Too Big to Fail

The concept of too big to fail is one that we all learned at once this fall and I think it is a lesson that we will not soon forget. Unfortunately for Lehman, it was not learned quickly enough. Time affords us the ability to look back with laser accuracy on the events of this fall and the demise of our banking system.
Looking back to the demise of Long Term Capital we should have learned a few very important lessons. Firstly, the question as to if an entity is too big to fail comes within a highly tense environment. This is one where fear, excitement, and uncertainty rule. It is somewhat analogous to the tension when a half clothed girl confronts a half clothed boy in the back of a car with the windows steamed up. Passions are running high and one asks the question, “Should we do it?” That question lingers in the thickness of the air until one is ready to answer. The answer is less with thought and more with emotion at that exact moment. At least one party to that discussion has clouded judgment. (Please, spare me, I am not condoning pre-marital sex, I am simply trying to make an analogy).
So too did the question hang in the thick air of those fateful days for Lehman, Bear Stearns, AIG and others. “Should we do it?” Apparently the federal government was not “in the mood” and still screwed Lehman in the process. I sit back on wonder if things had evolved differently, would the answers be the same. If the ordering was AIG, Bear, Merrill, and Lehman- would Lehman still be here today.
Obviously one can argue that the events that occurred all occurred as a dominoes falling in a particular order. Remove one domino in the equation and the others might not fall. Or, perhaps you can consider the idea that if the feds took quick, action on just saving Lehman and buying toxic assets from them, could they have prevented having to set aside $700 billion in the TARP in the first place. We’ll never know.
What concerns me the most right now is the very lack of discussion about how to prevent this from happening again in the future? I personally feel there must be an in-depth inquiry into what has occurred, the sequence of events and how to prevent this from happening again.
In order to diffuse the intense pressure of the decision making, would it be wise for the SEC to create a division that evaluates the size and breadth of a financial institution’s reach and deem them too big to fail each year they file their annual report and 10K? By doing this it will remove the appearance of the government is playing favorites as to who they save and who they let fail. I am sure that Lehman employees would have preferred to know that before the crisis that should there be a problem, the Us Government is ready and willing to step in and help.
You can argue that is the exact wrong thing to do. Any financial institution that is assured a safety net would have no incentive to effectively manage risk. They would simply put all of their chips on the table, hope for the best and if it all goes sideways, call Uncle Sam.
Regardless of how we view the lessons learned here, a concrete set of criteria needs to be established in order to understand the how a bank can get to be too big to fail. Those factors need to be agreed and then need to be referenced when there is a financial crisis.
My views on this subject are obviously impacted by the fact that I am a CPA. What are your thoughts on the issue?

Madoff made off with billions

Special thanks to my cousin Arlene for encouraging me to put pen to paper, or rather finger to keys on the Madoff scandal. It has been a while since I have set down to write so it’s good to be with you all again.
There is so much being said about Madoff, it is hard to come up with original material, stuff worth reading that is not a regurgitation of what others are saying. For me, the real story is the fact that Madoff did not discriminate on who he defrauded and it appears to be that Jewish philanthropies have suffered the most. I think that is the part that is so shocking to many people.
There is no formally written commercial code of conduct on business dealings between Jews written in the last thousand years. There is a wealth of information in the teachings of the Torah and how Jews should conduct themselves in business dealings in general. The Torah speaks specifically about forbidding the charge of usurious interest and other common sense issues. The Torah also extends from common sense to specific activities that are forbidden. However no where does it say, ‘Thou shalt not defraud another Jew’. G-d would clearly not delineate between Jews and any other nation. However, the unspoken code of conduct is what has been breached in this instance. And for me, that is what is most shocking. Over and above the writings 5000 years old there is common understanding that you just don’t do this.
The underlying story of Madoff is still unfolding . The early indications is that the public is blasé about the response to the scandal. They just see it as a number of super-wealthy people that have lost money. Some of which now have to live every day kind of lives. Boo hoo. The people that will be impacted the most will be those that depend on the charities to survive. That impact will be felt for decades.

CNBC and the eight person cage match

Is it me or is CNBC plumbing new depths in childish behaviors lately. Normally I am glued to the screen however I find it particularly painful to comprehend what they are saying these days.
Firstly, Joe Kiernan is a f*cking idiot. I was hoping that a business show could keep its head above water on the election. He felt inclined to spout his political drivel every morning. Now he just sits there and sulks like a little baby everyday. I hope that they find a way to replace him soon because he is just downright depressing. Eight years of his bad attitude will turn many people, including me away.
There are few people that have any credibility left on that show. I favor Steve Liesman. I think his analysis of the markets and the economy is sound and accurate. My problem is that yon virtually see the producers waving frantically at him to dummy down his spiel so that the alpha male Neanderthal day traders can actually figure out what stocks they can short that day. Steve, if you are reading, stay smart, stay sharp, and continue to explain how the economy works. It is becoming abundantly clear that the vast majority of willing to put their money in the markets lack the basic understanding of the economy and markets.
The other person I still respect is Becky Quick, although the name fails to match the persona. I see a shrewd journalist that has the whole package (brains and beauty), I cringe when I hear he called Becky, for some reason I picture a freckled kid with pony tails.
David Faber, The Brain, still has journalistic credibility. He has reverted to actually reporting on things which is much better than what the other do which is spout off whatever catch phrase comes to mind next.
The absolute worst creation is the eight person Power -Lunch -Hollywood -Squares presentation that they do. My favorite (not) is watching them all be so eager to say their piece that they completely talk over each other. Each one of them trying to squeeze in the next zinger and get the last word.
My sense is that I am not the only one deciding to switch CNBC off . Why else would they hype the melodrama of the competition between Maria Bartiromo and Erin Burnett. Sex sells. Women fighting sells more. About the only thing left that would increase viewership is to throw some Jell-o on them to see them finish each other off.
CNBC has failed the basic test of journalistic integrity. Never be so self absorbed that you stop reporting the news and become the news. Each of these characters, except the ones I called out specifically have so visibly had their egos inflated they actually relish the idea that what they say moves the markets and can create or destroy fortunes. I just want the news and for me, that means switching to Bloomberg.
They will surely credit their demise in ratings to a falling market- who wants to hear bad news? They’ll miss the boat. They will actually get crushed by the weight of their own inflated egos. The show still lacks any parental supervision.

(lame) Duck!

Despite having written about my complete disgust with how the Bush Administration ran this country for the last six years. I still was repulsed by how Bush was treated on his recent trip to Iraq. While I feel that the protest was legitimate, the method was downright wrong and a slap in the face to the American people. Bush may have been the worst President ever however he should not be subject to physical harm as the leader of our great nation. While things in Iraq are still in horrific shape, respect must be paid to the office of the president even if you don’t care for the person currently filling it.

