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Skeptical Debunker

Firing the $70 billion man - Mar. 10, 2010 - 0 views

money.cnn.com/...TCW_Gundlach.fortune

finance wars suits firing Jeffrey Gundlach mutual fund billions dollars

shared by Skeptical Debunker on 11 Mar 10 - Cached
  • Not only did TCW oust Gundlach, but the firm also announced that it was acquiring an entire company -- crosstown rival Metropolitan West Asset Management -- to replace him. That in turn set off a wave of defections from TCW, as 45 of the 60 staffers who had worked for Gundlach streamed out the door to join him at a new firm that he had opened within days of leaving.Then things really turned nasty. TCW filed an incendiary lawsuit in January accusing Gundlach of conspiring with confederates at TCW to steal proprietary information as part of a long-running plot to form their own competing firm. The suit added a salacious twist of the knife, perfectly calibrated for maximum media interest -- Gundlach had allegedly stashed a trove of illicit material in his office: 70 pornographic magazines and videos, 12 "sexual devices," and several bags of marijuana.Gundlach has countered with his own lawsuit. He charges TCW and its owner, the French bank Société Générale, with pushing him out so that they can get their hands on his lucrative fees. In addition to his mutual funds, Gundlach had managed what were effectively two hedge funds for TCW, each of which commanded the amped-up fees typical of those vehicles. Gundlach calculates that he would have personally reaped $600 million to $1.2 billion over the next few years.
  • TCW seemed content with the arrangement and did little to tie its managers' fates to the company as a whole. Few of them, for example, received significant stakes in TCW. That bred frustration in multiple generations of standout performers, who viewed corporate executives (some of whom did receive ownership shares) as getting rich off their toil.So it went for Gundlach, a bona fide investing star who, by the end, oversaw about 70% of TCW's assets, some $70 billion, putting him in charge of one of the biggest pots of money in the country. Gundlach didn't just generate steady returns; he avoided the blowup of the century. A specialist in mortgage-backed securities, he publicly warned in 2007 that "the subprime mortgage market is a total, unmitigated disaster, and it's going to get worse." He invested accordingly, not only delivering positive returns in the blighted year of 2008 but also earning himself a growing role as a media sage. His ego grew along with it.There are few people like Jeffrey Gundlach in the mutual fund world -- or in any world. A former rock-and-roll drummer, Gundlach, 50, is a math whiz (but not a quant). He views everything in binary terms: Either you perform to his standards or you don't, and he won't hesitate to let you know which category you fall into. Nor is he shy in articulating his view of himself. "I was by far the biggest revenue generator at TCW, by far the biggest performer," he says. "I created $4 billion in value for clients in '09. If telling you that is self-promotion, so be it. It's just a fact."
  • Skeptical Debunker on 11 Mar 10
     
    On November 19, 2009 Jeffrey Gundlach was named a finalist for Morningstar's award for bond fund manager of the decade. For Gundlach, the nomination recognized 10 years of stellar results, exceeding even the returns of the legendary king of bonds, Bill Gross. Two weeks later Gundlach was confronted, fired, and then pursued on foot out of a Los Angeles skyscraper by two lawyers working for TCW, the money management firm with $110 billion in assets where Gundlach had worked for 24 years.
Skeptical Debunker

Shark-filled aquarium in Dubai mall springs leak - Yahoo! News - 0 views

news.yahoo.com/...WMDeW5faGVhZGxpbmVfbGlzdARzbGs

Dubai mall aquarium leak

shared by Skeptical Debunker on 25 Feb 10 - Cached
  • The timing is unfortunate for Dubai, which is trying to restore its once gilded image as it wades through a torrent of negative publicity generated by its burst property bubble, crippling debt pile and the assassination of a top Hamas commander in an airport hotel last month. The incident also raises new questions about building safety in the city-state, which pushed through ever more extravagant and complicated construction projects until the economic downturn halted its rapid-fire growth. Less than three weeks ago, trapped tourists had to be pulled from a stuck elevator in the mall owner's record-breaking Burj Khalifa skyscraper nearby. The world's largest tower, due to accept its first permanent tenants in March, has yet to reopen to the public. The breach in the 2.6 million gallon tank at the Dubai Mall, open little more than a year, was quickly plugged and caused no harm to the 33,000 fish inside, according to mall owner Emaar Properties. It was not clear when the attraction featuring an "underwater" tunnel would reopen. Visitors were kept far from the scene shortly after the water began pouring from behind the 2-1/2 foot (0.75 meter) thick viewing panel, making it difficult to gauge the extent of the damage. From a distance, most of the water and fish appeared to be contained inside the tank. Mahmoud Hamid, a spokesman for the sheikdom's civil defense department, described the leak as "a small break in the glass" that maintenance crews were able to close later in the day.
  • Skeptical Debunker on 25 Feb 10
     
