Hedge Fund Gold Kicked To The Curb By HSBC

Thanks to the Federal Reserve and the Treasury, the international banking gnomes are rapidly trading paper money—or rather, computer digits—for gold.  This flood of gold flowing into the hands of the gnomes then moves to HSBC which is a European bank with vaults in midtown Manhattan.  Now, they have to move it because it is too much and guess where it is going?  Its a secret!  HAHAHA.  Actually, ask JP Morgan’s Dimon: he runs the Fed gold vaults on Broad Street in Manhattan.


Gold has a very big, physical drawback: it is physical and it is heavy.  And to protect it, you need very elaborate physical systems that require human and electronic guard systems and all sorts of other things.  Its very physicality is what makes it a good ‘money’: it is impossible to make it go to infinity.  The Weimar inflation, for example, was due to Germany cutting the gold peg just as WWI began.  After the war, it was impossible to put the inflation horse back into its stable.  England managed to do this but only by transferring a big load of its own WWI debts to the US and using this mechanism to engineer a very weak return to the gold standard…which collapsed the minute Germany ceased paying reparations.


Gold’s very weight, protection and difficulty in increasing the supply makes it a very difficult item to use as a speculation tool over time.  That is, speculating on paper gold futures is just as fun and fast as speculating on any futures where you don’t have to really take charge of something.  But just like with any commodity, like oil or grain, it has to be taken by someone, sometime, and held somewhere safe where it won’t vanish or degrade or whatever.  And this is the difficulty for the speculators who really don’t like this aspect of any commodity business.


A Mad Rush as Gold Bugs Get the Boot – WSJ.com

Fleets of armored trucks piled with gold bars and coins have been streaming out of midtown Manhattan in one unexpected consequence of the gold craze. Amid gold’s rise — it has gained 32% this year and reached a record on Monday — investors have been loading up on bullion and coins. One big problem now is where to store it. The solution from HSBC, owner of one of the biggest vaults in the U.S.: somewhere else. HSBC has told retail clients to remove their small holdings from its fortress beneath its tower on New York City’s Fifth Avenue. The bank …


Gold is now nearing $1,200 an ounce.  Exactly like last year’s mad march to the stratosphere by oil speculators who ran up prices in that sector, the happy game of passing deals from one to the other ended and the price collapsed somewhat (but is now returning upwards again) and the losers were the ones stuck with holding onto the physical oil.  Oil is dangerous, toxic, explosive as well as dirty and heavy.  It requires delicate handling to prevent disasters like storage facilities sinking or rupturing or blowing up.  The longer one holds this stuff, the chance of mischance are serious considerations.  The winners of last year’s oil bidding wars were the ones who bought and then flipped the sales quickly and then ran off before they could get stuck holding any contracts for more than a few days or even minutes.


Just like a flotilla of oil tankers sit offshore of Merry England, waiting desperately for prices to rise above the contract prices enough to turn a profit, so it is with gold: the guys playing the gold games inside of the mega banks have to actually take charge of this metal until they sell it.  And they want to sell high and stick some schmuck with the physical headache of holding the actual gold while the game players run off with the paper money profits.


I suspect this gold is going into the Federal Reserve vaults in NYC because it is done as a free favor by the NY Fed which is PURE INSANITY. We do not use gold as the basis for our currency. But the big time owners of the Federal Reserve do hold gold for themselves (NOT us) and love having us pay for holding this stuff for them.  So they made it totally free.  I think Ron Paul intends to have this business audited, too.  For obvious reasons.


JPMorgan Cuts 2010 Dollar Forecast on Rates, Cash (Update1) – Bloomberg.com

JPMorgan Chase & Co., the second- largest U.S. bank, said the dollar will fall to a record low next year on signs the Federal Reserve will keep interest rates near zero until 2011 and investors seek higher-yielding assets.


The dollar will weaken to $1.62 per euro in the second quarter, JPMorgan foreign-exchange strategists led by London- based John Normand wrote in the bank’s Global FX Outlook 2010, published today. The bank previously predicted a trough of $1.50 in the first quarter.


U.S. rates at an all-time low make the dollar attractive to sell in so-called carry trades, in which investors use the greenback to fund purchases of higher-yielding currencies such as the Australian dollar and Norwegian krone. The greenback also weakened this year as central banks increased the percentage of foreign reserves held in euros at the expense of the dollar.


