"History is a wonderful thing, if only it was true"

Sunday, October 25, 2009

Moore Moore Moore

Apologies to Donna Summers (how do you like it ...)

Is Capitalism Evil? Michael Moore Thinks So | Newsweek Business | Newsweek.com:

"What have you done with all the money you've made? Do you invest it?
I don't invest in anything. I don't own any stock. I don't participate in the system. Why would I want to put my hard-earned money into a casino? Now, when you invest, people are taking secondary bets on other secondary bets and concocting weird schemes. No normal person can benefit."

Saw him on CNBC doing his promo tour for Capitalism: A Love Story .
Asked about his own wealth, he claimed that all his funds were in a "Saving's Account"
Really ?
Let's assume, for the sake of argument, that he gets some interest on his deposits.
There are limits on insurance : FDIC: Deposit Insurance Simplification Fact Sheet
Maybe he spreads his deposits over a variety of banks?
Yield ? up to a whopping 2% ?

But what about his foundation?
From Michael Moore: A Love Story? Not So Much - WSJ.com we have :
"Public documents, reviewed by The Wall Street Journal, show the foundation, the Center for Alternative Media & Culture, which listed Mr. Moore as president, held shares in Halliburton in 2000 and in Tenet in 2002, along with many other stocks."

OK, now we are getting into "fine print"... the foundation invests, Mike doesn't

A Russian ex pat's view : Advisor Perspectives :
"Moore neglects to admit that capitalism has brought people out of poverty and socialism sank them there. He blames rising health-care costs on HMOs, though HMOs are just a pass-through vehicle between payers and service providers. He derides capitalism as a system that favors businesses because it “allows them to get away with paying so little.”

No comments: