Comments for OFFICIAL WEBSITE - A Colossal Failure Of Common Sense http://www.lawrencegmcdonald.com This is the official website for the best selling author of "A Colossal Failure of Common Sense." Thu, 11 Mar 2010 00:50:23 +0000 http://wordpress.org/?v=2.7.1 hourly 1 Comment on EXCERPT - The Prologue by Gary M Douglas http://www.lawrencegmcdonald.com/2009/07/excerpt-a-colossal-failure-of-common-sense/comment-page-1/#comment-1502 Gary M Douglas Mon, 01 Mar 2010 17:00:19 +0000 http://www.lawrencegmcdonald.com/?p=393#comment-1502 Thank you, Mr McDonald, for your courage and your insight. I, like most Americans, am part of the Main Street kind of people. I don't travel in or understand much of the stratosphere of global investment. I lead a simple life and do my best to get by - and try to keep my head above water - riding the waves created by people like you. As a bystander with a passion for income investing it has been extremely difficult and terrifically painful for me to watch the slow-motion train-wreck of the last few years. Mostly because I have wondered how on earth something like could have been allowed to happen - especially when, in hind-sight, it all seems so obvious and the outcome predetermined. I had the good fortune to hear you as a guest on Bob Brinker's MoneyTalk radio program yesterday. I appreciated the honesty and forthrightness with which you presented yourself. I also appreciate your simple insider's explanation of the events that lead to this catastrophe - a failing from which, in my opinion, we will never recover. I have ordered your book from amazon.com and will read it with relish when it arrives later this week. Thank you again for speaking out. I can only imagine the courage it took to stand up to the status quo money/power system and speak the truth. Thank you very much. Keep telling the truth. There are lots of people out here who want to hear it. Good luck. Gary Thank you, Mr McDonald, for your courage and your insight. I, like most Americans, am part of the Main Street kind of people. I don’t travel in or understand much of the stratosphere of global investment. I lead a simple life and do my best to get by - and try to keep my head above water - riding the waves created by people like you.

As a bystander with a passion for income investing it has been extremely difficult and terrifically painful for me to watch the slow-motion train-wreck of the last few years. Mostly because I have wondered how on earth something like could have been allowed to happen - especially when, in hind-sight, it all seems so obvious and the outcome predetermined.

I had the good fortune to hear you as a guest on Bob Brinker’s MoneyTalk radio program yesterday. I appreciated the honesty and forthrightness with which you presented yourself. I also appreciate your simple insider’s explanation of the events that lead to this catastrophe - a failing from which, in my opinion, we will never recover.

I have ordered your book from amazon.com and will read it with relish when it arrives later this week. Thank you again for speaking out. I can only imagine the courage it took to stand up to the status quo money/power system and speak the truth. Thank you very much. Keep telling the truth. There are lots of people out here who want to hear it. Good luck.

