Hedge Fund Redemption Suspensions–Tax Bills are Adding Insult to Injury

You’ve probably read about the seven Hedge Funds controlling $5.4 Billion have been forced to liquidate or suspend redemptions in the past month. Many of their investors had been leaving their full principal intact, quarter after quarter. In many many cases they want to continue to “let it all roll”, so they then used other funds to pay the tax bills on their hedge fund earnings. But now, with redemptions (cash outs) halted, not only will they lose most or all of their principal, but they must also pay the 2007 income tax on the “gain” for the calendar year. …

Five Letters Re: Battle Rifle Recommendations for a Californian

Mr. Rawles: One way that U.S. citizens can still get M1 Garand rifles at reasonable prices is via the DoD‘s Civilian Marksmanship Program (CMP). M1 Garands are available starting at $445 + shipping. (I believe the Field Grades to be best choice for practical use rifles–$495) M1 Carbines are available for $419 + shipping and up. [JWR Adds: I do not recommend M1 Carbines, because they are chambered for an anemic cartridge. The .30 US Carbine is not a reliable man stopper!] .30-06 military surplus ammunition in clips, bandoleers and sealed cans, for $200 per case of 768 rounds. Requirements: …

Odds ‘n Sods:

Todd Savage found this gem: Dollar Bear: The road to hyper-inflation    o o o Mark mentioned the M3 Medical kits available from JRH Enterprises, with fresh components    o o o Eric spotted this at MarketWatch: Wall Street watches Lehman walk on thin ice    o o o Another piece courtesy of Eric: Gulf central banks urged to sever links with tumbling US dollar

Jim’s Quote of the Day:

“The argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better.” – Friedrich August von Hayek (1899-1992), Nobel Laureate of Economic Sciences 1974