Parisian Family Office, CEO. Began Wall Street, 1982. Founded investment firm, CHIPPEWA PARTNERS, Native American Advisors. Active Trader. White Earth Chippewa Tribal member. Was NYSE/FINRA arb. Conservative, raised on Great Plains reservations. Pureblood, clot-shot free. In a world elevated on a dopamine binge, this is his take! Written from MT Ghost Ranch on the Yellowstone River, TN farm Pamelot or San Jose del Cabo, Mexico, CASA TULE'. Always been, will always be, an optimist.
Tuesday, December 25, 2007
Thursday, December 20, 2007
If you ever get the chance, ask Bill O'Neill just how many millions he made on PCLB back in the late 1970's and early 80's. It was so much you probably wouldn't believe him.
INVESTOR'S BUSINESS DAILY
Immigration: Congressional Democrats, and some Republicans, gut the Secure Fence Act in the omnibus spending bill against the wishes of the American people. In a bill with 9,000 earmarks, border security takes a back seat.
The Secure Fence Act of 2006 required the construction of 700 miles of border fence, modeled on the success of the border barriers in the San Diego sector of the U.S. border. The operative word is "secure."
That legislation specifically called for "two layers of reinforced fencing" and listed five specific sections of the border where it should be built. The omnibus spending bill removes the requirement for two tiers and the specific list of locations.
The two-tier fence in San Diego runs 14 miles along the border with Tijuana, Mexico. The first layer is a high steel fence, with an inner high anti-climb fence with a no-man's land in between.
It has been amazingly effective. According to a 2005 report by the Congressional Research Service, illegal alien apprehensions in the San Diego sector dropped from 202,000 in 1992 to 9,000 in 2004.
As local congressman and presidential candidate Duncan Hunter notes, "The success of the San Diego Border Fence demonstrates the overall effectiveness of the double-layered approach and the importance of extending this infrastructure across the southern land border."
It is that very success, we suspect, that frightens the open-border crowd and their representatives in Congress. How else to explain that, as the citizen watchdog group Grassfire (grassfire.org) notes, just five miles of fence that meets specifications has been built in the first year after the Secure Fence Act was passed.
The spending bill was written by Democrats and passed 253-154 with mostly their votes. Democrats say they weren't deliberately dropping the two-tiered fence or the locations specified. They say they were merely adopting language that passed the Senate several times this year.
Indeed, in the Senate version is a curious amendment by Sen. Kay Bailey Hutchinson, R-Texas, that was added on a voice vote. Her amendment reads:
"Nothing in this paragraph shall require the secretary of Homeland Security to install fencing, physical barriers, roads lighting, cameras and sensors in a particular location along an international border of the United States, if the secretary determines that the use or placement of such resources is not the appropriate means to achieve and maintain operational control over the international border at such location."
Hutchinson's office says the amendment merely gives DHS flexibility. What it provides, however, is an excuse to do nothing at all and a license for open-border politicians to pressure DHS.
DHS is on record as preferring in many instances "pedestrian fences" or "virtual fences" that are essentially a look-but-can't-touch version of border security.
"By eliminating the double-fence requirement, the Democratic Congress is going to make it easier for drug and human smugglers to cross our southern land border," said Hunter.
"This goes against the interests of any family that has been touched by illegal drugs or any American who has seen their job taken by an illegal alien."
Congress has also made it easier for terrorists to sneak their operatives into the U.S.
This is in a nation that won two world wars and put men on the moon. The border fence would have been farther along if we'd just given the Minutemen a federal grant in the form of a gift certificate to Home Depot.
So the next time you hear candidates for any office say they support border security, give them a post-hole digger and point them toward Mexico.
Wednesday, December 19, 2007
Bear's top dogs forgoing bonus's this year? Wow. Will the customers of their hedge funds that evaporated a billion or two get yachts instead?
Fund execs in Hong Kong say the RFPs require them to register interest by the end of this week and to submit proposals by January 15 – continuing a suspected tendency by Chinese institutions to disrupt Christmas holidays for Western-owned service providers.
Tuesday, December 18, 2007
Investing public beware when the brokers come calling with a "new, good deal and you have to act now" sales pitch for your money. First, ask the broker if they own it themselves and listen to the reply.
If it is so good for you why not for them?
Sunday, December 16, 2007
Mohegan group was paid $369m Middleborough deal is sought
By Sean P. Murphy, Globe Staff | December 16, 2007
A coterie of casino executives who helped the Mohegan of Connecticut build one of the most successful tribal casinos in the world has been paid $369 million in resort and casino proceeds during the last six years - slightly more than has been received by the entire 1,700-member tribe.
It is the kind of bonanza that was supposed to be prohibited by the federal Indian Gaming Act when it was passed 20 years ago, say some US senators and federal regulators.
But the Mohegan Sun investors - led by Sol Kerzner and Len Wolman - found legal ways around provisions intended to make sure most casino benefits went primarily to tribes. And those loopholes remain open after a massive lobbying blitz by the $25 billion Indian gaming industry.
Since 2001, the industry and its lobbyists have repeatedly defeated efforts to tighten rules and increase transparency. In the industry's latest victory, it crushed an Indian Gaming Act amendment championed in 2006 by Senator John McCain, a Republican of Arizona. McCain's bill would have prevented huge payouts like those received by Kerzner and Wolman. McCain has said the defeat of his bill was a triumph for special interests.
"Their lobbyists are very powerful, and they're pretty hard to fight," McCain said in an interview last month. "I was very disappointed."
That lobbying success now is reverberating in Massachusetts, where Kerzner and Wolman have most recently set their sights on a tract of land in Middleborough. Just six months after McCain's bill was defeated, Kerzner and Wolman signed a deal with the Mashpee Wampanoag tribe to build a $1 billion casino on the rural site.
That contract is subject to the same rules that allowed Kerzner and Wolman to make more money than the Mohegan tribe in recent years. Even Governor Deval Patrick has been unable to find out - despite requests for information - how much Kerzner, Wolman, and other investors in the Middleborough casino negotiations would get in the deal.
"We believe strongly that the financial deal between the tribe and their backers should be made public," said Joseph Landolfi, a spokesman for Patrick, who is interested in courting the developers and tribe if he wins legislative approval of his plan for three state-licensed casinos.
Kerzner and Wolman declined to be interviewed. A lawyer for their partnership - known as Trading Cove - in response to written questions from the Globe, said that the developers took "significant risks" in its investments in the Mohegan casino that justified the returns Trading Cove received. The Mohegan tribe owns all the equity in the casino, said Philip C. Korologos, the lawyer, so the financial benefit to the tribe will "be multiples of any amounts that Trading Cove has received."
But some Mohegan tribal members are resentful of the Trading Cove deal.
"It was supposed to be for the tribe, not outsiders," Carlisle Fowler, the Mohegan former tribal treasurer, said of Mohegan Sun in an interview last week.
And some Mashpee Wampanoag tribal members say they are suspicious about the deal their leaders have struck with the same investors in Middleborough - a deal they have not been shown. Documents filed with the tribe's pending federal application for reservation status at the site do not disclose financial terms.
"They don't let us see anything," said Michelle Fernandes, a member of the tribe. "It's a big secret."
Frank Sinatra once described Kerzner as "the world's best saloon keeper." The occasion was the opening of Sun City, the casino and resort developed by Kerzner in South Africa. One of the world's most successful casino moguls, Kerzner also developed the Atlantis resort in The Bahamas.
He landed in Montville, Conn., in 1994, enticed there by Wolman, a fellow South African then managing a Days Inn hotel in nearby Mystic. Wolman had pieced together a deal that he hoped would rival the already up-and-running Foxwoods casino, owned by the Mashantucket Pequot Indians and an instant success when it opened in 1992.
At the time, investors in Indian casinos received compensation by managing the facilities until tribes gained enough experience to do so themselves. Under the Indian Gaming Regulatory Act, passed by Congress in 1988, the maximum pay the investors could receive was 30 percent of gambling profits annually for five years. After that, investors could get no further payments.
Mohegan Sun opened in 1996, the second casino in New England. In its first full year of operation, Mohegan Sun had $611 million in gross revenues. Its immediate success spurred a vast expansion, including development of a 1,200-room luxury hotel, overseen by Trading Cove and completed in 2002.
By then, Trading Cove had negotiated an expanded contract. The new agreement was based on gross revenue, rather than net revenue: It not only gave Trading Cove a nickel of every dollar spent at Mohegan Sun's multiple casinos, but also on all spending by patrons at the hotel, restaurants, shops, and auditorium. The contract spans 2000 to 2015.
The National Indian Gaming Commission called the amount of money the Mohegan tribe was promising to pay Trading Cove "egregious," and clearly above the legal limit, but concluded in 1998 it lacked the authority to stop the new contract.
That's because, under a loophole in the Indian Gaming Regulatory Act, investors could avoid caps on their returns by calling their deals anything other than a management contract, usually a consulting contract.
