Thursday, April 29, 2010

Friday humor........

A young man goes into a pharmacy and says to the pharmacist

"Hello, could you give me condom ..............

I'm going to my girlfriend for dinner and I think I may be in with a chance!"

The pharmacist gives him the condom and as the young man is going out

He returns and says, "Give me another condom because my girlfriend's sister is very cute too. She always crosses her legs in a provocative manner when she sees me and I think I might strike it lucky there too."

The pharmacist gives him a second condom and as the boy is leaving he turns back and says "Go on, give me one more condom because my girlfriend's mom is still pretty cute and when she sees me she always makes eyes and since She invited me for dinner I think she is expecting me to make a move!

During dinner, the young man is sitting with his girlfriend on his left,

The sister on his right and the mom facing him.

When the dad gets there, the boy lowers his head and starts praying,

"Dear Lord, bless this dinner and thank you for all you give us".

A minute later the boy is still praying;

"Thank you Lord for your kindness."

Ten minutes go by and the boy is still praying, keeping his head down.

The others look at each other surprised and his girlfriend is even more surprised than the others.

She gets close to the boy and says in his ear, "I didn't know you were so religious."

The boy replies, "I didn't know your dad was a pharmacist!"

Dean's Kitten

Sire: Kitten's Joy
Dam: Summer Theater (Ide)
Trainer: Michael Maker
Jockey: Cornelio Velasquez

Career Record: 11-3-1-2
Graded Earnings: $326,475 (#16)

Running style: Mid-pack / Closer

It's very tough to get a read on how Dean's Kitten will run in the Kentucky Derby since he's only set foot on a dirt surface during a race once in his career (Pilgrim Stakes). That lone dirt effort came over a wet Belmont track rated as "GOOD" and he didn't do a lick of running that day. His last race on the Polytrack at Turfway Park saw him run only a length or two behind the leaders early on, while his previous grass races saw him anywhere from two to seven lengths back in the early stages.

How he got to the Derby: Dean's Kitten attempted graded stakes company twice as a juvenile, each time with so-so success. He ran in the Grade 3 With Anticipation on the Saratoga turf last summer and finished a well beaten fourth. Following a couple of tries against listed stakes company, he was entered in the Grade 2 Breeders' Cup Juvenile Turf where he finished a respectable sixth, 2 ¾ lengths behind Pounced.

Dean's Kitten attempted graded company for the first time as a three year old in the Hallandale Beach Stakes at Gulfstream in early March, finishing second to Paddy O'Prado in the 1 1/8 mile race on the grass. From there, this colt entered the Grade 2 Lane's End Stakes at Turfway on the Polytrack, where he produced the best performance of his career and won by 2 ½ lengths over Northern Giant.

What has to happen for him to win: Considering we've seen very little of this colt on dirt, it's anybody's guess as to how he'd end up winning the Kentucky Derby. The fact that he showed some interest early on in the Lane's End suggests to me that he might be forwardly placed in the Derby, and I think that would be a very bad thing for him. Dean's Kitten doesn't appear to possess an explosive turn of foot or big closing kick (at least from what we've seen previously) so his best strategy is take back and to try and wear down the opposition by grinding out each furlong.

Odds: 99/1

Worlds Shortest Book

"Goldman Sachs Handbook of Business Ethics"

Tuesday, April 27, 2010

Lloyd Blankfein

Where I come from they would call this guy a total bullshitter. They would also call him a weasel. Where I come from the people may not be rich financially but they are out there in the fly-over states going to work every day, paying taxes, paying their bills and taking care of their families, friends and business associates. They are rich in spirit and love for their lives, thankful to live in America

You, Mr. Blankfein, are a bullshitting weasel.

Senator Carl Levin

Great work today. You had a clue. The other Senators were out-gunned.

Their aides clueless. More examples of the people who are supposed to be running the show not having the proper background in what is happening.

Goldman Sachs.......lies versus the art of bullshit

This is really a treat to sit and listen to these clowns.

All i hear is nobody did anything wrong. It was because the industry got"loose" in 2007 and 2008. All conduct was proper. Everything on the Goldman trading desk was prim and proper.

This is Goldman obfuscation at its best. It is also Senate hypocrisy at its best. These Senators are so out-gunned they don't have a clue in how to put together a line of questioning. The Senators wanted some TV exposure. What America got was a comedy of just how ill-equipped their political guru's are when it comes to dealing wih Wall Street.