Gary

]]> Comment on The ‘Volker Rule’ by David http://www.lawrencegmcdonald.com/2010/01/the-volker-rule/comment-page-1/#comment-1453 David Sat, 13 Feb 2010 16:09:33 +0000 http://www.lawrencegmcdonald.com/?p=1265#comment-1453 Larry, Thanks again for the book. Your continued sharing is much appreciatated. At this stage I am reservedly optimistic that the issue is being addressed. I am of the opinion that Volker is correct in asserting that the best thing to come from the banking system in the last 20 years is the ATM. GM's foray into the mortgage market only reinforces the insanity of what took place< not to mention what the Special Products guys at AIG did. It was as if securitization was a crack epidemic. A brilliantly conceived idea at the time, but one that had a dark side that few realized until everyone was on the pipe. It could be argued that it wasn't the "fault" of the financial system that they did what they did. They were simply doing what they, and their "animal spirits" were driving them to do and what the system ALLOWED them to do. I actually accept this on one level. On another level I also recognize that for any civil society to flourish the citizens in it have to curb or regulate their most base of instincts and drives for the sake of the society as a whole. If all of the affairs leading up to the fateful week in Sept. 2008 doesn't illustrate the limits of unfettered and yes unregulated animal spirits, then for those who can't see it I fear you are blind. Innovation is not sacrificed or stifled when we regulate these base instincts no more than speed limits affect our commuting time on the Long Island Expressway or the NJ Turnpike or where ever else. Certain behaviors have to be checked for the sake of our civil society. The removal of Volker (a guy with a healthy amount of sketicism) was, to me the beginning of this process. The repeal of Glass-Stegal was fuel on the fire. I try to keep an open mind but the facts simply dont allow me to ignore the obvious. -D Larry, Thanks again for the book. Your continued sharing is much appreciatated. At this stage I am reservedly optimistic that the issue is being addressed. I am of the opinion that Volker is correct in asserting that the best thing to come from the banking system in the last 20 years is the ATM. GM’s foray into the mortgage market only reinforces the insanity of what took place< not to mention what the Special Products guys at AIG did. It was as if securitization was a crack epidemic. A brilliantly conceived idea at the time, but one that had a dark side that few realized until everyone was on the pipe. It could be argued that it wasn’t the “fault” of the financial system that they did what they did. They were simply doing what they, and their “animal spirits” were driving them to do and what the system ALLOWED them to do. I actually accept this on one level. On another level I also recognize that for any civil society to flourish the citizens in it have to curb or regulate their most base of instincts and drives for the sake of the society as a whole. If all of the affairs leading up to the fateful week in Sept. 2008 doesn’t illustrate the limits of unfettered and yes unregulated animal spirits, then for those who can’t see it I fear you are blind. Innovation is not sacrificed or stifled when we regulate these base instincts no more than speed limits affect our commuting time on the Long Island Expressway or the NJ Turnpike or where ever else. Certain behaviors have to be checked for the sake of our civil society.
The removal of Volker (a guy with a healthy amount of sketicism) was, to me the beginning of this process. The repeal of Glass-Stegal was fuel on the fire.
I try to keep an open mind but the facts simply dont allow me to ignore the obvious.

-D

]]> Comment on THE BOOK by AN INSIDER’S VIEW OF THE LEHMAN BROS’ COLLAPSE | Transitions Magazine Ezine http://www.lawrencegmcdonald.com/lehman-book/comment-page-1/#comment-1369 AN INSIDER’S VIEW OF THE LEHMAN BROS’ COLLAPSE | Transitions Magazine Ezine Tue, 02 Feb 2010 08:19:14 +0000 http://www.lawrencegmcdonald.com/?page_id=326#comment-1369 [...] order, click here: http://www.lawrencegmcdonald.com/lehman-book/ They stand alone – the zillion-dollar questions of the financial crisis : What the hell happened [...] [...] order, click here: http://www.lawrencegmcdonald.com/lehman-book/ They stand alone – the zillion-dollar questions of the financial crisis : What the hell happened [...]

]]> Comment on BOOK A SPEECH by Lawrence G. McDonald: The Volker Rule | BlogHalt.com (Pre-Launch) http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1349 Lawrence G. McDonald: The Volker Rule | BlogHalt.com (Pre-Launch) Tue, 26 Jan 2010 22:30:42 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1349 [...] Lawrence McDonald is the New York Times bestselling author of A Colossal Failure of Common Sense, an... [...] [...] Lawrence McDonald is the New York Times bestselling author of A Colossal Failure of Common Sense, an… [...]

]]> Comment on Credit Swaps Rise Most Since June Amid Regulatory Uncertainty by John M. Switlik http://www.lawrencegmcdonald.com/2010/01/credit-swaps-rise-most-since-june-amid-regulatory-uncertainty/comment-page-1/#comment-1344 John M. Switlik Tue, 26 Jan 2010 14:54:56 +0000 http://www.lawrencegmcdonald.com/?p=1262#comment-1344 Shell games, essentially, in what is more 'ca-pital-sino' than not. Hedge funds, and private equity, need as much visibility as do banks. Why? Any accumulation was via means that are suspect and that thereby are ill-begotten. Shell games, essentially, in what is more ‘ca-pital-sino’ than not.

