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A Generous Boss, Lehman Brothers, Psephology And Obama’s Jobs

December 3, 2010 by  

*Now here’s a generous boss. It seems appropriate to follow up this week’s Straight Talk with an item about Clive Palmer. The Australian mining magnate has had a very good year: A nickel refinery he bought for $10 million earned him $200 million in profits. So he decided to throw one heck of a “thank you” party for his 750 employees. The festivities included an all-expenses-paid holiday trip to Fiji. His top 50 employees also got a brand-new Mercedes sedan. “These people have made a lot of money for me this year,” he said, “and I thought I’d give some of it back.” As our friends Down Under would say, “Good O!”

*Now, this is way beyond generous. In case you missed the news, in the two years since Lehman Brothers was forced into bankruptcy, the lawyers, consultants and other experts handling the disposition of assets have collected… are you ready for this?… more than $1 billion in fees. Maybe crime doesn’t pay; but bankruptcy sure does.

*I learned a new word. No, it’s not a curse word because of the item above. The word is “psephology.” According to Merriam-Webster, it’s pronounced "see-FAH-luh-jee". And it means the scientific study of elections. My new word was very useful last month. And I’m sure I’ll have many more occasions to use it between now and November 2012.

*Each job cost us how much? A new study by the Mercatus Center, one of my favorite think tanks, reports that, “Each job that President Obama claims to have created with his stimulus plan works out to have cost taxpayers $282,000.” That should make all of us want to swear a bit.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • http://none Mike

    Maby we could get this guy from Australia to come give our goverment a lesson in economics. Looks like he knows how to make some money as well as how to spend it.
    Lawyers Guns and Money to get me out of this comes to mind.Vultures one and all feeding off of misfortune.
    New word hmm let me make up one too Fraudology. The study of how best to rig an election. That makes it appear not to be rigged.
    Lets see create me a job that pays me 282,000 a year please. Oh wait that was my money to start with. Looks like I am working for free again. Pathetic!!!Mike L.

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