These Goldman boys were well-rehearsed by their legal teams. Legal teams making tens of millions on these gun-slingers. I wish the esteemed Senators had Jeffrey L. Liddle grilling these guys.

Bingo, America loses again!

The average American watching this shit-show won't believe a word of it.

Hilarious..........

Obama yacking today about how his healtcare program will drop the deficit over the next 20 years by a trillion dollars.

If it wasn't so unbelievable it wouldn't be so funny.

The fabulous Fab........

I bet Goldman Sachs just loves keeping this guy on the payroll to keep his lips buttoned up...........those lovers and his girlfriend are probably getting things squared away by now. It all sounds sort of Tiger-like. I wonder if the Belgian widows and orphans can feel his pain?

Monday, April 26, 2010

Common Sense from David Rosenberg............

Last week's number one soundbite on CNBC was the increase from the all time bottom in new home sales. What they did not focus on was the reason for this. Here it is, courtesy of David Rosenberg.

With a month to go before the homebuyer tax credit expires in the U.S., surprise, surprise, we see a ripping 27% MoM surge in new home sales, to a 411k annual unit rate (steepest increase since April 1963). However, even with that marvelous March result, in Q1, new home sales still managed to slide at a 14% annual rate. Nonetheless, homebuilding stocks and copper prices took off and bonds lost ground; however, it would be so much more impressive if it wasn’t so transitory.

As was the case last fall — ahead of what we all thought was the end of the first-time homebuyer subsidy, not to mention the same impact cash-for-clunkers exerted on auto sales late last year — what we have is a brief surge in activity to be followed by a prolonged lull. To put this into perspective, keep in mind that the March figure followed four months of deep disappointment. In fact, the level of new home sales is basically the same as the consensus believed we would be at by now when you look at the monthly growth estimates heading into the data releases since last December.

The fact of the matter is that even with the tremendous amount of policy stimulus, home sales are still down around 70% from their pre-recession highs. The fact is that it is still taking a record median 14.4 months for homebuilders to locate a buyer upon completion of the unit. In addition, the fact that median home prices fell 3.4% last month (average prices slid 11% in the second sharpest monthly decline in the 35-year history of the data series) is testament to the view that demand is still experiencing trouble keeping up with the available supply.

None of this is of course relevant, as the question du jour is whether you bought your 4th washer/dryer combo in the past week. More importantly, have you rented a CAT excavator to level your neighbor's empty but unforeclosed

Friday, April 23, 2010

How is your portfolio doing?

% Loss % Gain needed to get back to even
-10 11
-15 18
-20 25
-25 33
-30 43
-35 54
-40 67
-45 82
-50 100
-55 122
-60 150
-65 186
-70 233
-75 300
-80 400
-85 567
-90 900
-95 1900

SEC pornsters....protecting American market integrity

Dozens of Securities and Exchange Commission staffers used government computers to access and download explicit images and many of the incidents have occurred since the global financial meltdown began, according to a new watchdog investigation.

The SEC inspector general conducted 33 probes of employees, 31 of which occurred in the last two and a half years, according to a summary of the cases requested by Sen. Charles E. Grassley (R-Iowa) that first surfaced Thursday evening.

Several of employees held senior positions, earning between $99,300 and $222,418 per year, the summary said. Three of the incidents occurred this year, ten in 2009, 16 in 2008, two in 2007 and one each in 2006 and 2005.

In one instance, a regional office staff account admitted viewing pornography on his office computer and on his SEC-issued laptop while on official government travel. Another staff account received nearly 1,800 access denials for pornography Web sites in a two-week period and had more than 600 images saved on her laptop’s hard drive, the report said.

A senior attorney at SEC headquarters in Washington admitted he sometimes spent as much as eight hours viewing pornography from his office computer, according to the report. The attorney’s computer ran out of space for the downloaded images, so he started storing them on CDs and DVDs that he stored in his office.

Rep. Darrell Issa (R-Calif.), ranking Republican on the House Oversight and Government Reform Committee, said it was “nothing short of disturbing that high-ranking officials within the SEC were spending more time looking at pornography than taking action to help stave off the events that brought our nation's economy to the brink of collapse."

"This stunning report should make everyone question the wisdom of moving forward with plans to give regulators like the SEC even more widespread authority," Issa said in a subtle jab at ongoing financial reform efforts.

