Friday, August 26, 2016

Lets follow the Insder's lead

August 26, 2016

At least one JC Penny's insider is buying stock.
I like their debt better than their stock. At $19 a share, PFH is yielding 10% annually.  That gets my attention.

PFH is a  Corporate Asset Backed Corp., CABCO Trust Certificates, principal amount $25 per trust certificate. The underlying securities are the J.C. Penney Co. Inc. 7 5/8% debentures due 3/01/2097. The certificates are redeemable any time at the issuer's option at $25 plus an additional redemption premium amount based on the present value of the remaining scheduled payments based on a certain benchmark interest rate plus 20 basis points which appears to make the actual redemption of these securities unlikely prior to the maturity date. The certificates pay distributions $1.90625 per annum semiannually on 3/1 & 9/1.

It can't be called for less than $25, and doesn't come due until March 2097.  We could be collecting money from this one for 80 more years. 

This debt was investment grade when issued in March of 1999, but is currently rated CCC (junk), so don't go crazy and buy more than you're willing to risk.

Monday, July 27, 2009

Still Finding Decent Yield in Small Corners of the Market

August 15, 2012

  When I buy an income investment I'm looking for two things; a fair yield return for putting money at at risk and price appreciation.  I believe I've found a few Third Party Trust Preferred ideas that will provide both.

 CWZ - Is a Senior Debenture due 10/15/2027 issued by Royal Caribbean Cruise Lines.  At today's price of $26.25, the certificates pay 8.45% per annum interest, semiannually on 4/15 & 10/15. They come due in November 2027 and are callable on or after 6/28/2006 at $25 per certificate plus accrued and unpaid interest.

We do have a small risk of having these called, but we also have a dividend of $1.109 a share coming on November 15th to minimize the risk.

PIJ - Issued by Ford Motor Company and comes due November 2046.  At today's price of $25.75 they yield 7.18%. Distributions are .925 cents per share paid on May 1st and November 1st. 

These notes have been callable since 2006, but again our risk of a small loss by having these notes called in for $25, is somewhat offset by a near term dividend.  

AVV - Issued by Aviva plc. It comes due in 2041 and can't be called until December 2016. At today's price of $27.42 it yields 7.52% and pays .515 cents quarterly. The next payment is scheduled September 1st.




July 6, 2012

I recently started a small position in GYLD. It is a global, multi asset income ETF holding five different asset classes–global equity, global real estate, global corporate debt, global sovereign debt, and global alternative.

Information Link

Live Chart Link



GTAA update - 



The Cambria Global Tactical ETF has been a real disappointment and was sold. Sometimes things just don't work out.

January 4, 2012

It looks like the market wants to stabilize so lets get to buying something.

I've been picking up shares of three fairly new Oil and Gas Royalty Trusts.
Chesapeake Granite Wash Trust (CHKR). Spun off by Chesapeake Energy.
The trust receives 90% of royalties from 69 existing wells and 50% of the royalties on 118 wells to be drilled in the future.

SandRidge Mississippian Trust (SDT). Spun off by SandRidge Energy.
The trust receives 90% of the royalties from 37 existing SandRidge wells and 50% of the royalties from 123 wells that will be drilled by Dec. 31, 2014.
SandRidge Permian Trust (PER). Also spun off by SandRidge Energy
PER will work 509 actively producing wells in the Permian Basin, Texas. It is also obligated to drill another 888 wells by the end of March 2015.


Information from SeekingAlpha LINK



June 11, 2011


Investments we purchased a year or two ago are up 50% to 100% and at today's prices, the yields are quite a lot lower now.

The market is going through a bit of a pull back and I'll be taking profits on some of those earlier positions. I am selling between one third and one half of my positions in: FGB, FEN, KYN, CGI and DGF.

I will be using some of the proceeded to begin buying DEF and NFJ. More on those later.


January 05, 2011



Cambria Global Tactical ETF (GTAA)
is a new actively managed ETF. It started trading about two months ago.

The fund is managed by Mebane Faber and Eric Richardson from Cambria Investment Management and authors of the book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets, which outlines the trend-following strategy employed by the new fund.

In a nutshell the fund attempts to be invested in things going up and to limit losses by selling if they fall below a ten month moving average.

