October 24, 2008

Here's hedge fund manager Andrew Lahde who made a fortune betting against the housing bubble, in his farewell "f*ck you" letter to his industry

Here's the letter in full and some highlights

Enjoy.


Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye...


On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt.

Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let's stop the rhetoric and start thinking about how we can truly become self-sufficient.

With that I say good-bye and good luck.

All the best,

Andrew Lahde

23 comments:

NIck said...

Hey HP'ers, don't you all feel so damn stupid now that the economy is crashing down and you STILL live in a shit hole apartment? Are you folks ever going to admit that you were wrong to be frugal, save your money and delay your gratification while those who did the opposite were right?

Anonymous said...

Man I hope you people don't take this guy seriously. Sounds like typical corporate rhetoric if you ask me - "Blah blah, i want to thank all of you for kissing my butt and putting up with my megalomaniac ideas - oh by the way I'm retiring with a mere $900,000 nest egg and only a 4 bedroom mansion unlike my friends who have $290,194,298,182 nest eggs and seven mansions and 12 Hummers and millions of stocks...but I still own you! Hahahaha"

Let the Hedge funds burn!

Anonymous said...

How cute. Please update America PANIC

barney jones said...

that's a great letter; I recently tried to get my advisor at the university of minnesota to waive some courses and he told me: "but you'll be different" and, yes, I'll be different since I'm chasing literacy instead of credits which are backed by useless busy work.

the saddest thought I had in my mind the other day was that the university of minnesota was a "parking meter economy" since attention and respect was only received if you fed their meters.

so, when I thought some more, I realized that our universities are like food companies since, lately, they've been making their educational lunches smaller and charging even more.

Thus, for more money, they want to give me a "teaching specialist" instead of a person who knows something.... so degrees are becoming much ado about nothing.

the scary thing: we've had meritocracies in the past and they've failed; the Pope and his henchman are prime examples of a meritocracy which failed because the world moved beyond them.

Anonymous said...

A co-worker of mine couldn't decide whether Cox should be fired or hung.

I though fired then hung sounded about right.

went2puke said...

Keith, this blog is becoming irrelevant very fast. The MSM are catching up. This blog needs to be miles ahead of MSM. You've got to change the title and the content--this is no longer the predicted panic, it's something else; fear or chaos perhaps, or maybe stampede-- I don't know how to describe it. But the sure thing is that it's going to get a lot worse.
Years ago, somebody wrote a book about Saddam's Irak titled: "The Republic of Fear." The writer, one of the Iraki Bushies, failed to notice that Bush himself was ruling over the American people by no other than sheer fear! Now the fear is widespread. It was a self-fulfilling wish that Bush can no longer control.
The idiot in the White House should be brought to justice.

NONE OF THE ABOVE said...

These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it.

Did you read that? BOTH PARTIES SCREWED YOU OVER.

Vote the bums out

gorganzola said...

So how come the oil rich Aarab sheiks aren’t coming to Europe’s rescue?

After all Europe has been bending over backwards to appease every one of them on every occasion.

Europe has kissed Arab dick-tator ass in every vote in the UN

Europe has licked Arab bottoms to show how enlightened they are compare to American cowboys.

Europe has even gently tongue reamed Arabs by providing moral support to anything that would hurt America.

And all ya see is OPEC cut backs, no help for the folks in Europe.

hmmmm

Anonymous said...

Shouldn't you turn this into world panic now?

Anonymous said...

The idiot in the White House should be brought to justice.
---------------------------------

no, the congress of the past 2 years needs to be brought to justice. why do you think they have an approval rating of 10! Bush and his 20+ rating looks like a nobel winning genius compared to the current congressional crop.

for the record, bush did try (but not hard enough) to do something about fannie and freddie but was thwarted by congress.

Anonymous said...

Another egotistical A-hole who pontificates his glory and then walks away. He is one of many who take on new occupations, after, by the way, they have squirreled away more than enough money to live like kings. Never mind that he probably added to the debacle we have today. Does he feel any remorse for screwing the american public? No, he throws cynical and sarcasitc comments, mocking the general public. He is no better than actors, ex businessmen who take on a cause like melting icebergs or earth warming. If you are a working stiff, who gives a s$%^ about these type of guy's avocation. If this guy wanted to make a difference he can use his economic power and get into the political fray. That's why I don't respect Bill Gates. He could buy a national election if he was really interested in fixing the earth or the US. That type of guy has the power to change things.

Us minions, on blogs like this, can't do diddly squat except whine and criticize.

