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POPSThe Man Who Blew Up Wall Street I tend toward the camp who says that the software isn't the problem. As one of the commenters says, "Osinski's software wasn't at fault any more than the manufacturer of his computer was at fault."
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POPSThe only thing we have to fear.. Every day of the past few weeks, the markets offer new reasons to be fearful of what the economy will spring on all of us worldwide. This column offers not so much solace but at least a few ideas of where to look. Benjamin Graham's book is a worthwhile read for all investors and individuals at all times but may be even more worthwhile to understand the market fundamentals.
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POPSCategory 4 Financial Storm From JP Morgan's congressional testimony a few years after a major bank panic in 1907. An exchange between Morgan and his inquisitor for the government, attorney Samuel Untermyer. Untermyer: "Is not commercial credit based primarily upon money or property?" Morgan: "No sir. The first thing is character." Untermyer: "Before money or property?" Morgan: "Before money or property or anything else. Money cannot buy it...because a man I do not trust could not get money from me on all the bonds in Christendom."
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POPSRevamping 401(k)s Some 401(k) plans are turning to collective funds since they typically charge lower fees than mutual funds. But, not surprisingly, there are drawbacks. Learn more here.
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POPSHousing Tax Credit Instead Fan & Fred pass some cheap money to home buyers, but the majority of it goes to banks. Why is the U.S. government subsidizing lenders? Instead, pass along the savings directly to homeowners.
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POPSCDOs Rise From The Dead These reinvented CDOs are supposed to be less risky...we'll see. Fool me once, shame on you. Fool me twice, shame on me.
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POPSWrigley Sale Close? Sam Zell, the chief of Tribune Co., which owns baseball's Cubs, may be close to a deal to sell Wrigley Field to the Illinois Sports Facilities Authority, which claims it can raise private money for renovations. Selling off the ballpark would pave the way to sell the team (Zell has said he wants separate deals for the stadium and team). On a separate note, the Tribune reports that Dallas Mavericks owner Mark Cuban, thought to be a long shot candidate to buy the Cubs, will be taking in tonight's game against the Brewers.
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POPSFutures markets and food prices Bloomberg examines the role of crop futures in rising food prices. The rising level of investment in this area has brought unintended consequences for farmers, consumers and the agriculture processors, like agribusiness giant Archers Daniel Midland.
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POPSBuffett Offer Rebuff At first glance the offer might seem appealing but Berkshire Hathaway refuses to take any risks associated with mortgage-related securities so ultimately it will do little to reduce the problems the companies are facing on securities backed by mortgages, consumer loans and other assets.
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POPSThe Best Gift Of All Can't Be Packaged I can relate to this one. I LOVE giving gifts! In her New York Times column, Tara Parker-Pope examines why people like me get so much satisfaction from giving (hint: it strengthens bonds.)
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