Investment allocation targets are
31% to equities including domestic, foreign and emerging markets, 30% to fixed income, 15% in REITs, 14% in commodities 10% in currencies. As a fund of funds, it will build each part of the portfolio using exchange-traded products; mostly ETFs, but also including ETNs and closed-end funds. The expense ratio is 1.35%.

I like the Managers. I like the concept and I like the asset mix. I own it.

Click here for current chart





August 07, 2010
It's been a while since I wrote anything, but sometimes it is best to do nothing. For the last few months I have seen no reason to buy or sell any of my holdings. My views on the markets haven't changed and the trades I've made and recommended are still working. I have however recently found a good article about using Covered Calls to generate extra income and thought others might be interested.

As you read this please keep in mind I am not recommending you buy or not buy GLD.
Selling covered call options to generate income has been used by professionals for years and many funds I own and recommend utilize Covered Call strategies to generate income. Click here to read Have Your Cake and Eat it Too.

This article explains how the selling of covered calls can be used to generate income.
How to rent your gold!
2009-04-25 13:15:00

New York: Gold has become the numero uno in the time of crisis. And this status has been with the yellow metal for time immemorial.

And, if you are a smart investor you can make use of the gold’s new status and cash in on it. Here is a way Dr David Eifrig found out how to have your cake and eat it too.

Although many assets have recently suffered from price deflation, the US federal reserve is doing everything in its power to cause inflation. Worse, Wall Street has made a debacle of asset values and each week brings a new collapse.

Quite simply, if inflation roars back, the big problem is things you buy will cost more... In other words, your dollar will lose value. So unless you hold something that stores value, you will become poorer. That’s why owning gold during turbulent times, like now, makes sense.

But, investing in gold comes with the problem of where to store it. Then gold doesn’t generate any income. Unless you own a well-run mine that passes on cash flow to you, gold is just a boring hedge with no income.

Dr David Eifrig has found a secret that solves both of these problems. Today, you can buy the SPDR Gold Shares Trust (NYSE: GLD). GLD is an exchange-traded fund that buys and owns gold bullion. By owning shares in this “trust fund”, you own actual gold... and the trust stores it for you. That solves the problem of storage.

But simply investing in this fund doesn’t fix the income problem. The trust doesn’t pay a dividend. So your gold just sits in the trust’s vaults, gathering dust.

In order to get some income from your pile of gold, you can sell covered call options on the shares. If you're not familiar with trading options and find the idea uncomfortable, rest assured. This call-option strategy is easy and safe. In fact, the upfront income this trade generates makes it safer than just buying shares in GLD.

Selling a call option simply gives someone else the right to buy your GLD shares at a specific price (the “strike” price) before a specific date (the “expiration” date). In exchange for that right, the investor pays you money upfront (called the “premium”).

Selling these covered calls is like owning a rental house... and giving your tenants the right to buy your house at a predetermined price, which is higher than the current value. In other words, it’s a very, very safe investment.

You collect “rent”. And if the price goes up, you get the gains up to a predetermined price.

So if your GLD shares never trade for more than the strike price, you keep the premium and the shares. If the share price exceeds the strike price on or before the expiration date, you sell your shares, book any profit up to the strike price, and still keep the premium.

Each share of GLD represents 0.1 ounces of gold. Gold sells for about $900 right now, so GLD trades at about $90. Now here’s where the income comes in...

The September $98 call options are trading around $6.50. The $98 is the “strike price”. And the “expiration date” is the third Friday in September. The “premium” is $6.60: That how much investors are willing to pay you to buy your GLD for $98 a share come September.

Each option trades in 100-share increments. So you must buy 100 shares of GLD to sell one option contract. Let's break the numbers down...

You buy 100 shares of GLD at $90, for a $9,000 cost. Then, you sell one option contract for $660 (that's $6.60 times 100). You collect a 7% "rent check" upfront. That's yours to keep no matter what. When September rolls around, you have a few different options:

If GLD trades over $98 a share: In this case the options are “in the money”. The person to whom you sold the option will “call away” your stock and hand you $98 a share, or $9,800. (This all happens automatically through your broker.) You still get to keep the $660, plus you make $800 on your shares of GLD. That's $1,400 extra cash, or a 15.5% return, just for owning gold, a super-safe crisis hedge.

