Gina Rinehart: "don't just sit there"

"There is no monopoly on becoming a millionaire. If you're jealous of those with more money, don't just sit there and complain. Do something to make more money yourself - spend less time drinking, or smoking and socializing and more time working." - Gina Rinehart, the Australian mining heiress

WSJ: More Facebook shares ready to be sold

Facebook Inc.'s initial public offering and its subsequent stock-price tumble have been the subject of so much scorn, outrage, controversy, criticism and ridicule that to add anymore is just piling on.

My advice: Give it a couple of months. By then, you might think there hasn't been enough criticism.

That is because Facebook is still overpriced and it is about to be walloped by a flood of shares hitting the market.



More Pain to Come for Facebook

Peter Thiel cashes out of Facebook

Peter Thiel, an early-stage Facebook investor and co-founder of Paypal, was among the key insiders selling shares after a lockup expired last week.

A SEC regulatory filing shows that Thiel, sold about 20 million shares of Facebook through affiliates such as his Founders Fund and other entities. The shares were sold for between $19.27 and $20.69, for a total of about $396 million.

Facebook investors get what they paid for

In honor of Mark Zuckerberg and his jets, flights and everything else Facebook, Elton John plays "Mark Bennie and the Jets" for us.

Is Warren Buffett now a short-term speculator?

Warren Buffett has told the investment world that he is "a long-term investor."

Based upon recent Berkshire Hathaway disclosures, we find Buffett dumping long-term blue chip stocks such as Kraft Foods Inc. (KFT) and Procter and Gamble Co. (PG).

Warren Buffett has told the investment world that he doesn't invest in technology because "he doesn't understanding it" and that it runs counter to Graham-Dodd Value Investing.

Based upon recent Berkshire Hathaway disclosures, we now find Buffett dumping  his investment in semiconductor firm Intel (INTC).

Warren Buffett has told the investment world that he strongly dislikes derivatives.

Based upon recent Berkshire Hathaway disclosures, we now find Berkshire reporting huge losses in its derivatives portfolio.

The financial staff at The Think Billions blog look forward to more Berkshire Hathaway disclosures to the SEC.

Alice Cooper: Billion Dollar Babies Tour 1973

Rogue UK Bank Hides $250 Billion in Iranian Transactions

Standard Chartered seemingly played a shell game of hide the Iranian money. But now it has been caught by the state of New York and others and now must suffer the consequences and pay up.

New York State's banking regulator said the UK bank Standard Chartered Bank, motivated by millions of dollars in fees, schemed with the Iranian government to launder $250 billion over the years.

update:

Aug. 8 (Bloomberg) -- Standard Chartered Plc Chief Executive Officer Peter Sands hit back at a New York regulator's claims the lender broke US sanctions, and challenged the accuracy of the watchdog's assertions.

Crazy Billionaire Hans Kristian Rausing finally pleads guilty

Drug-addict Billionaire heir Hans Kristian Rausing has pleaded guilty to preventing the lawful and decent burial of his wife's body.

The judge said: "In carrying out your intentions, you acted with deceit and deliberation, equipping yourself with items you used to try to prolong the act of concealment. The effect in due course was firstly to cause great concern amongst those anxious as to your wife’s whereabouts, and then to cause the dreadful shock of discovery in distressing circumstances, firstly for those who had to uncover the body but especially for your wife’s parents who were in the room when their daughter’s body was discovered."

Telegraph article

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