October 11, 2007

SEC Nails CEO of Countrywide Angelo Mozillo

posted by MR WAVETHEORY at 10/11/2007 04:36:00 PM
A while ago, I pointed out the suspicious timing of stock sales by CEO of Countrywide, Angelo Mozillo. Mozillo sold Countrywide stock literally a week before it announced that it would have a massive big bath on subprime writedowns! You will remember that Angelo was the CEO who sold $10 million of stock in Countrywide at $28 per share 2 weeks before the whole mortgage market started coming apart and CFC got cut in half to $15. He must be the most luckiest person ever to have that kind of timing. Oh... I forgot. He's CEO of Countrywide! If that wasn't insider trading, I don't know what is. This is the same guy who says regulators needed to do more about their industry. Well, Angelo, you got your wish!

Today, the SEC launched an investigation into the timing of the stock sales and I applaud them for finally going after this blatant insider trading. Seriously, what a dolt!? If you are going to do insider trading, at least be smart not to do it 2 weeks before you pre-announce! I have serious doubts about any CEO who isn't smart enough to recognize how obvious that is!

Here's the scoop...

Countrywide's shares have fallen nearly 56 percent since January, and the company may now be facing an investigation from the Securities and Exchange Commission into the timing of stock sales made by Chief Executive Angelo Mozilo.

North Carolina State Treasurer Richard Moore, in a letter to SEC Chairman Christopher Cox, claims that Mozilo "apparently manipulated his trading plans to cash in" as the subprime crisis was heating up.

Moore cited reports that Mozilo was unloading 4.9 million Countrywide shares worth more than $138 million between November 2006 and August 2007.

On Friday, Countrywide announced Mozilo plans to sell more shares under a prearranged trading plan that began Monday and ends Friday.

Angelo ... I recommend Countrywide take out a full page ad in the Journal about your self dealing and insider trading ways.

Starbucks Recall Not the First Time!

posted by MR WAVETHEORY at 10/11/2007 12:42:00 AM
I did some research into Starbuck's recall of those deadly baby sipping cups and it turns out Starbuck's most recent recall is hardly the first time that the omnipresent coffee house has had a run in with Chinese imports. In fact, I did a search on the Consumer Product Safety Commission site for Starbucksand found a deadly coffee maker, the pair of choking bears, and some turtles that can cause kids to choke - when swallowed.

Starbucks Announces Recall of 8-Cup Coffee Brewers Due to Possible Fire Hazard

CPSC, Starbucks Coffee Co. Announce Recall of Children's Tumbler Cups

Starbucks Recalls Children's Plastic Cups Due to Choking and Laceration Hazards

It makes you wonder how these guys sleep at night! I hope Howard Schultz was fortunate enough to be born without a conscience!

Stripper Wins Workman's Compensation

posted by MR WAVETHEORY at 10/11/2007 12:24:00 AM
You know stripping is in when strippers can win workman's compensation! Angela Hobson injured herself while stripping at the Shangri-La West club in Fort Wayne on 20 December 2001. She suffered neck pain and numbness from an injury and got surgery for a herniated disc in her cervical spine (the seven vertebrae at the base of the skull).

That seventh vertebrae was worth $10,000 according to the state Worker's Compensation Board who tipped Ms Hobson $10,000 for her troubles at the Shangri-La! Even stripper's have rights too you know!

October 10, 2007

John Edwards Affair

posted by MR WAVETHEORY at 10/10/2007 08:21:00 PM

Let the mudslinging begin in Presidential Race 2008! It should come as no surprise that the National Inquirer has become the official authority on mudslinging. The latest salvo: the John Edwards affair! The tabloid is claiming that John Edwards who is a presidential candidate cheated on his wife while she was undergoing chemo - that is chemo for cancer!

Who broke it!? The one and only conservative spokesblonde Ann Coulter announced that the National Enquirer was just reporting that John Edwards had an 18-month affair while on the campaign trail.

Who's the third party? Apparently a campaign staffer who didn't expect the otherwise platonic relationship to turn sultry.

"The affair started about 18 months ago," a friend says the woman confessed to her. "When they met at a bar, sparks flew immediately.

"She never expected it would turn sexual since John is married and is running for President. But it soon did — and she fell for him."

In one bombshell e-mail message provided to The NATIONAL ENQUIRER, the woman confesses to a friend she's "in love with John," but it's "difficult because he is married and has kids."

In another e-mail, she writes: "Last night and this a.m., he actually has amazed me. He is a great man. My heart is loud and my head is silenced."

Every candidate hopes to reach their voters heart and John Edwards clearly has succeeded. If that's not good political campaigning, what is!? As far as I can tell, he's got her vote.

Michele Linehan - A Stripper Commits Murder, One Straight from the Movies

posted by MR WAVETHEORY at 10/10/2007 08:11:00 PM

Michele Linehan was a stripper who married a doctor, became a soccer mom, and then took out a $1 million life insurance policy on her husband and had him erased. Do we live in a real world? Or do we live in a world of fiction!?

Linehan — then known as Mechele Hughes — was one of the top girls at a strip club called the Great Alaska Bush Co. in 1996. A former co-worker said she was so sexy, she didn't have to dance to earn big tips; men would pay just to talk to her.
She may have been hot, but she doesn't look too hot in prison garb!

In the 1994 movie "The Last Seduction," a femme fatale coaxes her lover into killing her husband for money. Prosecutors say a beautiful stripper obsessed with the film followed the script to its murderous end.

Mechele Linehan, 34, is on trial on charges she masterminded the decade-old slaying of her fiance in hopes of collecting $1 million in insurance.

Life and art were so similar, prosecutors say, that they even sought, unsuccessfully, to have the movie shown to the jury.

It's a case of sex, greed and manipulation that has transfixed the Pacific Northwest, from Alaska to Washington state, where Linehan had made a new life for herself as a college graduate, doctor's wife and suburban soccer mom before cold-case investigators came calling.

Prosecutors say that is where the blonde borrowed the plot of "The Last Seduction" and had her fiance, 36-year-old fisherman Kent Leppink, killed.

Chicken Pot Pies ... Oh My!

posted by MR WAVETHEORY at 10/10/2007 06:33:00 AM
Banquet Chicken Pot Pies! Everyone who eaten TV dinners has had them, and oh my! They've been infected with salmonella. These delicious and nutritionless pies have been a staple of TV diners world wide and I am still having a hard time believing they can actually be infected with salmonella. After all, doesn't all that bacteria die when you nuke it in the microwave?!

October 08, 2007

Omega and Patek Phillipe Rig Watch Auctions

posted by MR WAVETHEORY at 10/08/2007 06:50:00 PM
The Journal has a great story about how luxury watch makers are rigging their own auctions by bidding on their watches at high profile events. Omega paid over $300,000 for one of the very watches that it put up for auction in Geneva, beating genuine bidders. What is even more amazing is that Patek Phillipe, the well known watch maker, has engaged in shill bidding for even longer.

On eBay, if you shill bid, ie bid on your own item, you get banned. At the auction houses in Switzerland, you're encouraged to do so! Amazing!

Watch makers are rigging their auctions to maintain the high prices consumers pay for their watches. Apparently, they want consumers to believe that watches are "investments." If that's the case, then this is no worse and no better than a pump and dump stock scam where a company inflates its stock price so it can sell stock to unwitting buyers!

Yang Huiyan is 26 and She's Got $16 Billion

posted by MR WAVETHEORY at 10/08/2007 01:44:00 PM

Yang Huiyan is the daugher of a rice farmer turned real estate tycoon. She's 26 years old and she's got $16 billion. In case you were wondering, she's married! That's the photo of her and her groom at a wedding ceremony. Sorry dudes! You missed the wedding in April!

Yang's father, Yang Guoqiang, started his company Biguiyuan in 1997 and the rise was meteoric. The Biguiyuan Group was listed in the Hong Kong Stock Exchange on April 2007. Lee Shau Kee and Cheng Yu-Tung, two of Yang's townmates (Their native places are in Shunde), bought 1 billion of Biguiyuan IPO stocks respectively. He transferred his stock to his daughter.

China's MOFCOM talked about the IPO back in April. The company is called Country Garden Holdings (2007.HK). It's huge:

During 2006, Country Garden and its subsidiaries had 23 projects with an aggregate completed gross floor area (GFA) of 6,237,192 square meters, on which it had built 36,951 units to house an estimated 129,000 people, an aggregate GFA under development of 4,281,889 square meters, and an aggregate GFA of 12,525,272 square meters, relating to land held for development.
The stock has doubled since its IPO and the company is worth a little under $30 billion.

$16 billion is alot money. It's also alot of press on a 26 year old's shoulders! Imagine having to operate a multi billion dollar enterprise just 3 years of out of college!

I wonder how she's dealing with it! How would you deal with it? No pressure!?

Melinda Englanda aka Teacher Gone Wild on MySpace

posted by MR WAVETHEORY at 10/08/2007 01:25:00 PM

Melinda England is a 28-year old Knoxville schoolteacher and mother by day and a sexy, nude exhibitionist by night on Myspace. That last part was a problem because her principal found out!

