Today is a MARVELOUS day! Today I am officially 100% long cash! Expensive New York real estate gone, cold hard cash in my pocket. I am flitting around town depositing cash in the bank and the brokerage accounts as we speak! I will be buying gold and silver and I will be doubling up my shorts on Lennar (11.18), Toll Brothers (18.86) and Wells Fargo (24.02)! Am I down on those trades? Yes I am. How do I feel about it? Great! Now I get to sell more at higher prices.
In other news, here's a question. Why is Robert Benmosche still employed at AIG? In the last two weeks, from his villa on the coast of the Adriatic, he has given the finger, numerous times, to the United States Government, the New York Attorney General and the American public at large. Lets review what this ass-monkey has done.
- Upon taking a guaranteed $7 million to become AIG's CEO, Benmosche decided to go on vacation....his second day on the job!
- From this vacation on the Adriatic, he addressed AIG employees, telling them that AIGs problems were caused by...us. Additionally, he told Treasury to stick it with regard to liquidating AIG assets in a timely manner and said if the government was in such a hurry to get out of AIG they shouldn't have gotten involved in the first place!
- Somehow, after not getting publicly dismissed by Tim Geithner or President Obama, yesterday Benmosche went on this little tirade AIG Chief Benmosche Says Cuomo "Unbelievably Wrong on Bonuses"
- Check out this quote! “The worst thing that will ever happen to him is when he and I meet in the room and I close the door,” Benmosche said of Cuomo during the August meeting. “I ain’t going to meet with him with anybody else in the room. I won’t tell you what I’ll say to him, but I will tell you, there won’t be a nice word.” WTF? Maybe Geithner is a pussy, but Andy Cuomo, while not the sharpest knife in the drawer, never came off as the kind of guy who would let an outrageous statement like that go unpunished. Benmosche should be getting a dead fish in the mail soon.
- Now today we have this AIG's Benmosche Wants to Halve Wall Street IPO Fees.
- Personally, I find nothing wrong about a CEO saying that he wants to pay less in underwriting fees. Here's what tough-guy had to say, “I went into one presentation, and they said, ‘Well, the investment banking deal will be in the range of 2 percent and 2.5 percent,” Benmosche said when asked about fees in an Aug. 11 staff meeting, according to a record obtained by Bloomberg. “I said, ‘How about 1 percent?’ So then everybody’s face turned red, and I said, ‘So change it.’ So we’re talking about 1 percent, not 2 percent to 2.5 percent.” However, the only reason Benmosche is able to sound so tough (aside from his delusional sense of self) is because he knows he has Uncle Sam behind him to lean on the investment banks. The same government that he has such contempt for is the only real weight (besides his gut) that he has.
- This guy needs to go promptly. It's a freaking embarrassment. Insurance CEOs. Here's some news about most insurance CEOs. In the financial world they are referred to as "Slow Moving Deer". They get picked off so often they might as well save everyone a lot of time and effort and just mail a few $ billion to the Street every year. Former head of Met Life? BFD.
Finally, Richie is back from his weekend in Vegas. We were able to capture some rare footage!