If you want to collect more cash, buy more gold and “rent” it out. With 300 shares of GLD, you can pocket as much as $4,200 in six months... or $8,400 a year.

If GLD trades between $90 and $98 a share, the options expire “worthless”. That’s a great thing for you: You get to keep the $660 and you get to keep your gold. That means you can keep “renting” it out for more income.

If GLD trades below $90 a share, you still have your $660 of “rent” money to cushion any fall. And you can continue to collect income for as long as you want.

If gold continues its seven-year uptrend, I expect you can make a safe 20%-25% a year with this strategy.

The best calls to sell have a strike price about 10% above the current stock price and expire in six months or so. Those will give you the plenty of “rent” upfront and still leave you some upside on your shares. If you need help, call your broker. (That’s what you’re paying him for.)

In fact, if you haven’t sold options before, you should talk to your broker about the best way to take advantage of this opportunity. Please don’t rush out and do anything you don't understand.

But, this trade is one of the safest, easiest ways to own gold. It’s a fantastic hedge against calamity and the collapse of the dollar. Plus, with 25% annual gains, you can earn more income than the best dividend-paying stock in the marketplace today.
(Courtesy: DailyWealth)



March 01, 2010 -
The First Trust Specialty Finance and Financial Opportunities Fund is on Sale

I first suggested the First Trust/Gallatin Specialty Finance and Financial Opportunities Fund (FGB) on June 25th, 2009. I still like it and it is on sale again.

It currently yields 9.5% and is selling at a 9% discount tp NAV. I'll be adding to my position.


This fund owns stock in companies that loan money to and invest in other businesses. These include two of my favorite areas of investing; Business Development Companies (BDC) and Real Estate Investment Trusts (REIT).

To reduce taxes, these types of businesses are required to pass along the bulk of their earnings to the share holders as distributions.


Click here for current chart


To read more about FGB, please click on the link below
Some stocks are worth owning



February 18, 2010


I am buying the Energy Income & Growth Fund (FEN) . It currently yields 7.95%, has had a nice dip in price and like KYN, invests in Master Limited Partnerships.The Fund's investment objective is to seek a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The Fund seeks to provide its shareholders with an efficient vehicle to invest in a portfolio of cash-generating securities of energy companies. The Fund will focus on investing in publicly traded master limited partnerships ("MLPs") and related public entities in the energy sector which the Fund's investment sub-advisor believes offer opportunities for income and growth. Under normal market conditions after the invest-up period, the Fund will invest at least 85% of its managed assets in securities of energy companies, energy sector MLPs and MLP-related entities and will invest at least 65% of its managed assets in equity securities of such MLPs and MLP-related entities.

Click here to view current chart



February 01, 2010


Navios Maritime Partners L.P (NMM) has doubled since I recommended buying it on July 13th. It is time to take profits. Nordic American Tanker (NAT) has gone nowhere; I'm also selling it. Click here to read the July 13th post.

I am buying the closed end fund
Kayne Anderson MLP Investment Company (KYN)

KYN is a closed-end fund that invests principally in equity securities of energy-related master limited partnerships (MLPs). KYN’s objective is to obtain high after tax total returns for its shareholders. MLPs are publicly traded limited partnerships. Energy-related MLPs own domestic infrastructure assets that are used in the gathering, processing, transportation, storage, refining and distribution of energy-related commodities.

KYN currently yields 8.2%, pays dividends quarterly and is a good way to own MLPs in a retirement account. At these prices, I also believe risk/reward ratios favor owning the Closed-End-Fund verses the individual stocks.

click here to view current chart


January 28, 2010
I added to my QQQX position today.

At todays price of $12.50, QQQX is down 19% from its high of just a month ago and it is selling at an 8% discount to its underlying value.