Currently, the annual payment to Trading Cove from the Mohegan Sun is about $75 million. Over the last six fiscal years, Trading Cove received $368.9 million, compared with $367.5 million in casino profits distributed to the tribe.
By the time the agreement expires in 2015, total receipts for Trading Cove may exceed $1 billion, according to financial projections.
Mohegan tribal chairman Bruce "Two Dogs" Bozsum last week said he was not familiar with the deal made by his predecessors, one in which - according to public documents - Trading Cove put about $10 million into the original venture and provided a guarantee for about $90 million in bonds sold on Wall Street. Bozsum did, however, say that Trading Cove took a risk in backing the tribe in the 1990s.
In the late 1990s, there were 297 Indian tribes in the casino or bingo business nationally, taking in $8.4 billion a year. But the industry exploded, fueled in part by investors growing confidence they could outflank federal regulators to reap big profits. Today there are 419 tribes, doing more $26 billion a year in business.
And the vast majority of deals between investors and tribe are now made as something other than management contracts and therefore outside of regulatory review, according to the US Department of Interior's Inspector General.
As the industry grew, so have the sums that it spends on lobbyists in Washington, especially lobbyists who are former staffers for key regulatory agencies, and, in the case of Trading Cove, at least one lobbyist connected to Massachusetts politicians.
The Indian casino industry has spent $100 million for lobbying since 2001, according to the Center for Responsible Politics, a public interest group that compiles lobbying and campaign contribution data.
Trading Cove has spent almost $1 million since 2002 for lobbyists, including $495,000 since 2003 for lobbyist A. Bradford Card, managing partner of Dutko Worldwide. Card is the brother of Andrew Card, the former Bush administration White House chief of staff who in the 1980s served in the Massachusetts Legislature before running unsuccessfully for governor. When asked about his role, Card asked for written questions, but never responded to them.
Trading Cove is also represented by lobbyist Virginia Boylan, a former counsel to the Senate Indian Affairs Committee and now a partner at Drinker Biddle, another powerful firm. Trading Cove fees to Boylan's firm have totaled $460,000 since 2002.
In the last three years, the Mashpee Wampanoag tribe spent $520,000 for Washington lobbyists. Among them is Steven C. Schwadron, former chief of staff to US Representative William D. Delahunt, Democrat of Massachusetts. Most of the lobbying was connected to winning federal recognition for the tribe, but now includes "legislation and policies relevant to newly recognized tribes," Senate records say.
Trading Cove, through its lawyer, Korologos, said its goal is to "continue to oppose in lawful and legitimate ways any legislation in Congress" that interfere with tribal rights.
Len Wolman and and his brother Mark receive about $10 million a year from Mohegan Sun, according to publicly available records.
By 2015, the Wolman brothers' receipts are projected to exceed $100 million each from the Mohegan deal, out of the projected $1 billion. Kerzner's company is expected to receive about $500 million.
Meanwhile, divided among its 1,700 members, the Mohegan tribe's current share of profits works out to about $38,000 a year each. The tribe declined to say how it distributes its earnings.
When the details of the Trading Cove's 15-year contract first emerged in 2001 in the Globe, McCain vowed changes.
A bill he introduced in 2005 would have made sure that outside investors be firmly subject to the 30 percent cap.
Dennis J. Whittlesey, a longtime Indian casino lawyer based in Washington, said McCain's bill was not well-received by casino executives.
"A number of major developers were extremely concerned and made substantial moves to oppose it," he said.
The McCain bill was voted out of the Senate Indian Affairs Committee in March 2006 with a unanimous recommendation for passage by the full Senate.
But it died two months later, with no further discussion.
Roll Call, the Capitol Hill newspaper, reported that seven senators had put anonymous holds on the bill, meaning a vote of 60 senators was required to release it.
Some federal regulators continue to press for reforms. Earl E. Devaney, the US Department of Interior's inspector general, said in an interview in Washington that an overhaul of the Indian Gaming Act is still needed.
Without reforms, he said, "investors are going to have the leverage to demand and get higher and higher amounts of casino profits.
"The return they get on their investment now is huge."
Saturday, December 15, 2007
I was in the auditorium the other night listening to one of the finest unheard-of gems in Milton, the Milton High School Wind Ensemble. Wow. If the school can produce such sound at school, imagine what they could do for the community. I wish there were more community in Milton, in my church and in my neighborhood. Maybe community as I knew it in a town of 95 in the cold raging winds and blizzards of western North Dakota is long gone. Maybe not. I thought they should spend a few more dollars making the auditorium more accessible to the community. More accessible to the disabled. More accessible for the community to access. If they spend $50,000,000 building a school perhaps they should let the taxpayers see some additional benefit from the school. And if you are going to spend that much why not throw in an indoor/outdoor swimming pool for the high school swim team AND the community. Why not let the people who pay the taxes get some benefit from an auditorium in other ways? A tip of the hat to the band, band leaders and a supportive administration who made such a lovely evening of music happen. It should be required listening for all citizens of the "new" Milton!
Thursday, December 13, 2007
Many will try to interpret the content, the whys and wherefores of what was done, and the timing thereof, but I am tempted to cut to the chase and say that it is the like the final blast of the fireworks, or the finale of a classical symphony, or the final minutes of a sporting event such as a bike race or basketball game or 100 yard dash, where everything hangs on the last ultimate effort.
Rather than searching for more analogies, I will go out on a limb and say it appears to be the final disruptive move, the boiling water that the frog is thrown into to get him to jump, the greatest observable difference of Fechnerian Psycholoy. Merely the final attempt to loosen the weak from their positions.
There's the rub. Which side is trying to loosen which? I dont know. There have been seven days in the last 12 years where, like the last two days, there has been a high to low range of more than 45 points. The range Dec 11 was 56 points, and Dec 12 was 46. The last time it happened was Jan 3, 2001, where a 46 point range was preceded by an 81. Of the seven occasions, three were followed the next day by a rise, and four by a decline.
In closing we must tip our hat to the highest up open in futures in history (on a non holiday), up 34 points yesterday, only surpassed by the 36.5 on June 2, 2000 which followed a Memorial Day holiday, and surpassing the 32 point up open on the day after the Fed first lowered the discount rate this year (August 17, 2007).
Tuesday, December 11, 2007
Listening and watching to the financial media pundits today was truly a lesson in business. The media product, telling the masses what will happen before it happens. The viewers, sucking it in like the Holy Grail to understand what will happen to their money when the Fed cuts rates.
The S & P trading down 2.5% at today's close. The fire drill at the NYSE today at the market's close may have been prescient.
The quarterly dividend climbed to 40 cents from 35.5 cents, the biggest increase in history on an annual basis, San Antonio- based AT&T said today in a statement. The company also plans to repurchase as many as 400 million shares, or about 6.6 percent of the stock outstanding, by 2009.
AT&T is rewarding investors after three straight quarters of accelerating sales growth, fueled by acquisitions and the introduction of Apple Inc.'s iPhone in June. Today, AT&T predicted ``double-digit'' earnings-per-share growth for 2008 as users download more videos and surf the Web on their handsets.
``Clearly they believe their stock's undervalued, which is great for investor confidence,'' Wachovia Securities Inc. analyst Jennifer Fritzsche said in an interview. She said the size of the dividend boost and the buyback exceeded her expectations. The Chicago-based analyst expects the stock to perform better than its peers.
AT&T shares climbed $2.09, or 5.5 percent, to $39.99 at 10:34 a.m. in New York Stock Exchange composite trading. Earlier they rose as high as $40.03, the biggest gain since April 2003.
The iPhone helped AT&T gain 2 million new wireless customers last quarter, cementing its lead over rival Verizon Wireless. Customers who bought the iPhone use almost twice as many data services as they did before their purchases, AT&T said in documents posted on its Web site.
Chief Executive Officer Randall Stephenson, who took over in June, also is bolstering profit through acquisitions, including the $86 billion purchase of BellSouth Corp. last year. Annual costs will drop by about $7 billion by 2009 as AT&T reduces overlap in operations, according to the documents on the Web.
Analysts on average project that profit, excluding some costs and gains, will be $2.77 a share in 2007 and $3.18 next year, according to a Bloomberg survey. That implies a 15 percent gain.
Third-quarter profit climbed 41 percent to $3.06 billion, AT&T said Oct. 23. Mobile-phone sales advanced to a record $10.9 billion, accounting for more than a third of total revenue.
AT&T had 126,000 customers for its U-verse television service at the end of the quarter. The company expects that to increase as much as 10-fold by the end of next year, helping Stephenson depend less on wireless service for growth as the market grows saturated. Almost 80 percent of the U.S. population already has a mobile phone.
Monday, December 10, 2007
Dear Dagen: Reader Advises Hiring a Lawyer for Securities Disputes
By Dagen McDowell
8/17/99 12:00 PM ET
Last week's column on the confusing world of securities arbitration prompted readers to send in their own words of advice for investors venturing into this dispute-resolution system.
