American Madness

Intelligent Criticism in the Service of a Better Nation

Tom Friedman math:
debt + inexperience = success!

Thomas Friedman, the most “important columnist in America,” reminded New York Times readers on Wednesday that all is possible if you just pull yourself up by your bootstraps. Friedman’s latest footnote in America’s ongoing Horatio Alger narrative prescribes a new round of government tax cuts to help college graduates start their own businesses.
By Friedman’s twisted [...]

Goldman means never saying sorry

Goldman Sachs sent out a press release to announce it came to its senses and exercised “restraint” with its 2009 bonus pool. The so-called commercial bank “limited” its $16.2 billion bonus pool to 35.8% of revenue, down from 48% in 2008. Excuse me while I reach for my airsick bag.
This fake mea culpa should in [...]

Cash for gamblers: Government bankrolls hedge fund bets

The Wall Street Journal reports today that large banks have resumed lending money to hedge funds and other institutional investors. A closer look at this at this development reveals painful conflicts and new depths of fraud perpetrated against taxpayers.
The Wall Street lending machine, also known as the prime brokerage business, exists because commercial banks that [...]

Mary Schaprio lives in a fantasy world

While so much has changed in our markets and at the Commission over the past decade and a half, some things at the SEC have thankfully remained constant. Above all, the quality and caliber of the SEC’s professional staff has remained at the same exceptionally high level. I return to the SEC knowing [...]

Recession Thinking For Private Equity

When times are good everyone wants a piece of highly successful companies that churn out steady profits with unshakable consistency. But what happens when the skies darken and making hard choices become a matter of survival?
During these difficult times it remains to be seen whether private equity and venture capital firms will emerge as good [...]

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