To read more about QQQX, click the link from the original post CLICK HERE

Click here for Current Chart




December 03, 2009 - A Well Diversified Income Fund Is On Sale


The
Nuveen Diversified Dividend & Income Fund (JDD) is on sale and I'm buying.
The fund invests primarily in U.S. and foreign dividend-paying common stocks, dividend-paying common stocks issued by real estate companies, emerging markets sovereign debt, and senior secured loans. The fund expects to invest at least 40%, but no more than 70%, of its managed assets in equity security holdings and at least 30%, but no more than 60%,of its managed assets in debt security holdings. Under normal circumstances, the fund's target weighting is approximately 50% equity and 50% debt. The fund uses leverage.
At todays price, it is selling at a 14% discount to its underlying holdings and it yields 9.8%. This fund pays the dividend quarterly.click here for a current chart
Click chart to enlarge


July 27, 2009

One of the best ways to participate in the stock market and be paid to take the risk is through Convertible Bonds.

Convertible bonds give the holder the option to exchange the bond for a predetermined number of shares in the issuing company. If the company's stock rises, the bonds become more valuable, and we are paid interest while we wait.

These are two Closed-End-Funds I like for buying convertibles.

Calamos Convertible Opportunities & Income Fund (CHI)
Yielding 10.3% at $11.00 a share.
The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below-investment-grade (high-yield) fixed-income securities.
Delaware Investments Global Dividend & Income Fund (DGF)
Yielding 12% at $5.70 a share.
The Fund seeks to achieve high current income, with capital appreciation as a secondary objective by investing, under normal circumstances, at least 50 percent of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities of U.S. and foreign issuers. Up to 50 percent of the Fund's total assets may be invested in non-convertible debt securities consisting primarily of government and high-yield, high-risk corporate bonds of U.S. and foreign issuers.


CHI - click here for current chart




DGF click here for current chart




Gas and Oil income Trusts
August 31, 2009
The price of Natural Gas peaked in mid 2008 and has been falling ever since. It is down nearly 80% from the peak. Oil has doubled from its brief bottom near $35 in December 2008. I think it is time to start buying a couple Oil and Natural Gas Royalty Trusts.

As natural gas prices fell the trusts cut dividend distributions and their share prices fell, but as the worlds economies recover we should expect energy prices and distributions to improve. I want to start buying now in anticipation of the recovery. We can't know when the price of natural gas will bottom, so I will start buying small and add to the positions over time.

The first trust I want is Permian Basin Royalty Trust (PBT) with a current distribution of 7.9%

The second is Cross Timbers Royalty Trust (CRT) with a current distribution of 7.6%
The third is San Juan Basin Royalty Trust (SJT) with a current distribution of 5%.

All three Trusts pay distributions monthly but unlike most securities I own, the distributions can vary a great deal month to month. I want to own oil and gas for the income and as an inflation hedge, but due to the fluctuations of their distributions, positions size will begin as a small portion of my overall holdings and build slowly over time.


Click here for a current chart



Click here for a current chart


Click here for a current chart

Thursday, July 16, 2009

Have Your Cake and Eat it Too

I believe income and dividend investing will outperform the overall stock market for the next few years, but what if I'm wrong? What if stocks do rise? We have a way to profit in either case.

We can use an investment theme that works whether stocks rise or fall. We can buy Covered Call Funds, also known as Buy-Write Funds.

If you aren't familiar with covered call funds, they are similar to Mutual Funds except for one very important aspect; they sell options against the funds holdings to generate additional income. Selling options for income has an added benefit of providing stability to the price of the fund. You should also know they will rise less during strong Bull markets, because they will have sold stocks for smaller gains than they might have made by holding. Since I don't see a strong Bull market in our future, that shouldn't be an issue.

Covered Call funds also play into a theme I hold dear. In the long run you will come out better by making reasonable gains year after year while keeping losses to a minimum. Losses can be more devastating to a portfolio than most people realize. A 33% loss requires a 50% gain to get even and a 50% loss requires a 100% gain to get back even.


The first fund is:
Nasdaq Premium Income & Growth Fund (QQQX)
The Fund's investment objective is to provide stockholders with income and capital appreciation. The Fund pursues its investment objective principally through a two-part strategy. First, the Fund will invest, under normal circumstances, substantially all of its net assets in a portfolio of investments designed to closely track the NASDAQ 100 Index. Second, the Fund will write (sell) call options on the Index (the "Written Options") which are fully collateralized by the NASDAQ Investment Portfolio. Under normal circumstances, the notional value of the Written Options is not expected to exceed 50% of the Fund's net assets.