With NASD Regulation, an arm of the National Association of Securities Dealers and the primary forum for securities arbitration, "it is usually an extremely poor idea to come before a panel without qualified, legal representation," writes Dean Parisian, who identifies himself as an arbitrator.
"Do your readership a favor, let them know to what standards panelists are held to uphold in an arbitration proceeding. Let them know that case law is not precedent. Arbitration is not like the legal system most people are familiar with. There are so many variables," he adds.
Indeed, a study by the Securities Arbitration Commentator, published in February 1997, indicated that "investors win more frequently when represented by counsel in every dollar category" that the newsletter tested. Moreover, investors with legal representation who win received a significantly higher recovery rate than investors who represented themselves.
Parisian also makes another valid point: "You have to wonder what will happen to the forums when the market takes a major hit over a prolonged time period. The exponential number of suits should keep panelists busy for years!"
The number of arbitration cases could indeed surge when the market takes a dramatic turn, especially with complaints against online brokerages. Until June 30 of this year, only 22 cases specifically related to online trading have come into the arbitration forum at the NASD Regulation. That's a small number given the fact that there are between 3 million and 5 million online accounts.
Relying on a Regulator
In my column about how to take on your broker if you have a complaint, I said that writing to one of the securities regulators, such as the Securities and Exchange Commission or the National Association of Securities Dealers, won't help.
The organizations are there to regulate the securities industry, not solve individual problems.
But reader Jeff Withem takes issue with that comment.
"You seem to imply that if a broker doesn't fix the problem, the only solution is to go directly to arbitration. In my humble opinion, arbitration is not a useful vehicle for the vast majority of problems that individual investors face," Withem writes.
"I just recently resolved a problem with Datek Online thanks to NASD Regulation. I opened an account with Datek in early December (after it placed first in TheStreet.com survey!). I encountered repeated problems throughout December and never was able to successfully place a trade. As a result, I asked for all of my money to be returned to me. I ended up writing three formal letters to Datek over the course of five months, including a letter to its CEO, seeking return of my funds," he says.
"In late June, after receiving no response from Datek, I finally filed a complaint online with NASDR. They wrote a letter to Datek. Datek responded. It was a pathetic letter, but they did send me a check for my funds. I am totally convinced that without NASDR's involvement, I never would have seen my money," Withem adds.
"With real brokerage firms, even discount firms like Charles Schwab and Fidelity, I have found that making a complaint directly to the company usually fixes a problem (at least when it's clear who is at fault). Unfortunately, with the new breed of deep-discount online brokers, a well-timed complaint to NASDR and/or the SEC may make all the difference," concludes Withem.
From an investor's mouth to the ears of a brokerage firm's general counsel.
Wednesday, December 05, 2007
Monday, December 03, 2007
It promised to be an extremely busy day at Atlanta’s international airport and probably one of the busiest holidays in history for air travel through Atlanta. The North West Airlines gate was full of hunters, dressed in their Mossy Oak and Realtree colors sold at Cabela’s. The majority of them were headed to Canada, to Edmonton and Saskatoon to hunt their quarry under the eyes of their outfitters and over the legal bait stations of feed and alfalfa. Hunting you call it? Nope, it’s just sitting in a box and shooting. Like I have always said, baiting is a significant condemnation of a shooters ability to hunt. It’s the staying warm part that must be difficult, that and staying awake. Arriving in the Minneapolis-St. Paul airport to light snow flurries we ate some brunch, Ron Branch my hunting partner of about 16 or 17 years, we can’t decide which, hitting the eggs hard and my son, Hunter hitting on a monster Hickory burger. We left a couple of minutes late out of Minnesota and headed for Billings, a plane full of Montanans, ex-Montanans and wanna-be Montanans, I among them the latter bunch. Clear weather, a smooth flight and good spirits amongst our fellow travelers made the time pass quickly. Getting caught up on our reading of some great mule deer articles only fueled our anticipation of another great week in Montana.
I have been fortunate to hunt this area of Montana since 1983. The first trip was with my Dad a couple of years before he retired from a career in law enforcement with the Bureau of Indian Affairs. My parents lived then in Crow Agency, Montana and we made the trip up north of Custer, Montana in 1983 on the dusty gravel road that back then had twice if not three times the number of mule deer around.
Over the years, I’ve made a lot of great friends in the Musselshell River community near our hunting areas, some have gone on ahead and one in particular, the late Creel Poole, had inspired in me way back in 1992 to give serious consideration to hunting a quarter-million acre ranch in east central Montana that was home to thousands of antelope and very few mule deer.
Our hunt started in the Bull Mountains on Sunday morning, November 18th. My hunting partner, Ron Branch of Tifton, Georgia and I awakened to the usual opening day jitters of being adequately prepared to go afield. Any hunter worth his rifle goes through the mental gymnastics on opening day and this for us was no exception. The alarm clock said the time was somewhere between 3 and 4 a.m. Awful early to be up readying our gear but sleep was the last thing on my mind. My son, Hunter, dozed peacefully beside me, looking over at his sleek trim musculature I thought it but a scant 15 years earlier I had held him close in my arms and dreamed of our time hunting together in Montana. Today, those dreams were now a reality, his tall frame resting peacefully beside me as his body recovered from a grueling academic schedule and his swim team participation as a 10th grader at Milton, Georgia’s Milton High School.
We arrived at the local café about 5:45 a.m., our game plan to start trying to fill our cow elk tags in the Bull Mountains of Central Montana. Drawing a bull elk tag is extremely difficult in this hunting district as a nonresident and we were unsuccessful in our bid again this year to draw bull tags. Oh well, there is always next year.
We headed into the hills as daylight beckoned and the wind picked up. Miles back into the hills I shut off the truck and all 3 of us took our GPS readings on the 4x4 as we headed up through some thick pines to get into the rim and coulees that we thought would hold elk. The weather had had been warm, very warm and in warm weather, elk need water. Every day. Their heavy winter coats and the abnormal warm temps would put them around water and our maps showed where water was. The one thing a good elk hunter is always, I repeat, always concerned with while hunting elk on foot is the wind. Wind direction is key and we hunted into a good stiff breeze out of the north-west. We fanned out and walked up on a couple of nice mule deer, one a very tall 3-point (6 pointer for you boys back East) that had a very narrow rack. Moving, very slowly, about three-quarters of a mile from the truck I hand-signaled our team at the base of a small ridge to come together, I had something to say. We were at the south end of a large pasture and I whispered we had to be careful to glass the small basins ahead as we moved into the rims above. The warm temps of the preceding week had been replaced by near freezing temps and animals were on the move, deer heavy in rutting activity and elk no doubt up and moving under the overcast skies. I told the guys to advance slowly up the ridge and keep in contact via hand signals if elk were spotted. Ron moved up to my right side and Hunter to the left. As we neared the top, Ron was hand-signaling furiously elk were ahead. Hunter and I, now together worked slowly up and over the ridge into the blowing wind. There were elk below and all we could see was cows. Our time had come.
We were on our knees and ready. Hunters BAR .243 rifle barked and the cow dropped in its tracks. I looked at the rest of the bunch that had spooked and watched a big cow turn sideways. I raised my rifle, the same Belgium-made, BAR .243 that Hunter shoots. At the shot, she folded too. Ron’s 30.06 barked and Hunter watched a big cow hit the deck higher up the opposite ridge. It was about an hour after we began our hunt and our elk tags were filled. Sometimes, luck happens. Let the work begin! Ron and Hunter began the process of gutting the animals and I headed back to attempt to snake our rented 4-wheel drive pickup back into the drainage as close to the animals as possible. We got lucky. We were able to get the vehicle right up to all 3 elk. Sometimes, luck happens.
Day 2 found the same insanity of awakening far too early. What is it about hunting season every year that gets grown men, myself having been hunting for nearly 45 years to awaken far too early in the day? It was Monday and snow was in the forecast. Little did we know that the snow flurries would turn into a little more than we had bargained for.
We shut off the truck in the exact same place as the day before, to make it simple to keep the same GPS location. We headed upwind and came over the same ridge where we harvested elk the previous day. Expecting magpies, crows, ravens, eagles, bobcats or coyotes to be feasting on the gut piles, the cycle of life what it is, we encountered a lone coyote having some fine dining on elk entrails, one of the finest scavengers on earth.