Refuse to buy overpriced said...

Lahde can use his new found free time to educate himself, and learn why it would be a bad idea to have our entire government on the payroll of one man (Soros).

Anonymous said...

OT: http://www.workforce.com/section/00/article/25/83/58.php

Yep, vote for Hussein and ensure ANOTHER 5% is stolen from your pay and administered by the biggest thiefs on the planet, The Social Security Administration.

derivs said...

No, it's a brilliant letter!!!!
I wish I had thought of it, I just walked away feeling exactly how he did with the exception of the anti-elite idiot part (although no shortage of idiots)
He made enough money that he clearly never has to work again and was smart enough to burn as many bridges as possible in one shot so that if he is ever tempted to he made it more difficult and thus less worth it to make the effort.
Bravo!!

Shark Jumper said...

So Many Sharks to Jump,
So Little Time

Anonymous said...

Good letter, I enjoyed it, and the truth about pot, what a waste of resources over it. Like every other war we F-up. I hear the are busting people for j-walking now too.

****************************
Lots of people admit to doing it.

"Yeah a lot," said Texas A&M Student Danielle Wang. "The light here is just really slow so like if you're in a rush, everyone jaywalks."

Add to the mix nighttime revelry at Northgate and officers say jaywalking becomes more common. College Station Police gave out 96 jaywalking tickets over three nights last week.

Each ticket comes with a $180 fine.

"Especially just for Jay walking? That's more than a red light ticket," said Wang.

She's right, a ticket from a red light camera will cost drivers $75.

Police say drivers and walkers won't have to pay fines for either, as long as they obey traffic laws.

"I think people have become a little comfortable with large moving objects," said Edward Hahn.
"we expect them to stop for us, and there's no guarantee that they will."

$130 of that $180 fine goes back to the city's general fund.

Those 96 tickets netted the city $12,480.

College Station Police say they'll be out looking for jaywalkers every Thursday, Friday, and Saturday evening.

When they're not specifically targeting jaywalkers, patrol officers in the area will still be watching for violators.

Anonymous said...

Nic said:Hey HP'ers, don't you all feel so damn stupid now that the economy is crashing down and you STILL live in a shit hole apartment?

Hell no! I wont have to worry because I'm moblie and I have real money...CASH not some POS mcmansion thats loosing thousands of dollars a month. PLUS my credit score will be intact, not like yours when you default on your mortgage, the government wont save you-remember the bailout is for banks... first. Pauslson might think of you- maybe 1-2 years from now.

Enjoy your ramen, I'm having steak tonight!

Anonymous said...

Here's a video from a former Lehman trader speaking out after losing his job:

http://tinyurl.com/59hgcq

Anonymous said...

Funny, when oil goes up 150% in five years, all hell breaks loose and Obama Marxists become enraged. However, when tuition goes up 450% during the same period, all the Hussein-pot smokers-living in mommy's basement-idiots don't say a world. They think is cute.

Oh, I get it, you O. Hussein bitches think education unions are good for America, right? Sorry to break it but your Marxist professor keeps brainwashing you with Che Guevara crap only to make a bundle of money off taxpayer and sheeple. Now go back to wave your Hussein sign, little obedient bitches.

hatephoenix said...

Keith

We have left HP and entered AP

Please don't leave altogether. You rock !

Been with you since 2005 !!

hatepoenix

german dude said...

how about europe panic? the euro is falling off a cliff because the crisis hits europe harder...

Anonymous said...

HAD MY CHILI TOMATOE RAMAN NOODLE OMELET THIS MORN....THANKS FOR THE IDEA............P.S..THE BIG BOSS RAMAN MAN DIED LAST YEAR AND ONE WONDERS WHAT HAPPENED TO THE ADVERTISING SECTIONS OF THAT "INHEIRITED" BUSINESS"?

went2puke said...

Anon said:
"no, the congress of the past 2 years needs to be brought to justice."

I agree. The monkeys in Congress failed America as well. They're the ones who should have brought the White House idiot to justice, but they simply couldn't. They couldn't because they are as corrupt as Bush and they know so well that they'd open a pandora's box if they even try. They couldn't even do it with Bush's cronies--Rove and the likes.
The only hope is that, come November,voters will throw all of them out. We need fresh, bold politicians who can tell it as it is--elected officials who have enough balls to collide, head on, with Bush and Cheney and Pelozi and Reed and Dodd and all those rotten politicians and their corporate benefactors.
Peace...