Taxpayer Taken... Ode on a Grecian...

Taxpayer Taken for $2.3 Billion...
The U.S. Treasury (funded by U.S. taxpayers) was on the receving end of worthless warrants as CIT failed to meet"contingent rights" listed in its reorganization plan. There is little to no coincidence that former Merrill Lynch CEO John Thain's appointment riled up moralists who remember shadowy deals that went down on the eve before Bank of America took them over. But hey, if you have a funding source like TARP available, it is much easier to forgive and forget... Afterall, who is going fess up for TARP? I wonder if these loan deals would have been so easily forgiven if the mafia was breaking bones over late payments?

Ode on a Grecian Urn
English poet John Keats did recognize the timeless beauty of a Grecian Urn. But, it was a universal truth of that Grecian Urn that brought it's true beauty. The European Union's Central Bank is facing a truth that is not beautiful. Iceland, Irealnd, Spain, Portugal, and now Greece are bankrupt. Just when it appeared that European markets were on the mend, Greece's soverign debt became the latest story on a continent that continues to deteriorate. One analyst commented along the lines that this debt is now confined to Lower Europe. However, it is becoming more apparant that soverign debt problems are actually spreading. The question is how much longer can the ECB continue to bailout countires that are unable to service runaway spending and debt? This too should serve as a stinging reminder to the liberals who often confuse liabilities with assets. Programs that do not generate wealth will in the end, destroy good economies along with the bad one. That is one reason the Europeans should re-evaluate those nations who are part of the EU.

'Beauty is truth, truth beauty,—that is all
Ye know on earth, and all ye need to know.' John Keats

Stock Watch
Last year, this investor parked a lion's share of one retirement account in Treasury Bills. Sure, I missed the "big rally" from March 09 lows to January 2010 highs. But, I have learned that Vangaurd's Precious Metals and Mining would have actually lost me money had I ventured to re-enter that VGPMX position. As for now, I will keep those monies parked in Treasury Bills.

D or Dominion Natural Resources has been an interesting story. I hold a strong position and have played the dividend game here. Oil and gas interests, while out of favor with the current administration, will remain a significant part of the energy for years to come. There has even been talk that the "over-drilling" which took place during the last oil boom has in-fact created significant natural gas supplies and cheap prices. This will be a simple relation of expediency as opposed to desire.

NEOP still remains on the move. Reviews at a NYC Investors Conference gave NEOP high ratings, particularly on Lymphoseek and Rigs. Either one of these breakouts could push this little dandy into the ozone layer.

I do like SLV at some time int he future... I will look to re-enter this position in the 14.00 range.