The ‘higher yielding assets’ are gold and oil!  As well as other things. The stupid, hideous, job-killing buy out game has also resumed with the Hershey/Cadbury merger game.  The only result of this business is to reduce choices in the markets for candy coupled with firing lots of workers in both organizations.  A lose-lose situation for the economy but immense profits for the gnomes.  Dying currencies are fun for speculators and a catastrophe for economies. When Germany went into hyperinflation after WWI, the speculators poured into Berlin and to Vienna, too.  And then ruthlessly played the currency exchange game until both capitals saw their money turn totally to nothingness.  Then, the speculators departed the empty banks and the two nations had to try to start all over again.


Obviously, a wild spending US government wasting vast resources on futile wars and futile attempts to control the planet via military dominance, is heading down this road.  We are run by currency speculators and financial gamesters who want to get rich and to hell with the rest of the US people.  Industrialists playing currency games by moving production offshore to avoid taxes and paying for native workers, allowed to reimport production with zero tariffs: these actions are what nations do when they are helpless.  Germany, for example, lost WWI.  And then lost control of its own currency as well as trade.  And many industries that were taken over by hostile foreign powers.  And naturally, went off the economic cliff.


So it will be with the US which has destroyed its own native workforce and industries.  And our media won’t talk about this, of course, since many major media systems are owned by foreigners, too.  The most powerful lobby in Congress lobbies for a foreign power, via AIPAC, for example.  The only thing the free trade/floating fiat currency/low tax system did was enable global speculators to run riot and enrich themselves.  While destroying us.  Let’s go to the Federal Reserve for some information here:


Reserve Requirements – Fedpoints – Federal Reserve Bank of New York

Reserve requirements, the discount rate (the interest rate that Federal Reserve Banks charge depository institutions for short-term loans), and open market operations (the buying and selling of government securities) are the Fed’s three main tools of monetary policy. There is a continual flow of reserves among banks, representing the ever-changing supply and demand for these reserves at individual banks. When the Fed engages in open market operations, it adds to or subtracts from the supply of reserves. The effectiveness of the Fed’s actions result from the reasonably predictable demand for reserves that is created by reserve requirements.


The Fed changes reserve requirements for monetary policy purposes only infrequently. Reserve requirements impose a cost on the banks equal to the foregone interest on the amount by which required reserves exceed the reserves that banks would voluntarily hold in order to conduct their business, and the Fed has been hesitant to make changes that would increase that cost. (Between 1980 and 1987 reserve requirements underwent a series of changes mandated by the MCA. Requirements on banks that were members of the Federal Reserve System were lowered, while those on nonmember depository institutions were raised gradually from zero to the final levels applied to the member banks.)


This is a key sentence.  Reserves (including most importantly, gold!) are a COST on banks, not a profit maker.  This is why HSBC is kicking out the gold hoards of the hedge funds and other gnomes.  The Fed wants to make ‘banking’ as cheap as possible.  In this case, cheap=destroy the value of the currency.  Reserves are supposed to exist to PREVENT the destruction of the currency.  Note that the dollar has lost over 90% of its value thanks to the Fed’s refusal to protect the currency at all.


There have been only a handful of policy-related reserve requirement changes since the MCA was passed in 1980. In March 1983, the Fed eliminated the reserve requirement on nonpersonal time deposits with maturities of 30 months or more, and in September 1983, it reduced that minimum maturity to 18 months. Then, in December 1990, the Fed cut the requirement on nonpersonal time deposits and on net Eurocurrency liabilities from 3% to 0%. In April 1992, it cut the requirement on transaction deposits from 12% to 10%. In announcing its December 1990 move, the Fed noted that the cut would reduce banks’ costs, “providing added incentive to lend to creditworthy borrowers.” Similarly, in announcing its April 1992 cut in reserve requirements, the Fed observed that the reduction would put banks “in a better position to extend credit.” Current reserve requirements are low by historical standards. From 1937 to 1958, for example, the rate on demand deposits was always at least 20% for banks in New York and Chicago, which were “central reserve cities”—a term now obsolete.


All charts and graphs show that we began to edge ever-so-slightly into trouble when the Fed cut the reserve standards.  This caused the fun times in the 1960’s.  Suburbia expanded tremendously and many people who couldn’t buy big houses, bought bigger and bigger houses.  And the gold hoard in Ft. Knox began to rapidly drain so that 75% of its content was gone by 1968.  The debasing of the coinage began during the very beginning of this cycle, in 1964 onwards with the true metals in pennies, nickels, dimes, etc all being replaced with baser metals like zinc.


