Monthly Archives: August 2013

“I don’t want to show something that is too false.”

A reflection on valuation strategy found in the e-mail of Julian Grout, a former low-level trader in JPMorgan Chase’s London office. Yes, a little bit false is always better. When questioned about his valuations, he responded, “Ask management.” When Mr. … Continue reading

Posted in Classic Quotes | Leave a comment

“In Switzerland, the banks are so organized that they were able to circumvent new rules and laws to continue to enable tax evasion.”

Herve Falciani, of Monaco, a former HSBC employee, now on the lam as he leaks account data from said Swiss banks.  He claims to have CD-ROMs just full of account numbers.

Posted in News and Events | Leave a comment

“I picked the wrong vice. I should have picked alcohol. I should have picked drugs, or I should have picked up beating my wife or girlfriend, because if you do those, you get a second chance. They haven’t given too many gamblers second chances in the world of baseball.”

Pete Rose, reflecting on baseball, banishments from the Hall of Fame, and the state of professional athletics today.

Posted in Classic Quotes | Leave a comment

“I think it is pretty self-explanatory. I think that is the pink elephant in the room. I think we all want to get rid of PEDs. That’s a must. All the players, we feel that way.”

Alex Rodriguez.  Ah, nothing like a suspended baseball player mixing metaphors.

Posted in Classic Quotes | Leave a comment

“The perception of the auditor’s independence, objectivity and professional skepticism has suffered in the wake of these findings of audit failures. You have an industry that has been slow to come to realize that it must change.”

PCAOB Chairman James Doty, discussing the need to reform auditor disclosures on company annual report.

Posted in Classic Quotes | Leave a comment

In the under-the-bus department, Goldman’s Fabrice Tourre Found Liable for Civil Fraud

A jury found former Goldman trader, Fabrice Tourre, AKA “Fabulous Fab,” liable for civil fraud for his role in developing a CDO deal in 2007 without disclosing to investors that there was a conflict of interest on the selection of … Continue reading

Posted in News and Events | Leave a comment

“Sports Illustrated” Wants to Know “How Could He (Alex Rodriguez)Be So Dumb?”

Mr. Rodriguez is not dumb. He just knows what he’s seen.  Mark McGwire is a hitting coach with the Dodgers.  Bob Nightengale and other sports writers argue every year for letting the juicers into baseball’s Hall of Fame. Most importantly, … Continue reading

Posted in News and Events | Leave a comment

“Old Main screwed it up.”

The late Joe Paterno, former head football coach at Penn State, to assistant football coach, Mike McQueary, in November 2011, just after the Jerry Sandusky (a former assistant football coach under Paterno) child abuse scandal broke.  Mr. Paterno was fired later … Continue reading

Posted in News and Events | Leave a comment

Pew Research Center — Who contributes “A Lot” to Society?

A Pew Research Center survey asked over 4,000 adults who contributes “a lot” to society. Their answers offer some insights for folks on the need to seek a higher purpose.  The best?  Military (78%), teachers (72%), and medical doctors (66%).  … Continue reading

Posted in News and Events | Leave a comment

In the disturbing headlines department, “TSA Told to Stop the Stealing.”

Actually, the TSA employees are stealing, doing drugs, and breaching the security systems intentionally.  But, rest assured, those who were stealing from passengers were reprimanded by a harsh letter to their files.    About half of the those disciplined for these … Continue reading

Posted in News and Events | Leave a comment