The yield on QQQX is over 13%.

click here for a current chart of QQQX



The second is:
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW)
The Fund's investment program will consist primarily of owning a diversified portfolio of common stocks, a segment of which holds stocks of U.S. issuers and a segment of which holds stocks of non-U.S. issuers, and selling on a continuous basis call options on broad-based domestic stock indices on at least 80% of the value of the U.S. Segment and call options on broad-based foreign country and/or regional stock indices on at least 80% of the value of the International Segment.

The yield on ETW is over 14%.

Click here for a curent chart of ETW




Both these funds sold off hard during the Bear Market crash, but since the March 2009 bottom they have recovered much better than the market as a whole. QQQX and ETW are nearly back to pre -crash levels. The same can't be said for the S&P 500.

Click here the see a current chart


Owning these covered call funds provides us global diversification, income, and the potential added kicker of appreciation if the stock market does rise. We can have it all.

Monday, July 13, 2009

It is time to buy two Shippers

In spite of what we are hearing on the news, the worlds economies have not come to an end, and as long as international trade exists, we'll need to ship goods between countries. For that we need big boats.

The first big boat company is Nordic American Tanker Shipping Ltd. (NAT)

Nordic American Tanker Shipping Ltd., an international tanker company, owns and operates crude oil tankers. It operates its vessels in the spot market, on time charters, or on bareboat charters. As of December 31, 2008 the company owned 15 double hull Suezmax tankers. Nordic American Tanker Shipping Ltd. was founded in 1995 and is headquartered in Hamilton, Bermuda.

The second is: Navios Maritime Partners L.P. (NMM)

Navios Maritime Partners L.P operates as an international owner and operator of drybulk carriers in Greece. The company engages in the seaborne transportation services of a range of drybulk commodities comprising iron ore, coal, grains, and fertilizers, as well as chartering its vessels under medium to long term charters. As of December 31, 2008, it operated a fleet of 10 vessels, including 8 Panamax vessels and 2 Capesize vessels. Navios GP L.L.C. serves as the general partner of the company. Navios Maritime Partners was founded in 2007 and is headquartered in Piraeus, Greece.

At todays prices:
NAT is $30.50 a share, with a distribution yield of 11.5%
NMM is $9.40 a share and has a 17% distribution yield.

Both of these companies are well funded and should have no problem holding their payouts at the current level and then increasing the distributions in an improved economy.

Current Charts
Click Here for a current chart



Click Here for a current chart


July 15th update

Both NAT and NMM are moving higher.

NAT closed today at $31.86, or 4.5% higher than the buy point. It is still a buy.

NMM closed today at $10.20, or 8.5% higher than the buy point. It is still a buy.

Tuesday, June 30, 2009

Is it time for REITS?

Link to article

Here come the real estate vultures

REITs are raising cash to take advantage of bargain prices on distressed commercial properties and mortgages.

By Michael V. Copeland, senior writer

(Fortune Magazine) -- These are tempting times for real estate bargain hunters. Whether it's the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had. Individual investors snapping up foreclosed houses have helped boost home-sale figures sharply in recent months (although prices have remained depressed). And now some real estate investment trusts are raising money to fund acquisitions of distressed commercial properties.

In April we pointed out that financially strong REITs offered attractive yields. That remains the case. But now some of the equity REITs with stronger balance sheets are looking to move from defense to offense, building billion-dollar war chests to fund acquisitions of troubled properties on the cheap. Indeed, if you believe that now is a once-in-a-generation opportunity to buy low in real estate, REITs allow you a way to bet on a rebound in the market without getting approval for financing and taking possession of a piece of property yourself.

And there seems to be no shortage of prospective purchases. There is an estimated $90 billion in commercial real estate in the U.S. alone that is "distressed," according to New York-based real estate research firm Real Capital Analytics. These are properties that have been foreclosed on, or whose owners are in default on their loans or in bankruptcy. "On top of those properties, there is hundreds of billions more in debt coming due in the next few years," says Peter Slatin, editorial director at Real Capital. "Some REITs are getting prepared for that."