Hedge funds, and private equity, need as much visibility as do banks. Why? Any accumulation was via means that are suspect and that thereby are ill-begotten.

]]> Comment on BOOK A SPEECH by Lawrence G. McDonald: Weekly Market Wrap From Inside Wall Street | Marketing, Web Marketing, Webmarketing Strategies, Webmarketing Tips | GordonWebbo.com http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1313 Lawrence G. McDonald: Weekly Market Wrap From Inside Wall Street | Marketing, Web Marketing, Webmarketing Strategies, Webmarketing Tips | GordonWebbo.com Mon, 18 Jan 2010 07:52:00 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1313 [...] Lawrence McDonald is the New York Times Bestselling author of, A Colossal Failure of Common Sense, a... [...] [...] Lawrence McDonald is the New York Times Bestselling author of, A Colossal Failure of Common Sense, a… [...]

]]> Comment on BOOK A SPEECH by Lehman, Financial Economy, Seafood, and Larry McDonald « Deep Thoughts by Professor Pinch http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1309 Lehman, Financial Economy, Seafood, and Larry McDonald « Deep Thoughts by Professor Pinch Sun, 17 Jan 2010 05:00:41 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1309 [...] I was on the road the past week, I had the opportunity to see Lawrewnce (Larry) McDonald give a talk about his book, and offer his perspective of our economic and political [...] [...] I was on the road the past week, I had the opportunity to see Lawrewnce (Larry) McDonald give a talk about his book, and offer his perspective of our economic and political [...]

]]> Comment on BOOK A SPEECH by Lawrence G. McDonald: The Geithner Deception | Old People News http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1301 Lawrence G. McDonald: The Geithner Deception | Old People News Fri, 15 Jan 2010 13:23:09 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1301 [...] By Chriss W. Street, Orange Country Treasurer and Lawrence G. McDonald, author of “A Colossal Failure of Common Sense,” and international financial lecturer. [...] [...] By Chriss W. Street, Orange Country Treasurer and Lawrence G. McDonald, author of “A Colossal Failure of Common Sense,” and international financial lecturer. [...]

]]> Comment on BOOK A SPEECH by Lawrence G. McDonald: The Geithner Deception | Blog News Web http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1297 Lawrence G. McDonald: The Geithner Deception | Blog News Web Thu, 14 Jan 2010 22:19:25 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1297 [...] By Chriss W. Street, Orange Country Treasurer and Lawrence G. McDonald, author of “A Colossal Failure of Common Sense,” and international financial lecturer. [...] [...] By Chriss W. Street, Orange Country Treasurer and Lawrence G. McDonald, author of “A Colossal Failure of Common Sense,” and international financial lecturer. [...]

]]> Comment on The Geithner Deception by Elane Sullivan Kitch http://www.lawrencegmcdonald.com/2010/01/the-geithner-deception/comment-page-1/#comment-1273 Elane Sullivan Kitch Tue, 12 Jan 2010 22:25:09 +0000 http://www.lawrencegmcdonald.com/?p=1221#comment-1273 It just goes on and on. From the first news of Geitner's lack of paying what he owed the IRS to his personal financial dealings and now his deliberate tactics at such an important job at N.Y.Fed.Reserve Bank warns of either stupidity or complicity...boggles my mind at how and why he is Secy of Treasury.....oh...I forgot....he has friends in high places!!! After reading Vanity Fair's circle of influence in the Obama administration...it makes you want to cry at how hopeless our situation is regarding the inability to have the best and the brightest in positions of leadership....just best buddies apply!!! Now leaving any decision about the regulating anything that puts the government's foot in the door puts another nail in the PEOPLE'S coffin. Please let people who have influence try to undue this future 60 day rule!! It just goes on and on. From the first news of Geitner’s lack of paying what he owed the IRS to his personal financial dealings and now his deliberate tactics at such an important job at N.Y.Fed.Reserve Bank warns of either stupidity or complicity…boggles my mind at how and why he is Secy of Treasury…..oh…I forgot….he has friends in high places!!!

