I thought it was a good time to mention some folks that pissed me off this year, and a few that I have a new respect for. Some were just innocently wrong.
Alan Greenspan-underestimated things
Ben Bernanke- miscalculated things
Alan Schwartz- said things were nifty and went bankrupt days later
Aubrey McClendon-went “ENRON” on himself
Boone Pickens- another hedgie that never hedged, wrong and out of business.
Dick Fuld-charlatan who looked down from his ivory tower as Rome burned.
Hank Paulson-lobbied hard for 40:1 leverage while at Goldman, then gets the keys to the kingdom and pulls a bait and switch on America.
Most hedge funds.
All mutual funds
Jimmy Cayne- was playing bridge and toking while Bear imploded.
Every analyst
Bill Miller-cuz value only works in bull markets.
The auto industry
The mortgage brokers.
The incompetents at the rating agencies- why aren’t they in front of the Senate?
John Thaine-golden boy that doesn’t get enough shit.
…..and hat tips to:
Nouriel Roubini
Meredith Whitney
Gary Shilling
Peter Schiff
Doug Kass