The challenges that lie ahead

There is no doubt that President Obama takes command with a number of seemingly insurmountable challenges. Our role on the world stage has been diminished. Our reputation has been tarnished. Our economy is in turmoil. The first order of business is to restore confidence that not only Americans have, but the world has, in the American experiment.
It is a testament to his abilities, this grace under pressure, that he exhibits when not only all of us, but all of them, focus their attention on him. There will be some missteps and false starts on the way however I am confident that he is the best man for the job.
Each President has a defining moment. That one image that is etched in your memory that you recall long after their time is up. For me, some of these images are scores of Germans standing on top of a cement wall that comes crashing down. A president pointing his finger an echoing a statement, ‘I did not have sexual relations with that woman.’ Perhaps it is a hapless man exasperated over hostages taken by Iran, or it is a smallish man standing on a pile of rubble that was the World Trade Center with a bull horn and his arm around a firefighter.
For me, it is the likeness of the last image that makes me wonder what President Obama’s image will be. My image is of him standing on top of a massive pile of rubble that is the remnants of what was once our financial system. He has a bull horn in his hand and is making a call to arms – for each of us Americans to take accountability for our actions and to stop looking for hand outs. His is call to re-ignite that entrepreneurial spirit that defines our nation. His is a call to break down the barriers between people t o allow them to join hands and be successful together.
George W. Bush had a remarkable opportunity that was dutifully squandered. He had the attention of the world for a split second in time. He had us entranced with is macho American bravado when he declared, ‘The people that knocked these buildings down will hear you’.
From that point, there was a surge in global support from people around the world that has not been seen in recent history. However we did the best we could to alienate almost everyone around us. The constitution became an inconvenience on the way to administering justice. He perpetually surrounded himself with people that were from his father’s failed administration. For eight years there were no fresh ideas, no new blood and an eerie isolationism that was punctuated with statements like, ‘You are either for us, or against us. We pressed headlong into a seemingly pre-meditated war against a country that was not our enemy, led by a man that was dangerous but not a part of the clear and present danger presented by the terrorist enemy that attacked us. We created an outpost in Cuba to circumvent all kinds of domestic law and got very good at techniques of torture that violated international law. We had lost our way, and with it, the support of friends and allies around the world.
I am anxious for the 20th of January to come. It will be a day of renewal. It will be a day of renewed hope. It will be a day that America returns to business- the business of being that greatest country on earth. We will speak softly and carry a big stick. We will return to being focused, competitive, charitable, and most of all kind. We’ll return to a day when the stature, the respect, and the power of world is again restored to the American presidency. He’ll lead by example and be a man that all children can look up to. He’ll restore the romantic image of Camelot to a an office in dire need of restoration.
He’ll be our president, for our generation. He’ll ask a lot from us and we will not waver in answering that call.

Why not to bail out the big three automakers

The place we have gotten to financially is a bit sickening to tell you the truth. It seems that everyone is inept at managing their own finances and now believes that the US Government is the savior of all. When it came to solving the credit crisis, I got it. I mean it turned my stomach to put together a package to bail out wall street however it is the ability to issue loans and provide financing to American companies that is the oil in the engine of the US economy. Then we heard about bailing out Main Street which is now harder to understand. It seems that there is now a way to live in your house for free. Essentially, you just stop paying your mortgage and the government will let you live there for free. Apparently more and more Americans seem to think that defaulting on their mortgage will not have long term credit ramifications- if enough people do it all at the same time. This is getting ridiculous. I refuse to let my tax dollars be used to keep people in their homes when they should have been more cautious in the first place. It is time to man up America and take accountability for your actions. Stop asking for hand outs!
The latest in this cycle seems to be the big three US automakers. In principal, they want a loan of $25 billion to make it through the tough time. And then what? And then they will start producing fuel efficient cars? And then they will start to compete with Japan? And then there will be hybrids instead of Hummers? The big three auto makers should be dealt with my natural market forces. if you build a better mouse trap, you win and if you build Hummers and Expeditions when gas is $4 a gallon you lose. I do have compassion for the millions of people that will be out of work because of this however I believe that $25 billion in unemployment support is a better use of the money. It supports the taxpayers themselves and not inept management. The big three automakers have products that are not competitive on a global scale, have inferior quality to Japanese and European cars and waste energy. It does sound harsh but is this an industry worth saving?

We did it!

It was a nail biter up to the very end however we did it. Now the time for rebuilding can begin. The rebuilding of our economy, our image abroad, our stature on the global scale. We can also start re-paying. We can start paying down the immense amount of debt we have created- $11 trillion and counting. President elect Obama has some huge tasks facing him. How to appropriately end Mr. Bush's endless war in Iraq, refocus and already stretched military back to Afghanistan. How to fix an economy where everything seems to be broken and where everyone is asking for an hand out. It is truly a scary time however it is time for hope and I believe in Obama.

On the verge of history

It is truly a remarkable feeling knowing that by tomorrow night at this time history will have been made. We will either have the first black president or the first completely incompetent female vice president. Whichever, we'll be a part of that history in the making. Whichever the outcome, I hope that this election is decisive. I hope that there is a clear cut winner and a clear cut not winner. I hope that there is no contesting the election, no hanging chads, dimpled chads or the like. I hope that the supreme court is not dragged into this fight and determine who will be in office for the next four years.
Most of all I pray for hope. Hope that we end the war in Iraq in a timely fashion, that we bring our brave men and women home safely. That we can redirect that $10 billion we spend there monthly on our own needs and not the needs of an ungrateful nation. I hope that we can address the issues of poverty and hunger in this nation. I hope that we can provide some basic form of health insurance for those in need and i hope that we as a nation can heal the wounds that have been caused by the last eight years.
George Bush leaves a path of death and destruction in his wake. American service people killed in a seemingly endless war, our economy in tatters and increasing infighting and backbiting amongst the American people. I truly hope that next four years see the removal of Karl Rove from politics and a return to civility in the USA.

How to play this market

Previously you have seen commentary on my blog about the market. I felt it was time to revisit the issue. Our last discussion was about $100 a barrel oil. Funny how it feel short of the actual issue, which became $147 a barrel oil. Now with oil lurking back around $60 we can further examine the incredible impact that very rich and powerful 30 somethings can have on the financial markets. There are several reasons that the market is in a tail spin however we need to focus on the impacts of the rescue packages to determine where to invest going forward.
The markets rapid decline is indicative of how leveraged the various hedge funds and other investors were. By this I mean that they were able to make investments far in excess of the capital that they actually had on hand. When the market turns against them they must rapidly unwind their trades and liquidate securities regardless of what the price is. This is another clear indication that the forces working on the price of oil were not simply supply and demand but people speculating in the energy markets and driving the price of the futures contracts up higher and higher despite them never actually taking possession of a single barrel of oil.
My call on oil is that it ultimately see the mid-$40's per barrel before now and the end of the first quarter of 2009. The traders still trying to bid up the price of oil are grasping at a defunct reality and the fact of the matter is that the slowing global economy has massively decreased the overall demand that we have for the commodity. As more and more hedge funds face forced liquidations as nervous investors ask for redemptions, further activity will be forced in the oil market to push the price down. Further, the traders on the short side of the oil equation will reap the most rewards on oil's demise as i think it is still about 25% overvalued. So my call is oil at $45 a barrel before it stabilizes. For that reason I also suggest being short oil and oil services companies. There is no way that they can sustain record profit runs on cheaper oil and disappointing earnings reports will be factored into models and investors will take a good chunk out of the likes of Exxon. My call is Exxon at sub $50 per share by start of second quarter next year. The shorts here will benefit greatly.
The real area that investors need to be focused on right now is inflation. No, I am not crazy, but inflation is inevitable. The equation is simple. The US government just pumped an unprecedented amount of liquidity into the marketplace in the form of the TARP. If you include the green backs exported to foreign economies, it is roughly $1 trillion. That money will have to come home to roost in the future and it will come here. In times of high inflation people must get out of fixed income securities and move into things like gold, the traditional hedge against inflation. Then believe it or not, real estate, will provide convenient cover as well. The ugly, untold secret of the TARP is that by next year at this time, interest rates will begin to climb and that by middle of 2010 the feds will have to rapidly raise interest rates to cool off the economy. My call on this is gold, gold, gold. I suggest buying gold now and riding it all the way up. We will see gold back at around $1000 an ounce over the next few years so getting in in the mid $700's will be profitable.
Another call I want to make is the financial industry. I feel that the business is completely over sold and there are really unique buying opportunities here. For those of you that are not individual stock pickers, the XLF ETF (exchange traded fund) is a good place to be. I have been buying XLF for a few months now and suggest it for the foreseeable future. For those that are looking for some individual stocks to buy, my recommendations are BB&T Bank (BBT), Bank of America (BAC) and Citigroup (C). Both have significant recovery potential after being oversold.
In the currency arena, the might US Dollar is the place to be. No question about it- the United States is going to have power the world out of this slow down and the world will continue to put its faith in us. This is still comforting to know. So people should be long the Dollar and short the Euro and the Pound. My predictions are that the Euro will fall back below parity with the US dollar. My target is that one Euro will buy about $0.95. Further the Pound Sterling will continue to weaken as well. My target for the British Pound is $1.25 to the pound before things stabilize.
So there you have it. Some predictions for the next 24 months. In summary, be long: banks, the Dollar and gold. Be short oil, oil companies, the Euro and the Pound. We'll come back in a few months to see how we are doing with these picks. Have a different opinion, let me know. Make a bundle on these calls? Let me know as well.

