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A Good Look at How We Got Here

Thu, 11 Dec 2008 03:19:00 GMT

There are few economists who predicted the worst financial crisis since the Great Depression (and, quite likely, of all time) and the first economic downturn in the world's developing countries in sixty years (which makes you wonder why they even studied the discipline to begin with). Still, that doesn't mean that a number of them haven't added value with their ex-post analyses of what happened and why. Indeed, I'd be the first to admit that some published commentary has helped me better understand certain aspects that were harder to discern before it all went bad. While I can't say for sure whether he had correctly anticipated the events of the past two years, it does seem that Nobel Prize-winning economist and Columbia University professor Joseph E. Stiglitz has been quick off the mark in terms of recognizing what has been unfolding, the severity of the[More...]

Congress: Anna Schwartz Says You're Wrong

Sat, 18 Oct 2008 19:36:00 GMT

Nearly a year ago, on October 30th, 2007, I first began petitioning Congress with the following message (among others):"Congress MUST NOT bail out – under any circumstances – mortgage companies and investors who voluntarily entered into risky mortgage and derivative contracts during these last several years due to lax lending standards, poor due diligence or as a matter of business policy. Failure must be allowed irrespective of the damage done to these firms, because[More...]

What is Paulson Cooking Up For Fannie & Freddie?

Wed, 06 Aug 2008 23:36:00 GMT

It was an amazing feat that Treasury Secretary Paulson was able to squeeze in his July 13 “GSE Initiatives” proposal for Fannie Mae (FNM) and Freddie Mac (FRE) into the Housing bill that President Bush signed July 30.[More...]

Observations and Stocks for Monday - Mar 31 2008 2:44AM

Mon, 31 Mar 2008 06:38:48 GMT

I will be in and out of the office this week; blogging will resume soon.[More...]

Kicking the Can down the Road

Tue, 25 Mar 2008 02:21:30 GMT

Inspection of the Administration's approaches to previous policy issues provides some instructive precedents (0), (1), (2), (3), (4) to consider in light of current policy challenges in the financial markets.[More...]

Observations and Stocks for Friday - Mar 13 2008 6:31PM

Thu, 13 Mar 2008 22:25:31 GMT

In the midst of today’s roller coaster ride, Bank of America raised Monsanto (NYSE:MON) to a “buy” from “neutral” as “agricultural market developments once again point to a plethora of sustainable growth drivers. The bank, which raised its price target on the U.S. agricultural biotech company to $130 from $116, said with more reasonable valuation it sees an attractive entry point ahead of strong expected results for the second quarter. Banc of America sees a confluence of powerful drivers to support over 20 percent earnings growth beyond 2010. An industry-leading pipeline of new products and rising adoption of biotech traits in existing markets are some of[More...]

Like Chalk and Cheese

Thu, 01 Nov 2007 15:43:26 GMT

When it comes to governments and fiscal responsibility, the two go together like chalk and cheese. That is, they don't mix at all. One reason why is that few individuals are held accountable for failures of a noncriminal nature. Even when that is not the case, the punishments tend to be very limited in comparison to what happens in the private sector. Another reason why is that those who are supplying the funds -- taxpayers -- have little direct influence over how, where, or why their hard-earned money is being spent. That leaves control in the hands of people with a mixture of agendas, motives, and mores, which is not exactly a recipe for good decision-making. There are plenty of other factors, of course, but all tend to lead to the same conclusion. So can anyone really be surprised when the New York Times reports that the [More...]

Woodbridge Applauds Office Depot Shareholders' Decision to Send the Company a Strong Message of Disapproval

Wed, 23 Apr 2008 18:40:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today responded to the preliminary voting analysis of the Office Depot Annual Meeting of Shareholders held today in Boca Raton, Florida. Woodbridge applauds Office Depot shareholders, who sent the board a strong message of disapproval and call for change. An estimated 30 to 40 percent of shareholders either voted against or withheld votes from several Office Depot directors.[More...]

Woodbridge Determines Not to Nominate Candidates for Election to Office Depot Board

Thu, 17 Apr 2008 22:20:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today announced that they no longer intend to nominate candidates for election to the board of directors of Office Depot at the Company's upcoming annual meeting on April 23, 2008. Woodbridge also urges Office Depot shareholders to withhold votes from the Company's nominees.[More...]

Delaware Court of Chancery Rules in Favor of Woodbridge

Tue, 15 Apr 2008 12:29:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today announced that the Delaware Court of Chancery has granted a motion recognizing Woodbridge's right to nominate two directors for election to the Office Depot Board of Directors at the upcoming annual meeting on April 23, 2008. Woodbridge's nominees, Mark Begelman and Martin Hanaka, will bring to the Office Depot Board significant office supply, executive and corporate governance experience and will work to ensure a successful turnaround of the Company. Shareholders can vote their GOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mail today.[More...]

Woodbridge Sends Open Letter to Office Depot Shareholders Reiterating Recommendation to Elect Highly-Qualified Woodbridge Director Nominees, Mark Begelman and Martin E. Hanaka

Mon, 14 Apr 2008 12:27:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today reiterated its recommendation that shareholders of Office Depot, Inc. elect Woodbridge's two highly-qualified nominees, Mark Begelman and Martin E. Hanaka, to the Office Depot board of directors at Office Depot's upcoming 2008 annual meeting, which is scheduled for April 23, 2008. Shareholders can vote their GOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mail today.[More...]

Woodbridge Sends Open Letter to Office Depot Shareholders Highlighting Significant Concerns About Steve Odland, Chairman and Chief Executive Officer of Office Depot

Fri, 11 Apr 2008 18:50:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today mailed a letter to the shareholders of Office Depot, Inc. . Woodbridge's letter details for shareholders its concerns regarding the leadership of Steve Odland, including his overall performance, excessive compensation and other corporate governance issues. Woodbridge urges Office Depot shareholders to elect its two highly-qualified nominees, Mark Begelman and Martin E. Hanaka, to the Office Depot board of directors. Shareholders can vote their GOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mail today.[More...]

Woodbridge Sends Open Letter to Office Depot Shareholders Criticizing Management for Consistently Blaming Macroeconomic Environment for Poor Performance and Inability to Execute

Wed, 09 Apr 2008 12:26:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today mailed a letter to the shareholders of Office Depot, Inc. . Woodbridge's letter raises serious concerns about the ability of the current Office Depot board and management to execute on the recently-announced "long-range strategic plan" and questions management's consistent blame of the macroeconomic environment for the Company's problems despite evidence that management performance is the true cause. Woodbridge urges Office Depot shareholders to protect their investment by electing its two highly-qualified nominees, Mark Begelman and Martin E. Hanaka, to the Office Depot board of directors. Shareholders can vote their GOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mail today.[More...]

Woodbridge Sends Open Letter to Office Depot Shareholders Criticizing Company's Continued Poor Performance

Thu, 03 Apr 2008 16:44:00 GMT

Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today mailed the attached letter to the shareholders of Office Depot, Inc. . In its letter, Woodbridge highlighted the Company's continued poor performance and urged Office Depot shareholders to vote for change by electing its two highly-qualified nominees, Mark Begelman and Martin E. Hanaka, to the Office Depot board of directors. Shareholders can vote their GOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mail today.[More...]