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International Law

: Misleading Advertising Law

NakedShorts: Ripped from the headlines

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TEFFEN, ISRAEL - SEPTEMBER 18: American billio...

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Greg Newton, writing as the Naked Short, has rare praise for a new book entitled Dear Mr. Buffett, written by Janet Tavakoli.

"Chicago derivatives consultant Janet Tavakoli is a rare jewel in the financial markets.

Arguably best known for weighty textbooks with such alluring titles as 'Structured Finance & Collateralized Debt Obligations,' she has a nice sideline in delivering uniquely pungent commentary on credit-related conundra in venues including her own website, US Securities and Exchange Commission comment filings, and on-the-record in the allegedly grown-up media where "people familiar with the matter" usually lurk.

But another Buffett hagiography?

Is anything left to be said about Avuncular of Omaha, the genial great white with a penchant for apparently ignoring his own epithets (especially that one about "financial weapons of mass destruction")?

Just in the last few months we've had 'The Snowball,' Alice Schroeder's near 1000-page authorized doorstop; Roger Lowenstein's 'Buffett: The Making of an American Capitalist;' and 'Pilgrimage to Warren Buffett's Omaha,' Jeff Matthews' dispatches from the Berkshire Hathaway annual meeting. Among plenty of others.

But this book is much more than mere make-weight for Barnes & Noble's Buffettophilia section.

It is just as much the first of what will doubtless be dozens of books telling the story behind the global dodgy asset securitization scam, which Tavakoli, noting the first breathless Madoff Meltdown headlines, recently characterized as the real "largest Ponzi scheme in the history of the capital markets."

Alright, so why should we buy it? "'Dear Mr Buffett' is, like its author, strongly, often harshly, and, more than rarely, tartly, opinionated. The attitude is, however, well-supported by the facts; should anyone ever display the slightest interest in criminalizing the criminals who led us down this path, a prosecutor could do worse than ordering up copies for the grand jury. "

Greg has convinced that it is worth a look.