Are they ever. REITs have raised about $12 billion by issuing stock in recent months. Among them are well-known names such as Boston Properties (BXP), Regency Centers (REG), Simon Property Group (SPG), and Vornado Realty Trust (VNO). "Our mood here is getting a little bit more forward-thinking than it has been over the last six months," Simon Property chairman and CEO David Simon told analysts during the company's earnings call May 1. One big opportunity the gang at Simon is keeping an eye on is the portfolio of General Growth Properties, the real estate giant that filed for Chapter 11 in April, taking more than 160 properties with it, including such trophies as Faneuil Hall Marketplace in Boston and South Street Seaport in New York City.

The four blue-chip REITs cited above represent a fairly conservative way for individual investors to profit from the (hoped-for) real estate rebound. The fact that they have the resources to exploit today's weak market may set them up for years of healthy cash flows. "These are the commercial real estate companies that are going to survive," says Jim Sullivan, senior REIT analyst with Green Street Advisors. "They all have balance sheets that are stronger than average and management teams that have proven their ability to take advantage of downturns."

But there are other ways to play. The distress in the market has emboldened some privately held real estate funds (including newly formed ones) to raise money by offering stock to the public. These companies aren't focused on owning property but on the debt underlying it. On June 11, Cypress Sharpridge Investments (CYS), which invests in mortgage-backed securities (yes, those infamous bonds), raised about $100 million in an IPO. And several more IPOs are in the works, including a proposed $500 million offering from Starwood Property Trust, led by former chairman of Starwood Hotels Barry Sternlicht, and a $750 million offering from PennyMac Mortgage, run by Stanford Kurland and other former executives of Countrywide Financial (yes, that Countrywide). And Invesco Mortgage Capital is looking to raise about $400 million to go shopping for debt. But these IPOs are for high-risk investors only.

And anyone who goes bargain hunting in real estate today has to be patient. REITs fell earlier and harder than the broader real estate market. In the two years from March 2007 to March 2009, REIT stocks fell a stunning 75% on average. Lately, however, REITs have been on a roll, with the MSCI U.S. REIT index gaining more than 45% since the March low. Does this spurt mean that REITs are foreshadowing a sharp rise in real estate values? Some experts caution that there is more pain to come. "Prices have gotten ahead of the fundamentals in real estate," says Kenneth Rosen, chairman of the Fisher Center for Real Estate and a professor emeritus at the University of California at Berkeley. "It has gone too far, too fast." Rosen expects a correction in the coming months.

But many analysts like the longer-term outlook. "The underpinnings of the commercial real estate market are really in pretty good shape," says Philip Martin, a senior vice president of Golub & Co., a Chicago-based real estate investment and development firm. He notes that there isn't the kind of massive oversupply of commercial properties that existed during the slump of the late 1980s and early 1990s. "So when we do recover, you are likely to see a pretty healthy snap-back in real estate prices," he says. "This is an excellent environment for those REITs with the right combination of knowledge and capital. They are going to have an opportunity to make some great deals, and the risk-adjusted returns at this point in the real estate cycle are going to be pretty darn good." To top of page

Monday, June 29, 2009

SGL - Global Bond Fund on Sale

Strategic Global Income Fund (SGL) has been available since January 1992.

The fund invests primarily in U.S. corporate bonds, asset-backed securities, commercial mortgage-backed securities, U.S. treasury bonds and notes, foreign government bonds, international corporate bonds, short-term investments, mortgage-backed securities, and U.S. government obligations. Its portfolio includes investments in beverages, commercial banks, consumer finance, diversified financial services, food products, media, road and rail, thrifts and mortgage finance, electric utilities, and oil and gas sectors.

SGL is selling at a 10.7% discount to its Net Asset Value (NAV) with a current yield of 8.78%. It is well diversified and concentrates on global investment grade bonds. Given the funds long-term track record and level of return for over 15 years, this is another one I really like.

Chart link

Click chart to enlarge




Sunday, June 28, 2009

THE GREAT AMERICAN BUBBLE MACHINE

Every investor should read this article:

THE GREAT AMERICAN BUBBLE MACHINE

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again

By MATT TAIBBI

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who's Who of Goldman Sachs graduates.

More


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