Grassley’s decision to leak the summary to reporters comes as SEC investigators have filed a fraud case against Wall Street powerhouse Goldman Sachs. A Grassley spokeswoman did not immediately respond to questions about the timing or motives behind the release.

The behavior exposed in the watchdog report violates government ethics rules, but illegal pornography access by federal workers is nothing new:

• A senior executive at the National Science Foundation spent at least 331 days looking at pornography on his government computer and chatting online with nude or partially clad women without being detected. The problems reportedly were so pervasive they diverted the agency's watchdog from its main mission.

• National Park Service employee John A. Latschar, who oversaw the Gettysburg National Military Park, used his office computer over a two-year period to search for and view more than 3,400 sexually explicit images. He was later reassigned to an unspecified desk job.

• Alex Kozinski, chief judge of the U.S. 9th Circuit Court of Appeals, established a Web site that featured sexually explicit photos and video. He later acknowledged posting images, defended the content as "funny" (no, really) and said he thought the site was for his private storage. All of this while he was presiding over an obscenity trial. He later took the site down.

Thursday, April 22, 2010

Obama on Wall Street

Just more of the same. Campaign like speech. Nothing gets done.

If you wanted America being run by a community activist from Illinois you got your man. The puppet show continues.

Jim Bianco

I first met Jim Bianco a few years here in Atlanta. He was a guest at the monthly Atlanta Society of Financial Analysts of which I was a member for many years. Jim Biance calls it like he sees it. Smart guy, no bullshit. No sugarcoat, no fluff.

He was one of 3 speakers I had an opportunity to meet at ASFA meetings who I still follow closely. In all the time I was a member of the ASFA I never met another member of the Atlanta Society who was actively trading their own personal money or had ever made any serious money in the market. Do as I say, not as I do seemed to be the mantra there. Eating their own cooking wasn't part of the equation. Ugly.

Anyway, the Bianco commentary is too good not to share. It's no bullshit from the get-go.

Jim Bianco President of Bianco Research in Chicago thinks this might be the eye of the storm rather than the dawn of a new day. "My fear is, history shows, we might have a second leg to the financial crisis in [the form of] a sovereign debt crisis."

The crisis is of course already visible in Greece where yields on their 10-year government bonds just hit a record high as Europe works out a bailout package for the heavily indebted nation. Meanwhile, in Portugal - another one of Europe's so-called PIIGS - bond yields are also spiking, fueling suspicion the debt crisis may spread.

With huge federal deficits, this is something the U.S. also needs to worry about. "I'm not suggesting the U.S. is on the verge of defaulting," Bianco says, but the market is already signaling it's hesitation to lend to the government. Two-year notes sold by Berkshire Hathaway Inc. in February yielded less than U.S. Treasuries of similar maturity; the same is true of paper issued by Procter & Gamble, Johnson & Johnson and Lowe's, Blooomberg reports.

As growing budget crises in states and municipalities from California to New York come to a head, Bianco fears it will be too much for the Treasury to bear. "If one of these municipalities has to borrow from [the federal government] they're all going to have to borrow from them, pretty much on the same day," he speculates.

If that happens, Bianco is confident you can bet on "very high, punishingly high interest rates for the economy." And that storm may cause even more damage than the first.

Tuesday, April 20, 2010

Goodwin Proctor LLP and New America.........

Always nice to read the New America High Income Fund Inc. Annual Report.

It's the same old story in Boston.

No doubt Robert Pozen is still shaking his head at the early shenanigans of this funds initial fearless leader. Almost reminds me of "Girls Gone Wild" at Fidelity Investments!!!

Monday, April 19, 2010

Sic 'em Dylan.....go boy go............

"Mr. President, please show the American people the AIG emails. In the wake of the disclosures associated with Friday's government fraud accusations against Goldman, Sachs & Co., one of our nation's wealthiest, largest and most politically well-connected banks, it is inexcusable the U.S. government still refuses to release the thousands of emails that exist between AIG and Goldman Sachs. Unlike the Icelandic volcano, this was no natural disaster. Trillions of dollars have been defrauded from the U.S. taxpayer by a banking scam run by the top 1% of our country." - Dylan Ratigan

Friday, April 16, 2010

Harry Truman...........

Harry Truman was a different kind of President. He probably made as many, or more important decisions regarding our nation's history as any of the other 42 Presidents preceding him. However, a measure of his greatness may rest on what he did after he left the White House.