Recovery is in the works

Through the time of the housing debacle there have been two properties that stand out to me as beacons of how the economy is progressing. I have good news. In the last three days, both have been sold. The first one is the house next to me which has been on the market for about five months. The other one is a foreclosure on Hunter Mill Road. There was a huge GMAC foreclosure sign in front of it that has just been amended to say, SOLD. It is always darkest before dawn and I am gla dto say that whatever you see heppening in the coming weeks, good news is on the way.

Check your compass sailor

Dear Senator McCain,
I wanted to make you aware of the fact that your attack ads on Obama have become so vile that you are at risk of squandering your reputation as a great leader. Just like George Bush squandered the goodwill directed at us by the world after 9/11.
With you slipping in the poles, your attention should revert to your political legacy, not going down with your ship.
The hate you are slinging is taking your political career of course. I suggest you check your moral compass.

Looking to 2012

CNN reports that Sarah Palin is now looking forward to 2012 having gone rogue from this camapign. Is she kidding? When this election is done she'll have a challenge running for town council. Where's Katherine Harris now?

Financial meltdown

The stress created by the market meltdown is beyond compare. It is very painful to watch your personal financial security evaporate in front of your eyes.
There isn't a single asset class that has been safe by the market demise- stocks, bonds, oil, gas.
They key issue is a crisis of confidence. Now that the fed has injected the capital, the go foward problem is fear. At this time, history is the best teacher. History shows us that we'll come out of this OK. It will take time. Some say years however, we'll be ok.
The Oracle speaks... Warren Buffet says, "Be greedy when others are fearful, and fearful when others are greedy." For me this means that it just about the right time to get back into the market. My suggestion is... Real estate. This asset class has a strong chance to outperform the market and is a good hedge against inflation. My sense is that all of this liquidity in the market will lead to a period of hyper inflation. That in turn is good if you have debts that will erode in value over time.

McRove Palin hit new lows

The recent TV ads from the McRove Palin campaign hit an all time low in politics. Karl Rove has plumbed new depths in the, "if you can't beat him, attack his character" campaign. In a final act of desperation they have resorted to the fear mongering that they used post 9/11 in an add that says they'll test his mettle in the first six months.
Funnily enough, I am cool with this as the cool hand of Obama is surely better than the judgement exercised by McCain.
Firstly McCain's judgement can be questioned by selecting Palin in the first place. Palin is clearly not competent for any executive level office after her fumbling every interview she has. Hockey mom or not, she has the goods. My mom, is a hockey mom, and a brilliant woman. She thinks Palin is a vicious attack dog... Sans lipstick. Palin's interntaional experience is that she can see Russia from her house. Unfortunately that's not enough. It is evident that the world is afraid of the chance that such an unskilled and ill equipped person could ascend to power. This is the land of opportunity. Does she know how much we laugh at her? My sense is that she'll vanish after the election going to some obscure job, not to be heard of again. Republicans will be smarting from this for a while. She'll go the way of Kathleen Harris, I am sure
Scary scenario one is that McCain is 72 years old and not in good health. The liklihood for him to live through a four year term is not high. There is a strong chance that melanoma or another malady will incapacitate him. Palin as VP can't be the punchline to that scenario.
The most recent embarassment for them includes the conduct of his brother Joe who just Thursday told a 911 operator to fuck off. Many of us feel that hot headed, impulsive response must be a family trait and best left on the beltway and not inside it.
Obama's victory is not a certainty. We must ensure we get everyone out to the polls.

Where have you been

I recognize it has been a few weeks-almost a month since I've posted so please accept my apologies. The demands of daily life have been significant. As summer turns to fall the mind gets focused on a number of things related to school and work.

2008 Savageman Triathlon Festival- Deep Creek, MD

On Sunday, September 21, I completed the International distance of the 2008 Savageman Triathlon. This was my first time competing at this distance however I found I really enjoyed it- even more than the sprints I had completed earlier this year.
The event comprised of a 1.5 km open water swim, 24.3 mile bike ride through the hills of Deep Creek, and finishes with a 10k run. At the outset there were a number of things that were daunting about this race. Firstly, this is the first time I have done an open water swim- especially at that length. Secondly, I did not train for the bike or running on hills that were anything like these.
Overall I was pleased with my results. I finished 93 out 106 male competitors and 8th in the Clydesdale class (this is defined as competitors over 185 lbs.). So my initial fear about actually finished was drowned out when I saw that not only would I finish but I would also be competitive.
My times were as follows: Swim 37:45, Bike 1:35:27, and Run 1:08:14. If you include the transition times, my overall time was 3:38:20.
For me the interesting factor is that my transition times were particularly long, mostly due to hydration and nutrition. If I were to reduce these, even by a little bit, I would have finished much better in the Clydesdale division.
I wanted to say a few thank you’s.
Firstly, thanks to our swim coach Harriett. Without her I probably would still be there trying to find my way to the finish line. I appreciated her guidance.
A big thank you to Debbie and Steve for not only coordinating the house rental, the food, the cooking, but also acting as an inspiration to actually compete at this level.
I wanted to say thanks to the donors that helped me raise $1000 to fight Melanoma.And lastly, the most important one goes to my loving wife Jennifer who allowed me the time to train and gave me the support I needed even when I doubted my ability to do this. Without her support I would never have been able to take on such a challenge.

Financial Debacle

It is hard to have a 504 point drop on the Dow and not make at least some comment on my Blog. Over the course of the last 48 hours we have seen two wall street icons wiped from the face of the earth. Lehman Brothers has declared bankruptcy and Merril Lynch has agreed to be purchased by Bank of America. This is also on the heels of the federal take over of Freddie Mac and Fannie Mae. And how can we forget, the sale of Bear Stearns. I wonder how we will look back on this in the future. Perhaps this is just the beginning of a long, slow economic debacle. Maybe these events signal the final capitulation needed to mark the 'bottom' of the market. The fact remains that tens of billions of dollars of wealth have just been erased. That is college educations, and pensions, and 401(k)'s and life's earnings all erased in a matter of days. So what will become of the throusands of people impacted by this? It is hard to say really. However, the American spirit fights on. At least now, you can start to get some serious comments out of McRove Palin and not just ridiculous comments about lipstick.