    United Arab Emirates - Water gushed from a leak in a shark-filled aquarium in a ritzy Dubai mall on Thursday, sending startled shoppers scattering and shutting down nearby shops in one of the city's proudest attractions. Amateur video footage posted on the Web site of Dubai newspaper Gulf News showed what appeared to be hundreds of gallons of water showering down on the polished tiled floor of the Dubai Mall, which sits in the shadow of the world's tallest tower.
Skeptical Debunker

Ravitch Offers Passionate Defense of America's Public School System - March 2, 2010 - T... - 0 views

www.nysun.com/...86906

The Death and Life of the Great American School System book review

shared by Skeptical Debunker on 02 Mar 10 - Cached
  • No silver bullets. This is the simple premise of Diane Ravitch’s new book, “The Death and Life of the Great American School System,” which is being brought out this week by Basic Books. Written by one of our nation’s most respected scholars, it has been eagerly awaited. But it has also been, at least in some quarters, anticipated with a certain foreboding, because it was likely to debunk much of the conventional — and some not so conventional — wisdom surrounding education reform. Click Image to Enlarge
  • What of the once-great comprehensive high schools, institutions with history and in some cases a track record of success going back generations? As time moves on, it is fast becoming clear that the new small schools, many with inane themes (how about the School of Peace and Diversity?), can never substitute for a good neighborhood high school, which can become a center of communal life and pride. Ms. Ravitch’s report underscores the fact that the trick is to fix the neighborhood schools beset with problems, not destroy them.
  • It is not only the foundations that Ms. Ravitch blames for the current crisis: government has also failed in the attempt to reform the schools from above, lacking a clear perspective of how schools work on a day-to-day basis. Thus, the major federal initiative, No Child Left Behind, well intentioned as it may have been, ended up damaging the quality of education, not improving it. While the federal government declares schools as “failing” and prescribes sanctions for schools not meeting its goal of “annual yearly progress,” it is the states that are allowed to write and administer the tests. This has led to a culture of ever easier tests and more test preparation rather than real instruction. More ominously, it led to such scandals as the New York State Education Department lowering the “cut scores” that define the line between passing and failing. Ms. Ravitch suggests that the proper roles of the states and federal government have been reversed under NCLB. Maybe the standards for achievement should be set in Washington, which, after all, administers the National Assessment of Educational Progress , and the solutions found at the local level, using the accurate data provided by Washington. Instead of moving in a different direction from the failed NCLB model of the Bush Administration, the Obama administration has adopted and expanded on them.
  • ...1 more annotation...
  • Teacher-bashing, so in vogue among the “reformers” dominating the national discussion, is rejected by Mrs. Ravitch. How could the unions be responsible for so much failure when, she asks, traditionally, the highest scores in the nation are posted by strong union states such as Massachusetts (best results in the nation) and the lowest scores in the south, where unions are weak or non-existent? The mania for closing “failing” schools also comes under the Ravitch microscope. To her mind, closing schools should be reserved for the “most extreme cases.” Virtually alone among those discussing educational policy, Mrs. Ravitch appreciates the value of schools as neighborhood institutions. To her mind, closing schools “accelerates a sense of transiency and impermanence, while dismissing the values of continuity and tradition, which children, families and communities need as anchors in their lives.”
  • Skeptical Debunker on 02 Mar 10
     
    It turns out that "The Death and Life of the Great American School System" is a passionate defense of our nation's public schools, a national treasure that Ms. Ravitch believes is "intimately connected to our concepts of citizenship and democracy and to the promise of American life." She issues a warning against handing over educational policy decisions to private interests, and criticizes misguided government policies that have done more harm than good. Ideas such as choice, utilizing a "business model" structure, accountability based on standardized tests and others, some favored by the left, others by the right are deemed as less, often much less, than advertised. Ms. Ravitch doesn't oppose charters, but rather feels that the structure itself doesn't mandate success. As in conventional schools, there will be good ones and bad ones. But charters must not be allowed to cream off the best students, or avoid taking the most troubled, as has been alleged here in New York City. Here main point, however, is broader. "It is worth reflecting on the wisdom of allowing educational policy to be directed, or one might say, captured by private foundations," Ms. Ravitch notes. She suggests that there is "something fundamentally antidemocratic about relinquishing control of the public educational policy to private foundations run by society's wealthiest people." However well intended the effort, the results, in her telling, have not been impressive, in some cases doing more harm than good.
  • Skeptical Debunker on 02 Mar 10
     
    According to this CONSERVATIVE and BUSH Assistant Secretary of Education, "No Child Left Behind" is destroying one of the great social "glues" of America - its public school system. Of course, not only Bush and the Republicans are to blame, Democrats went along with NCLB on the "promise" of extra federal funding for implementing it AND supporting American public schools. That was funding that never materialized due to our other great national priority - making corporate cronies rich via the war in Iraq (and hoping to make the oil companies richer there as well, but apparently failing miserably to do so ... so far). NCLB could have been suspended when that happened, but strangely (NOT!) Bush and the Republican controlled Congress conveniently forgot their promise (perhaps because NCLB unfunded was more like no teachers union left un-destroyed!?). More from http://articles.latimes.com/2010/feb/28/entertainment/la-ca-diane-ravitch28-2010feb28 on this book - Diane Ravitch, probably this nation's most respected historian of education and long one of our most thoughtful educational conservatives, has changed her mind -- and changed it big time. Ravitch's critical guns are still firing, but now they're aimed at the forces of testing, accountability and educational markets, forces for which she was once a leading proponent and strategist. As President Obama and his education secretary, Arne Duncan, embrace charter schools and testing, picking up just where, in her opinion, the George W. Bush administration left off, "The Death and Life of the Great American School System" may yet inspire a lot of high-level rethinking. The book, titled to echo Jane Jacobs' 1961 demolition of grandiose urban planning schemes, "The Death and Life of Great American Cities," has similarly dark warnings and equally grand ambitions. Ravitch -- the author of "Left Back" and other critiques of liberal school reforms, an assistant secretary of education in the first Bush administration and a
Skeptical Debunker

Mini-cyclone, record floods hit Australia - Yahoo! News - 0 views

news.yahoo.com/...liaweatherflood_20100307063616

rain flooding storms Australia

shared by Skeptical Debunker on 07 Mar 10 - Cached
  • In the city centre the National Gallery of Victoria suffered flooding, while the Docklands Stadium was among those buildings damaged during the violent storm, which washed out horse races. Bureau of Meteorology forecaster Wasyl Drosdowsky said the hail that hit in one suburban area was up to 10 centimetres (four inches) in diameter. "(It was) tennis ball size roughly," he said. "As far as we can tell, that's close to the biggest hail we've seen in Melbourne." As the city readied for further violent storms Sunday, once-in-a-century floods were peaking in the state of Queensland in the country's northeast, parts of which have been in drought for almost a decade. Townships in the state's cotton-growing south were cut off by rising flood waters and in St George the Balonne River reached 13.5 metres (44 feet), its highest level since records began in 1890. Queensland Premier Anna Bligh said the cost of the flooding would be in the hundreds of millions of dollars, as there had been major damage to highways and rail lines had been washed away. "This is a massive water event which has smashed all the records known here in the southwest," she told reporters Sunday as she toured St George.
  • Skeptical Debunker on 07 Mar 10
     
    Melbourne was bracing itself Sunday for further storms after a mini-cyclone ripped through Australia's second largest city, bringing with it hail stones the size of tennis balls. The storm dumped heavy rain across the southern state of Victoria, and smashed into the regional capital with winds of up to 100 kilometres (62 miles) an hour, cutting power to 100,000 homes. Some 26 millimetres (one inch) of rain fell on Melbourne within an hour while other areas recorded up to 70 millimetres during the Saturday storm.
  • Skeptical Debunker on 07 Mar 10
     
    Droughts, fires, severe rains - extreme weather in wild swings with records on all ends is a primary prediction of global warming.
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