The only asset he had when he died was the house he lived in, which was in Independence Missouri . His wife had inherited the house from her mother and father and other than their years in the White House, they lived their entire lives there.

When he retired from office in 1952, his income was a U.S. Army pension reported to have been $13,507.72 a year. Congress, noting that he was paying for his stamps and personally licking them, granted him an 'allowance' and, later, a retroactive pension of $25,000 per year.

After President Eisenhower was inaugurated, Harry and Bess drove home to Missouri by themselves. There was no Secret Service following them.

When offered corporate positions at large salaries, he declined, stating, "You don 't want me. You want the office of the President, and that doesn't belong to me. It belongs to the American people and it's not for sale.."

Even later, on May 6, 1971, when Congress was preparing to award him the Medal of Honor on his 87th birthday, he refused to accept it, writing, "I don 't consider that I have done anything which should be the reason for any award, Congressional or otherwise."

As president he paid for all of his own travel expenses and food.

Modern politicians have found a new level of success in cashing in on the Presidency, resulting in untold wealth. Today, many in Congress also have found a way to become quite wealthy while enjoying the fruits of their offices. Political offices are now for sale. (sic. Illinois )

Good old Harry Truman was correct when he observed, "My choices in life were either to be a piano player in a whore house or a politician. And to tell the truth, there's hardly any difference!

I say dig him up and clone him!!

Tax Day in Atlanta.........

‘Tea party' protesters descend on state Capitol
By Jim Tharpe

The Atlanta Journal-Constitution

9:18 p.m. Thursday, April 15, 2010

Georgians angry about high taxes, soaring budget deficits and the federal health care overhaul descended on the state Capitol on Thursday for a tea party that was half conservative pep rally and half a warning to Washington.

“We are going to save this county,” Ginni Thomas, chairwoman of Liberty Central and wife of U.S. Supreme Court Justice Clarence Thomas, told 3,000 sign-waving people. “We have got to stop this. This is not a game.”

Thomas lambasted runaway government spending and so-called cradle-to-grave entitlements, which many in the tea party movement believe are undermining the future of the nation. She received one of the strongest receptions during the three-hour rally when she led the crowd in a rousing cheer.

“We’ll remember! In November!” the crowd shouted back at Thomas’ urging. It was a theme emphasized by the dozen or more speakers who vowed to take down incumbents in the upcoming elections.

Ralph Reed, chairman of the Faith and Freedom Coalition, said members of the tea party movement have been unfairly demonized by their political adversaries and the mainstream media.

“You are what’s right with America,” Reed said. “We will not be intimidated. We will not be silenced. We will not go away.”

Reed predicted in the upcoming November elections “the whole world will hear the message we deliver.”

A few politicians attended the event, including state Sen. Preston Smith (R-Rome), who recently was ousted from his committee chairmanship after he refused to back a hospital tax that Republican leaders said was needed to balance the state budget.

“This building and the Capitol in Washington, D.C., do not belong to the politicians and bureaucrats,” Smith said as he pointed to the gold dome. “They belong to the people.”

He went on to urge the crowd: “Don’t back down. Don’t let your patriotic voice be silenced.”

The downtown Atlanta rally was one of about 20 rallies scheduled in cities across the state, from Jasper to Valdosta. It was one of hundreds across the nation on “tax day,” when federal income taxes were due.

Loralee Maxwell and her husband, Roy, of Dacula showed up four hours before the 6 p.m. rally. She wanted a front-row seat and parked her wheelchair in front of Fox TV newscaster Neil Cavuto’s broadcast platform at 2 p.m., four hours before the formal rally began.

“I really don’t like the direction the government is headed,” Maxwell said. “We are moving toward a socialist state. I think more responsibility should be placed on the individual.”

Cavuto, who was greeted as a media hero, went with the rally live on TV and even scored a surprise interview with Atlanta Mayor Kasim Reed, a Democrat on the other end of the political spectrum from most of those running and attending the rally.

"We can have a robust debate in Atlanta," Reed said. "I welcome their arguments, but I have my positions, as well."

Hand-made signs were held aloft by many in the crowd. Some read: “Government Gone Wild,” “Stop Spending Their Future” and “A Revolution is Brewing.” One man carried a likeness of President Barack Obama in a Soviet-era uniform. One elderly man sat in his wheelchair holding a sign that read: “WWII Vet, My Generation Won Freedom, Don’t Give It Away."

