Tag Archives: Henry Blodget

Two hundred fifty years of history says he’s wrong but no one ever claimed Henry Blodget was smart

Blodget's walk of shame

Blodget: Steve Jobs didn’t create jobs, customers did. In Blodgett’s world, the creative force in employment is people who consume things. Steve Jobs created something that no one knew was needed – the iPad, for instance, but that produced no jobs. Only when consumers came out of the woodwork to buy what hadn’t existed before were factories manned and set to work.

And what if the iPad was not invented? What would those factories be producing for Blodget’s millions of consumers? He doesn’t say.

He does say,however, in an eerie echo of the looters in Atlas Shrugged, that inventors and entrepreneurs, useless though they be, can be taxed as heavily as the non-producers see fit because these people will keep inventing, keep being creative because – well, just because.

Blodget is creating something new here himself, a sort of ill-thought-out post-Marxism. Marx argued that it was factory workers, not capitalists, that create surplus value or, if you will, “wealth”. Blodget tosses those workers into the dustbin of history and posits that it is consumers purchasing what the factories and their workers produce that actually generate wealth. By this logic, we could confiscate every dollar earned by capitalists, inventors and assembly line workers redistribute that money to the worthless non-working surplus population and make everyone a millionaire through the increased spending of the food stamp horde. That may work for Mr. Blodget but not so well, I think, in a real world.

To his credit, Blodget did seem to attempt to prove his new theory by committing several felonies and, had he consented to go to jail, would have created jobs, and wealth, for a handful of prison guards. That he dodged that fate via plea bargain is sensible but hardly a testament to his willingness to help the poor.

The man’s an idiot, a looter and a thief, and in general, a very bad person. May he and his like keep the Devil’s minions employed for eternity.

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Henry Blodget, call your office – all is forgiven!

The Merrill crooks are back and BOA’s got ’em.

Ah, those crafty Merrill analysts – change an “underperform” rating to “buy” just hours before your employer puts out a new issue.

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Henry Blodget looks closer at that FGG pay schedule

His conclusion? “It sure didn’t suck to work for Fairfield Greenwich Group”.

Last year was a lousy year, which explains why Piedrahita was on track to make only $27 million and Noel and Tucker $19 million.  Thankfully, the 2009 forecasts showed an expected bounceback…to $48 million for Piedrahita and the normal $31 million each for Noel and Tucker.

And what about FGG’s little people?  Judging from the spreadsheet below, which Fairfield’s CFO emailed to himself, they did just fine.  Of 16 employees, only one made under $1 million in 2007 ($710,000).  Several made $10 million.  The rest made between $2 million and $7 million.

Fairfield loves to point out that its employees also lost money with Madoff.  This total, $60 million (if memory serves), was only slightly more than one firm employee, Piedrahita, paid himself in a single year.

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