As the morning wore on the snow picked up and the temperatures dropped, wet snow coming in with the wind, straight into our eyes. Hunter and I had split from Ron early and headed into the maize of rims and box canyons that I had been in the previous year for but a single day. I liked the country. Up and down, pines, rims, game trails, snow coming down harder. We caught a few bucks on does in some spots but no shooters. We had plenty of time ahead and we wanted to be selective. This particular area of Montana was absolutely hammered this summer and fall by Epizootic Hemorrhagic Disease (EHD) and its cousin, Bluetongue. These diseases hammered antelope, mule deer and whitetails. By our estimation whitetail deer populations in the area we hunted were off by at least 75% and mule deer numbers were down as well. The cruelty of thousands of dead animals was hard to fathom. Bluetongue is normally considered a livestock disease that typically hits sheep the hardest. Wildlife typically die from bluetongue's close cousin, epizootic hemorrhagic disease which hits white-tailed deer the hardest. Both bluetongue and EHD are transmitted by the same biting midge, which hatches out in late summer and persists until the first hard frosts of fall. During that time, midges that bite infected animals will pass the disease along to new victims. Not all animals die from the disease, but many do. Where we were in Montana, it wasn’t hundreds dead. It was thousands. All week we saw eagles, balds and goldens, working antelope and deer carcasses. Carcasses everywhere. There isn’t a scavenger that will die of hunger in the Musselshell River part of Montana this year. It was hard to keep snow out of our optics and I had failed to bring my scope cover. Guess I woke up too early to remember that small item!! Our binocs were hard to keep dry and bringing them up near your face with some warm breath only fogged them faster. We saw some bedded elk ahead and worked closer when Hunter spotted a deer lie down in the middle of the cows and a spike bull that were bedded down. It appeared the color of a buck, that yellowish tawny color of a big buck with his head stuffed up under a juniper tree. I couldn’t see horns but it was a buck, having been around mule deer for 40 years I did have a clue. As we worked upwind to gain a better advantage of what kind of buck he was we scooted into a feeding cow elk. We stopped in the blowing snow and sat tight. I heard a grunt and here came a nice 4 point (it was a 10 pointer for you boys back east as we don’t count eye guards/ brow tines). It was a beautiful buck. A great frame, nice forks, dark chocolate color, maybe 40 yards away, just not heavy mass nor wide beyond his ears. I looked at Hunter, he looked at me. He whispered, “I’ll wait for a bigger one.” I am glad he did. Being 15 and having never shot a mule deer I knew he was thinking straight.
As the day wore on I was cold. Hunter was dressed better than I was. We worked into a box canyon only to be turned back by sheer walls of sand stone rims. On to the next canyon, same story. By my estimate and not my GPS, we hiked between 2 and 3 miles out of our way to escape the rims and missed all the game up on top. As the blowing sleet and snow turned into grey overcast I was glad to see Ron in the pickup. Ron had seen plenty of deer like we had just no shooters. Only the spindly typical Bull Mountain muley bucks that need better genetics, better nutrition or just more maturity. Same questions, few answers. Maybe it’s just the skewed buck-doe ratio that does it. If you know what it takes to grow great horns on muley bucks in the Bulls besides living to 6.5 years of age or older let me know. Or call Jay Newell, the muley biologist in Montana Hunting Unit, Region 5. I often think a doe should be harvested prior to any hunter taking a buck. And allow non-residents to take more does for half the cost. It might make better economic sense and do more for the herd if that is still what game management is all about. It’s often more about money. Imagine that.
Daylight on Day 4 found us about 75 miles from where we woke up. We were stocked up with some great snacks and had a great friend with us. Having his pickup with chains along in such remote country made things easier. The weather was cold. Flurries coming down and a good Montana wind going. We had access to this property for a couple of days and wanted to cover as much of the muley ground on it as possible. The ranch held thousands of antelope and probably hundreds of dead ones, EHD being the culprit. Coming up on a good coulee, Ron and I bailed out of the truck while my friend, Scott Walker and Hunter drove a mile or so to the head of the coulee to get parked and try to “block” any deer headed upwind and out the end of the massive canyon. In my haste to cover the mile of coulee I had bailed out without my warm, orange hunting jacket. I pulled my stocking hat down tight and headed into the wind on the canyon rim with Ron moving slowly through the bottom. About three-quarters of a mile along the rim, I came over a ridge and looked far ahead down the side of the steep coulee. I saw deer and plenty of them. I saw Hunter across and farther down the canyon too, sitting still in his blaze orange hunting gear, thinking he probably couldn’t see the deer. Pulling my binocs up to my eyes, I couldn’t see much, snow and fog covered the lens. Looking through my scope, the big front forks looked nice, no “crab claw” front tines on this brute, something I wanted to avoid after my 2006 buck was so sweet but had a crab-claw on the right front antler. The buck was pushing a doe directly away from me and at a good clip. He was out there a long way. With the wind blowing so hard I dropped on my back and did a 360 degree roll into a rock outcropping. An offhand shot was impossible in the gusting snow, a kneeling shot would have been “iffy” at best. I needed a strong steady rest and pushing my shoulders back into the rock outcropping with my rifle resting on my knee gave me the edge. On the first shot the buck broke straight up and out of the canyon. He’d been shot at before and his first instinct was to break away from the doe group and get up and over the ridge to safety. I kept my cool and kept shooting, trying to stay calm and put a bullet into his vitals. At the sound of the “thud” on the 4th shot I figured I had him as he buckled forward and topped over the ridge. It took awhile to get over to the rim where he came out. The crimson stain on the snow obvious, it looked like a good trail to follow and easy. Boy was I wrong.
Ron came up over the rim to join me thinking we would be shaking hands in celebration of harvesting another great animal. Ron and I enjoy a special friendship, he’s a good ole’ boy from South Georgia who just happened to teach himself how to hunt deer rather successfully. He enjoys what it takes to find and take down a great buck and being “officially” deaf, he relies on his eyesight. Ron and I have shared some sights over the last decade and a half and have taken some great animals, elk, muleys and whitetails among them. I credit Ron for teaching me one important facet in taking those South Georgia, brush-loving whitetails and it can be summed up succinctly in one word, patience.
The snow was whipping down harder and I was a having a time staying on the buck’s tracks. The doe group he was with had followed him up and over and their tracks had made it difficult to follow. I stayed on the track over the next mile and a half, down and up over 3 big canyons. The blood trail never diminished but the buck was going straight up each canyon, something you don’t see in a mortally wounded animal. Three times the buck laid down, we never saw him once in any of the 3 canyons we were in. The blood flow was constant, which helped so much and the snow flurries died down some. It was the toughest track of my life. The buck just didn’t act that wounded, the blood trail told me he was hit good. They are just tough animals, in tough country.
It was at the rim of the 4th canyon that Ron and I split up as we followed his trail over into the pine-studded coulee. As we inched up over ever so slow, he leaped up like a muley can, high and fast to make a quick exit. Horns were everywhere, he was a dandy.
I pulled my rifle up quick to find him in the scope and he was in the pine tops, Ron had a clear shot at him and dropped him like a bad habit. The elation of the moment was hard to describe. I know Ron felt the same way. It was unlike any of the hundreds of other deer I have killed. The buck had been relentless. So had we.
We found the buck motionless and dead, just like Ron’s camera at that moment. The big buttes on the skyline made the deep canyon a perfect setting for the perfect picture for the perfect buck. The memory will stay with me forever.
It was a long drag out of there, hours it seemed. Hunter was digging in to help. It was truly a great experience having my son and myself on each horn and Ron pulling the rope in front. It made for a great team and the 3 of us expending 50% less energy if there had been only 2 of us. As the day wore on, we covered many miles and saw some deer. Late in the afternoon Hunter emptied his rifle on a massive whitetail buck, a good buck that Scott really liked. You see, my friend Scott has a real love affair going with big wide, tall whitetail racks. He’s taken some dandy’s on the Musselshell River and has some land on the river. Scott calls muleys “stinky’s”, an apt name for the grey ghosts during the rut. It had been a great day, my buck tag was filled with a doe tag yet to fill. Now I could concentrate on taking some pictures, with my camera, not Ron’s.
The next day was Thanksgiving, and we had so much to be thankful for. We had spotted a beautiful muley buck in the morning light, a tall 4x4 with great character. Hunter missed the buck once and then Ron opened up on him as he came over the ridge. Ron connected on him at the longest range he’s ever taken an animal, well out there in the vicinity of the 400 yard mark. He has a great rifle, was settled in and just kept his cool. Sometimes luck happens.
As I walked up to the buck, Ron’s elation was easy to see and the drag was far easier than my buck for sure. Our fabulous Thanksgiving meal prepared by Scott’s wife, Kim was truly spectacular. For 3 souls from Georgia out banging at muleys in Montana we were treated like kings. After Hunter finished a second helping of a great dessert we headed out in the sunshine to harvest our does. We had drawn 2 muley doe tags and 1 whitetail doe tag. I wished I could have exchanged the whitetail doe tag for a muley doe tag but that’s the way disease works, an unequal opportunity killer. Hunter took his doe first, his first mule deer ever. It was vintage Hunter, cool, calm and collected with a sprinkle of humor thrown in. As usual it was another “one shot” kill for him. Ron tipped his doe over on a beautiful shot just as the deer was jumping a fence. Another great shot! My whitetail doe hit the ground as the sun was fast headed down over the horizon. Three does down and two more days to get Hunter a great buck.
