Has been very busy.
Playing a bit online, but late hours and a decimated team has required me to invest 100% of mental energy to work.
So my mind is more than usually attuned to reading things from a professional state of mind rather than a poker state of mind. So....I was reading an article in the Times about Eliot Spitzer, former attorney general and brand new Governor of New York, about some political controversy in appointing the new comptroller entrusted with investing the state's funds. It appears the legislature backed out of a deal to appoint someone selected by an expert panel and instead picked one of their own, pissing off the new Guv. Interesting part for me was this blurb:
Mr. Spitzer said that in recent days he had been asking lawmakers this question: “If Candidate X — take Tom — were approaching you and saying, ‘You know what? I’ve never done this before. Never invested a penny. Never made an asset allocation decision. Don’t know a swap from a derivative. But I’m setting up a money management firm tomorrow. I want your pension money to be my first investment. Will you give me your pension to start with?’ [Emphasis supplied]Don't get me wrong, I like Spitzer, but this is retarded.
A swap is a derivative. It's like saying "don't know a square from a rectangle" or "don't know a royal flush from a straight flush".
I mean, I probably would want my comptroller to understand a swap from other kinds of derivatives, but a more natural statement would be "don't know a swap from a ipod". Or how about a funny, like "thinks a swap involves car keys and a 70's attitude?"
Sheesh, if you are going to give a statement showing an example of someone's ignorance of a topic, you'd think not highlighting your own ignorance would be a pretty high priority.
Of course, my guess is Spitzer didn't even say this, sounds like a bad quote from an ignorant reporter (fig leaf to avoid investigation).