Melinda England's MySpace picture is causing a firestorm at her school because Melinda England MySpace nude pics are showing up at school!

The pictures are clearly amateur and you have to feel bad for Melinda who is obviously just trying to have a social life! That photo? I'd say she is just being friendly.

Melinda’s also has a picture on AbsolutePunk.net where her screen name was “xlpaws” and again this isn’t a naked pic or anything. Her profile is still up (so quick! go check it out!). It says her birthday is February 8, 1979 (28). She may have even had a livejournal journal.

Melinda England xlpaws

Here's what's interesting: Even teachers have a first amendment right to freedom of speech. The catch is that if the principal thinks it's inappropriate, she can be fired. I say if she didn't try "friending" her students, it's all fine and games! Apparently the principal didn't think so because Melinda's on leave from her teaching gig. She got a letter from school asking her to boot for her sorry ass!

I say all's well that ends well and it's great to have all that new found fame! Melinda - boot your ass from school and go become a new MySpace model. Forget Knoxville USA. Become Paris and be famous for just being famous.

If you think there's anymore privacy in world, think again. Melinda literally talks about everything in her life online -even prescription drug use!

The haters are raving that she’s blogging on MySpace about prescription drug use and “out of control” kids. Well, it turns out her “prescription drug use” is Prednisone to help with flareups from fibromyaglia.

Melinda -you've found your true calling. Now go for it! What would you do if you were the Melinda, the student, or the principal?

Christina Aguilera Plays Mommy at Bel Bambini

posted by MR WAVETHEORY at 10/08/2007 01:20:00 PM

Christina Aguilera, when she is not shaking her ass in front of the camera, likes to play Mommy - at least that's what she did this weekend. The paps caught Christina Aguilera and husband Jordan Bratman shopping for baby items on Saturday (October 6) at the Bel Bambini store on Robertson Blvd in Los Angeles. The pregnant mommy got some practice carrying a friend's baby out of the store.

I reiterate: That's not her baby! Yes, her life is makeshe has props - even to play Mommy! Can you imagine that?

I think her pop career will be on hiatus for quite a while as she settles into the pop diva moma role! Unreal.

Marla Omstead - The 4 Year Old Picasso

posted by MR WAVETHEORY at 10/08/2007 01:04:00 PM

I was fascinated to learn about Marla Omstead who paints like Picasso, except she's just 4 years old. Child prodigies are quite fascinating because they appear to have no experience to back up their talents and gifts, yet they excel in what they do. If art doesn't get you excited, then money will. Marla's art is viewable only on her website MarlaOmstead.com and she has sold her paintings for tens of thousands of dollars. It's so interesting that filmmakers made a film about it.

"The only venue to see her art work is a Web site. ... As far as us being here today, it's really just because we feel like we don't want 'My Kid Could Paint That' to be the last true and only word about our family."

It all sounds good. Except she maybe a pretender. Her dad is a painter - and a plant manager at Frito-Lay, the potato chip company - yes. When Snow asked Olmstead if he ever helped his daughter paint the pictures, he responded, "I think we should define help. I do have to be involved, and I have, because she is -- was -- a one-year-old, two-year-old, three-year-old. And I help her by priming the canvas, by lifting her up over the canvas when she was younger so she could reach certain points, doing the edges, helping her with the paints themselves, as far as getting them in ketchup bottles. From that standpoint, yes, I help."

I hate to be a doubter or a basher but you have to wonder how much of it is real. Even the documentary maker expresses his doubts - at the very end of the film!

"As soon as my doubts reached a point where they were strong enough that it wouldn't have been right to keep them from the Olmsteads, I told them and that's the climax of the film," he said.

Her mom, Laura, has an emotional moment at the end of the film, where she says to Bar-Lev, "I need you to believe me."

You can't blame Marla's parents for wanting to believe their kid is special. However, the film leaves everyone hanging at the end: Is Marla a pretender?

Vonage Settles with Sprint, New Lease on Life?

posted by MR WAVETHEORY at 10/08/2007 12:55:00 PM
Vonage (NYSE VG) settled their patent dispute with Sprint (NYSE PCS) undoubtedly because neither of the two are doing particularly well. VG is up about 125% today which is up significantly from $1 when it hit bottom on the Verizon patent news. It's still not smooth sailing for Vonage. Looking at the balance sheet, Vonage has about $400 million in cash. The Sprint settlement is for $80 million which brings cash down to $320 million. If a settlement with Verizon is made for a similar amount, cash will be $240 million. The company is burning around $40 million per quarter so it has about 1.5 years in cash left. Vonage will need to raise money soon, sell, or go BK and be known for its stupid and funny and sometimes odd television commercials.