After reading Vanity Fair’s circle of influence in the Obama administration…it makes you want to cry at how hopeless our situation is regarding the inability to have the best and the brightest in positions of leadership….just best buddies apply!!!

Now leaving any decision about the regulating anything that puts the government’s foot in the door puts another nail in the PEOPLE’S coffin.

Please let people who have influence try to undue this future 60 day rule!!

]]> Comment on BOOK A SPEECH by OFFICIAL WEBSITE - A Colossal Failure Of Common Sense » The Geithner Deception http://www.lawrencegmcdonald.com/book-a-speech/comment-page-1/#comment-1270 OFFICIAL WEBSITE - A Colossal Failure Of Common Sense » The Geithner Deception Tue, 12 Jan 2010 20:53:37 +0000 http://www.lawrencegmcdonald.com/?page_id=592#comment-1270 [...] BOOK A SPEECH [...] [...] BOOK A SPEECH [...]

]]> Comment on 10 Easy Options Tips Used by Wall Street Traders by Aspect Investments http://www.lawrencegmcdonald.com/2009/05/10-easy-options-tips-used-by-wall-street-traders/comment-page-1/#comment-1260 Aspect Investments Sat, 09 Jan 2010 11:47:43 +0000 http://www.lawrencegmcdonald.com/?p=79#comment-1260 Options are a great way to make money, but they are complicated for the novice investor. In my opinion spread betting provides a better opportunity to gain exposure to leveraged positions, without having to aquire the knowledge you need for traded options. Plus the added bonus that spead betting is tax free. :) Options are a great way to make money, but they are complicated for the novice investor. In my opinion spread betting provides a better opportunity to gain exposure to leveraged positions, without having to aquire the knowledge you need for traded options. Plus the added bonus that spead betting is tax free. :)

]]> Comment on Managed Futures - The Only Way To Manage Your Future by Aspect Investments http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1259 Aspect Investments Sat, 09 Jan 2010 11:43:40 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1259 Managed futures are very good but you have to take into account the fees involved. If you are constantly chopping and changing your investments the fees will wipe out any potential profits. Managed futures are very good but you have to take into account the fees involved. If you are constantly chopping and changing your investments the fees will wipe out any potential profits.

]]> Comment on IN MY OPINION - September 5th, 2009 by Lyle http://www.lawrencegmcdonald.com/2009/09/in-my-opinion-september-5th-2009/comment-page-1/#comment-1153 Lyle Sat, 12 Dec 2009 22:01:17 +0000 http://www.lawrencegmcdonald.com/?p=848#comment-1153 I am curious about the data sets used to predict the no house price decline over 5% nationwide, did that mean that there would be at least one market where the price would not decline, or that the median price nationwide would not decline more than 5%? Second did the data sets include the Great Depression, or was that thought to be such a unique event that it could be explained out of the data set (i.e. it needed a fudge factor to correct)? Also it was noted that house prices move in cycles in different parts of the country, and that these prices had different periods. Did no one think that the cycles could line up and all hit at the sametime, had no one been to the beach? (Watch the waves every so often a big one comes in as waves add up). I am curious about the data sets used to predict the no house price decline over 5% nationwide, did that mean that there would be at least one market where the price would not decline, or that the median price nationwide would not decline more than 5%? Second did the data sets include the Great Depression, or was that thought to be such a unique event that it could be explained out of the data set (i.e. it needed a fudge factor to correct)?
Also it was noted that house prices move in cycles in different parts of the country, and that these prices had different periods. Did no one think that the cycles could line up and all hit at the sametime, had no one been to the beach? (Watch the waves every so often a big one comes in as waves add up).

]]> Comment on Managed Futures - The Only Way To Manage Your Future by Friday links: taxing traders | Financial engineering resource center http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1149 Friday links: taxing traders | Financial engineering resource center Fri, 11 Dec 2009 10:05:44 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1149 [...] the benefits of managed futures.  (Lawrence G. McDonald via market [...] [...] the benefits of managed futures.  (Lawrence G. McDonald via market [...]