When I was in Europe during the sixties, I was stunned at the poor quality of German coins, for example. They were all cheap metals.  And Germans liked my US coins very much, thank you.  I could make direct deals for buying antiques using my own money compared to using European money.  Boy, are the tables reversed now!  The US was the last nation to keep hold of using silver, etc are money in the coins.  Now, everyone has fake coins.  Which still can’t keep up with the rate of debasement!  Zinc, for example, last year outstripped its face value as a coin.


Before the passage of the MCA in 1980, only banks that were members of the Federal Reserve System had to meet the Fed’s reserve requirements. State-chartered banks that were not Federal Reserve members had to meet their state’s reserve requirements, which typically were lower. As a result, many banks dropped their Federal Reserve membership, and member bank transaction deposits fell from nearly 85% of total U.S. transaction deposits in the late 1950s to 65% two decades later, weakening the Fed’s ability to influence the money supply. The MCA sought to solve this problem by authorizing the Fed to set reserve requirements for all depository institutions, regardless of Fed membership status.


THIS WAS A MAJOR WARNING SIGN!  As the states made it easier and easier to make money out of nothing, the ‘control’ of the Fed began to vanish.  Now, we have to understand that much of the funny money making we saw this last decade wasn’t just via state-controlled banks with no restraints but INTERNATIONAL banks doing the exact same thing.


That is, the Fed let them do it, too!  The dollar has taken an immense beating, thanks to this.  The only way Libra could reset Her scales was to destroy much of this fake funny money made via handing out loans by allowing borrowers to give up and the money then vanished since no one is paying it back.  The Fed ‘fixed ‘ this banking situation by joining the party.  And there we are: all they had left was just interest rate adjustments via buying debts.


The Fed has long advocated the payment of interest on the reserves that banks maintain at Federal Reserve Banks. Such a step would have to be approved by Congress, which traditionally has been opposed because of the revenue loss that would result to the U.S. Treasury. Each year the Treasury receives the Fed’s revenue that is in excess of its expenses. The payment of interest on reserves would, of course, be an additional expense to the Fed.



And people ask me why Mr. Demon Dimon wants to hop from the Fed to the Treasury???? HAHAHA. It should be very obvious now. But let’s visit that socialist/commie state, China. Whoa! They are practicing TRADITIONAL banking! What we did before 1960. Who would believe? And I guarantee they will haul all of us back to the gold standard for world trade, too, in time.



China Banks Said to Submit Capital Raising Plans (Update1) – Bloomberg.com

China’s five largest banks submitted plans to regulators for raising money after unprecedented lending eroded their capital, according to four people with knowledge of the matter.


Note what I underlined: this lending is not making capital, it is DESTROYING capital!  And this, in a nutshell, is all about ‘capitalism’.  Capitalism is NOT speculation.  Capital is created via labor joining up with commodities and the using modern technological manufacturing systems, is used in such a way as to profit all parties: the commodity sellers, the workers, the investors and the managers!  Ask the Germans about this.  They are all basically Marxists in this regard, too.


Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Bank of China Ltd., Agricultural Bank of China and Bank of Communications Ltd. told the China Banking Regulatory Commission how they can bolster capital ratios after the watchdog evaluated their finances last week, the people said. Lenders were told to estimate potential deficits in 2010 based on their own loan forecasts and capital ratio targets, they said.


Bank shares fell in Hong Kong trading today after Bank of China said it’s studying “various options” to replenish capital. The five lenders extended a record 4.7 trillion yuan ($688 billion) of loans in the first nine months, driving China’s economic growth to an annual 8.9 percent rate in the third quarter even as rivals worldwide reined in credit.


Chinese shares plunge Tuesday led by heavyweights, banking stocks_English_Xinhua

The key stock index tumbled while combined turnover surged to 468.94 billion yuan (68.67 billion U.S. dollars) from 327.91 billion yuan on the previous trading day, suggesting profit taking after three trading weeks of small, but volatile, rises. In Tuesday’s trading, losers sharply outnumbered gainers by 838to 50 in the larger Shanghai Stock Exchange, and by 765 to 46 in the smaller Shenzhen exchange.


