Len Dykstra was on WIP in Philly with Howard Eskin yesterday. It was the first time that I can recall that he’s spoken at length about his financial implosion, highly-publicized bankruptcy and the like.
So, Lenny, what went wrong?
“It is very simple and it is called, predatory lending, meaning, look, I don’t want to get into this ‘new world order’ stuff. I am a normal guy meaning I don’t believe in ghosts. I am not afraid of the dark, a basic guy alright, meaning never in my life did I think there was such corporate crime. JP Morgan, those guys are criminals. They are criminals and they are going to have to pay. Fireman’s Fund? Criminals! Meaning, I have to set an example and my example is the help through other people. The bottom line is, I didn’t get stupid overnight, ok? These people, some of the stuff I read, I don’t read much because I feel bad for my eyes, but I see some of the stuff, it’s insanity! The only one that got this thing right was [Jim] Cramer. Cramer. Cramer has been the only guy right.”
J.P Morgan are the criminals, yet Lenny Dykstra is the guy who basically stole his son’s signing bonus. Jim Cramer is the only guy who got everything right, but he’s the one who was telling people to keep their money with Bear Stearns in 2008. Whatever Lenny.
There’s a lot more worth reading there. If you’re into train wrecks anyway.