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Monthly Archives: February 2009
“The Seven Signs” Theory Holds True Once Again
Laura Pendergest-Holt, the chief investment officer of Stanford Financial Group, was arrested for obstruction of the SEC inquiry into Stanford, which appears to have been yet another Ponzi scheme ( a mere $8 billion). Ms. Holt is 35 years old and … Continue reading
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“[They used] a strip-mall accounting firm.”
Short-seller James Chanos on how he knew Madoff Securities was a fraud. buy cialis overnight delivery viagra money order
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“‘Psychopath’ — it’s too nice a word for him. ‘Sociopath,’ ‘psychopath,’ it means there is a sickness, a pathology. This man knew what he was doing. I would simply call him thief, scoundrel, criminal.”
Elie Wiesel, Nobel Peace Prize laureate and Holocaust survivor on Bernie Madoff. Mr. Wiesel and his wife lost their life savings to Mr. Madoff’s now-collapsed investment firm, Madoff Securities, a firm now believed to have been a Ponzi scheme. The … Continue reading
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Let’s Recap: Another Madoff
Hedge-fund managers Paul Greenwood and Stephen Walsh were arrested this week.  The pony-collecting, teddy-bear treasuring scalliwags stand accused of pilfering $553 million from their investment clients. Those clients included Carnegie-Mellon University, the University of Pittsburgh, and the Iowa Public Employees and … Continue reading
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“You might have crossed a few ethical lines if you work in the court system in Luzerne County, PA.”
The Barometer needs a flow chart just to keep track of the characters. Last week, a former judge in Luzerne County, Pennsylavnia entered a guilty plea to taking part in a kickback scheme for verdicts. Then a local newspaper filed documents … Continue reading
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“He’s being railroaded. Why would anybody send something out that would ruin his own company? It’s like an auto dealer sending a car out with no brakes.”
Hugh Parnell Sr., on his son, Stewart Parnell, CEO of Peanut Corporation of America, now in Chapter 7 bankruptcy, after the company was identified as the source of salmonella in peanut products that resulted in deaths and illness in 44 … Continue reading
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Moral Hazard Is More Than a Theory
No good deed goes unpunished. Bail someone out of a bad decision or conduct, and the odds are that you won’t net gratitude and reform but will earn the right to negotiate another bail-out. The Comptroller of the Currency has some proof of moral hazard … Continue reading
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“I was young. I was stupid. I was naive.”
Alex Rodriguez, referring to his use of steroids from 2001-2003. As a parent the Barometer was hoping for a cut-off date earlier than age 25 for the “young and stupid” excuse. purchase generic cialisbuy sildenafil viagra
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A Safety Tip for MLB: What Goes Around
Horse traders checked to see if their buys were “long in the tooth.” That way the wheelers and dealers knew how old those trotters were before they bought. There was no passing off an old mare for a young ‘un … Continue reading
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Peanut Corporation of America, the demise
There were 19,000 people who became ill and 8 who died from the processed peanuts of Peanut Corporation of America, now in Chapter 7 bankruptcy. Such are the lessons of warnings unheeded. Such are the consequences of placing “$$$$” on … Continue reading
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“The cost is costing us huge $$$$.” “desperately at least need to turn the Raw Peanuts on our floor into money . . . we have other peanuts on the floor that we would like to do the same with.”
Stewart Parnell, CEO of Peanut Corporation of America, e-mail sent January 19, 2009 on findings of salmonella in the company’s product. The company has declared Chapter 7 bankruptcy. buy 10 mg cialis cheap viagra substitute
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You might have crossed a few ethical lines if you dismiss a case in which the defendant is represented by your son’s law firm.
Federal Judge Richard H. Kyle, Minneapolis, failed to disclose that Medtronic, a defendant in a massive product liability action, was represented by the firm in which his son is a partner. Judge Kyle dismissed the 700 cases five weeks ago, determining … Continue reading
Roland Burris, We Hardly Knew Ye
He seems almost elf-like, this Blago-appointed senator from Illinois. Teeny-tiny, when his towering attorney stands next to him at the microphones. Small in stature and even smaller in commanding respect. Like so many in Washington these days, Senator Burris is … Continue reading
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The Next Time Someone Tells You They Have a Secret Formula . . . Run Away!
The flags are always there, hindsight being what it is. But, perhaps we could document these flags after the crash and use them proactively. Harry Markopolos warned us about Madoff being a fraud in a detailed November 2005 white paper. … Continue reading
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