Whenever wild spending, wild lending and bubble blowing is halted, markets decline.  But to not do this means letting them go out of control and instead of a slow down, you get a Great Depression like Japan and the US have tumbled into.  The refusal to rein in lending is a curse, not a blessing.  The US has been desperate to expand lending this last year and this is a doomed operation so long as we don’t expand PRODUCTION that is labor+materials+tools=profits.  Right now, we are spinning our wheels.  So money flows but look to where it is going: into speculation on gold markets or oil or back overseas again via our trade deficit and our war spending.


Home Prices in 20 U.S. Cities Rise for Fourth Month (Correct) – Bloomberg.com

Home prices in 20 U.S. cities rose for a fourth straight month in September, pointing to improvement in real estate that’s helping the economy emerge from recession.


The S&P/Case-Shiller home-price index increased 0.27 percent from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.


Rising home sales, aided by government programs and a decline in mortgage rates this year, have helped stem the slump in property values that precipitated the worst recession since the 1930s. Home buying and consumer spending may still be hampered by higher unemployment, which may prompt more foreclosures.


Like with auto sales, this is generated by our government taking on more debt to bankroll borrowing even as the bankers giving these loans are buying and hoarding gold.  This is EXACTLY how the beginning of the Weimar German hyperinflation began.  Right now, our international trade rivals will bankroll our government spending…up to a point.  So we are not being squeezed like Germany was after WWI (there as no sympathy and lots of literal bad blood back then).  But China can put us in exactly this same situation very easily if they deny us more credit and sell off dollars at the same time.  And this is not an opportunity but a trap…for us.


True, England and France paid a price for squeezing Germany in 1920-1924.  It came in the form of WWII.  But this is no comfort for us.  If we launch WWIII, this won’t do us much good (Germany lay in ruins after WWII, after all).  Our housing won’t be worth a hill of beans if we have nuclear war.  On top of this, the US has insisted on building mostly along our shorelines while oceans continue to rise.  Talk about insanity.  Not to mention, the deadly San Andreas fault is ready to spring and is going to inevitably happen any hour now, and this will be very destructive for our economic situation.


The inability to rebuild the WTC and New Orleans after two disasters is an indicator that we are running out of steam.  The fact that many of our industrial cities are now turning into ghost towns is equally alarming.  We built suburbia and abandoned ship when it came to our major hubs.  I remember when huge hunks of NYC were abandoned to rioters, looters and criminals.  Speaking of whom…


Two executed in China over tainted milk – CNN.com

Zhang Yujun was executed for endangering public safety and Geng Jinping was executed for producing and selling toxic food, the Xinhua news agency said.


The Chinese really do punish evil doers.  Of course, not evil doers who have good connections.  But then, good connections can vanish very suddenly in China.  This keeps the system somewhat honest.  And many Americans which that we not put just the Gitmo guys on trial but the other criminals who destroyed our entire banking system on trial, too.  But we won’t see this.  Slaps on the wrists time!


Insurance exec accused of filming naked ESPN hottie to be arraigned

An Illinois insurance executive accused of secretly making nude videos of ESPN reporter Erin Andrews is scheduled for arraignment in a Los Angeles federal courtroom.

. Michael Barrett is set to be arraigned Monday on one count of interstate stalking….Prosecutors say Barrett found hotels in Columbus, Ohio, and other cities where Andrews was staying three times last year. They say he rented an adjacent room, altered the peephole and shot videos of Andrews.


Funny sex-starved gnome story.  He certainly kept everyone very entertained.  Send him to China for re-education. Put pictures of Madame Mao in his cell.


Woman Who Sank Galleon Was Beauty-Queen-Turned-Analyst Insider – Bloomberg.com

Chiesi wore short skirts and low-cut tops, according to people who saw her over the years. One ploy was to go barhopping with a group, and then peel someone off to talk to on the dance floor, says a person who attended conferences with her.


A blond, blue-eyed former teenage beauty queen, Chiesi used her sexuality to build sources at male-dominated tech companies, says Deborah Stapleton, president of Stapleton Communications Inc., an investor relations company in Palo Alto, California.


Punishing a goddess for luring gnomes to destruction?  No, that is wrong.  Heh.  They got what they deserved.  She should have been less obvious about it.  Like, she should have not been an executive but been a proper prostitute.  Then, she could have gotten paid under the table and not paid taxes.  See how easy it all is?  Heh.

