|||Hinky|||

Saturday, May 17, 2003

We don't think anyone has to be told what's hinky in the naked city today; just look at the cover of the hinky nypost.com. An old black woman had a heart attack after the NYPD's emergency forces invaded her house with stun granades after a tip from a Slooly who mislead the police about a the location of a crack warehouse. She had a heart attack, after they busted in her Harlem home on 143rd street. They thought the apartment was being guarded by armed drug dealers. She was a city worker.

It's everyone's loss, but one hopes, none more than the snich who thought he'd play a jailhouse joke on the police by sending the dogs of the drug war to some random apartment. This is like dropping a bag of cats onto the west side drive around 138th street, where the cars do 85 mph.

Hinky 3:18 PM

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Thursday, May 15, 2003

In case you were not watching, Gateway computers has been pinched for hinky accouting. But the more hinky thing that crossed our line of sight today was a statement made by Rite Aid, the drug store chain, to the nypost.com. Duane Reade announced that the state's plan to cut payments for drugs would hit their bottom line but around 10 percent. Rite Aid on the other hand showed the spirit and hinky strategic thinking that should cause short sales and boycotts.

When asked what would happend to their bottom line under New York state's plan to cut back the payments it makes for perscriptions drugs, they told the media that they are working with the State's legislators to keep the payments coming. So, here we have the drug store chain, disclosing to the public that it is hard at work for its shareholders, keeping the squeezing all our balls for government payments for drugs that will keep their profits rolling in. Rite Aid wanted us all to know that they are spending money that they "earn" from the state, to pay off the people's representatives, in order to keep the money that they "earn" flowing in, so their share holders can gain 2 percent per year (if ever the market prices future earnings based on non fiction projections again); and it's officers-managers can keep those 890k salaries, while the people get screwed.
Rite Aid-Duane Reed. It's that great? The drug store chain is working hard to make sure we all pay more so they will keep making hinky windfall profits by selling drugs on the taxpayer's dime.

Dave DeBusscher died. What can you say? The knicks in the early 1970's-- are you kidding me? Hinky was around 6 and can recall the glory the time and the place before it became another gross American group fetish. Hinky's father brought him down to the garden, and we saw the Kninks kick ass, and the steak chomping, loud, beer drinking crowds were funny, friendly, high energy and content in a way that made new york a magic place. It wasn't just a kid's eye view of things; it was new york city when everybody got, it was nyc at its peak, booming, electric, and on high. Dave DeBusscher was like fucking Elvis without the corn ball cape, and everyone and his kid knew it. He was New York Elvis, the one the rest of the country cursed like Dr. Jay a few years later. We found out walking home last night, before the press picked it up; it was on the Garden's sign, out front, across from the Gyro store that made me sick more times than I can count, and yet; we go back every time. It was sad to read it, walking down 7th, along the grimey buildings, past the OTB, then FIT, thinking about that game, that night while holding this one like broken window shade.

At least they gave back the 1.50 subway fare, that was nice, like free brown rice with every order.

Tonight was different, the way new york is. I was having ideas about cars crashing, and safe driving today, thinking how lucky we are to be alive, how lucky in spite of all the matter of fact danger out there, all the ways people, things and events are set up to conspire to leave us with nothing, to leave us nothingness. We met after work, and she had good news, but before we got to the corner of 44th and 3rd avenue in front of the Deli at 721 Third Avenue, a yellow jeep cut off a black BMW, which tapped the jeep's back left quarter panel. The jeep flipped, rushing toward us, and a few suits as we all approached the corner. We were going to see the Martrix, which we didn't know was sold out until 11. Watching the jeep was what's becoming a new york moment; like a horrible 3 D movie you didn't line up to see. It flipped, we stopped and watched as the small wheel based, SUV rollling over turned Third avenue into a mini 9/11 moment. The driver and passenger climbed out, like stunt drivers, ponytailed, in a denim shirt. The guy who hit them, tried to help. We called 911, which had several calls already from the scene. Nobody was hurt. In the end, it was the hinkiest thing we saw today.

Hinky 10:01 PM

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Tuesday, May 13, 2003

Spitzer bagged one for spinning today; and he had to pay what he made for getting the IPO shares as a favor, and being permitted to sell them along side the hinky bankers that let them to keep the relationship in place. Spinning is how the bankers made money and friends who could make them more money, and so on. Getting allocations of shares to give to clients allowed brokers and bankers to show clients something upon which they could build a relationship for future dealings. Free money, at the expense of the saps who bought shares as the banks and flippers sold along side the company.

