Thursday, April 24, 2008
Josh Weintraub - Round Two With The Meathead
My post Bear Stearns - Run By Meatheads has drawn quite a few hits - as I predicted it would. From my tracking software, it was clear that the magnetic target was "josh weintraub", the meathead.
I got hits from numerous people in the NY area specifically googling him. No doubt - it was his friends, family, enemies, co-workers, and definitely the meathead himself.
Today I find out he's been hired to sit on the board of ResCap - which is GMAC's teetering mortgage company. (link)
I predicted the following about GMAC back in January (link):
Countrywide is on the cusp of bankruptcy. Greenpoint shut down in August. And WaMu is obviously tracking in the same direction.
GMAC will be the next to go belly up - I've heard as soon as this upcoming May.
Well, yesterday ResCap/GMAC had its ratings slashed by Moody's:
The agency said it had cut ResCap to "Caa1," its seventh-highest junk grade, and in turn that it had also cut the rating of corporate parent GMAC to "B2," its fifth-highest junk rating.
GMAC was spiraling down the toilet anyway; BUT Moody's probably saw the hiring of two Bear Stearns guys (Weintraub and "mortgage whiz" Tom Marano) as the catalyst for this additional downgrade. After all, the ratings agencies job is ostensibly predicting these failures IN ADVANCE.
Now back to my job. The purpose of this post is - predicting history in the making.
ResCap/GMAC might make it past May, but it has little chance of survival into 2009. THEREFORE, Josh Weintraub will most likely have presided over TWO massive, ginormous bankruptcies in a single year!!!
Somebody call the Guinness Book of Morons.
By the way, I also found this video of Josh boxing in November. They were happier days to say the least. Note the profane, Neanderthal toadies cheering Josh on. See what I mean about Bear Stearns, having been run by "meatheads"? They don't hire intelligent people on Wall Street - they hire nephews and fraternity brothers. Anyone who's ever worked in Lower Manhattan is well aware of this long-standing policy.
(Hi, Josh. What do you think of my blog?)