]]> Comment on Managed Futures - The Only Way To Manage Your Future by just doug http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1138 just doug Fri, 04 Dec 2009 21:43:19 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1138 Counterparty risk is always a possibility that should be considered. Look back far enough in history, or far enough around the globe, and numerous exchanges have gone the way of the dodo. Counterparty risk is always a possibility that should be considered. Look back far enough in history, or far enough around the globe, and numerous exchanges have gone the way of the dodo.

]]> Comment on Managed Futures - The Only Way To Manage Your Future by mebane faber http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1137 mebane faber Fri, 04 Dec 2009 19:13:13 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1137 I am a huge fan of managed futures, but also think that it is a former alpha generator that can be indexed now for near beta fees. One also has to be really careful in the CTA space, lots of snake oily managers out there. A couple posts you may like: http://www.mebanefaber.com/2009/11/22/lets-talk-about-professional-funds/ http://www.mebanefaber.com/2009/12/03/where-have-all-the-sharpe-ratios-over-1-gone/ I am a huge fan of managed futures, but also think that it is a former alpha generator that can be indexed now for near beta fees.

One also has to be really careful in the CTA space, lots of snake oily managers out there. A couple posts you may like:

http://www.mebanefaber.com/2009/11/22/lets-talk-about-professional-funds/

http://www.mebanefaber.com/2009/12/03/where-have-all-the-sharpe-ratios-over-1-gone/

]]> Comment on Managed Futures - The Only Way To Manage Your Future by Friday links: taxing traders Abnormal Returns http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1136 Friday links: taxing traders Abnormal Returns Fri, 04 Dec 2009 18:55:39 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1136 [...] the benefits of managed futures.  (Lawrence G. McDonald via market [...] [...] the benefits of managed futures.  (Lawrence G. McDonald via market [...]

]]> Comment on Managed Futures - The Only Way To Manage Your Future by Bill Sanders http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1135 Bill Sanders Fri, 04 Dec 2009 05:09:01 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1135 Great article Larry. Great article Larry.

]]> Comment on Managed Futures - The Only Way To Manage Your Future by Tim Sabula http://www.lawrencegmcdonald.com/2009/12/managed-futures-the-only-way-to-manage-your-future/comment-page-1/#comment-1133 Tim Sabula Thu, 03 Dec 2009 22:45:25 +0000 http://www.lawrencegmcdonald.com/?p=1156#comment-1133 Mr. McDonald, I finished reading your book early this fall. I can sympathize with you to a degree. After having worked well over forty years and putting two children through private universities and trying to save for a meaningful retirement for my wife and me through 401k's and IRA's, I watched with disdain as nearly 40% of my savings was "stolen" by the same gang that you mentioned in your book. In my opinion they should have been arrested for market manipulation, grand theft and more, found guilty and placed into a deep dark prison never to see the light of day. Instead they get a several trillion dollar bailout, that I, adding insult to injury, will have to pay back to those same "banksters" plus interest!! You see, I was retired and withdrawing from my IRA prior to the manipulated market collapse. Believe me it is a ride through HELL having to withdraw from it at the same time it's on it's way down. For me this money will never be recovered for this reason, thanks to those "banksters". Tim Mr. McDonald,
I finished reading your book early this fall. I can sympathize with you to a degree. After having worked well over forty years and putting two children through private universities and trying to save for a meaningful retirement for my wife and me through 401k’s and IRA’s, I watched with disdain as nearly 40% of my savings was “stolen” by the same gang that you mentioned in your book. In my opinion they should have been arrested for market manipulation, grand theft and more, found guilty and placed into a deep dark prison never to see the light of day. Instead they get a several trillion dollar bailout, that I, adding insult to injury, will have to pay back to those same “banksters” plus interest!! You see, I was retired and withdrawing from my IRA prior to the manipulated market collapse. Believe me it is a ride through HELL having to withdraw from it at the same time it’s on it’s way down. For me this money will never be recovered for this reason, thanks to those “banksters”.
Tim