There was a carnival-like atmosphere early on. An Elvis impersonator entertained the pre-rally crowd during the afternoon as TV and police helicopters buzzed overhead. Men dressed in Colonial America attire wandered through the gathering. Conservative radio personality and former U.S. Senate candidate Herman Cain, one of the few African-Americans at the rally, was greeted like a rock star with chants of "Herman! Herman! Herman!"

In Marietta, tea party attendees rallied in a parking lot across from the Big Chicken landmark before 200 of them boarded four charter buses to travel to the big event in Atlanta.

Speakers stood on the back of a pickup truck parked in the shade. Many in the crowd said they had attended several rallies before and came prepared. Sandy Strickland of Austell carried several hand-made posters.

“I’ve had a good life,” Strickland said. “I want the same opportunity for my children and grandchildren, and I don’t see that now.”

Martha Daughtry of Acworth dressed all in black because she was, as her own sign said, “Mourning Freedom.”

“I believe the government has overreached and overspent and is over arrogant,” she said. “There just has to be a stop. This is one small thing I can do.”

Ed Christie, 65, of Kennesaw waved a “Don’t Tread on Me” flag. He joined other veterans who were asked to come to the front of the crowd. Men cheered when a song from their branch of the military played.

“I just had heart surgery so I can’t go downtown,” Christie said. “I believe in the cause. The cause is right. The cause is the people.”

Staff writers Ralph Ellis and Ernie Suggs contributed to this story.

Only the truth............

First thing would be to put Franklin Raines in jail

OBAMA ADMINISTRATION SEEKS PUBLIC INPUT ON REFORM OF THE HOUSING FINANCE SYSTEM


Department of the Treasury Documents
Apr 14, 2010

Treasury Press Releases/Statements

FOR IMMEDIATE RELEASE: April 14, 2010 Contacts: Treasury Public Affairs, (202) 622-2960 HUD Public Affairs, (202) 708-0980

OBAMA ADMINISTRATION SEEKS PUBLIC INPUT ON REFORM OF THE HOUSING FINANCE SYSTEM

WASHINGTON - The Obama Administration today released questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and the overall role of the federal government in housing policy. The questions have been designed to generate input from a wide variety of constituents, including market participants, industry groups, academic experts, and consumer and community organizations. The questions will also be published in a Federal Register notice requesting public comments, and information on the process for submitting comments will be included in that notice.

"A well-functioning housing finance system is critical to the long term stability of the housing market," said Treasury Secretary Tim Geithner. "Hearing from a wide variety of perspectives as we embark on this process is an important part of establishing a more stable and sound housing finance system for the American people."

"This open process will help shape the future of our housing finance system," said U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan "The Obama administration is committed to engaging the public as we consider proposals for reforming the housing finance system in the context of our broader housing policy goals, and the best steps to get from where we are today to a stronger housing finance system."

The Obama Administration will seek input in two ways. First, the public will have the opportunity to submit written responses to the questions published in the Federal Register online at www.regulations.gov. Second, the Administration intends to hold a series of public forums across the country on housing finance reform. Together these opportunities for input will give the public the chance to deepen the federal government's understanding of the issues and to shape the policy response going forward.

This effort is both in keeping with this Administration's commitment to openness and transparency and the President's Open Government Initiative. This initiative represents a major change in the way federal agencies interact with the public by making agency operations and data more transparent and creating new ways for citizens to have an active voice in their government.

Questions for Public Solicitation of Input:

1. How should federal housing finance objectives be prioritized in the context of the broader objectives of housing policy"

* Commentary could address: policy for sustainable homeownership; rental policy; balancing rental and ownership; how to account for regional differences; and affordability goals.

2. What role should the federal government play in supporting a stable, well-functioning housing finance system and what risks, if any, should the federal government bear in meeting its housing finance objectives"

* Commentary could address: level of government involvement and type of support provided; role of government agencies; role of private vs. public capital; role of any explicit government guarantees; role of direct subsidies and other fiscal support and mechanisms to convey such support; monitoring and management of risks including how to balance the retention and distribution of risk; incentives to encourage appropriate alignment of risk bearing in the private sector; mechanisms for dealing with episodes of market stress; and how to promote market discipline.