But is that all? What about the opportunity costs of flipping... what is the cost of croney capitalism, where nepotism becames "networking," which became the choke hold business environment we have come to love. The little fine might get Eliot headlines, but it's hinky; and the little guy is still assed out where it comes to saving for a better future. What we really need now is Charley Heston to come walking down broadway in robes and sandles with to stone tablits and fire in his eyes to start kicking butts and pulling tickets. A crackdown on 90 people doesn't begin to address what's wrong with the money business, the media and the law, and the pot holes, crime rates and teenage tattoo index prove it.

Another thing; why has the congress stayed the same size while the country's population double over the last 40 years? This is not representative government, it's remote government.

Smuckers got pinched for their hinky claim "100 percent fruit" jelly, which the FDA says is less than 50 percent, according the the Center for Science in the Public Interest (gee there's a novel idea, why haven't they been sued out of existance yet?Hinky jam.

Hinky 10:33 PM

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Monday, May 12, 2003

Well, here is a day that Hinky reaches a fork in the road, and must take it. By way of preface, let me say that I wrote this once already, before the computer crashed; so forgive the rush job, but there is life too. It had references from the founding fellows, and BF Skinner, but that was then. Christopher Byron (I always call this guy Hitchens for some reason) piece in the nypost about the lost Trillions is hinkiest of them all today. Hinky Hitchens blames the multi billion dollar three card monty game on human nature, which is at least half right. But he chooses that wrong half, whether our of laziness, or cynicism, or for pay. Don't get me wrong, he was on today, as he cited great examples of the investing boobs betting it all on this or that technicolor dream coat to double their guilt; he even had a bit in there about those old Buttonwood trees which used to be in about the place where those big titted bartenders at Mc Exhange have served beer and comfort each night for as long as I can recall (right throught 9/11 too).

Unfortunately, the Hitch focuses on the half that we as citizens can do nothing about, like a dogs that lick their balls, hope and greed, and stupidity will always be with, like ignorance, superstition and bad spelling. Greed drove the bubble, institutions failed, such as checks and balances. Laws and regulation that were put in place that last time history repeated itself were ignored. He missed a few things that they might not "teach" at the MBA mints, or Fred's Columbia school of journalism for that matter. But if you pick up the Federalist papers, you might get a few hints about what this nation's first citizens had in mind for greed, easy money schemes and pipe dreams.

The fact is, lotteries were rampant then, and they were regulated because they encouraged the wrong thing in a new country that was about real building, real growth as the payoff for real hard work. Now, lotteries are rampant, and the aspect of the capital markets that are most like lotteries were given more than their fair share of the nation's attention. Mass media (of which Hitchens is a part when he waxes on Crammer and Kudlaw) found exceptions to every rule limiting free speech where the capital markets were regulated after the last great crash. Deregulation, and GE's investment in CNBC may have had something to do with it, as much as our our Billionair'e little lord mayor's Bloomberg machines. Market info, fast, loose and out of control. Instestors buying and selling from everywhere, all the time, on tips, promise, hope and real results-- parabolic gains in their life's savings, overnight. IPO's breaking whatever trading range may have been dreamed of by those guys that used to circle names in their books-- Boston Chickens home to roost! The whole system got hinky in a hurry when fortunes were being made. The bouncer became CEO, and bought whole telephone companies for no money down, and others lived like Tommy Woo on the deck of his big boat with 4 blonds off the coast of Sardina.

The sizzle, the method and the means were all there, if you were in the right place at the right time: Cheap money, high speed computing, and Market pundits front running their blocks every hour on the hour on cable. Shit, you didnt' even need a CFA to be a Wall Street Anaylst. The father of value investing (you know, investing that doesn't lose sight of the future earnings of whatever racket is being chopped up and sold like the lotto) became a punch line, as Mo mo and front running paid the bills for people in the business. It was global, and I watched it in Manila, just like I saw it in new york on the CNBC, like a hinky big mac, same sauce, same smell, same look and feel-- same result. And I thought the same thing I think right now about hinky Byron's bit and the media's laying down like a beat dog about the missing 8 trillion dollars which amount to this county's future. Byron missed the hinky things man made to tap into human nature, like slot machines, high heels and hard liquor. He missed what is beyond freedom and dignity as he soft peddles the buyer beware routine, a long discounted principal of law. The greed theory trades at deep discounts to reality, as well it should. Do we blame the poor consumer who rents furniture on time in a ghetto for 29 percent interest per month? Do we highlight the stupidity of the working grandmother who gets robbed out of three weeks interest on her checking if and when someon notices after some audit of a hinky bank run by some wiseguy who thought nobody was watching? What if the skimming is spread across 100,000 accounts? Writing of one party to a hinky transaction as deserving for being greedy is too simple, sadistic and self serving in the end. Safety and national security are the things laws and regulations should promote. The securities laws and regulations were over run since Reagan. The gospel of deregulation broke unions and got us low cost air traffic controlers, for all the good it did us. It also ripped away the limits on hyping stocks to an unsophisticated and unsuspecting. They bought; in fact, they mortgaged their homes to buy. Mary's Lunch made that easy, you know; take a home equity loan, and bet the farm! The checks and balances were wiped out, as GE, the oldest issue on the Big Board, bought the damn press, and enlisted any fast talking pimp with the look and feel to hype hype hype the trees. And where was the press? Shopping with Martha maybe-- the 9 billion dollar decorator. Yahooooo! 1100 times earnings per share. Would Speilberg have written it this way?

