We’ve got it bad in Los Angeles, but the US is 12th on the list. Italy is the worst, but then again, it is estimated that up to 40% of the “business” is done in cash.

By Andre Peschong
Looking at the fallout on Wall Street, there has been great change in the financial industry and, in turn, some unintended consequences. The hedge funds that once numbered over 7,000 (my unofficial estimate as I couldn’t find a substantiated number) are now pared down to around 3,000. Venture Capital has retreated [...]

I interviewed Barry Ritholtz yesterday. Here is a link to the podast

Morningstar had an interesting article on managing risk. Problem with the author’s methodology is that it is way too subjective. People are emotional about money. You need to have a pre-determined “puke” point where you get out no matter what. You cannot make decisions about money on the spot. Remember: Price moves first, then the [...]

“We need to modernize the laws to reflect the reality that cell phones, BlackBerrys and text messaging are an everyday extension of the workplace and are here to stay.” Sen. John Kerry

The Financial Accounting Standards Board, or FASB, earlier this month quietly amended FAS 140, effective at the end of the year, eliminating qualified special purpose entities, or QSPEs. If you thought mark-to-market accounting changes had an effect on the banks, hold onto your hats.
The special purpose vehicles allow banks to stash things like asset-backed securities [...]