Posted on 10/04/2010 9:34:35 AM PDT by SmokingJoe
David Tepper—whose hedge fund made a killing during the crash by betting the government wouldn’t let the big banks fail—is coming out of the billionaire closet.
With the stock markets down, Europeans rioting in the streets, and worried investors all but stuffing cash inside their mattresses, it was unsurprising that the mood at the annual Ira Sohn conference at the Time Warner Center in May, at which Wall Street’s moneymen of the moment share their investment outlooks to benefit a pediatric cancer fund, was about as cheerful as the annual Prophecy Conference in Tulsa.
“The rebound has been synthetic, fabricated by governments that can’t afford it,” droned one presenter, whose speech was accompanied by a PowerPoint image of New York City sliding over a waterfall. He then warned the audience members, who were mostly wearing dark suits and funereal expressions, to expect the course ahead to be “wrenching and unpredictable.”
At least the premillennialists have Jesus. In midtown in the spring of 2010, all anyone in the hedge-fund world seemed to believe in was gold.
Then, late in the afternoon, David Tepper, a hedge-fund manager out of New Jersey, bounded up onstage and ripped off his tie, as though the lack of air in the room had become physically constraining. “I got a little story for you,” he said into the microphone, and proceeded to read it from a crumpled piece of paper in his hand.
“In 1898, the first international urban-planning conference convened in New York,” he said. “It was abandoned after three days because none of the delegates could see any solution to the growing crisis caused by urban horses and their output. In the Times of London, one reporter estimated that in 50 years, every street in London would be buried under nine feet of manure.”
(Excerpt) Read more at nymag.com ...
My God is just. That’s why I don’t fret about guys like that. He’s bigger than them and is infinitely fair to us. Wisdom comes at a price, too...most lessons are expensive and painful. Guys like this and the other robber barons (Joseph Kennedy?) never see it coming.
“The rebound has been synthetic, fabricated by governments that can’t afford it,” droned one presenter, whose speech was accompanied by a PowerPoint image of New York City sliding over a waterfall.
Video: Synthetic, Fabricated Rebounds Work Well for Most People
Not !
Oh, well, just MHO: Stock brokers have learned to sell the 'Big O' just like Obama does. "We Want Change !," shout crowds of people. Back when I worked on Wall Street the IPO was king. Everybody wanted 100 shares of the next hot stock. Everything is being faked today. . . . . LOL, LOL !
” shout crowds of people. Back when I worked on Wall Street the IPO was king. Everybody wanted 100 shares of the next hot stock. Everything is being faked today. . . . . LOL, LOL ! “
I made a lot of dough in those days......bought in at the beginning of Stamps.com. Later shorted CMGI,Lucent,STMP, and MP3....thanks suckers ;-)
Soros + Cloward-Piven + Fed = stock market DOA.
The link brings you to page 2 of the article.
Here is page 1:
http://nymag.com/news/features/establishments/68513/
Thanks.
Apologies to all.
THX THX
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