Friday morning found us again up in Garfield County, Montana. About an hour after daylight, Ron and Hunter in the pickup behind us pulled up behind Scott’s rig. I motioned for Hunter to bring his rifle and to come quick. It was a vantage point too good not to see deer. The canyon rim we were about to walk over to was the same canyon I took my buck 48 hours before. Ron followed Hunter slowly, Scott and I and Hunter walked to the rocky outcrop and took in the vista. Snowy slopes greeted us. This indeed was muley country. I hadn’t been standing on that rock rim for but maybe all of 15 seconds glassing when I looked straight down to the bottom of the canyon, 183 yards straight down to be exact. The words coming out of my mouth were very matter-of-fact, “kill him Hunter, kill him” is all I said. Hunter, raised his rifle to his shoulder, took quick aim and fired. That muley buck buckled and fell forward off the ledge in a heap. It all happened so fast, he just came up from his bed and there he was, bam, Hunters first muley buck. Sometimes, luck happens. We were so happy for Hunter. Hunter with a grin even his girlfriend couldn’t wipe off. Dad beaming like he does when he watches his youngest son make a huge hit or block on the football field or when he gets to watch his number one son kill his first muley buck and Ron and Scott showing their colorful excitement for Hunters first muley buck. He was a dandy. Nice palmation, a dark chocolate 4x4 with brow tines, and nice front forks. What more could a teen ask for in his first buck mule deer. It was priceless. Hunters buck was also the heaviest buck we took because as it turned out, the buck had been gored fighting another buck and had the hide and flesh on his left front leg torn wide open. Another reason he was by himself and not on a doe group during the peak rut time. Fighting to hold a harem of females is tough work for any species!
Unfortunately that 183 yard shot straight down was 183 yards straight up on the drag. Scott had with him a 300 foot nylon strap that helped. The drag up was very hard, vertical to be exact and once the strap reached the back legs of the buck we brought him up by driving Scotts rig back 300 feet from the rim. It worked great or we might still be there. As the afternoon waned Scott still had his buck tag to fill and we hadn’t seen much in the way of deer or bucks, even the little “dinkers” as we call the little bucks were staying put. The weather was downright cold even with the afternoon sun. As we came out across some CRP ground to head back to the Mussellshell River country, Scott the old whitetail aficionado himself, spotted a nice buck, a buck we think was the same buck Hunter had missed a couple of days prior. We saw the buck head off at a dead run with a couple of does and figured he would be in Wyoming in the next hour at that clip as they headed south to break into the rough stuff south of the CRP fields. We kept moving across the section and spotted a nice group of muleys ahead, a couple of “dinker” bucks among them and they followed the coulee south at a good clip. As we crested a rise, Scott and I saw the big whitetail buck at about the same time. A great whitetail buck hesitant to leave his does. He just didn’t run, the does thinking they were safe and well-hidden in the taller sage in the coulee bottom. At the sound of the rifle shot the buck continued running, mortally wounded. Scott was indeed one happy guy! So were all of us. It was a fitting end to a great week in Big Sky country. The buck was a brute, a great mature animal with over 20 inches of width, long brow tines, 11 points, some nice stickers and a great color. A Montana beast for sure. Sometimes, luck happens.
The hunt was special, to be with my son on his first Montana big game trip, to hunt in such remote country, to renew friendships made in years gone by, to catch the rut and weather perfectly, to fill our tags with such great animals and great horns, to see so much wildlife for the countless coyotes, antelope, eagles, geese, turkeys, sage grouse and hawks it was a priceless experience. Someday, God willing, both my sons, Hunter and Jordan and friends Ron and Scott will be with me for another shot at some of Montana’s grey ghosts.
Someday, I hope, all over again, luck happens.
Thursday, November 29, 2007
October 31, 2005
By Charles Paikert - New York, NY
Native American Advisors Helps Tribes Manage Money
Some are flush with cash from gaming operations – Dean Parisian is on a mission to help Native American tribes do a better job of managing money. Thanks to lucrative casino and gaming operations, some Native American tribes are flush with cash. But the tribal councils overseeing those operations are short on financial know-how, said Mr. Parisian, chairman and founder of Alpharetta, Ga.-based Native American Advisors Inc.
“There’s a lack of financial sophistication and a lack of knowledge about the availability of investment services,” said Mr. Parisian, a member of the White Earth Chippewa nation. For the past 20 years, Mr. Parisian, whose firm does business as Chippewa Partners, has been working as an investment advisor for Indian tribes.
Relationship Problems - Many tribes, he said, are swayed too easily by their relationships with local bankers and high-pressure lobbying from Wall Street firms. Local banks, Mr. Parisian said, should be doing a better job of managing short-term money for the tribes. And large Wall Street firms, he maintains, burden tribes with excessive fees. One of the biggest investment challenges that many tribes face is “the need to understand the roles and responsibilities of the money managers that they hire and be able to evaluate their effectiveness and their overall performance,” said Mike Roberts, president of First Nations Development Institute, a Denver-and Fredericksburg, Va.-based policy, research and philanthropic organization for Native Americans. For years, Mr. Parisian has provided pro-bono advice and management to a variety of Native American Tribes, foundations, retirement plans and scholarship funds.
He has advised the Chippewa on their retirement and 401-k plans and managed fixed-income securities for First Nations. He also sits on its advisory board and is preparing an educational curriculum for understanding investments. Mr. Parisian also is featured in an investment guide for Native Americans that is being put out by Washington-based NASD. “I’m trying to effect positive change,” said Mr. Parisian, who often donates 10% of his fee back to a tribe he is working with, so it can set up a scholarship fund.
Some Frustration – But as a businessman, he admits to sometimes getting frustrated. “You’re dealing with sovereign nations, and some tribal councils are not that well-versed in financial matters,” Mr. Parisian said. Many tribes also insist on a number of face-to-face meetings, which can be difficult for an advisory firm with less than $25 million under management. “You can’t fax a handshake,” he said.
But Mr. Parisian is heartened by the younger generation, which is starting to assume tribal leadership. “They’re better educated and more sophisticated,” he said. “And there are more people willing to do business on the phone.”
Thursday, November 15, 2007
Two criminal aliens, Ralphel Resindez, 23, and Enrico Garza, 26, probably believed they would easily overpower home-alone 11 year old Patricia Harrington after her father had left their two-story home.
It seems the two crooks never learned two things: they were in Montana and Patricia had been a clay shooting champion since she was nine.
Patricia was in her upstairs room when the two men broke through the front door of the house. She quickly ran to her father's room and grabbed his 12 gauge Mossberg 500shotgun.
Resindez was the first to get up to the second floor only to be the first to catch a near point blank blast of buckshot from the 11-year-old's knee crouch aim. He suffered fatal wounds to his abdomen and genitals.
When Garza ran to the foot of the stairs, he took a blast to the left shoulder and staggered out into the street where he bled to death before medical help could arrive.
It was found out later that Resindez was armed with a stolen 45 caliber handgun he took from another home invasion robbery. That victim, 50-year-old David Burien, was not so lucky. He died from stab wounds to the chest.
Ever wonder why this stuff never makes NBC, CBS, PBS, MSNBC, CNN, or ABC News?
Wednesday, November 14, 2007
Monday, November 12, 2007
Lyle Lovett and his band can kick ass on stage. A fun bunch.
Thursday, November 08, 2007
First, a huge thank-you to Head Coach Chapman for giving me the opportunity to join him in such a privileged endeavor. I am sure that some day, Jordan will look back on this year with priceless memories of having his Dad around at practice. Second, a big thank-you to such a great bunch of Dad's who helped coach this team and to those who helped in any capacity to make this football team what it was and to bring a better experience to our sons. Your efforts and commitment meant so much. Third, thank you parents and siblings for the sacrifices you made in your business and family life to get your son chauffeured around a traffic-congested little town in North Atlanta, home to what is arguably one of the best youth league football programs in America.
For me, it was a learning experience. It was good. I hope the love and intensity I had for the team rubbed off on these young men. I'm not an intricate X's and O's type of football coach for better or worse. I do hope that down the road, at the mall, in church, at a movie, at a high school football game, that when your sons see me they will wear a smile and show the same respect to me then as they have this year. I hope they had fun and will remember me fondly with respect. For all of them, it was a learning experience. They were all so different and all such great kids. I'm sad to see it end.
Sometimes playing football isn't all fun. It represents life in so many ways. Once in a while we get beat. Often enough we don't get along. Once in a while we all suck it up on 4th and long in our jobs and our marriages. We make plenty of mistakes. I made plenty this year. They were easy to see and easy to hear. They will make me a better coach and a better Dad.
I hope I will be able to attend our Red Eagle party. My oldest son and I will be hunting elk and deer in Montana from 11/17 to 11/25 and hope the party is held outside of those dates.
