Monday, March 17, 2008

A Pinch of the Blarney

Money Talks. Today it said “Goodbye”

Erin go Braugh: Oh those Irish. Perhaps your image is of elves, or heavy drinkers of green beer, but the cabin crew hostesses aboard Ryan Air stand before you in their demure, button-up blue suits and high neck blouses. Oh, but mention the word “charity” and something other than the wheels begin to come off. The Girls from Ryanair Charity calendar changes the staid prim and proper seat belt chequers into bikini-clad trolley dollies. All proceeds from the calendar go to the children’s charity Angel’s Quest. Hat’s off (and that ain’t all) to the gals.

Luck of the Irish: We’re not sure if NEW York Governor David Paterson is Irish or not but if former Guv Eliot Spitzer was the nude Guv caught with his pants off, DP found his four leaf clover as the New Guv. The old had a sharp tongue, the new has a sharp wit. When asked if he consorted with prostitutes his response was, “Only lobbyists.” Hail to the new state chief. Senator Clinton attended the ceremony but former Guv Spitzer did not. He and Bill were probably planning a boys night out.

Money, money, money… it’s a rich man’s world: Let’s say you were a Bear Sterns employee. You bought all the stock you could in the company because you’re a loyal employee who believes in the company. Let’s further say that one year ago your portfolio of BS (pun intended) stock was valued at $ 1.7 million and you earned $ 120,000 per year as a lower lever bank employee. Then as the TV chef would say, BAM! A sale to JP Morgan Chase. You’re likely out of a job and your $ 1.7 million is now worth $ 20,000 – about two months salary. Ouch!

Wall Street shaking in its booty: Shareholders of JP Morgan Chase stock are as happy as clams. Their stock price soared after the buyout announcement. Some pundits suggested JPM-C should have worn a mask when they stole Bear. But on this day, as many portfolios run red, JP Morgan owners are green with pride. Is it any wonder that the bank whose name springs from the man (Mr. Chase) whose picture graces the $ 10,000 bill (I’ll bet you didn’t know that) should end up with the biggest deal in banking history? Meanwhile, back at the offices of other Wall Street moneyists stocks tumbled. Morgan Stanley dropped 8%, Goldman Sachs fell 13% but later rebounded a bit, and Lehman Brothers sunk 24%. More fallout will no doubt follow.

A little blogging music Maestro... “If I had a Million Dollars” by the Barenaked Ladies.

Dr. Forgot

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