Rippage and Clippage: NY Post Edition

The New York Post’s business section, long since downgraded from AAA to C+ by the NakedShorts News Ratting Service, staged a dead cat bounce Sunday. 

Lampert’s a Huge Loser: $30m/hour

by Richard Wilner

The New York Post Oct. 26 2008

Even for a billionaire hedge-fund titan, losing $30 million an hour has got to be a bummer. That’s what Eddie Lampert, the chairman of Sears Holdings, has experienced with just his nine largest holdings since Sept. 19 — over just 26 trading days.

 

Devaney Booed Off Stage

by Teri Buhl*

The New York Post Oct. 26 2008

(*No, really, that’s her real name. Although it would work much better on Page Six.)

JOHN Devaney, who be came (sic) the poster-boy for hedge-fund blow-ups when his $600 million fund went belly-up earlier this year after a wrong-way bet on the direction of the asset-backed securities index, was heckled off the stage in Miami last week during the annual confab for the asset-backed securities industry.

But then, the most dangerous call of them all. Has Chucky (© David Fry) finally, really, met the chainsaw not even he can survive? Or is he, to adopt The Post’s chosen metaphor, merely resting?

 

The Consumer: RIP

by James Doran

The New York Post Oct. 26 2008

The great American consumer — much like the Norwegian Blue parrot of Monty Python fame — is dead. A stiff. Bereft of life. He rests in peace.

The US consumer was done in trying to carry 70 percent of this great nation’s economy on its shoulders, weighed down with credit-card debt and mounting mortgage payments and suffering from a terrible bout of depression brought on by the “poverty effect” — declining home prices and a stock market off 40 percent this year...