South Riding Sprint Triathlon

On Sunday September 7th I competed in my second sprint Triathlon. It was another great experience. My times have improved as well. This is all in an effort to tune up for the 'big race', the one I have been training for all summer- the 2008 Savage Man.

The South Riding race went well although I was surprised at how winded i was when swimming. I think that since I had been trianing at longer disctances, i fooled myself into beleiving that this was going to be easy. Far from it. You can see the results here overall. My times were as follows: Swim 400 meters- 9:00, Bike 12 miles- 38:19 and run a 5 k- 25:57. Overall with my transition times I was across the line at 1:17:03. I finished 51st out of the male competitors (135) and 17/45 in my age group.

I wanted to say a special thanks to Robert Crangle who ran the final leg of the race with me. His encouragement and competitive spirit helped me improve my time.

Savage Man!

A close friend of mine invited me to particpate in a sprint triathlon ealier this year. It had swimming, biking and running. While I have done thiese things before, the event gave me something to train for. The goal has been a wonderful motivator. I went from being tired and sluggish to being alert and motivated. During this summer I have already completed one event and I have a second planned for this coming weekend. However,the final event this summer, to take place on the 21st of September is "The Big One". This event is part of the Savage Man Triathlon series. It will be in Deep Creek Maryland. I will be competing at the International length which consists of a 900 meter open water swim, a 23 mile bike ride and a 10 k run. I have trained hard for this over the last 8 weeks. I feel that I am ready for this challenge. In addition, The Savage Man Traithlon series does fund raising to support Melanoma research. Please will you consider making a donation that will help me reach my goal of $500.
Thank you very much for your time and support. It is greatly appreciated.

Update on Roberta

Things with Roberta have stabilized. There are two weeks of IV anti-biotics left to take and then we will be able to get some fresh information for decision making. We will need to determine if and when the hip surgery should take place.

Update on Roberta

The MRI of Roberta's leg did not show any clot. She has started a wide spectrum anti-biotic to deal with the leg infection whichever -itis it might be.

In memory of a Great Man- one year on

One year ago today we lost a wonderful man. A husband, a father, a brother, a teacher, and a grandpa. I miss you dad.

Roberta Update

I have spent the week in Florida with my mom assiting with the doctor visits and the battery of tests she is under from her hip surgery. For those of you keeping score at home, the original hip has been removed and she has a 'temporary' replacement in there. This one is packed with anti biotics and helping her fight the MRSA infection she is battling. Recently she is dealing with pain in the leg which may be associated with either phlebitis or cellulitis. Regardless we had an MRI today to rule out a clot and this has been the third such test we have done in that area. She is currently walking with a walker and has the option to use a wheelchair but does not. Her walking is improving and she notices she no longer has the pain the drove us down this path in the first place. The pain she has now is assocaited with the surgey and the various layers of tissue and muscle that had to be cut to insert the prosthesis. The prognosis is good. She has weeks of IV anti biotics still to take. We met with the surgeon yesterday who was up beat and optimistic about the weeks to come. Finally, the tempoarary hip that she has is one that can be used for 10-15 years so she may opt to just leave this one in and move on. With David and I based hundreds of miles away, she has been relying on a wonderful network of friends to help her get to and from her various medical appointments. These wonderful people help her everyday and for that we are very grateful.

Name and Shame- Fannie and Freddie

What’s the deal lately with current and former Treasury and SEC officials predicting a bailout out Fannie and Freddie? Could they do anymore to undermine the chances of success at these two quasi- government organizations? Do they have an agenda here? If you are like me you are absolutely astounded by the sound bites coming out of Henry Paulson and Arthur Levitt. Mr. Paulson’s comments are most shocking as the Treasury Secretary and someone who will need to deliberate over these proceedings. Mr. Levitt, now in the private sector and employed by the super-secretive, super-devious Carlyle Group.

Thanks Goldman, we really needed that!

Just when you thought it was safe to buy gas again, the venerable Goldman Sachs goes out of their way to enhance their bottom line at the expense of the ordinary American. They seem to be long a lot of oil futures that became worthless recently so they went out of their way, in the waning days of summer, to reiterate their price target on crude oil at $149 a barrel. What has this country come to? Was it not satisfactory that increased inventories and decreased demand led oil down from its peak to about $112 a barrel? Is there anyone besides me that is feeling a little wronged by this? Shame on them. My sense is that the analyst phoned in this reminder from his summer home in The Hamptons. Americans should be outraged.

Remorse

I attended Alex's funeral on Saturday in Herndon. Jennifer had warned me of the hardship of attending a funeral of a child. Having attended more than her fair share in her career as a critical care nurse she was well versed.
I guess it was everything you'd expect however what does one expect when a 14 year old decides to take his life?
It was standing room only which makes sense because he was popular. There were scores of kids there. In essence the clash occurs at that point. Two foreign worlds collide. A mass of youth... Innocent, pure, bright trying to console each other at this harsh reality. They were kids really. Not old enough to drive, not old enough to vote, not old enough to drink wrestling with a tragedy. For me that was the first hard part of the event although my challenge is trivial compared to others. I spent the event standing next to Bhaskar. His silent solitude and respectful stillness in stark contrast to my own discomfort. The pastor delivers a riveting eulogy about putting meaning to all of this. I am impressed with how coherent it is on a horrible subject... Does he do this often... I mean for 14 year olds? Bhaskar and I exchange reassuring glances choosing to refrain from delivering the responses in prayer as our own faith differs. I am praying for Alex in my own way.
At the reception I embrace Dana. My carefully scripted words of condolence lost in the moment. I fumble with pieces of sentences to say how sorry I am. Ironically it ends in laughter as opposed to tears.
I drive home a virtual zombie thinking what if this were to happen to us. The car arrives home and the abrupt halt in the driveway jolts me from my obscure day dream. I enter the house and hug the kids slightly tighter than before. I feel fortunate. I wish I could change the sequence of events. But I cannot.


Sent via BlackBerry from T-Mobile

Unexplainable Tragedy

Our office today was devestated with the news that 14 year old son of a member of our IT department chose to take his own life. Trying to formulate a coherent sentence after that is impossible. Parents should never have to endure the grief associated with burying their children. We're left only to guess what went through his enigmatic mind before deciding that was the way forward.
Sent via BlackBerry from T-Mobile

Cash Back on all Back to School Savings

Shop Dave Mall is running a number of back to school specials that will make your shopping easier, more enjoyable and cheaper. Why not avoid the long lines this year and make all of your back to school purchases on-line. In doing so, you can save gas, save time, and save money. Check out ShopDaveMall.com for all of the current features. Some back to school highlights:

• eBags (for backpacks and the like)- 5% Cash Back Extravaganza



• Office Depot (for supplies)- 4% Cash Back Bonus
• Macy*s (for clothing) - Wow!! 3% Cash Back to you
• Nike- 4% Blowout!!

