Sunday, October 19, 2008

Idiot bankers and us sucker taxpayers

I was on the Amtrak heading down to Washington D.C. last night when I opened up the Financial Times weekend edition. They had a front page story of retiring Andrew Lahde of the hedge fund Lahde Capital. He was one of the few money managers to have correctly predicted the sub prime crisis. One of his funds made a return of 870 per cent last year. In his farewell letter to his investors he talks about the elite “aristocracy” and the "idiot bankers" who were on the other side of his bets. You know the same ones we middle class taxpayers will be bailing out to the tune of a trillion dollars thanks to the lame brains in like my Congressman Tim Bishop and others. Here are some of the money quotes:

"Saying he was “in this game for the money”, Mr Lahde went on to mock those who traded with him.
“The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking.”
“These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government.
“All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.”

Thank you Mr Laude for confirming what I suspected all along.

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