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Filed under .money matters

15 responses to “Hedge Fund Gold Kicked To The Curb By HSBC

  1. CK

    Woot two more years of zero interest. How sweet that must be to folks with ARMs where the interest rate adjusts to the short term treasury bill rate. How sweeter it must be when reset time rolls around and the payment resets lower to reflect 0. Maybe the old farts that founded the religions were right about interest being evil.
    Gold is beautiful stuff, nice to look at.
    Easy to store in small amounts. 100 pounds of gold won’t take up much space at all. Not a bad way to keep some real assets. Cast them into weights, spray paint gray and use them to improve your health. ( could use tungsten too but it is harder to drill and much harder to cast.)

  2. HsBC , might have phyisical problems storing gold but surely the cost is relatively neglegible.

  3. DeVaul

    I don’t find gold all that attractive except on dark skinned people. I prefer silver, which I think looks great.

    I wonder if HSBC is doing this out of spite?

    I just read an article in the WSJ that said the show Dancing with the Stars uses a make-up artist who spray paints a tan on the dancers and then sprays a shadow paint on them to create the illusion of well developed abs and muscles.

    Sounds like our whole economy.

  4. TiredoftheBS

    Just a note from Mish’s site.
    Mish says:
    Today, 2:49:38 PMAddendum:

    Tim Ellis at the Seattle Bubble comments

    Hi Mish,

    The Bloomberg article you linked to today has an outright false headline. “Home prices in 20 U.S. cities rose for a fourth straight month” is totally incorrect. Home prices rose in only 9 of 20 cities tracked by Case-Shiller. The 20-city index rose, but the headline clearly states that home prices “in 20 cities” rose, which is false.

    Tim is correct. My link had it correct Home Prices Rose For 4th Consecutive Month. However, the actual landing headline is Home Prices in 20 U.S. Cities Rise for Fourth Month.

    Note that the 20 city index composite rose but only 9 of 20 cities actually rose, 10 declined and 1 was flat. Here is the pertinent statement from the article.

    Nineteen of the 20 cities in the S&P/Case-Shiller index showed a smaller year-over-year decline in home prices than in August.

    Compared with the prior month, nine of the 20 areas covered showed an increase while 10 had a decline. The biggest month-to- month gains were in Detroit and Minneapolis, where prices increased 1.8 percent.

  5. nah

    The fact that many of our industrial cities are now turning into ghost towns is equally alarming.
    theres no one at the wheel of government…. and thats why it should be smaller…. because big expencive government is just a laze fair free for all at the taxpayers expense ‘see communism’…. at least small government DEMANDS leaders to move the nation…. big government encourages the ignorant plutocrats of status quo to occupy the halls of power and opulence…. that can only be nearly cheated into existence by incentive…. as goldman goes so does our lord

    banks are not who we are as americans

  6. nah

    welfare for the rich painted over again and again by the banks as a cheap whore…. that the heart of capitalism they alone provide the energy for and is under threat from ‘bills’….
    they need to pay all the money in the universe even if it takes tax dollars to guarantee their positions in complex markets…. we get AIG/Fannie/Freddie/FHA/GM/Citi/FED/TARP…. and they get a bonus….
    how do the CEOs have seats waiting in the treasury??? isnt there some fresh blood that can be stern with the banks
    like jamie dimon
    i dont want to kill the economy…. money could be viewed as garbage i guess…. but these guys view money as garbage we dont realize we are throwing away, and they killed the economy

  7. nah

    But – you may say – we had no choice, we had to fight those wars because of 9/11.
    Well, top British officials say that the U.S. discussed Iraq regime change long before 9/11. In fact, they say that regime change was advocated one month after Bush took office:
    this is a pivotal war footing…. personally i think the banks are crook NWO capitalist nobody’s who get all the credit of our great nation….
    if we cant deal with their corruption…. the NWO in asia is going to be a train wreck…. afghanistan sounds like its already got a corrupt system in place…. no room to grow for the NWO
    if we dont break up the banks…. we should take a long hard look at asia…. could be alot more expencive, and the banks would love a whack at it, honesty is just another wealthfare whore

  8. nah

    You are NOT special. You could be a source of inspiration. But keep on being “special.” See if anybody listens. They will not. Stop being so “special”!
    dude please…. can you read this stuff….
    personally if you would lite a fire under someone elses ass…. i dont want to read you blues…. this heres a tree fort

