• Steve H. Hanke
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    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Trailblazing Mutual Fund Refuses To Invest In "Too Big To Fail" Banks Beginning July 1

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Thu, 07/08/2010 - 11:24 | 458363 jbc77
jbc77's picture

Got to give those guys some respect, they are saying fuck you to investing in psycho path banks.

Thu, 07/08/2010 - 14:54 | 458812 chet
chet's picture

Kudos to these guys, but much more of Wall Street should be out in front in calling out the TBTF system and Congress' unwillingness to do anything about it.

Wall Street has a lot more credibility making statements like this then capitalisms traditional critics.  Those Wall Streeters who are silent are actively contributing to the degradation of the capitalist system and its replacement by the government/financial complex.

Thu, 07/08/2010 - 11:30 | 458368 doublethink
doublethink's picture


Vote with your wallet.


Thu, 07/08/2010 - 11:31 | 458372 ratava
ratava's picture

since when is selling electrons to each other for rapidly increasing prices not a productive sector of the economy.

Thu, 07/08/2010 - 12:58 | 458548 aint no fortuna...
aint no fortunate son's picture

"selling electrons to each other" - PERFECT!


I've done business with community banks my entire life and will continue to do so until there are no more community banks left.

Thu, 07/08/2010 - 13:11 | 458576 ratava
ratava's picture

the question is what do we do about it. derivatives are nothing more than a way of creating counterfeit money. they are a way of winning money the loser never had in the first place. it is like some sort of sick multiplayer game where hackers found a way of creating fake gold indistinguishable form real gold and then paid the developers to not fix the bug with freshly created fake gold.

Thu, 07/08/2010 - 11:34 | 458378 jkruffin
jkruffin's picture

This is excellent, and one more step needed to be taken by many more funds.

Thu, 07/08/2010 - 11:35 | 458380 Jason T
Jason T's picture

Remember Blago?  "I've ordered my state agencies to NOT do business with Bank of America"


the next day, FBI raids his office.  


Good luck to this man who has decided to vote with his wallet.  



Thu, 07/08/2010 - 11:51 | 458406 Hdawg
Hdawg's picture

The Fed will rip that fund to shreds

Thu, 07/08/2010 - 12:51 | 458536 traderjoe
traderjoe's picture

They're too small. The sheeple are still trying to figure out how to hold their iPhone 4's. No one will notice but the same people who believe in the PPT. 

Thu, 07/08/2010 - 11:56 | 458413 Renfield
Renfield's picture

Waiting for the first negative MSM stories featuring Appleseed Fund. Can't wait to hear if: a) someone 'betted against' housing and got rich shorting; b) someone 'betted against' the USA and got rich shorting; or c) old tried-and-true honeytrap and marriage/family problems.

Thu, 07/08/2010 - 11:58 | 458416 walküre
walküre's picture

I'm actually considering an account with them.

Thu, 07/08/2010 - 12:18 | 458454 Jonas Parker
Jonas Parker's picture

Johnny "Appleseed" is now wearing a big target on his back. I can see Geithner and Bernake loading their muskets now...

Thu, 07/08/2010 - 12:29 | 458471 Cyan Lite
Cyan Lite's picture

According to their website, the fund has 16% in cash, and 8.8% in GLD.

Thu, 07/08/2010 - 17:51 | 459353 DosZap
DosZap's picture


Oh well,it SEEMED like a good firm, until you posted the holdings.......8.8% GLD.(fake as  Pam Andersons teats.)

I refuse to have any account that has an association that is continuosly screwing physical holders, and mkt playing, with shareholder funds, that continues to prop up the Squids.

Of course, most of these funds are clueless................

Thu, 07/08/2010 - 12:36 | 458491 jsehl
jsehl's picture

It's a shame that without the suspension of mark-to-market accounting, the regional banks would be insolvent, too.

Thu, 07/08/2010 - 12:52 | 458538 traderjoe
traderjoe's picture

True dat. 

Thu, 07/08/2010 - 13:15 | 458592 Lucky Guesst
Lucky Guesst's picture

Reminds me of a website I found a while back. The Free State Project http://freestateproject.org/

20,000 people are going to boycott losers and all move to the same area! "A new strategy for.... Liberty in our lifetime"

Thu, 07/08/2010 - 15:42 | 458944 faustian bargain
faustian bargain's picture

They're doing it in northeast Wyoming as well. www.freestatewyoming.org

Thu, 07/08/2010 - 17:56 | 459367 DosZap
DosZap's picture

Poor schmucks, makes it so much easier to get picked up........gather together, then it's a lot easier.

Warsaw Ghetto...................Jr's.

Thu, 07/08/2010 - 13:18 | 458599 Blano
Blano's picture

FITB, PNC etc. etc. are just BAC/WFC/JPM Lite, so if they're willing to invest with the regionals, I don't see much to applaud about.

Thu, 07/08/2010 - 13:36 | 458640 Ripped Chunk
Ripped Chunk's picture

Wow! There is some common sense investing.

If We The People were to organize and withdraw all deposits from the TBTF tomorrow before noon, we would see the emperor naked with his pin dick visible for all to see.

Lets see Ben & Timmy cover that up.

Thu, 07/08/2010 - 18:00 | 459384 DosZap
DosZap's picture


Good luck, as they have no way near enough cash to take care of one person...........if it's over 15-20k.

Would take them at least a week advance notice per depositor, to get it, and I bet some folks would be stationed there on a daily basis, taking names.

Thu, 07/08/2010 - 13:46 | 458659 cowdiddly
cowdiddly's picture

I would like a Prospectus.

Thu, 07/08/2010 - 14:20 | 458718 JHCM
JHCM's picture

Not to be too cynical, but how many TBTF banks fall into the mid-cap value universe?

Thu, 07/08/2010 - 14:58 | 458823 tony bonn
tony bonn's picture

god bless appleseed!!

Thu, 07/08/2010 - 15:21 | 458882 Snidley Whipsnae
Snidley Whipsnae's picture

Meredity is at it again and making some waves with her downgrades...and loose the dogs of war...

"Ahead of Q2 Results, Meredith Whitney Slashes Estimates on Goldman (GS), Morgan Stanley (MS)"

"Meredith now sees Goldman reporting Q2 EPS of $1.70, down from her previous estimate of $4.75 and compared to the current Street consensus estimate of $2.34. Q3 EPS estimate moves from $4.24 to $3.77, which compares to the Street estimate of $4.10. For FY10, Meredith is now expecting Goldman to report $15.70, down from $20 previously. The Street is looking for FY10 EPS of $16.76."

...hat tip to Jesse's Cafe Americain

Thu, 07/08/2010 - 18:01 | 459387 DosZap
DosZap's picture

Kesse, has had TWO great pieces this week,,,,,,Kudo's Jesse'!!!!!!!!!

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herry's picture

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