Check it out Now at ShopDaveMall.com

Infinitive Traithlon Series: Broadlands

Today i participated in my first sprint Triathlon in the Broadlands (Ashburn, VA). The day started off cold and rainy however I finished with a respectable time for a first timer. I was 52 out of 84 men. I finished 18 out of 28 men in my age group.
The event was made up of a 400 meter swim, 12 mile bike ride and 5 k run. My times on each were 9:25, 45.34, 27.35 respectively. Inclusive of transition time my total was 1:26:32.8
I had two major league challenges today. Firstly, I wiped out on my bike trying to make a turn. The rain was puring down and i miscacluated how quickly i could navigate the turn. Secondly, some spectators directed me the wrong way on the bike.
The wipe out gave me some serious road rash on my knee, elbow, arm and back. Jen patched me up and I am back in action. Click here for overall results.

Roberta Update

A little more of an update on Roberta for today. She came home this afternoon. The infectious disease doctor would not let her go to rehab in order to do the six weeks of antibiotics that she has in front of her. So instead, she is going to an infusion center every day for six weeks. She has a pic-line in her arm to allow for easy access. It took them three tries at installing it, so it better be worth it. David has the honor of doing the maiden voyage tomorrow with her. David is planning on leaving on Sunday. He has lined up several friends to fill in as transport to/from the infusion center and to look in on her. Beverly comes a week from Monday, so we know she will be in good hands. After Beverly leaves, I will be going down with the girls (Hannah and Abby). Once the six weeks is up (Sept 15th), it will probably be two more weeks of being infection free before they will want to put the hip back in (around Oct 1st). Then its several weeks of rehab from there. That's the plan right now. If you want to reach Roberta via email, LEC63@aol.com.

Soldiers are people too

So I am making my way to the back of my second AA plane today. The first one was defective. I am now still in Dallas at the time I should have been home. As I reach to put my hand bag in the overhead I see the neutral, digitized color of desert fatigues disguising the pack already there.
An unexpected chill trickles down my spine. My thoughts revert to a scene in Generation Kill on HBO where the soldiers open cases and cases of jungle fatigues.
I casually take the center seat wondering if it belongs to an over zealous, acne challenegd teenager from Texas. The utlitarian nature of the pack comes into view. I wonder - am I sitting next to one of the brave men that don the uniform?
The plane is late. The pilot is squawking about some maintnance blah, blah, blah. I am anxious. It is now 3:45 central time and I am only here because my 12:45 flight was cancelled. The collective sigh of exasperation is seen on the familiar faces that schlepped over from terminal D to A to get on this plane.
Its hot. The plane is on ground based power which faintly generates a breeze overhead. The shades are drawn as we try to cool the cigar tube in the 100 plus degree texas sun.
I feverishly make calls to Jen. She now has a big task to do. My sprint tri is tomorrow and I need to register tonight back home. Packet pick up and bike check. AA has blown any chance of me doing this. Jen has to somehow put my bike in the station wagon, get it to ashburn to be checked. The bike only fits when the seats are down and what will jen do with the kids? We exchange ideas as my staurday event becomes her friday afternoon debacle. After a long week she doesn't need this. Nor do I. She is a saint. She says she'll do what she can.
I am restless in my seat. When will this flight leave??
The guy next to me is in street clothes. His combat boots give him away and confirm my suspicion. It is a soldier.
As minutes turn to hours our joint exasperation mounts. He pulls a paper from the sack and takes out his phone. While speaking to Jen I notice a number of official looking stamps... Passport stamps on the paper. Kuwait.
I am restless because this crisis has blown my evening with Jen, the race, etc. He's restless because he's not sure he can make his connection through Dulles to Kuwait.
We chat briefly. He has three kids, doing his third tour in Iraq. He takes interest in the triathlon I have tomorrow. We talk the politics of war. My mind is in a parallel universe. While I try to string together coherent sentences reality hits.
I am going to run a race he's going to defend our nation.
Tonight I will go home and kiss my girls after three days away in Texas. Today he kissed his three boys (all under five years old) good bye. He won't see them for months.
This week I have dodged risks and issues in the boardroom. Next week he'll dodge bullets in a war zone.
Tonight I'll drive home from the airport in car. Tomorrow he'll drive an armored humvee.
You get the point. These issues, the bike crisis. Its all relative.
Its easy to lose sight of the war that grinds on in the background. Network news coverage focuses on the election. Each day we send men and women into harms way. They rise to the challenge.
As the week draws to a close... Thank G-d there are men and women that choose the military as a calling. That willingly wear the uniform with pride. That execute the orders of the executive branch without prejudice. That allow us to be free.
I don't know if my friend will make his Kuwait bound direct flight. If he'll reach Kirkuk to resume teaching the Iraqi regulars to defend their own nation. However, for me, I'll feel very fortunate that my schedule next week does not include wearing a flak jacket, avoiding IED's, and being 7000 miles from home. I feel very lucky to have people like him doing what he does.

Roberta Update

Roberta has been discharged from the hospital today. David took her home and is helping her get things sorted out at home.

What do Pilots look for

While sitting on my delayed AA flight this afternoon I took particular interest at the goings on next door. At the gate next to mine at DFW the pilot was taking his time to meticulously review the outside of the plane. Wings, wheels, panels. It left me thinking. What is he looking for? I mean beyond the obvious- wear and tear, cracks, missing pieces? Are pilots trained to do this? Pilots please reply.

Roberta Update

Roberta's follow on surgery to have the prosthetic hip removed was
Tuesday afternoon. David was able to get to Florida in time to see her
shortly after she returned to her room. On Wednesday, she had a pic
line installed and had a series of adjustments made to it through the
day to ensure the proper placement. While she is in significant pain,
her spirits are up and she has her sense of humor. She is eating normal
food again and is making plans to leave the hospital.

Obama goes international

The fact that Obama has taken the initiative to go abroad and seek counsel of other democracies is indicative of his collaborative working style. The isolationist republicans can't understand the value of working in that way. They always feel its their way or the highway. The fact of the matter is that withour current year budget deficit approaching a half trillion dollars, we are going to quickly need to find european cooperation to get things done in Iraq. We can no longer afford to go it alone. My fighting Mr. Bush's fake war we have diluted our ability to confront the grave threat that a nuclear Iran poses to us. Outsourcing that conflict to the Israelis is a novel idea however that will bring repraoch from many oil producing countries. If the sight if $4 gas really bothers you, consider what $10 looks like.

**Winner**

My sister in law receives the prize for the being the first person in months to post a comment on my blog. I am not sure what she should win however, since every deal today says, save your gas receipts, please do so.

Update on Roberta

There have been some complications on the hip surgery that need to be reported. About a week ago during a standar change of the wound dressing there was some concern about fluid build-up. Roberta underwent surgery to clean the wound and test the fluid. The fluid came back as MRSA positive. Yesterday Roberta underwent a third surgery that removed the titianium hip entirely. Basically, the plan is to keep a spacer in there, treat the infection and re-do this in 6 weeks. Post op she was alert and mostly comfortable for a person that has just been sliced open for a third time.
David dropped everything and is down there now looking after her.

It's been a while

Not really sure what has taken me so long to engage with the blog again. Not that I have a lack of things to say... Just seems like what I have to say is ranting about one thing or another.

First things first. Mom is doing fine at home. She is resting comfortably and getting PT. She is up and around and has her stitches out.

I am on a train back from NY reflecting on a few things.

Just read an eye opening story in Vanity Fair about the implosion at Bear Stearns. I am shocked and somewhat dismayed that rumor and inuendo could have taken down that storied firm. Is it possible that a hedge fund, an ex employee and CNBC could be to blame for this tragic loss of a Wall St. titan and 14,000 jobs?