In the end, Journalism that writes down the nation's future to a few catchy lines about greed and stupidity is not enough, particularly where the fellow doing the writing is no fool himself. It's charming.. the personal responsiblity thing-- each taking care of himself; but this is bigger than the high balls at the boat basin Jim. Eight trillion duckets ain't hay, that this won't do; and then there is this:

"The truth is attested by the experience of states; lawgivers make the citizens good by training them in habits of right and action-- this is the aim of all legislation, and if it fails to do this it is a failure; this distinguishes a good form of constitution from a bad one." -Aristotle, Nichomachean Ethics

Hinky 9:18 PM

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Sunday, May 11, 2003

How about this day for hinky? Mother's day brought cold rain all day in nyc. Then there was the hot air at the major meal of the day, by the hinky blow hard who deconstructed mother's day for us, claiming it's a holiday with no religous or cultural basis, a holiday that is merely made up by commercial interests to sell product. The flower and greeting card mobs, if you will.

We like the nypost's pumping Andy Borowitz's book on corporate curruption, "Who Moved My Soap, The CEOs guide to surviving prision." Making light of something as vital to national security as capital markets run amok is better than laying down like a beat dog and not covering the story about American business in the before the slow crash. Humor is better than not addressing the hinky accounting, hinky stock picks and analysis, hinky television coverage of financial topics and hinky high tech pump and dump schemes that disappeared 8 Trillion dollars. Frontline has done a great job too on the hinky state we are in.

Take the securities laws, that once required licensing for individuals to pitch stock in communications with investors. Then came Maria, Dan Dorfman and the Brain on CNBC, which made stock brokering as useless as live bait in a fish market. Hinky wall street analysts and managers could reach millions, around the world, real time, offering picks (which they had tucked away at lower levels, and it would move markets by taking it directly to the consumers without a middle man to shed light on the situation. Investors were not just fish anymore, they became pilot fish, waiting for Dan Dorfman to slip them the hot lunch time tip each day (before he got bounced for leaking inside information in violation of the securities laws.) CNBC, lax enforcement and online trading, was to the financial markets what Wild catting was to the oil industry 100 years ago. Sure, they are taking the wall street analysts to task for the POS research (well, "research" is such a strong word for spinning company PR); but they are not questioning Cable TV's wholesale common scheme and plan to violate the nation's securities acts in all this. The reason free speech was limited by the securities laws of 1933 and 1934 was the crash of 1928. It was a national security issue, as a very high percentage of americans lost their homes. The reason speech about securities was deregulated in the 1980's was the Reagan revolution and the gospel brought to you by the cult of unfettered markets, dressed for success, and armed with best of breed training. America bought it. Hell, if we beat Russia with it, why not open the her up and take it for a real ride. Media companies used the opportunity (GE in the case of CNBC) to take advantage of the climate to free up the airwaves for stock hype, the same way that airwaves have been freed up for hype to sell drugs with 49 side effects.

Free markets are great; don't get Hinky wrong, but like anything-- where there is too much of a good thing, you'll get an Irish potato famine on your hands.

And here is Borowitz poking fun at the hand full of CEOs who have been pinched for the state of things. He is funny, but the idea that these best of breed captain kangaroos of industry should be pawed with a light touch is--
well, let's just say click here Society has a right to retribution, even when the crime is not bloody and cinematic. These crimes have a greater impact on more lives than any mugging near the park after dark, for which the purp would get much more time than any of these CEOs will.

Hinky 8:51 PM

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