Recently someone was browsing through the 40th Anniversary Issue of Reader's Digest (dated Feb. 1962), and came across this reprint from the Washington News. Quite interesting considering our current debates!
The quote: "Vice President Lyndon Johnson received the following message from an Indian (Native American) on a reservation: "Be very careful with your immigration laws. We were careless with ours."
Thursday, November 30, 2006
Sand Creek..............
During this week in 1864, the Sand Creek Massacre took place in south-eastern Colorado. U.S. soldiers slaughtered more than 150 Cheyenne and Arapahoe people.
Monday, November 27, 2006
Did you know................
December is a generally good month in the stock market averaging about a 1.5% rise in the S&P 500 index, and having declined only 7 out of the last 26 years since 1979.
Cecelia Fire Thunder is a true warrior.............
The American Heritage Dictionary defines a warrior as ''one who is engaged in or experienced in battle.'' Even though American Indians no longer flock to battles on horseback to protect their sacred lands, the warrior spirit prevails within individuals who are willing to stand up for Native causes on all levels in the contemporary world.
Monday, November 20, 2006
Saturday, November 18, 2006
Friday, November 17, 2006
Regarding the NYMEX Holdings IPO
Watching CNBC and the NYSE specialists post with all the floor brokers gathered to make their commissions when trading opens up on this stock makes the case for all electronic trading. How can you have a fair and orderly market with orders lined up all the way down the hall at the NYSE?
Another thing that no one ever talks about is the problems that stem from the deliberate overpricing of new shares which creates a huge wealth transfer from a newly public company to the major customers of an investment bank. Shareholders are much better off in the long run with a higher net worth than with an artificial and temporarily high stock price. Remember that IPO’s are allocated to clients who pay big commissions, Steinhardt and Cramer come to mind. Those responsible for completion of an IPO are the lead underwriters. If the brokers were held liable for the tremendous carnage inflicted on early buyers of IPO’s the mispricings would end. Those responsible for a company are the directors. If directors were held liable for the eradication of corporate assets by allowing for an IPO to go out at say half the opening price, the mispricings would end. Why should a firm leave so much on the table for Wall Street to pocket?
Another thing that no one ever talks about is the problems that stem from the deliberate overpricing of new shares which creates a huge wealth transfer from a newly public company to the major customers of an investment bank. Shareholders are much better off in the long run with a higher net worth than with an artificial and temporarily high stock price. Remember that IPO’s are allocated to clients who pay big commissions, Steinhardt and Cramer come to mind. Those responsible for completion of an IPO are the lead underwriters. If the brokers were held liable for the tremendous carnage inflicted on early buyers of IPO’s the mispricings would end. Those responsible for a company are the directors. If directors were held liable for the eradication of corporate assets by allowing for an IPO to go out at say half the opening price, the mispricings would end. Why should a firm leave so much on the table for Wall Street to pocket?
Subscribe to:
Posts (Atom)