Last Sunday morning found me in the woods of south Georgia still hunting parallel to a scrape line moving very slow and occasionally getting my rear on the ground and hitting my rattling bag and grunt call in the hope of enticing a mature whitetail buck to come in close to see what the fight was about.
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!!!
Parisian Family Office, CEO. Started Wall Street, '82. Drexel Burnham alum. Founded Chippewa Partners, Native American Advisors, '95. Chippewa, raised on reservations. Conservative. NYSE/FINRA arb. Pureblood. Independent insight. Trading WON/CANSLIM methodology from PAMELOT, TN farm, GHOST RANCH, MT, on Yellowstone River, or CASA TULE', their winter camp in Los Cabos, Mexico. Always been, will always be, a relentless optimist with radical gratitude.
Tuesday, October 30, 2007
I'm with the Government and here to help the Indians.......
Wednesday, October 24, 2007 10:39 AM MDT
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.
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
More Government help..................
WASHINGTON, Oct. 26 — The Federal Emergency Management Agency staged a fake news conference this week, with agency staff officials, pretending to be reporters, peppering one of their own bosses with decidedly friendly questions about the response to the California fires, the Department of Homeland Security acknowledged Friday.
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?”
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
Merrill Lynch.............
This whole debacle of greed is costing the firm billions and billions.
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.
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.
19 presidential candidates, 19 losers
33 Senators Voted Against English as America's Official Language June 6, 2007
On Wed, 6 Jun 2007 23:35:23 -0500, "Colonel Harry Riley USA ret" wrote:
Senators,
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:
Akaka (D-HI)
Bayh (D-IN)
Biden (D-DE) Wants to be President?
Bingaman (D-NM)
Boxer (D-CA)
Cantwell (D-WA)
Clinton (D-NY) Wants to be President?
Dayton (D-MN)
Dodd (D-CT) Wants to be President?
Domenici (R-NM) Coward, protecting his Senate seat...
Durbin (D-IL)
Feingold (D-WI) Not unusual for him
Feinstein (D-CA)
Harkin (D-IA)
Inouye (D-HI)
Jeffords (I-VT)
Kennedy (D-MA)
Kerry (D-MA) Wanted to be President
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT) Disappointment here.....
Menendez (D-NJ)
Mikulski (D-MD)
Murray (D-WA)
Obama (D-IL) Wants to be President?
Reed (D-RI)
Reid (D-NV) Senate Majority Leader
Salazar (D-CO)
Sarbanes (D-MD)
Schumer (D-NY)
Stabenow (D-M)
On Wed, 6 Jun 2007 23:35:23 -0500, "Colonel Harry Riley USA ret" wrote:
Senators,
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:
Akaka (D-HI)
Bayh (D-IN)
Biden (D-DE) Wants to be President?
Bingaman (D-NM)
Boxer (D-CA)
Cantwell (D-WA)
Clinton (D-NY) Wants to be President?
Dayton (D-MN)
Dodd (D-CT) Wants to be President?
Domenici (R-NM) Coward, protecting his Senate seat...
Durbin (D-IL)
Feingold (D-WI) Not unusual for him
Feinstein (D-CA)
Harkin (D-IA)
Inouye (D-HI)
Jeffords (I-VT)
Kennedy (D-MA)
Kerry (D-MA) Wanted to be President
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT) Disappointment here.....
Menendez (D-NJ)
Mikulski (D-MD)
Murray (D-WA)
Obama (D-IL) Wants to be President?
Reed (D-RI)
Reid (D-NV) Senate Majority Leader
Salazar (D-CO)
Sarbanes (D-MD)
Schumer (D-NY)
Stabenow (D-M)
The Australian, Kevin McKern says................
"A prerequisite to wealth is self acceptance and belief, physical well being, mental flexibility and discipline. Better that than never, I guess."
Wednesday, October 24, 2007
Growth in China..............
Having grown up on so many Indian Reservations on the Great Plains (Dad worked for the Bureau of Indian Affairs and we moved alot as he tried to make more money by taking law enforcement positions on other reservations that came available at higher pay grades) I think there is a lesson in the following numbers. Living in the southern United States today I hear enough of the "why I can't get ahead syndrome" from some quarters. For those of you in Mandaree, whether you are white, black or red, the yellow are coming to a country near you. And the yuan will have an effect on your dollar though you won't know it until it's too late. Look at these numbers.
Billionaires in China in 2005 -- 5
Billionaires in China in 2006 -- 15
Billionaires in China in 2007 -- 106
Billionaires in China in 2005 -- 5
Billionaires in China in 2006 -- 15
Billionaires in China in 2007 -- 106
Friday, October 19, 2007
20 years ago today...............
October 19, 1987. 508 points. A 22% decline. Record volume.
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.
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.
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