Sunday, March 22, 2009

It's Going Too Fast!

I've been extremely busy and haven't been able to keep up with all of the drama in Washington DC about the stimulus package. There is so much going on!

I promise that I will select a few sounds and sights related to the various strategies proposed by our government officials, Wall Streeters, Main Streeters, and the rest of us!

Dateline NBC's Inside Financial Fiasco Series begins on March 22; Transcript of recent Dateline about financier Marcus Schrenker

Inside the Financial Fiasco, a 3-part series on Dateline, begins on Sunday, March 22.
Here's the related video from from Chris Hanson's site.

On another note, Dateline recently aired a show about Marcus Schrenker, the financier who was accused of fraudulent transactions and tried to fake his own death.

Photo of Marcus and Michelle Shrenker in happier times, from Dateline NBC


Transcript of Show:
Flying high in Cocktail Cove: Investigators say financier Marcus Schrenker tried to fake his own death

Friday, March 13, 2009

Charlotte N.C. Area Investment Fraud: $30 Million Gone, Swindler Bruce Kramer Committed Suicide

From the Charlotte Observer:
Man swindled $30 million, lawsuits say
The late Bruce Kramer of Cabarrus spent investors' money on cars and more, filings in Mecklenburg say. Kirsten Valle, Charlotte Observer, 3/13/09

"A Cabarrus County man swindled $30 million from investors and spent it on lavish cars, expensive artwork and a 45-acre horse farm, former investors charge in a pair of lawsuits filed in Mecklenburg court recently."

"The scheme involved 60 investors and spanned four years, ending after the man, Bruce Kramer, committed suicide, prompting investors to check the status of their money, court documents say."

"“It's a sad time for a lot of families,” said John Manzella of Charlotte, an investor named in one of the suits. “This has hurt a lot of people, financially as well as emotionally.”"

Tuesday, March 10, 2009

A Glimpse of March 10th's Economic News

Latest news from the New York Times:
Madoff to Plead Guilty; Charges Carry a Life Sentence

New York Times Graphic:
Where Madoff Found Investors

The Wall Street Journal
Dow Surges Nearly 6%

[Stocks Surge]
Picture from Associated Press

The following videos were removed:

Just the Right Medicine for Uncertain Times

Thar's Green in Them Thar Gold Stocks

Thursday, March 5, 2009

Killer Economy: Greenspan's Body Count

What is Greenspan's Body Count? W.C. Varones has been reporting the various deaths, mostly suicides, related to the current economic crisis, on his blog of the same name. As of March 3rd, 2009, the body count stood at eighty-four.

Of course, W.C. Varones believes, like many others, that Alan Greenspan, the former chairman of the Federal Reserve, played a significant role in the economic down turn.
Photo via The Daily Banter, 2/17/09, via

FYI: I came across the "Greenspan's Body Count" blog when I was searching for information about a financial adviser who recently committed suicide. This hit close to home, as my husband and I know a couple of people who invested with this person. From what my husband tells me, it is very likely that this trader was running a fraud. I'll share more about this in a future post.

UPDATE: I found the information I was looking for:
Charlotte N.C. Area Investment Fraud: $30 Million Gone, Swindler Bruce Kramer Committed Suicide

Killer Economy? The deepening recession may lead to growth in suicide rates
Linda Stern, Newsweek, 1/14/09
His Legacy Tarnished, Greenspan Goes on Defensive
Wall Street Journal, 4/8/08

Greenspan quote from above article
about the failure of market self-regulation:

"There were far more failures here than I expected. I've been chagrined at how badly some of the judgments of very sophisticated investors have been with respect to risks...It's all human psychology with which we're dealing, not institutions. The argument, therefore, is not to discard counterparty surveillance, but, essentially, to patch it back together."