The events unfolded so quickly that we may never know... But it wreaks of a hatchet job. Billions in shareholder value evaporated in days. Who profited? Where does the money trail lead? Who had the puts and shorted the stock? We may never know.

The VF article summed up the waning journalistic integrity of the CNBC crew stating that they lack adult supervision. Imagine the ego trip to them knowing the power they wield proving the pen is mightier than the sword. Will they ever think withj remorse of the damage they have done, the reversal of fortune they created, the lives they impacted? We'll never know.

My respect for that organization evaporated when they formalized their relationship with Kudlow, a right wing hatchet man himself. Between him and Kramer, they are wading at the shallow end of the gene pool. The problem is that wall street and america are all there to soak it up. It is shame that they can work under a banner of a legitimate news agency when they do their work. Likely that thay could use a health warning like fox news uses- we report, you decide. Decide what? If it is true I guess.

I wonder if a guy like kudlow survives the change in administration? I think we are all growing tired of that spin.

As for the election... Obama spells hope... A chance for change. McCain spells more years of gloom and doom. G-d help us all.

I think that's it for tonight feeling a bit too cynical right now.

Update 10 am

Roberta is doing well in Rehab and is accepting calls. Call her on her mobile phone.

Update 4 pm

I am pleased to report that Roberta's condition has improved significantly.
Today she was able to walk with the help of PT. Her blood work has come back with favourable results.
All of this has contributed to the fact that she will leave the hospital tonight by 6 pm en route to a Rehab facility.
Thank you all for your calls, e-mails and support.

Update at 2:00 pm

This has been a day of good progress. Physical Therapy was here earlier todaqy and Roberta walked with the walker back and forth and performed numerous exercises. Some of the doctors that have visited are keen to see her moved to a Rehab facility soon.
She is now more comfortable in a reclining chair than in the bed and she is resting there now.
She is eating a more normal diet as well.
Thank you for all of the calls and good wishes. She is not up to speaking on the phone right now.

Update 11:30 pm

There were a number of tests that were conducted today. Firstly an ultrasound was done of the left leg. This was done due to pain in the left calf. The ultrasound ruled out a clot.
Secondly, there was a upper endoscopy. This was due to frequent vomiting. This test ruled out an ulcer or any other GI issue.
Roberta is still mildly uncomfortable primarily because she wants to get up and walk around and today she was unable to.
She had a few pears for dinner and other liquids. They appear to be staying down.
Hopefully wednesday will start the PT regiment. We hope to see her using the walker.

Update 12:30 pm

Roberta is experiencing some complications. She is going for tests today to rule out pain in her lower leg and other items.

Roberta update at 12:55

Roberta has been moved to the floor and is resting. Main complaints are itch, pain and thirst.

Update 8:55 am

Roberta's surgery is almost done and the surgeon said she did a wonderful job. She will go to recovery shortly.

Update 7:35 am

Roberta has been taken to the OR.

Update 7:00 am Monday

Roberta arrived at the hospital at 5:30 am and was taken back for pre-op procedures at 6:15 am. The surgery is scheduled for 7:30 am today. Updates will be posted here through the day.

Technorati Profile

Technorati Profile

Technology trends and why I like Level 3 Communications

There are many technology trends right now that cause me to favour a
particular investment decision I have made and I wanted to share with
you. In the interest of full disclosure, I have a direct investment in
Level 3 Communications (Performance). I make no representations that this investment
is right for you. You should consult a professional investment advisor.
I am not a professional investment advisor and make no representations
that the information below is accurate or heavily researched. They are
my personal thoughts alone.
The answers to many questions that companies are dealing with right now
in regards to security, redundancy and accessibility lies in an expanded
use of the internet to solve these problems.
Security
There is not a company in America, or the world for that matter, that
does not cringe at the thought of having to disclose that a lost laptop
contained sensitive customer information on it. Why is all of this
information being schlepped around on laptops anyway? It is related to
the accessibility to the information to the mobile professional and
availability of any always on internet that currently is limited to a
few people. I'll want to look at that tonight from home, on the plane,
on the train, etc. The future of data management from a corporate
perspective is to not allow the information to leave the corporate
premises. Some prognosticators are saying that within a few years that
there will be enough bandwidth out there you will not need to have a CD
drive on your PC. Huh? How will I install a programme if there is no
CD drive? Download it. How will I buy music? Download it- we already
do anyway. In essence you will access all programs and information
stored from a remote, centralized, secure, redundant location over the
internet. This saves a lot of problems for companies that do see
laptops as a potential legal nightmare.
Most IT departments wrestle with the fact that their security policies
are left to the judgement of many unknowing employees in the
organization. Those employees that consistently skip the updates to the
OS or Virus protection, leaving systems exposed to hackers and malware
that could spread across the entire company network. The employee that
never has the time to let the laptop backup programme run and clicks
through it, losing hundreds of valuable hours of work and information
when the laptop crashes. These all add up to lost man years of
productivity from minor lapses in policy.
Also, think about the reasons why you currently need to upgrade laptops?
Usually because the RAM and storage become insufficient. New programmes
are coming out that are rendering laptop hard drives and RAM useless as
they are too small to meet current needs. But, if this is all managed
centrally- your program is hosted as a service and your data is stored
centrally, your laptop just becomes a GUI network device. For this to
be a reality an abundance of bandwidth needs to be available. This will
force Data traffic from the LAN to the Internet cloud.
Software as a Service
The environment outlined above is called Software as a Service or SaaS.
It is emerging as the right choice for many people and corporations that
don't want to have to manage their own internal IT departments. Why
host an exchange server when you can find someone to do it for you?
They can do it better than you can and for less money. Similarly,
anything that is not part of your core company competency can be bought
on a subscription basis. When this happens, companies can focus on the
customer service aspects and a lot less on the internal administration
of their organizations. Similar to above, SaaS will drive network
traffic off of the corporate LAN and into the cloud.
Expansion of Wi-max
Soon Wi-max will emerge as a reliable standard and enable more people to
work in a mobile way. This enablement will drive a further trend in
home workers and less reliance on the physical office to perform daily
tasks. Again, this will drive more and more activity to the internet
from the LAN. This is further being driven by the ever rising cost of
petroleum around the world.
What else can be said? It is now costing more and more to fill up the
tank. Less and less people will be able to afford the use of standard
gas powered vehicles to drive and home based working arrangements will
increase. This will be aided by Cisco Telepresence, and other
applications that facilitate the collaboration for businesses across
great distances without people having to travel.
Our technology future relies on expansive and ubiquitous bandwidth.
Level 3 Communications is a company that is positioned well to meet the
ever growing demands for bandwidth between major cities. The company
operates one of the largest communications and Internet backbones in the
world. The internet is not going away any time soon.

AICPA Tech + 2008

This week I attended the annual Technology conference for technologists, like me, in the AICPA. Hands down the best one I have attended and definitely planning on attending next year.

Firstly, we're in Vegas again which is my favourite destination.

Second,the same high quality speakers are back including Dr. Bob Spencer (whose site I have included as a link on my right hand bar) and Randy Johnston. They are what I consider to be the best of the best in this field, are dynamic and engaging. I have included a link to Randy's company site as well on the right hand tool bar. Great reference for hardware and software recommendations if you are a buyer. The site is continuously updated as well.

Lastly, the topics this year really hit the mark. My favourite topics this year were:

Security

Virtualization

Web 2.0

SEO (Search Engine Optimization)

Other notables:

This year Greg Lafollette's session on blogs, podcasts and social networks was fantastic. Greg manages a number of cutting edge tech publications and podcasts expertly named (insert link) "at the crossroads of technology and accounting" which seems to be where I have lived for most of my career.