Your sons are America's best. Thank you for the privilege to be their coach.
Thursday, November 01, 2007
We have covered some great country, taken a few great animals, shared some great meals, shared some aged liquor and uncovered some of life's largest questions over that time. The answers we're still working on. Over the years, I married, he married, saw my 2 sons come into the world, buried his Dad, buried my Mother, shot some elk, both start businesses, turned him on to big muley bucks and in turn, had my eldest son, Hunter, take his first two whitetail deer on his farm. A farm I have grown to love to hunt. Why? Just because it fits. It isn't easy. It's thick cover. Good cover for big bucks.
A few short years ago we decided to stop shooting bucks on his farm that were 2.5 years or younger and let some of the little guys turn into decent breeding stock. The local neighbors who hunt love us. On the farm, his brother Stan has a feeder that feeds deer and turkey all year round. We had this buck stare the camera down the other day on the farm.
Last weekend Ron and I again passed on several small bucks. The potential for bigger bucks is there.
Like making money in the stock market, all it takes is time. Like Dad always said, you can't eat horns but this buck would taste mighty good.
Tuesday, October 30, 2007
I happened on a large oak tree and a flash above caught my eye as I heard a grey squirrel chattering very loud above me in the same tree. In the old tree sat a red-tailed hawk and the squirrel, both close to each other, both hungry, both making no attempt to hide their presence and both wanting the tree to "feed" them, the squirrel eating the fruit of the tree (acorns) the hawk wanting to eat the customer of the diner called an oak.
I took a seat on the ground for a view of what might happen, knowing that squirrels are great barometers for the finest in falling acorns, which are surf and turf to a deer herd and thought I might get to witness a solid hit on a squirrel by one of North America's better aerial hunters as well as harvest a hungry buck.
Looking up waiting and wanting to see death instead of squirrel noise I got to thinking of some parallels to the market beast..
First, no shortage of chatter and noise in the market, the algo's are here to stay. Two, death isn't far away if you hang out on a limb without watching for who might take you. Three, don't hang with excessive leverage. Keep your foundation under you unless you are sure of the weather conditions. Four, you can't eat the obvious under your nose because you may die a quick death. There is always somebody around to feed on you. Somebody bigger, faster and just as hungry. And fifth, when danger flies away, don't relax. Eat quick and put some food aside for another day.
For the day, I saw a couple of young bucks but let them continue on to maturity. You can't eat big horns (and I hate squirrel as a food source) but they sure look nice hanging in my cabin when feasting on a big thick juicy Black Angus filet!!!
A key witness against the federal government in a multi-billion dollar class action lawsuit this week will be one of its own attorneys, according to Public Employees for Environmental Responsibility (PEER). The pivotal testimony will contradict the Interior Department's central defense that it can accurately account for income from leases it manages on behalf of 300,000 Indian landowners.
Palm Springs Field Solicitor Robert McCarthy is expected to testify on Tuesday, Oct. 23. He is being called as a witness by the plaintiffs, based on his detailed disclosures documenting "gross mismanagement" of leases by Interior potentially costing Indian landowners millions of dollars every month. The Palm Springs area generates nearly a quarter of all the agency's Indian trust revenues.
The litigation, Cobell v. Kempthorne, was filed back on June 10, 1996, in the U.S. District Court for the District of Columbia. The court ruled in 1999 that the secretaries of Interior and Treasury had breached their trust obligations to the Indians and ordered Interior to give a complete accounting of all trust funds. The trial, which began on Oct. 10, will determine whether Interior can provide a fair and accurate accounting and whether it has corrected the fiduciary breaches the court had previously found.
McCarthy is likely to impeach much of the testimony presented by the government, particularly from James (Jim) Cason, an associate deputy Interior secretary, who testified last week that the agency found no "systemic" errors and that accounting problems "tend to be small, tend to be few, tend to be on both sides of the ledger, and tend to net out against each other."
By contrast, McCarthy will testify that he briefed Cason in 2005 about numerous cases of significant mismanagement and violations of laws, including missing records and failure to collect or account for Indian lease income; Interior officials routinely charged tribal members fees far in excess of those allowed by federal regulations, sometimes as high as $60,000, for transactions that by law may not result in fees more than $500, despite testimony by Cason that Interior does not charge for its management of Indian leases, aside from a "handful" of minor administrative fees; and the electronic system that Interior now uses to track lease payments and transactions has been described by the agency itself as "a data base of misinformation."
"To the extent that the government is relying upon the credibility of Jim Cason, it is in trouble," stated PEER Executive Director Jeff Ruch, noting that Cason was brought into Interior by now-imprisoned former Deputy Secretary Steve Griles. "In July, an Interior audit confirmed Robert McCarthy's charges, but the agency continues to ignore repeated verifications that crippling weaknesses still exist."
On Aug. 9, one day after McCarthy notified the agency that he had been identified as a potential witness in the Cobell case, the Solicitor's Office issued a proposal to fire him, allegedly for disclosing confidential information to a reporter back in April.
Two months later, the agency has yet to make a decision on the proposed termination. In that matter, McCarthy is being represented by PEER and the Government Accountability Project, both non-profit groups specializing in whistleblower protection.
Normally a government attorney would be barred from testifying against his or her agency, but the fiduciary relationship creates a special duty of loyalty for a lawyer to protect the interests of the beneficiaries of the trust, in this case the Indians, against malfeasance of the trustee, the Interior Department for which McCarthy still works.
Saturday, October 27, 2007
The action, first reported on Friday in The Washington Post, drew a rebuke from the White House and Homeland Security Secretary Michael Chertoff, and an apology from the agency official who was at the lectern, Harvey E. Johnson, the deputy director.
“We have made it clear that such a stunt will never be tolerated or repeated,” a spokeswoman for the department, Laura C. Keehner, said on behalf of Mr. Chertoff.
The questions from the staff were posed after FEMA gave reporters only 15 minutes notice for a news conference on Tuesday, meaning that other than television camera crews, no reporters showed up before questioning began. A toll-free telephone line was provided so reporters could listen in, but it was not set up to allow questions.
As a result, staff members asked Mr. Johnson a series of friendly questions like, “Are you happy with FEMA’s response so far?” and, “What lessons learned from Katrina have been applied?”
Thursday, October 25, 2007
Shareholders are getting their equity in the company marked down accordingly.
The massive fees garnered by the packaging and securitization of mortgages has topped out. Wall Street, with their fancy models and esoteric investments are getting pillaged by the market itself. It's about time.
Risk control seems to be a difficult concept to understand when so much easy compensation depends on exotics to be packaged and sold to the willing.
If Merrill is losing billions with their own money, perhaps you should look closely and see how much they are making off of your money, Mr. and Mrs. Average American Investor. Or better yet, give me a call and we will be glad to show you how much you are paying them in all of the hidden fees.
It may be the most profitable call you will make in your life. I'm easy to find.
On Wed, 6 Jun 2007 23:35:23 -0500, "Colonel Harry Riley USA ret" wrote:
Your vote against an amendment to the Immigration Bill 1348, to make English America's offical language is astounding. On D-Day no less when we honor those that sacrificed in order to secure the bedrock character and principles of America. I can only surmise your vote reflects a loyalty to illegal aliens.
I don't much care where you come from, what your religion is, whether you're black, white or some other color, male or female, democrat, republican or independent, but I do care when you're a United States Senator, representing citizens of America and vote against English as the official language of the United States.
Your vote reflects betrayal, political surrender, violates your pledge of allegiance, dishonors historical principle, rejects patriotism, borders on traitorous action and, in my opinion, makes you unfit to serve as a United States Senator... impeachment, recall, or other appropriate action is warrented.
Worse, 4 of you voting against English as America's official language are presidential candidates: Senator Biden, Senator Clinton, Senator Dodd, and Senator Obama.
Those 4 Senators vying to lead America but won't or don't have the courage to cast a vote in favor of English as America's official language when 91% of American citizens want English officially designated as our language.
This is the second time in the last several months this list of Senators have disgraced themselves as political hacks... unworthy as Senators and certainly unqualifed to serve as President of the United States.
If America is as angry as I am, you will realize a back-lash so stunning it will literally rock you out of your panties... and preferably, totally out of the United States Senate.
The entire immigration bill is a farce... your action only confirms this really isn't about America; it's about self-serving politics... despicable at best.
"Never argue with an idiot; they'll drag you down to their level and beat you with experience." ~ anonymous
The following senators voted against making English the official language of America:
Biden (D-DE) Wants to be President?
Clinton (D-NY) Wants to be President?
Dodd (D-CT) Wants to be President?
Domenici (R-NM) Coward, protecting his Senate seat...
Feingold (D-WI) Not unusual for him
Kerry (D-MA) Wanted to be President
Lieberman (D-CT) Disappointment here.....
Obama (D-IL) Wants to be President?
