Joanie has some advice for the Japanese:
East is nevuh gonna’ meet West, that’s for darn sure. Take this latest embarrassment for the TSE called Livedoor, eh? You think it would ever have gotten to the point where there would have been a panic in NY, necessitating the shut-down of the Exchange? Not on your life. If the regulators had busted in there and found Newsboy Moriarty doin’ the books, fer cryin’ out loud, the story might have made Page 19 in the NY Post. Maybe. Because once the brass here in NY got so much as a whiff of that debacle-in-waiting, you know they would have called a meeting of the five families. Behind closed doors, of course. 33 Liberty Street seems as good a venue as any. You are familiar with the drill: A single stock suspended. A couple of days of whispers. WSJ in the dark either voluntarily or not. And the most informative blurbs to be found in the FT. Next thing you know, a couple of weeks have gone by and nobody can even remember if it’s Livedoor or Trapdoor or Katie-bar-the-door or we’ve got tickets to see the Doors.
Whatever. It never ceases to amaze me that a culture that perfected the delicate, elegant art of Origami over a thousand years, cannot figure out how to do a basic cover-up. Amazing.
Refco. Huh? Who? What? See what I mean? Next case.