Friday, December 16, 2005

J-Com ...Ayn's Shame?

Two days after UBS publicly stated it won't keep the gains from the errant Mizuho trade in J-Comm (Code #2462), an eerie silence hangs from the others: Nikko, Lehman Bros, CSFB, and Morgan Stanley. Susquehanna, Evolution Master Fund LP, and Tiedeman by contrast have bot, flipped and gone.

Which got me thinking about whether these people and organizations (ex-UBS) are devotees of Ayn Rand. This, to me, seems the most plausible of explantions for their collective actions: They are devotees of the Cult of Selfishness, which in Ms Rand's eyes is not only wholly justified when pursued in rational self-interest, but benefits everyone and makes them better off. I can hear Ms. Rand's voice with her sour unpleasant dosposition exclaiming her thoughts on the Mizuho fiasco:

"Vot kind of vimpy altruists these Swiss (UBS) have become! Can't they [UBS] see that such actions stem from ze pressure of vot other people think??! Where is their mettle? Where is their resolve? Do you think they become one of the biggest banks in the vorld being NICE to people? Bah!" They are nothing but sissies! Take that firm Morgan Stanley - the one with lots of men who possess chiseled chins, strong capitalist handshakes, an unwavering confidence and resolvein the correctness of their actions. Now that's a firm that KNOWS it's destiny. THAT's a firm which is not held back by insignificant concerns about "intention", "meaning", or "spirit". Nyet! THEY know that THEY are destined for greatness. THEY understand the difference between themselves and the weaker men who suffer from their brain-voshed bonds of altruism and vorry. THEY ALONE VILL RULE THE WORLD BY WINNING AND WINNING AND ACCUMULATING ALL THE CHIPS! VE MUST WIN! WIN ALL THE CHIPS! ACCUMULATE MORE CHIPS! IT IS GOOD FOR THE PEOPLE. DON'T BE A CHUMP AND OFFER YOUR HAND TO THE WEAK. IT WILL POLLUTE YOUR RESOLVE. ....MUST HAVE MORE CHIPS THAN THERE ARE CHIPS! MORE SHARES!! ...MUST GET MORE SHARES THAN THERE ARE SHARES! AAAARRGH DESTINY! POWER! GLORY! AAARGH!!! LET THE SOFT VIMPS VALLOW IN THEIR OWN PITY. MONEY IS POWER IS FREEDOM IS DESTINY IS LOVE IS POWER...."

Ahem. Well as I was saying, perhaps they are devotees Ayn Rand. Or maybe, it's that their lawyers are simply discussing the implications and technicalities of how to bust the trades without setting a bad precedent. Time will tell....

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