycle slowdown where 4th and 5th largest IB gone. fed holds a shotgun to BAC to marry MER. two largest home mortgage companys go bust with the largest insurance company.

but if palin gets in, all we need to do is pray and push the red button, it will all work out with those 2 fine humans.

i agree with the red button, but its in the name of science i want to do that, not religion. i hate fucking religion, all of em!

buddhism seems not so bad, imo.

there is only 1 thing palin is gud for, and that is pining her knees behind her ear loabs, like bugs fucking bunny.

i bet she has no idea how to give a gud blow job.

probably never even had a rim job.

How sad is that?

if i was hitting that, id have a lobster pib on everynight, with a big plate full of ass!

but i sorta seeing someone. 23 yrs young, from trinidad tabago or whatever. she makes cindy look like a puddle of puke.

its just a sex thing, but its been almost a week, and i still aint got a full taste.

one neat thing, is i can still get blue balls at 37.

i cant wait to peel this girl like a grape.

i have a full array of toys with lots of batteries just waiting to she if she is a squitter. if she is, i just might get really stupid, and marry it.

I WILL NEVER LEARN!

pass the dark meat!

ROFLLLLLLL

Frosty said...

Mern...MVP MVP MVP

Spin-em said...
This comment has been removed by the author.
mfl59 said...

Mern you still working at JT Marlin?

Spin-em said...

looool sorry merny...that wasnt nice..bone away sir

mfl59 said...

Has Mrs. B deployed any more capital, or is she stil being patient?

Bunkerman said...

mfl - missed the post re that blowhard O'Reilly - uh ... I guess that answers the Q.

;-)

Bunkerman said...

Mrs. B is still patient.

Bunkerman said...

re selling some stock today, Mrs. B gets all new money - she is kicking my ass with her Sky Fund. Hence $ goes there, not Alpha Fund.

Frosty said...

Bunky...what makes you a buyer.

mfl59 said...

does Jim Cramer read this blog?

"Cox is in the pockets of hedge funds...Bring back the uptick rule...these bear raids are killing stocks"

Spin-em said...

whats in the SKY Fund?

Frosty said...

Bunky...are you a member of "action alets plus".

Bunkerman said...

re being a buyer ... time will tell.

Re what's in the Sky Fund ... lots of stuff like McD, PG, XOM, formerly BUD, ... some municipal bonds, some mutual funds - "boring" stocks, except AAPL is there, too. Many I do not follow. I'll look.

Bunkerman said...

re action alerts ... no.

Bunkerman said...

re Cramer reading my blog or having his staff read it - I've been suspicious of that for awhile.