Canes, Anyone? from Steve Leslie

September 29, 2008 |

I see Vikram Pandit brought out the cane today and walked up to the Wachovia window to buy the debt in exchange for $1 per share of C stock. Other canologists such as Buffett and BAC did likewise last week. Mitsubishi came across the Pacific and picked up some MS. I saw Icahn on Fast Money itching to pull out his own cane. Perhaps he will be buying more Biogen. I myself find comfort in my position of MSFT, which announced an increase in their dividend and a share buyback program. They are in stout financial shape relative to other corporations.





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7 Comments so far

  1. the boy on September 30, 2008 9:13 am

    Are we praising Warren Buffet now? Am I on the correct page here? Just when there is finally proof about how this guy has been pulling the wool over Americans' eyes (who owns Moody's again?) we are getting this guy on our side? C'mon Sles, you know better than that.

  2. steve leslie on September 30, 2008 10:07 am

    Did you see the deal he got? Did you read the details? How about 10% perpetual preferred and he can convert at any time to $115 per share. He bought into the premiere Investment banking firm in the world, which now will also become a bank. Thus he made a deal that only you and I could wish we made and if any of us were honest we would do right now.

    So if that is praising him then the answer is yes.

    What you fail to acknowledge in this is that the vultures are swooping in and grabbing up these distressed securities. But rather than take my word for it, I submit to you what is wrong with the deal? What are you doing with your $5 billion that you have to invest.

  3. the boy on September 30, 2008 11:14 am

    The guy owns Moody's who were one of the most important perpetrators in this financial scam over the past 8 years. And now that everyone is blowing out, he comes in as the man on the white horse to save the system. Did he get a good deal? Sure. But he is a thief. Do I wish I was a thief? Not really. Don't need 5 billion, thanks.


    Ill say this though, If I did have 5 bill, I wouldn't be putting it to work in MSFT. prefer something like fxi. 

  4. steve leslie on September 30, 2008 12:58 pm

    Buffett is a pure capitalist, and any time he can skew the odds in his favor he will do so. If you want a saint I suggest you go to Africa and seek out Dr. Schweitzer. Don't look in the hallowed halls on Wall Street.

    He does not OWN Moody's he has a 20% stake in it. You have misstated and misled. If you are going to state facts state them correctly. It may have been involved in corrupt practices but you most certainly do not know this.

    I said I own MSFT it is no consequence to me whether you own it or not.

    I love your last comment IF I did have $5B then I would buy something like fxi meaning what. Meaning you personally own it or would own it if you had money.

    Lastly, why not use a real name rather than a immature handle "The Boy." Please if you don't have the stones to use a real name tp stand by then your comments are essentially useless.

  5. the boy on September 30, 2008 1:51 pm

    Thanks for that. I guess I don't have the stones, sorry. If you can't see that Moody's was a huge culprit in this scam, I'm also sorry. If you can't see that Buffet is a scumbag playing off the American people, I'm also sorry. And lastly if MSFT is the best play you can make at this point, I'm again very sorry.

  6. The Man on September 30, 2008 2:11 pm

    I agree with S Les. One should always be willing to put one’s name and reputation behind one’s pronouncements, and be willing to back them up when challenged. S Les is, to all who know him, clearly a practitioner of such.

  7. steve leslie on October 2, 2008 12:02 pm

    Mega investor Buffett takes out a $3Billion cane from his stash of over $35 Billion and picks up preferred of GE. It appears that the deal is similar to the GS deal that he put together recently. This now ensures that GE retains its AAA pristine rating.

    He may be a ukelele playing, cynical, self-serving, sanctimonious, sourpuss but he is not shy to belly up to the bar and order a custom made financial package that mainstream Americans can only dream of.



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