Best newcomers this year hands down were Justin Spencer, Dr. Bob's son and Edwin Aoki. Justin did a session on search engine optimization that rocked. Great to see that the apple does not fall far from the tree! And also, Edwin Aoki which did a great session on Web 2.0 products and services.

If you are a CPA and involved with Technology, this annual meeting is a must.

Did you attend? Tell me how you enjoyed it.

International Strategy

John McCain criticized Barack Obama for his naivety in relation to international relations with Iran. He blasted him for saying that he would have an open dialogue with him. McCain's strategy would essentially be a continuation of the Bush policy of using inflamatory language and threatening the use of force to disable their nuclear programme. My question for Senator McCain is, "How's that working out for you?"

Bullying over tips?

So I had to leave my bag with the bellman today as I had to check out of the Bellagio before the training session was over. As I approached the outside bell stand I was approached by a bellman who started off his greeting to me by saying, "It's important for you to know that I will not be the bellman that will help you later, this claim check will need to be presented to get your bag, and it will likely not be me. Do you understand that? I said, "Yes, I understand" Bellman: "Is there any thing else I can do for you now." Me: "No, thanks", At that point the mildly terse look on his face turned completely dissmissive. As I began to pivot and turn away without putting my hand in my pocket He stood more errect with a look on his face which could only be intended to intimidate. His head cocked sideways, his hands at his sides, chest inflated.

I am thinking to myself... You have got to be kidding me. You think you deserve a tip with that attitude? Well forget that. As I turned away, I received a very disingenuous, salutation of, "Have a nice day" however it could have loosely been translated as, "Go f*ck yourself". I turned back with my own body language that said, "You want a piece of me?". Only to then turn away puzzled of such an abrupt conversation could happen over a checked piece of luggage. I shook my head in disgust and retruned to the hotel.

I walked back to the hotel and spoke with the front desk manager emphasizing that this is completely unacceptable behavior for someone in the customer service industry. He agreed and apologized profusely.

Considering the amount of money that I had used to reward dealers, waitresses and others I was disgusted.

Have any of you been put in that predicament? Have any of you been intimidated, felt like you needed to tip or run the risk of being harmed in some way? What is this country coming to. They say, what happens in Vegas, stays in Vegas however this is something I had to share with you all. Comments please?

The Deuce

It will now be very interesting to see what Obama decides to do in selecting a running mate. We should all remember that he is under no obligation what-so-ever to select Hillary for the ticket regardless of how close the primaries were. In fact, it may be too difficult for them to both try working this out. History has proven that choosing the first and runner up for President and the VP roles has a history of not working out. Early on in our history, Jefferson did a swell job of undermining the work of John Adams. Now they were from different parties but the essence of the issue rings true. I think it will personally be very uncomfortable with Hillary and Bill occupying the Veep mansion. It is just too much horsepower to have in the garage and by the looks of it, it will be impossible to keep Bill’s mouth shut. Despite really wanting to see the big H play a role, in my opinion the VP role will be counter productive. But think of the other roles that can make a difference- Secretary of State perhaps.

Disgruntled Employee?

There is finally someone in the inner circle willing to stand up and tell the truth. I have to applaud what Scott McClellan did and I hope others are willing to come ahead and tell all. This administration has run amok for far too long and while we all wish it is over; let’s not forget to pass out the indictments as soon as it is done.
Consider how brave this gentleman is? He knows full well that every neo-con hatchet man in the administration is now gunning for him. I am sure it is no surprise when his trash bins are stolen (as they try to find ways to slander him) or miraculously the entirety of his personal history winds up in a dossier on Cheney’s desk (To pick apart to destroy his character). I admire his coolness under fire here.
I seriously hope that he is asked to testify under oath to congress about what went on in this administration. Regardless of whether it was on Plame-Name-gate or the myriad of other things that Cheney and Rove conspired to do in an effort to use the American Constitution as their personal door mat.

Hannah's Ballet Recital

Today was Hannah’s ballet recital. We were so proud of her as she performed her routine. She was a Can Can Doll and flawlessly executed her moves. Hannah is on the left. Click on the triangle to play the video.

The carpet from India has arrived

Last week the memento that I purchased in India had arrived. The hand tied rug from Agra arrived. We decided to put it in the family room as you can see.

The Vegetable Garden

Despite the numerous challenges of having a vegetable garden in Vienna, Virginia I have decided to plant what should be a bountiful harvest in late summer: tomatoes, cucumbers, peppers, and eggplant. I have also done some daring things like watermelon and cantaloupe although I can see already that the later did nto make it. The biggest challenge to this area is the deer and rabbits who will feast on your vegetables morning noon and night.

The end of an era

Today saw the conclusion of 15 years of Service for Patty McGrath at BT. For those that have worked with Patty at BT they know that her wisdom about ERP systems is only surpassed by her passion for doing the right thing. The right things are the root of her principles on instance management, testing, interfacing closely with users, testing, years of experience on multi national installations, and oh- did I say TESTING?
Beyond her zeal for being the best at what she does, Patty is a gem of a person. One that is dedicated to life long learning, one that has compassion for everyone around her.
A trip past Patty's work station indicates that Patty lives her life on her own terms and practices what she preaches. Patty is green- and this not just because she is Irish. She lives a life of conservation and kindness to the environment. Patty recently brought us cookies generated by wind power. They were great despite me having to wait until Passover was over to eat them! Patty is a die hard liberal that studies and understands all aspects of local, regional and national politics.
I know I speak for all of the people at BT when I say that Patty's departure will leave a massive void in our organization. Patty was the stabilizing force in the office. The one that knew how to react on the days where things did not go perfectly. She mastered a methodology for untangling the jams that we got ourselves into. Her calm demeanour in the face of near database tragedy was always helpful.
Patty has been a friend, mentor, cohort, conspirator to scores of people in BT. She has been all of these things to me. As my career started at BT in 1998, at what we called Concert 'classic', Patty provided all of the guidance, wisdom and direction as any professor can. Despite my relative inexperience, she graciously gave everyone around her the chance to learn- and learn we did. At some point we all aspired to learn as much as she was able to casually forget in one day.
Patty has shared in all of life's experiences for me. Marriage, the birth of my children, the recent loss of my father. Through those times her spirituality has helped find deeper meaning in everything. I will miss seeing her at the office every day but I know she is just a phone call away.

Patty, best wishes always and keep in touch...

Clear

Today I used my Clear membership for the first time. Clear is a privatized security service at major airports that does background checks on applicants and captures biometric information on you to 'ease the security process'.

I was completely underwhelmed by the service and have to admit, I can't see the reason I paid $128 for an annual subscription. Essentially you are paying for a shorter security line however it is only a matter of time until the Clear membership will be on equal footing with that of the regular line creating no incentive to join the service. I had thought that the biometric data would speed us through the queue however once your finger print is scanned you still have to go through the same routine on the normal line. The same TSA agents, the same scanning. It is a real disappointment. Is there anyone that actually finds this useful?

