The Race To Be The Bigger Fool. The Fools Rule On April Fool's Day!
"The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation write-downs of subprime ABS."
--Standard & Poor's credit analyst Scott Bugie on March 13th
"UBS wrote down an additional $19 billion in ailing assets, bringing to $37 billion the damage wrought by the subprime crisis and causing a net loss of $12.03 billion in the first quarter."
--Reuters, April Fool's Day
As I've said before, this is not a subprime issue. The world does not return to Goldilocks if and when subprime write downs pass. But, in the mean time, it's nice to see how utterly incompetent the entire financial industry is. UBS sacked it's leader. But, how much shareholder money did he take with him for jeopardizing a venerable institution that will need bailouts to survive?
If there are any CEO search firms out there reading my blog, I'd like to put in a personal plug. I am extremely confident of my ability to lose $37 billion. I will also do so with significantly more flair than any CEOs have to date. I'll even do so without my head up my ass as seems to be the common form of leadership seen to date. (That is so unbecoming.) And, I promise not to go the the Fed or any other government agency for bailouts. I'll simply let the tens of thousands of hard working people that work for the shareholders lose everything they've worked a life time to gain because it's all about me. And, I promise to leave the shareholders in a similar situation. And, I promise to do so for less pay and severance than the growing list of April Fools. Am I hired?
--Standard & Poor's credit analyst Scott Bugie on March 13th
"UBS wrote down an additional $19 billion in ailing assets, bringing to $37 billion the damage wrought by the subprime crisis and causing a net loss of $12.03 billion in the first quarter."
--Reuters, April Fool's Day
As I've said before, this is not a subprime issue. The world does not return to Goldilocks if and when subprime write downs pass. But, in the mean time, it's nice to see how utterly incompetent the entire financial industry is. UBS sacked it's leader. But, how much shareholder money did he take with him for jeopardizing a venerable institution that will need bailouts to survive?
If there are any CEO search firms out there reading my blog, I'd like to put in a personal plug. I am extremely confident of my ability to lose $37 billion. I will also do so with significantly more flair than any CEOs have to date. I'll even do so without my head up my ass as seems to be the common form of leadership seen to date. (That is so unbecoming.) And, I promise not to go the the Fed or any other government agency for bailouts. I'll simply let the tens of thousands of hard working people that work for the shareholders lose everything they've worked a life time to gain because it's all about me. And, I promise to leave the shareholders in a similar situation. And, I promise to do so for less pay and severance than the growing list of April Fools. Am I hired?
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