It was a hot day. I should go somewhere to find something cool to drink. While tidying up my living room to find my car key, I found my "Newsweek" - July 2008 edition.

Bill Ackman, a hedge fund manager who runs Pershing Square Capital Management, recently was interviewed by CNBC. He discussed his plan to "save" Fannie Mae and Freedie Mac and disclosed that he had short positions in Fannie Mae and Freddie Mac's junior debts and equities: 

Ackman on Fannie & Freddie Partt 1: His plan to save Fannie and Freddie.

Ackman on Fannie & Freddie Part 2: His plan to save Fannie and Freddie.

Read more for part 2...click the title of this blog entry.

On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator. All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA ("assuming institution") a newly chartered full-service FDIC-insured institution. No advance notice is given to the public when a financial institution is closed.

T. Boone Pickens, the most famous hedge fund manager focusing on energy, has a plan to solve the US dependence on oil. He believes wind energy is the solution. Listen to what he has to say in the original video presentation below by T. Boone Pickens:

Click the title of this blog entry to watch more T. Boone Pickens' videos on energy and share it to your friends.

I just bought BIG 5 shares at 8.00. I think it is a very straight forward business. I hope I can get luck so that I can buy even more at below 7.

Do you wonder how high executive pay is? Here is the top 10 list of executive pay according to New York Times:

1. John A. Thain, Merrill Lynch - Total Pay: $83.79 Millions

2. Lawrence J. Ellison, Oracle - Total Pay: $61.18 Millions

3. Lloyd C. Blankfein, Goldman Sachs Group - Total Pay: $53.97 Millions

4. John J. Mack, Morgan Stanley - Total Pay: $41.4 Millions

5. Ray R. Irani, Occidental Petroleum - Total Pay: $33.62 Millions

6. Daniel R. Hesse, Sprint Nextel - Total Pay: $29.46 Millions

7. Miles D. White, Abbott Laboratories - Total Pay: $28.96 Millions

8. Robert A. Iger, Walt Disney - Total Pay: 27.67 Millions

9. Alan G. Lafley, Procter & Gamble - Total Pay: 26.84 Millions

10. George David, United Technologies - Total Pay: 25.56 Millions

(Source: NYTimes published on 04/05/2008.)

Video - CEOs Pay Higher in '07 Despite Cloudy Economy: (source: AP, June 15, 2008)

Other resources on executive pay: click the title of this blog entry for more video and resources on executive pay...

"The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner."
~ Warren Buffett

UndervaluedSecurities.com - Be a better investor!