And here's the original sound:
One of the critical ingredients in creating the added value which Madoff Securities offers its clients is the firm's intricate interweaving of advanced technology and experienced traders. The firm's position at the forefront of computerized trading is widely acknowledged in the US financial community.According to the criminal complaint Bernie Madoff made off with $50 b's of other people's money thru The Perfect Ponzi. That's a world record for a criminal charge. My movie about this will be called "The Owner's Name Is On The Door"
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.A starring part will be played by The Lipstick Building, Madoff's business address. I love that corner of midtown Manhattan at 54th and 3rd, where you can find a Houston's restaurant and bar beneath a Barnes and Noble in the belly of the Citicorp Building. How ironic...Citicorp! Once the world's largest bank, brought to its knees by The Great Unwinding of 2008, the same rush to liquidity that exposed Madoff. To quote John Stuart Mill:
Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.
A propos of nothing, on Friday I went long the New York Times at $5.14. I can only imagine good news from here on. How could it be worse?The stock is presently at $7.70, up 50%. I get a kick from making money from assets which I detest since it proves I can detach my judgement from my emotions. Gold at $250/oz was another case. I dislike gold as an asset. So much of its value derives from the collective mass mania of the world's central banks in the late '70s, early '80s - one of the least remarked, most obscene squanderings of other people's money yet perpetrated. Anyhoot I do loathe The NYT. Also the profession it defiles, print journalism, is obviously done for. So here's why I think the stock can go to $20 within 6 months: