Lahde quits hedge funds, thanking “stupid” traders for making him rich.

NEW YORK, Oct 17 (Reuters) – Andrew Lahde, the hedge fund founder who shot to fame with his small fund that soared 870 percent last year on bets against U.S. subprime home loans, has called it quits, thanking “stupid” traders for making him rich.

In a biting, but humorous letter to investors posted on the website of Portfolio magazine on Friday, Lahde told investors last month he will no longer manage money because his bank counterparties had become too risky.

Lahde ripped his profession in the letter. He noted another hedge-fund manager who recently closed shop and was quoted in The Wall Street Journal as saying: “What I have learned about the hedge fund business is that I hate it.” To which Lahde responded, “I could not agree more with that statement.

“The low-hanging fruit, i.e. idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking,” said Lahde, who according to the website birthdates.com is 37.

“These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.”

Read moreLahde quits hedge funds, thanking “stupid” traders for making him rich.

Police clash with police in Brazil violence

Striking police officers were embroiled in a mass-melee with hundreds of their own colleagues in riot gear who policed their protest, amid bizarre scenes in the Brazilian city of Sao Paulo.

The clashes between state police and plainclothes investigators last night came after the demonstrators tried to break through a barrier protecting the state government palace. Officers fired shots, tear gas and shock bombs, and the scuffles broke out.

Critics will highlight the incident as another example of the chaotic and dysfunctional nature of policing in Brazil. Last year, the UN pointed out that very low salaries – over which officers are currently striking – encourage widespread corruption, with many police units forming their own vigilante groups, death squads and militias.

It also sharply criticised Brazilian police for major human rights violations, pointing out that many of the 694 deaths caused by officers between January and June 2007 in Rio were likely to have been extra-judicial killings.

Officers are also known to engage in gunfire with Rio’s heavily armed drug gangs. Innocent civilians are often caught in the crossfire.

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Glenn Beck: There is a global meltdown coming. It is a global depression.

CNN’s Glenn Beck warns of the New World Order

“There is a global meltdown coming. It is a global depression. And one world currency and one world financial system is the endgame… China said last week they want one global currency. France said yesterday they want one world order – a ‘New World Order’ at the end of this event.”


Added: Oct. 09, 2008

Source: YouTube

With Spotlight on Pirates, Somalis on Land Waste Away in the Shadows


Above, a severely malnourished baby lay unresponsive on Thursday as the mother and father sat nearby in a feeding center in Afgooye, Somalia.

AFGOOYE, Somalia – Just step into a feeding center here, and the sense of hopelessness is overwhelming.

Dozens of women sit with listless babies in their laps, snapping their fingers, trying to get a flicker of life out of their dying children.

Little eyes close. Wizened 1-year-olds struggle to breathe. This is the place where help is supposed to be on its way. But the nurses in the filthy smocks are besieged. From the doorway, you can see the future of Somalia fading away.

While the audacity of a band of Somali pirates who hijacked a ship full of weapons has grabbed the world’s attention, it is the slow-burn suffering of millions of Somalis that seems to go almost unnoticed.

The suffering is not new. Or especially surprising. This country on the edge of Africa has been slowly, but inexorably, sliding toward an abyss for the past year and a half – or, some would argue, for the past 17. United Nations officials have called Somalia “the forgotten crisis.”

Read moreWith Spotlight on Pirates, Somalis on Land Waste Away in the Shadows

India terrorised by holy war

A holy war in India has left tens of thousands of Christians crammed into relief camps, too scared to return home following weeks of clashes with Hindu mobs in which at least 35 people have died.

More than 40,000 Christians have had to flee their homes in Kandhamal district, one of India’s poorest, in the eastern state of Orissa. Their homes have been systematically attacked, looted and burned down by Hindu mobs since the end of August as the local police have looked on helplessly.

“Villagers have threatened to kill me because I am a Christian. They have said I will be welcome back only if I change my religion and become a Hindu,” said Jibit Kumar Digal, 30, who has spent over a month in a relief camp at Baliguda, 200 south west of the provincial capital Bhubaneswar.

Aligned to the radical Hindu Opposition Bhartiya Janata Party (BJP), the marauding mobs supported by the Vishwa Hindu Parishad or World Hindu Council, are alleged to have killed Christians by burnign them alive, gang-raped a nun and destroyed over 140 churches and orphanages across Kandhamal.

