I'm sorry, but I can't help but chuckle when I read that the brokerage house MF Global is in bankruptcy. The MF CEO *chuckle* is former Goldman Sachs CEO and ousted crooked politician Senator/Governor Jon Corzine, MF. *chuckle* Now we learn that up to a BILLION dollars in customer deposits is missing. I guess that makes the MF CFO a MF, too. *chuckle* What if they had bought the naming rights to a stadium or an arena? Imagine....MF Arena. Catchy. *chuckle* See, this is just too easy. :)
I do, however, feel sorry for the rank and file MF'ers who are losing their jobs, especially right before the holidays.
In a similar vein, there is actually a ceiling fan company named "Big Ass Fans". As you might expect, their fans are huge, up to 8 feet in diameter, hence the name. So if they bought the naming rights to a sports facility, you think they'd call it Big Ass Stadium? (Aren't they all?) *chuckle*
I think I need coffee.
S
That group leveraged their money 40 times and got caught on the wrong side of too may bets. Lehman was like that. In fact the entire brokerage/banking industry was like that before the collapse of Lehman.
ReplyDeleteBrokerage houses lever about 15 times and banks are actually levered 10-1.
I am sure the details will emerge over the next few months.
Big shame.
Cheers,
Bobby