Reid (D-NV) Senate Majority Leader
Wednesday, October 24, 2007
Billionaires in China in 2005 -- 5
Billionaires in China in 2006 -- 15
Billionaires in China in 2007 -- 106
Friday, October 19, 2007
Looking back it was a tremendous buying opportunity. As all steep market corrections have been in your lifetime and mine. Just step in, buy the market and give it time. That October day found me in the offices of Drexel Burnham Lambert in LaJolla, California where I had been a stockbroker for several years. I spent that preceding weekend on an adventure to ease the drama. Friday afternoon I met my pal, Budd Zuckerman at a San Diego airport with our dates and hopped in a chartered plane for a 40 minute run out to Catalina Island. We were late getting together and the pilot was in a hurry to get in the air and get out to Catalina as there were no lights on the Island's airstrip. It was a great weekend with plenty of great food and cold beer and our dates were alot of fun. The boat had been out there for a few weeks and we were to sail it back to San Diego for the partnership that owned it.
Early Sunday we left the yacht basin a little after 4 a.m. for the sail on the 46 foot Flatulyn back to San Diego. It was a little scary as once you left the confines of the marina there wasn't any coming back in until daylight arrived if engine trouble (fire) developed. And no shortage of sharks off of Catalina. And there aren't any lights on the open ocean to guide the way! We had no GPS, no cell phones, no marine emergency radios. Just a compass with no backup, some bravado, our dates and our youth. What else do you need? It was a cool, very cloudy sail until mid afternoon and the clouds were so thick it was virtually impossible to tell where the sun was. There were many many beautiful songbirds on migration virtually "lost" on the open ocean as they couldnt' detect the sun's position and they were landing on every piece of kelp sticking out on the ocean surface as well as all over the boat. We arrived back in San Diego before dark and readied ourselves for what was to be a wild day.
We had our morning meeting at 6 a.m. led by our branch manager, Walter J. Shaw, who has since gone on ahead. Walter did a great job in that meeting. He asked us all to keep him abreast of any major unsecured debits or margin issues in client accounts that were likely to crop up in a further downdraft. We all knew to a man there was going to be some major selling pressure after the Friday rumble of 108 points and a 4.8% drop.
With the market opening it was clear to see that specialists were inundated with selling. Stocks were being opened in big gaps down. As wire communication to the floor became impossible, phone orders were being the norm. And there were probably hundreds of thousands of phone calls that day to trading desks that went unanswered. Traders wouldn't trade. Phones were not being picked up. Notices of trade fills on either buys or sells were hours late. Hours. No specialist firm under the sun was going to commit their own capital when selling of this magnitude was staring them in the bottom line.
That day I had several clients wade into the abyss and just buy some blue-chips. Small trades but more buying than selling. As the day wore on it became apparent the system was in trouble. My livlihood was threatened. Was the NYSE on the verge of collapse? Where would we work? What would I do?
I remember so clearly sitting in the office of my great friend, Maurice Altshuler, who is still a broker with the venerable brokerage house of Morgan Stanley in LaJolla. Maurice and I talked about the future, what could happen and never without any fear for ourselves as to having a career or a job or doing something else. Little did I know that Maurice had over a $1,000,000,000 unsecured debit from a new client in Switzerland who had opened an account the previous week and put the money to work. It wasn't pretty then and could have been a nasty situation. Maurice handled it like he does with about everything else in life, with grace, dignity and professionalism.
The market soon recovered. 1987 was a year to remember. It was the year the government fingered Ivan Boesky and when Boyd Jefferies handed over his firm. It was a year to remember. And a heck of a year to put money in the stock market.
To buy them when no one else wants them. To buy when the baby is getting thrown out with the bathwater. Just buy the market. And sit until you need the money.
Thursday, October 18, 2007
Wednesday, October 17, 2007
The three lead banks, Citigroup Inc., J.P. Morgan Chase & Co. and Bank of America Corp., are aiming to round up commitments totaling at least $80 billion to make the plan fly, according to people familiar with the matter.
While some people briefed on the plans say that target is fluid, others say that without the kind of critical mass of that large a fund, "it's unlikely to happen," as one put it. The three lead banks expect to ante up less than half the total, the same person said.
The plan, which has been supported by the Treasury Department, is aimed at breaking a logjam in the market for the short-term debt of investment vehicles that hold mortgage-related assets. Those assets have declined sharply in value amid a credit crunch touched off by a downturn in the value of subprime mortgages, or home loans to borrowers with weak credit.
The fund, dubbed the master-liquidity enhancement conduit, would issue short-term notes to investors and use the proceeds to buy securities from the specialized funds, known as structured investment vehicles, or SIVs, that are being forced to wind down their businesses. This could help prevent asset sales at fire-sale prices from triggering a market meltdown. There are some 30 SIVs with about $400 billion in assets, according to Moody's Investors Service.
Broad participation in the plan is important to raise sufficient sums of money to produce the jolt of market confidence needed to boost trading in some parts of the credit markets, those involved in the discussions say.
Yesterday, Wachovia Corp. said it will participate in the fund. "While it's not a significant issue for us, we plan to participate at an appropriate level because we want to help improve the stability of the markets," a spokeswoman said.
Among the firms offering support for the plan are Fidelity Investments and Federated Investors Inc. Both hold debt issued by an arm of Gordian Knot Ltd., one of the SIVs that could benefit from the fund.
Tuesday, October 16, 2007
They advise golfers to wear noise-producing devices such as little bells on their clothing to alert, but not to startle the bears unexpectedly.
They also advise you to carry pepper spray in the case of an encounter with a bear. It is also a good idea to watch for signs of bear activity.
Golfers should be able to recognize the difference between black bear and grizzly bear droppings on the golf course.
Black bear droppings are smaller and contain berries and possibly squirrel fur.
Grizzly bear droppings have bells, golf-gloves and sunglasses in them and smell like pepper spray.
There was a professor in a large college who had some exchange students in his class. One day during class the professor noticed one young man (an exchange student) who kept rubbing his back and stretching as if his back hurt.
The professor asked the young man what was the matter. The student told him he had a bullet lodged in his back. He had been shot while fighting communists in his native country who were trying to overthrow his country's government and install a new communist government.
In the midst of his story he looked at the professor and asked a strange question. He asked, 'Do you know how to catch wild pigs?'
The professor thought it was a joke and asked for the punch line. The young man said this was no joke. 'You catch wild pigs by finding a suitable place in the woods and putting corn on the ground. The pigs find it and begin to come everyday to eat the free corn. When they are used to coming every day, you put a fence down one side of the place where they are used to coming. When they get used to the fence, they begin to eat the corn again and you put up another side of the fence. They get used to that and start to eat again. You continue until you have all four sides of the fence up with a gate in the last side. The pigs, who are used to the free corn, start to come through the gate to eat, you slam the gate on them and catch the whole herd.
Suddenly the wild pigs have lost their freedom. They run around and around inside the fence, but they are caught. Soon they go back to eating the free corn. They are so used to it that they have forgotten how to forage in the woods for themselves, so they accept their captivity.
The young man then told the professor that is exactly what he sees happening to America. The government keeps pushing us toward Communism/Socialism and keeps spreading the free corn out in the form of programs such as supplemental income, tax credit for unearned income, tobacco subsidies, dairy subsidies, payments not to plant crops (CRP), welfare, medicine, drugs, etc. while we continually lose our freedoms- just a little at a time.
One should always remember,there is no free lunch!
You can never hire someone to provide a service for you cheaper than you can do it yourself.
Also, if you see that all of this government 'help' is a problem confronting the future of democracy in America, you might want to send this post on to your friends.
If you think the free ride is essential to our way of life then you probably don't give a shit...but may the Good Lord help us all when the gate slams shut!
Monday, October 15, 2007
Here's why. The following comments have been made by Victor over the years Read them and see the irony of those words being said by such genius and yet such a gun-slinger in the markets.
"When trading, survival is key. Chance plays a large part in the outcome of every game, and you must leave a large enough margin so that the normal fluctuation in conditions don't do you in."
"Losing should be a lesson. Everyone loses and all great competitors use their losses to improve their games. When you lose, consider it a normal part of the competitive arena and strive to bounce back through attention to detail, hard work, and practice."
"There are so many ways to lose, but so few ways to win. Perhaps the best way to achieve victory is to master all the rules for disaster, and then concentrate on avoiding them.”
Now read this article.
The first rule at Chippewa Partners and to every money manager worth his fees who is a fiduciary as we are, is to do no harm to any client under any circumstance.
The second rule is to never forget the first rule.
Victor, I am almost certain, may have never understood the first rule.
Never, ever forget, the market is a living, breathing beast that can quickly devour the Victor's of the world.
When you argue with her you lose.
The group's senior nutritionist, Jayne Hurley, said Monday that the burrito was "another lousy invention by a fast-food company."