]]> Comment on LARRY by Colossal failure « Coding the markets http://www.lawrencegmcdonald.com/lawrence-g-mcdonald/comment-page-1/#comment-1131 Colossal failure « Coding the markets Thu, 03 Dec 2009 21:22:37 +0000 http://www.lawrencegmcdonald.com/?page_id=5#comment-1131 [...] 3, 2009 I’ve just finished reading Larry McDonald’s ‘A Colossal Failure‘ book on the collapse of LEH. I greatly enjoyed it’s [...] [...] 3, 2009 I’ve just finished reading Larry McDonald’s ‘A Colossal Failure‘ book on the collapse of LEH. I greatly enjoyed it’s [...]

]]> Comment on Waking up to the ’silo curse’ is far from the end of the problem by Zachary Simmonshaverhill http://www.lawrencegmcdonald.com/2009/10/waking-up-to-the-silo-curse-is-far-from-the-end-of-the-problem/comment-page-1/#comment-1114 Zachary Simmonshaverhill Fri, 27 Nov 2009 21:14:33 +0000 http://www.lawrencegmcdonald.com/?p=949#comment-1114 Ich denke, dass Sie betrogen haben. Ich denke, dass Sie betrogen haben.

]]> Comment on Soros, Ross: Commercial Real-Estate Crash Is Coming by industrial units http://www.lawrencegmcdonald.com/2009/11/soros-ross-commercial-real-estate-crash-is-coming-and-its-going-to-be-terrific/comment-page-1/#comment-1112 industrial units Thu, 26 Nov 2009 16:52:40 +0000 http://www.lawrencegmcdonald.com/?p=976#comment-1112 yeah, you are right. i think this is very useful information . to me. yeah, you are right.
i think this is very useful information .
to me.

]]> Comment on IN MY OPINION - September 5th, 2009 by Katherine http://www.lawrencegmcdonald.com/2009/09/in-my-opinion-september-5th-2009/comment-page-1/#comment-1106 Katherine Tue, 24 Nov 2009 22:56:54 +0000 http://www.lawrencegmcdonald.com/?p=848#comment-1106 Stephen, Well said- ultimate power often ultimately corrupts. Katherine Stephen,

Well said- ultimate power often ultimately corrupts. Katherine

]]> Comment on “A Colossal Failure of Common Sense” Had Ultimate Inside Access. by Eduardo M. Nogoy http://www.lawrencegmcdonald.com/2009/07/colossal-failure-of-common-sense/comment-page-1/#comment-1105 Eduardo M. Nogoy Tue, 24 Nov 2009 16:09:26 +0000 http://www.lawrencegmcdonald.com/?p=252#comment-1105 Larry, the moment I read the first page of your book I was already captivated. Not only do I want my children, nephews, and nieces to read this book to get a better understanding of how the world economy got here but also to learn how persevearance and honest-to-goodness hardwork can get you where you want to be because of your dreams and passion. Thank you for helping me better understand the workings of "Wall Street" and "Main Street". Our system of capitalism is flawed and to date I have not seen any drastic changes in the system that will avert the next financial crisis. Like you father always said - "History always repeats itself". And so the battle rages on between the Bulls and the Bears in Wall Street and World markets minus one icon of merchant banking, The Lehman Brothers. I learned a lot from the demise of Lehman Brothers because of you and Patrick Robinson. Larry, the moment I read the first page of your book I was already captivated. Not only do I want my children, nephews, and nieces to read this book to get a better understanding of how the world economy got here but also to learn how persevearance and honest-to-goodness hardwork can get you where you want to be because of your dreams and passion. Thank you for helping me better understand the workings of “Wall Street” and “Main Street”. Our system of capitalism is flawed and to date I have not seen any drastic changes in the system that will avert the next financial crisis. Like you father always said - “History always repeats itself”. And so the battle rages on between the Bulls and the Bears in Wall Street and World markets minus one icon of merchant banking, The Lehman Brothers. I learned a lot from the demise of Lehman Brothers because of you and Patrick Robinson.

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