  9. nah

    I also own “CommunitySurvival. info” Soon to go online independently. With no WordPress even. It will be Drupal.
    im just thinking that people like to hear things like sorry…. o and they like it when people identify with them without force of identity…. meanness is dumb bro….
    my buddies started brawlin’ one time over a game of poker…. and each had his own beef…. but i zoomed in on the bastard who was a guest in the house…. were all still buds…. but some people pay the bills and you got to respect that

  10. ralph

    Don’t you think the “CASH FOR GOLD” shops opening everywhere were a dead giveaway Gold was about to explode to the upside??? Woman selling their Gold for worthless scrap paper at so called “Gold Parties” while Golds at its BOTTOM. Reminded me of people buying YHOO at $400 per share and buying over-inflated real estate at the peak . Gold is going $2,000 bid. Silver is going $50 bid. The only ones having “GOLD PARTIES” are the estute speculators that bought your metal from you and are now partying with the profits. Whenever the masses behave in tandem you best do the opposite. They are SELLING their gold as fast as they can to get those supposedly precious dollars. LOL. Buy Gold its cheap at $1200 per oz. Silver at $20 is a total bargain. One more point. Gold is not anywhere near a bubble because Gold and Silver are CASH markets. People buy physical metal for CASH and Hold. India paid $1045 for 200 tonnes;a measly $6.7 billion. Sri Lanka just bought 10 tonnes for a measly $355 million and they paid $1078 per oz. Bubble? You have to be deranged. Buy physical coins now for anywhere near todays LOW prices!!!

  11. ralph

    GOLD AND SILVER ARE ALL YOU CAN RELY ON!!! Hedge fund morons are just waking up to the fact that all their supposed WEALTH is all just paper scrap that can be rapidly reproduced. They are now FLOCKING to BUY metal. They have ALOT of $$$ to spend!!! They are NOT using margin. WAKE UP FOLKS. OWN MONEY METALS FOR CASH IN HAND!!!

  12. emsnews

    Gold and silver have had bubbles in the past and will have them in the future. This should be plainly obvious.

    ‘Value’ is decided by markets and speculators. Today, they can rush into a market and tomorrow, can run off to a totally different market.

    Bubbles are caused primarily by excess easy (carry trade!) money created by easy credit.

  13. JSmith

    “Hedge Fund Gold Kicked To The Curb By HSBC”

    I thought you’d like that article.

    What HSBC is doing is freeing vault space for more easily-stored bars. They like stuff that stacks neatly, not your crappy stack of krugerrands (remember those?)

    “Gold’s very weight, protection and difficulty in increasing the supply makes it a very difficult item to use as a speculation tool over time.”

    And that’s the point, isn’t it? Because of course once you start handing out IOUs instead of heavy metal, the games begin. People start writing bad checks. There’s no way around it. That’s just what people do, except…

    “We do not use gold as the basis for our currency.”

    There you are. If we use gold instead of paper, it’s much harder to debase the currency.

    “The only result of this business is to reduce choices in the markets for candy coupled with firing lots of workers in both organizations.”

    Oh, come on, Elaine. Whoever buys Cadbury isn’t going to kill the goose. What they’re after are the golden eggs Cadbury lays. They’re not going to do anything to the brand – cadbury sells too many Dairy Milk bars.

    ” The debasing of the coinage began during the very beginning of this cycle, in 1964 onwards with the true metals in pennies, nickels, dimes, etc all being replaced with baser metals like zinc. ”

    I think it was when they stopped making these things.

    “A blond, blue-eyed former teenage beauty queen, Chiesi used her sexuality…”

    You know what? I googled this chick… yuck. That’s not a goddess. That’s a former teenage beauty queen. Very former. She looks like she’s been round the block lots of times – you wouldn’t catch me telling her the time of day, let alone how many units I was shipping.

  14. emsnews

    All mergers involve firing many, many people, Smith. And you know that perfectly well.

    Happy Thanksgiving, by the way. We are not having one on Thursday because the only family member who couldn’t get flu shots is sick…with the flu.

    All of us who got vaccinated are fine. But we don’t want to celebrate without everyone so we will do it on Saturday.

  15. JSmith

    Happy Thanksgiving to you, Elaine.

    “We are not having one on Thursday because the only family member who couldn’t get flu shots is sick…with the flu.”

    How odd. Isn’t it supposed to work the other way ’round?

    “All mergers involve firing many, many people, Smith.”

    Some do, some don’t. I’ve been through several myself.

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