All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy. All work and no play makes Jack a dull boy.
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Hits of the Day
Another Tip From Wall Street
Schenectady, NY
With the market in freefall and hundreds of his clients suffering heavy 401(K) losses, Chief Investment Officer of AYN Asset Management Robert Lombardo is leaving his clients with one final piece of financial advice before closing up shop at his 17-year old investment firm:
"Leave your stock certificates in your mother's attic." ![]()
Far away from the Wall Street bustle, and in this quaint New York home exists proof that this suggestion doesn't run hollow. Perched atop a shelf in the upper level of Mrs. Maria DeAngela Lombardo's two floor tudor house, rests Robert's current stock holdings. The worth of a 17-year career was simply up the side stairs, to the left of the kitchen, up the front staircase, right past Joey's bedroom, in the ceiling, and in the aging scuffed box of Reebok Pumps.
"I tell all my clients to leave the certificates in Gem-Mint condition," says Robert as he climbs atop the 3-foot stool. The 41-year old Wall Street guru begins to dispense more free advice while lurching for the box. "Don't compromise the edges and be careful not to smudge the glossy coating. Because in 20 years or so, when things settle down and their value returns, you want them to look as good as the day you left them here."
Beneath the waxed cardboard lid, Robert gently fingers his current stock holdings: Proofs of Lehman, Bear Sterns, Ford, AIG rest neatly stacked like a Jenga board alongside the 1987 Topps Baseball Set and various Garbage Pail Kids.
But Mrs. Lombardo is none too pleased. "Ugh, my son always leaves his junk here," says Maria while watching a weekday taping of Price Is Right. "Does he ever stop to think that maybe I might want to turn that attic into an exercise room someday!"
Returning the Pumps to their prior position, Robert begins to close shop yet again, his voice faintly trembling. "I warned my investors not to be tempted to place the certificates on their bike spokes," a brief whimper, "you know for that cool motorcycle sound."
As the attic door closes, the chirps of oak wood creaking sound as he slowly heads downstairs. The locking away of 17-year memories - all those once great trades he made for them, the endless monitoring of their value - clearly taking a toll on the CIO. As he heads out the door of his childhood home, the financial wiz sneaks his head back in to leave one last goodbye, "Mom, promise me you won't forget not to throw out the shoebox....Please Mom, swear to me."
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In the News
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Obama Campaign To Court Super PAC Cash They Loathe
TPM 2012 - Within body of text:
The decision was handed out after new FEC filings revealed conservative groups outraised their Democratic counterparts by a four to one ratio. In recent weeks one Republican donor alone, Sheldon Adelson, has given over $10 million to a Super PAC supporting Newt Gingrich. Mitt Romney’s Super PAC raised $30 million in 2011. By contrast, a Democratic Super PAC founded by former Obama aide Bill Burton, Priorities USA, raised only $19 million.
Politico also has interesting piece on this too.
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Jim Bakker’s Christian amusement park is now a post-...

In 1986, Jim and Tammy Faye Bakker's Heritage USA was the third most-visited amusement park in the US, behind only Disney World and Disneyland. Now the park that once entertained millions of guests is falling to pieces, and looks more like the scene from a post-apocalyptic movie than a place for family fun.
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Truth, lies and AfghanistanBy LT. COL. DANIEL L. DAVIS
I spent last year in Afghanistan, visiting and talking with U.S. troops and their Afghan partners. My duties with the Army’s Rapid Equipping Force took me into every significant area where our soldiers engage the enemy. Over the course of 12 months, I covered more than 9,000 miles and talked, traveled and patrolled with troops in Kandahar, Kunar, Ghazni, Khost, Paktika, Kunduz, Balkh, Nangarhar and other provinces.
What I saw bore no resemblance to rosy official statements by U.S. military leaders about conditions on the ground.
Read the article at http://armedforcesjournal.com/2012/02/8904030 -
Goldman Sachs CEO Lloyd Blankfein speaks out in support of...
Just when you thought it was safe to hate Goldman Sachs…
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A Mortgage Tornado Warning, UnheededYEARS before the housing bust — before all those home loans turned sour and millions of Americans faced foreclosure — a wealthy businessman in Florida set out to blow the whistle on the mortgage game.His name is Nye Lavalle, and he first came to attention not in finance but in sports and advertising. He turned heads in marketing circles by correctly predicting that Nascar and figure skating would draw huge followings in the 1990s.But after losing a family home to foreclosure, under what he thought were fishy circumstances, Mr. Lavalle, founder of a consulting firm called the Sports Marketing Group, began a new life as a mortgage sleuth. In 2003, when home prices were flying high, he compiled a dossier of improprieties on one of the giants of the business, Fannie Mae.In hindsight, what he found looks like a blueprint of today’s foreclosure crisis. Even then, Mr. Lavalle discovered, some loan-servicing companies that worked for Fannie Mae routinely filed false foreclosure documents, not unlike the fraudulent paperwork that has since made “robo-signing” a household term. Even then, he found, the nation’s electronic mortgage registry was playing fast and loose with the law — something that courts have belatedly recognized, too.
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Some day next century, on the Antiques Road Show, that Lehman Brothers certificate will be worth dozens of dollars and "Thanks for bringing it in."