The Shortest Close

On Thursday I had a chance to attend a lunch time seminar at the Tower Club at Tyson’s. A very impressive venue for MorganFranklin’s lunch-time seminar series. The topic- the ability to shorten the financial close. I was happy to see Emmett Pepe there, a long time friend and Controller at Broadsoft. Moderated by Caroline Leies, MD at MFC the speakers first presented some prepared remarks and then left the floor open for questions.
I asked a question at the end that I thought was going to get some more play than it did. I asked the panellists if they felt that their ERP systems were enablers for shortening the close. Based on the remarks I heard, technology still needs to go a long way before the controllers of this world see the systems as enablers of efficiency.
I was surprised with that however when I heard which systems these people were using, I was not surprised.
I hope that people will investigate the benefits that Oracle Release 12 brings to them. I think they will find a number of advances that will help them gain efficiencies out of the close process.

Friends

Hannah is here posing with some of her favourite people.

Another casualty of the rain

Another casualty of the rain is the trees in the back yard. Lucklily this did not fall on anyone.

The Floor Waters Have Receded

The record rain that we have had lately has caused quite a bit of turmoil for us. We found that the storage room leaks. Luckily we had most of our stuff on top of plastic crates so there was not a lot of damage. The landlord sends a repair man out on Memorial Day to do the fixing. We really enjoy this house however thare are a few things that are making it hard to be here.

The Nanny Situation

The nanny situation has been a bit frustrating these last few weeks. We posted a few ads on line however we have not been able to get a perfect fit. Forget perfect- at this point, we’d be happy for as close a fit as possible. In the short term we have found a wonderful person that can help us on half day Mondays. The problem is exacerbated by the fact that with us both working full time, it is really hard to past ads, to interview people and to find someone that can help us.

Hannah rides her bike

Look at how well Hannah rides her bike on the first try... Click on the triangle to play the video.

Taj Mahal

The Taj Mahal is a grand spectacle. Construction started in 1631 by Mughal emperor Shah Jahan to symbolize the love he had for his second wife Mumtaz Mahal . She died during the birth of her 14th child. The Taj took the effort of 20,000 people 22 years to build.

The Taj is built entirely from Indian marble and semi precious stones. When you see the Taj it appears that the delicate art work is painted on. It is not, in fact all of the detailed artisan work is in-laid in the marble. The blacl writing is onyx and represents text from the Koran. All of the other detail is semi precious stones.

Due to the crystalline nature of the Indian Marble, the Taj is best seen at dawn and dusk. The crystalls in the marble reflect the color of the light being shone on it.

Today we saw the Taj under the blazing 112 degree sun.

John Adams

The HBO miniseries John Adams concluded last week and I was a huge fan of it. It was amazing to see how this unsung hero of our nation's history left his mark on us. I feel much more educated on the man and the times. What did you learn by watching this? Please let me know…
What I learned:
John Adam's defended the British soldiers accused of the Boston Massacre.
Without Abigail, he would have really been nothing but a lawyer from Boston.
The extent to which Alexander Hamilton tried to slander him in public.
The resentment that he had for Jefferson during and after his presidency.
It is that last point that is well worth focusing on. It really drives at the what I believe to be one of the most amazing moments in American History. The fact that both men died on the same day, exactly 50 years after the signing of the Declaration of Independence- July 4, 1826. I had known about this coincidence from reading I had done before. It is a chilling story as it unfolds, both men having outlived their other founding fathers by many years. The interesting bit that I now come to realize is that when Adam's uttered the famous words, 'Jefferson survives' it may have been out of resentment rather than out of affection. I had always come to think that his use of these words indicated that he was pleased that Jefferson, as a founding father was still alive for our fledgling Republic. However, having come to understand the acrimonious years these men had between them, it is more likely the case that Adam's felt outdone, yet again, by Jefferson who in this case was presumed to be living. I am not sure if it is clear who exactly expired first, but even if it was Adam's, Jefferson survived by minutes or hours and nothing more.
In hindsight, the bitterness between them was largely a function of the times that the President and VP were selected by the electoral college as the first and second place winners regardless of party which was later changed.

Vacation to Nammie's

In mid-March we took a much needed break to nammie's house in West Palm Beach. The weather cooperated and the kids were able to enjoy the pool. We got Abby a bicycle. We did not get to see Nammie as she was in Israel.

The Masters

Today I had the incredibly good fortune of being able to attend The Masters.

The Masters for me was like one of those outer body expriences you'd expect to find on someone's bucket list. It isn't really a Golf Tournament it is more like the day you graduate from high school. What I mean by that is the day has this odd perfection to it that you realize is part real and part surreal.

I was lucky enough to be invited by a company that I have worked closely with for years.

The first thing I had to learn about the Masters is- where is Augusta, Georgia? My immediate preparations to attend was met with the stark reality that you can't get there very easily from any urban city. Expedia has a multitude of connection choices, none of which are appealing. Ultimately I flew into Atlanta and took a 2.5 hour bus ride there.

Augusta is a place that has that small town feel to it. People wave as you drive into town. Being from New york you know that never happens. This place is really important for five days a year, other times, I am sure they like their small town feel.

I attended with a group of guys that come every year. They have a strategy to maximisze viewing of holes and players. My strategy consisteed of standing between 3 and 4 most of the day. This paid off early as I was able to see a lot of close up action on the approach shots to 3 and the tee shot on 4.

The day is fairly straight forward until about 1:50 when Tiger tees off. Then you learn that your viewing strategy has to be mindful of where he is at all times.

While you can get very close to Ernie Els, Phil Mickelson and Gary Player on any hole, Tiger is different. At any one time it is 8 people deep and very hard to see. Some people walk the entire 18 holes with tiger shot by shot however I found that to be exhausting.

At any one time you know exactly where he is with two metrics- noise and the sea of humaity that moves with him.

In order to see tiger, he had to come to me. This meant I went a few holes ahead and he played to me. It seemed like a good strategy until you realize that you are not asd smart as you think. The sea of humanity extends for holes in front of him with the same strategy as yours.

Tiger finished yesterday at Even which is respectable but it meant he needed a good day. I saw him on 2,3, and 4 and he was basically even wheni left. The leader was 8 under par.

It ain't easy being tiger. He has to be mindful of all that is going on around him. Players that did not have a crowd for part of the day suddenly get big crowds following the come to me strategy. Tiger is also mindful that his shots will create crowd noise so as a courtesy he let's the people ahead of him play out their holes.

Overall it was an incredible day. The course is picture perfect without a blade of grass out of place.

We decided to pack up at 4:30 and head for home. That seemed like a good strategy. Our custom coach ride was fun. We watched Tin Cup on the way out and Caddyshack on the way home.

The only snag to the day was that my colleague from St. Louis was unable to make hit. His flight was cancelled. I could sense he was heartbroken. My flight home was delayed 2 hours due to weather. I'll be lucky to be home by 1:30 am.

Phase 3 is complete

Apologies to all of you loyal readers out there who have not seen anything post recently. I am glad to say that Phase 3 of the move is now complete. We have received all of our belongings from the UK and the warehouse. We have made significant strides in getting the house organized and things put away. From my perspective the hardest challenge is dealing with many of the items we have not seen for two years. This represents the true elements of storage... All the pictures and momentos that we have accumulated for years.

Overall we have grown into the house well and seemingly found a way to utilize all the 'extra space' we were supposed to have.

The most significant thing to happen in the last two weeks is that Jennifer has started her job at Georgetown hospital. It is wonderful to see her happy with the challenges at work again. I am so proud of her.

Now that we are a two professional family again, ther biggest challenges lie in how to handle the daily routine of the kids. I guess this is the issue that all families are faced with. We have toyed with the idea of nanny or au pair however we approach both with mixed emotion. That's it for now... More shortly.