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Zeitgeist: Addendum

Related: Zeitgeist, The Movie, Final Edition


Added: Oct 3, 2008

Source: Google Video

American financier kills his family and himself after losing fortune in credit crunch


Tragedy: A coroner’s assistant brings out a body

A businessman gunned down five members of his family then shot himself after seeing his family’s fortune wiped out by the stock market collapse.

Karthik Rajaram, 45, who had made almost £900,000 on the London stock market, shot his wife, three children and mother-in-law in the head before turning the gun on himself at the family home near Los Angeles.

He was found with the gun still in his hand.

In a suicide note to police, he blamed the killings on financial hardship brought on by a collapse in shares.

Los Angeles Police Deputy Chief Michael Moore said: ‘The source of it appears to be a financial state, a crisis that this man became embroiled in that has unfolded over the past weeks.

‘We believe he has become despondent recently over financial dealings and the financial situation of his household and that this is a direct result of that.

‘This is a perfect American family behind me that has absolutely been destroyed,’ he added. ‘It is critical for us to step up and recognise we are in some pretty troubled times.’

Using a handgun bought on 16 September, Rajaram went from room to room, picking off the family one-by-one.

Read moreAmerican financier kills his family and himself after losing fortune in credit crunch

France’s former elite go on trial over arms trade

The son of a former French president, an Israeli-Russian billionaire and a tycoon with ties to Arizona’s jet set were among the headliners yesterday as 42 defendants went on trial in Paris, accused in a worldwide web of trafficked arms to Angola, money laundering and kickbacks.

Defense lawyers and Angola’s government are trying to stop the show, however, arguing the trial has no right to go on.

Prosecutors allege that between 1993 and 1998, two key suspects – French magnate Pierre Falcone, a longtime resident of Scottsdale, Arizona, and Arkady Gaydamak, an Israeli businessman based in France at the time – organized a total of $791 million in Russian arms sales to Angola, a breach of French government rules.

Most of the other suspects are accused of receiving money or gifts, undeclared to tax authorities, from a company run by Falcone in exchange for political or commercial favors. Investigators say the corruption grew into a tangle of laundered money and parallel diplomacy that left a stain on France’s relations with Africa.

Among the defendants who filed into a Paris courthouse Monday were icons of France’s political elite – including late President Francois Mitterrand’s eldest son, Jean-Christophe, and an economic adviser to current President Nicolas Sarkozy, Jacques Attali.

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Economic chaos creates surge in homelessness

CAMBRIDGE, Massachusetts (AP) — The number of homeless families in Massachusetts has surged — a spike that has overwhelmed the state’s shelter capacity and forced it to again place homeless families in motels.


The number of homeless families living in Massachusetts motels skyrocketed in September 2008.

Driving the increase is the sour economy, rising energy costs, escalating unemployment and shortage of affordable housing. For the first time, the state is tracking how many families are winding up homeless due to foreclosures.

“You’re seeing a perfect storm,” said Robyn Frost, executive director of the Massachusetts Coalition for the Homeless.

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Gas Shortage In the South Creates Panic, Long Lines

If Drivers Can Fill Up, They Get Sticker Shock


People wait to fill their tanks at a Citgo station in Charlotte, where drivers have reported gas lines 60 cars long after 11 p.m. (By Davie Hinshaw — The Charlotte Observer)

Gasoline shortages hit towns across the southeastern United States this week, sparking panic buying, long lines and high prices at stations from the small towns of northeast Alabama to Charlotte in the wake of Hurricanes Gustav and Ike.

In Atlanta, half of the gasoline stations were closed, according to AAA, which said the supply disruptions had taken place along two major petroleum product pipelines that have operated well below capacity since the hurricanes knocked offshore oil production and several refineries out of service along the Gulf of Mexico.

Drivers in Charlotte reported lines with as many as 60 cars waiting to fill up late Wednesday night, and a community college in Asheville, N.C., where most of the 25,000 students commute, canceled classes and closed down Wednesday afternoon for the rest of the week. Shortages also hit Nashville, Knoxville and Spartanburg, S.C., AAA said.

Read moreGas Shortage In the South Creates Panic, Long Lines