3. Should the government approach differ across different segments of the market, and if so, how"

* Commentary could address: differentiation of approach based on mortgage size or other characteristics; rationale for integration or separation of functions related to the single-family and multi-family market; whether there should be an emphasis on supporting the production of subsidized multifamily housing; differentiation in mechanism to convey subsidies, if any.

4. How should the current organization of the housing finance system be improved"

* Commentary could address: what aspects should be preserved, changed, eliminated or added; regulatory considerations; optimal general organizational design and market structure; capital market functions; sources of funding; mortgage origination, distribution and servicing; the role of the existing government-sponsored enterprises; and the challenges of transitioning from the current system to a desired future system.

5. How should the housing finance system support sound market practices"

* Commentary could address underwriting standards; how best to balance risk and access; and extent to which housing finance systems that reference certain standards and mortgage products contribute to this objective.

6. What is the best way for the housing finance system to help ensure consumers are protected from unfair, abusive or deceptive practices"

* Commentary could address: level of consumer protections and limitation; supervising agencies; specific restrictions; and role of consumer education

7. Do housing finance systems in other countries offer insights that can help inform US reform choices?

Monday, April 12, 2010

Jeremy Siegel......

If it wasn't so sad it might be comical but to listen to this tout on CNBC today was really hard to take. No wonder CNBC ratings are falling faster than Bill Clinton headed for an intern!

The esteemed Prof. Siegel blurted out very curtly that the possibility of a double-dip was impossible.

Hubris at it's finest.

Dr. Adrian Rogers said in 1931.............

"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for,that my dear friend, is about the end of any nation.

You cannot multiply or create wealth by dividing it."

Phil, Notah and Tiger...........

It almost appeared that Phil was rubbing it in to Tiger with all his references to his family and wife being present for his victory......

I wonder how Phil's previous WIVES felt about those statements.

For being on his third wife he is coming across rather holier-than-thou.

Congrats on his golf victory and Tiger will be in the hunt again in the years ahead.

Note to Notah, scrap the ear-ring pal. You never wore it on the way up, keep it in your drawer today. Be a role model on the order of Billy Mills.

Tuesday, April 06, 2010

Lunacy, Steve Case and Ted Turner............

If I were a betting man I would bet that Ted Turner would lasso Steve Case if he found him walking across one of his vast ranch properties. Lasso him, dally up his catch rope and spur his steed as hard and fast as he could go.

For the ass-beating Turner took on his AOL shares after Case cut the deal with the Time-Warner idiots I bet Turner wouldn't slow his horse down any time soon.

The jet-setting Case, the guy who flew the globe after the deal was inked doing little if anything, ran AOL into the ground. They had it. They really had an opportunity to control the internet medium and blew it. Harvard should showcase these guys as bumbling idiots turning a fortune into pennies. Any yes folks, BEBO is a POS site befitting Steve Case.

Here is the latest buzz on AOL.........

AOL Inc. said Tuesday that it is evaluating whether to sell or shut down Bebo, the social-networking site it acquired for $850 million two years ago in a bid to reinvent itself by tapping into the social-networking craze.

"Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space," Jon Brod, executive vice president of AOL Ventures, said in a message to employees.

"AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking."

AOL scooped up the social media site in 2008 under a previous management team when the struggling Internet company was owned by Time Warner Inc. The deal came amid AOL's attempts to transform itself from a subscription-based service for connecting to the Internet to an ad-supported media business. It represented a bet that consumers would use social-networking sites as their prism for navigating the Web, and that advertising dollars would follow.

Several analysts at the time questioned whether AOL overpaid for Bebo. Time Warner Chief Executive Jeff Bewkes called Bebo the "riskiest acquisition" his company made that year.

The site never gained a foothold in the U.S. and steadily fell behind the competition. Bebo attracted 5 million unique U.S. visitors in February, down 12% from the same period last year, according to comScore Inc. In contrast, Facebook attracted 111.8 million unique U.S. visitors in February, nearly double the size of its audience in February 2009.

"We've known this has been a declining asset since just beyond day one that they bought it," says Ross Sandler, an Internet analyst with RBC Capital Markets. "It is a sunk cost at this point."

AOL said it expected to decide on Bebo's fate by the end of May.

The move comes four months after AOL separated from Time Warner. AOL is attempting to reinvent itself by becoming a top creator of news, information, entertainment, local and other digital content.

Grammy Award coming up............

http://www.youtube.com/watch?v=_W57aBMYKvU

Native American Advisors CHIPPEWA PARTNERS

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CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173