The "country breakfast bomb," as she called it, represents half a day's calories and a full day's worth of saturated fat and salt, to say nothing of cholesterol.
"That's all before 10 o'clock in the morning," she said.
Haley makes no apologies.
"We don't try to hide what these are," he said. "When consumers go to other fast-food places they feel like they've got to buy two of their breakfast sandwiches or burritos to fill up. This is really designed to fill you up."
SACRAMENTO -- One of California's most successful Indian gambling tribes has accused its former counsel, prominent tribal attorney Howard Dickstein, of fraud and self-dealing in a lawsuit filed Tuesday in Yolo County.
"This lawsuit is about greed and betrayal," declares the 57-page complaint filed by attorneys for the Rumsey band, which operates one of the state's largest casinos with 3,100 slot machines in the remote Capay Valley northwest of Sacramento.
The 40-member tribe alleged that Dickstein and it's former financial advisor, Arlen Opper, "placed their own interests and the interests of others ahead of the tribe's" in complicated investments and business deals "fraught with self-dealing and conflicts of interest."
"In the final analysis, the tribe's former trusted counsel and investment advisor literally fed off the tribe's financial success, or allowed others to do so, without the tribal council's knowledge and approval," the suit alleges.
Dickstein, who also represents the Pala band of San Diego County, helped deliver Rumsey from poverty during 20 years as its attorney. He was abruptly fired last year, not long after a new chairman was elected. He portrayed the lawsuit as "political payback" by opponents in the small tribe.
Dickstein said he helped Rumsey grow from "less than $100,000 in assets and a tilt-up bingo hall" to a diverse economic empire with "assets in excess of $1 billion."
"It's extremely hurtful ... after all these years of good faith and dedication, to be faced with a pack of lies," Dickstein said, promising a countersuit. "We will fight back and fight back hard."
- James P. Sweeney, Copley News Service
Unexamined acceptance is the greatest cause of investor losses in my book. Listening to conference calls is tricky. Listening for a change in breathing patterns, tonality changes and hurried answers when the tough questions are asked is a far better tip-off than reading the press releases. How management handles bad quarterly earnings, criticism, merger issues and revenue shortfalls can be telling and impact our invested capital
I can not trust those who manage the companies we own. It’s my job. Many are more concerned about the next golf outing on the corporate jet than the stock price. Always question. Few actually own shares they have purchased in the open market like we have. Few pony up real money to buy shares like investors do every day in the open market. I do my best to verify all I am told by corporate chieftains and public relations firms. I do my best to verify everything. Studying the financial reports, especially the footnotes and “risk factor” sections is important. In conference calls I listen for excuses, deflection and innuendo and run when the integrity of those of us asking the tough questions is questioned. These guys have huge ego’s, status, arrogance and usually a huge financial incentive to keep the status quo.
It’s a tough job. Somebody has to do it.
Tuesday, October 09, 2007
Hillary Clinton's proposal to give $5,000 to every newborn in America is typical of the vote-buying propaganda usually espoused by the Democrats.
Just where in the hell will the money come from to give away to those who sire babies in America? Let me tell you if you are in Mandaree. It will come from guys like me. It will be robbed from guys like me. Theft by taking. Simple.
And sick. God help America.
Monday, October 08, 2007
The deer — most likely a red deer, and not the more commonly found white-tailed deer — was one of several that John Henry Frix kept on his vast property on Trail of Tears Trail off Yellow Creek Road.
His relatives told sheriff's deputies that the deer had been very aggressive lately, chalking its behavior to rut — the period when deer mate.
Frix had gone out to tend to the deer about 7 p.m., county sheriff's Sgt. Jay Baker said. When he didn't return, his relatives called authorities.
Deputies found him about an hour and a half later lying inside one of the pens, 100 yards from the home. He had been gored several times in the upper body by the antlers of the deer, Baker said.
It appeared that Frix tried to fight off the animal, which was the size of a small elk, but was unsuccessful, authorities said.
Frix's family, reached by telephone Sunday night, did not want to talk about the death. One of them later killed the animal.
"I've heard about [such deaths] in the news, but I don't know if we've ever had a man killed by a deer in Cherokee County," Baker said.
Although deer kill about 150 people a year in the United States, most of these deaths occur when the animals collide with cars. However, deaths such as Frix's are not altogether uncommon.
Most attacks take place during rut — when daylight hours shorten. The results of mating produce an offspring in spring months when food in the wild is plentiful and the warm temperature prevents hypothermia.
During this time, the normally docile creatures become aggressive, locking antlers and fighting with other deer to prove their superiority as a breeding partner.
Sunday, October 07, 2007
I have to say, they have cleaned it up. Alot. The number of drunks was down big time. The number of fans cheering Dale Earnhardt Jr. remained the same. In some ways, things haven't changed. Oncologists in Alabama must have more than Ft. Knox stashed away. The tobacco consumption doesn't look to be down.
Race tickets came via a good client with a major corporation. It is my youngest sons 11th birthday tomorrow so the tickets came in handy. His favorite driver is Jimmie Johnson, in the #48 car. Nascar racing and other sports have many similiarities. What you fight against all day is "bad" air. How you win is with "good" air. Either way, no one can see the air, only it's effect. Today's race was decided in the last 600 yards. Not a bad finish after 188 laps and 500 miles. Almost like a professional basketball game when the offense kicks it in over the last few minutes. Last shot wins so to speak in the big oval track as well.
Today, Jimmie Johnson finished second to Jeff Gordon. Both drivers spent about 475 miles near the back of the pack, avoing wrecks and biding their time. Their experience showed. Like a great mature tennis player they didn't try to overpower their opponents. They played the game, fought off all comers and rallied at the end to finish first and second.
It really is a team effort. The amount of practice and coaching that go into a world-class racing pit crew is similiar to a pro football team. The schooling, practice, physical conditioning and attitude can and do make the difference. It isn't just the driver. Nanoseconds can make a big difference at 195 miles per hour.
Nascar has figured it out with massive video display screens in front of the grandstands and excellent camera work. Replays were outstanding. No one was injured today and that in itself is probably a miracle. Week in week out, Nascar drivers don't have much room for error at superspeedway speeds. They probably feel safer on the track racing amongst themselves than being on a freeway with the general public.
I have to say, I hate paying taxes. The AMT killed me last year and will kill me this year. One of the things I do NOT mind paying taxes for is to watch the speed and grace of a formation of F-14 Tomcat fighter jets scream overhead in a passing salute at the finale of our National Anthem to start the race Maybe you just have to be there amongst over 200,000 screaming Nascar fans and feel the rumble and vibration of the afterburners as they turn straight up a mile and scream out of there like swallows in the wind. If that isn't enough the sound and fury of 43 cars coming down the stretch to start things off is like nothing most Americans have ever experienced. Maybe you think Nascar is fairly redneck and dull to watch guys race in a circle. Saying that, your experience is probably only of watching Nascar racing on television. I suggest you take a day out of your busy life and give a day of racing a chance to pump some life back into you. It was a beautiful day to spend with a healthy son who turns 11 tomorrow. It has been a great race so far teaching him about the game of life. Thank you Talladega!
Friday, October 05, 2007
Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy.
I’m not from New York . I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.
Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 - 250. But that’s where I seem to hit a roadblock. 250,000 won’t get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she’s not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?
Here are my questions specifically:
- Where do you single rich men hang out? Give me specifics- bars, restaurants, gyms
-What are you looking for in a mate? Be honest guys, you won’t hurt my feelings
-Is there an age range I should be targeting (I’m 25)?
- Why are some of the women living lavish lifestyles on the upper east side so plain? I’ve seen really ‘plain jane’ boring types who have nothing to offer married to incredibly wealthy guys. I’ve seen drop dead gorgeous girls in singles bars in the east village. What’s the story there?
- Jobs I should look out for? Everyone knows - lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?
- How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY
Please hold your insults - I’m putting myself out there in an honest way. Most beautiful women are superficial; at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them - in looks, culture, sophistication, and keeping a nice home and hearth.
it’s NOT ok to contact this poster with services or other commercial interests
I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.
Firstly, I’m not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here’s how I see it.
Your offer, from the prospective of a guy like me, is plain and simple a crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity…in fact, it is very likely that my income increases but it is an absolute certainty that you won’t be getting any more beautiful!
So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you’re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!
So in Wall Street terms, we would call you a trading position, not a buy and hold…hence the rub…marriage. It doesn’t make good business sense to “buy you” (which is what you’re asking) so I’d rather lease. In case you think I’m being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It’s as simple as that. So a deal that makes sense is dating, not marriage.
Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as “articulate, classy and spectacularly beautiful”
as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn’t found you, if not only for a tryout.
By the way, you could always find a way to make your own money and then we wouldn’t need to have this difficult conversation.
With all that said, I must say you’re going about it the right way.
Classic “pump and dump.”
I hope this is helpful, and if you want to enter into some sort of lease, let me know.