The Football Update

Yes, a diversion to regularly scheduled programming...

The Good: (1) Patriots demolishing the Jets and their jerk fans. Seriously Jets fans? Cheering for Kellen Clemens after Pennington LIMPS off the field to save your team a time out? J E T S JERKS JERKS JERKS. Pats win 38-14. Moss goes off 9-183-1. Ho-hum. Brady must be like the kid whose parents have been saving up for years for a cool present for Christmas and then but him a freaking Mustang. (2) Packers topping the Eagles on a last second figgie. Only because that's one of the few I got right on my picks this week (shows what little I know. as I said, what I know about football you could fit in a golf ball). (3) No three, because...

The Bad: (1) Bills game. (2) Specifically the 15-14 loss on a ridiculous last second field goal by Elam after the Broncos converted 2 fourth and 2s and scampering on the field with just seconds left. For the record, I told the TaxSister with 3 minutes left that the Bills would blow it and lose 15-14. (3) Prayers go out to Kevin Everett who flew into the wedge on a kick return and went down like a sack of potatoes. I guess because he went head in without using his arms and shoulders to cushion the blow - a la Jason Street on FNL. Anyway, it does not sound particularly good for Mr. Everett. I wish him all luck in recovery.

The Ugly: The aforementioned Jets fans. Also, Randy Cross and John Madden in HD (or so I hear).

Bflo Blog has the game story and great perspective, although, having become a fan of teams not located in WNY, I understand other people's pain (not Clinton-level, but still).

And Circling the Wagons has the report card.

The Baseball Update

Sox win 3-2 on Beckett's 18th. Paps with his 35th save. Yanks win too. Looks like a Sox-Yanks ALCS, unless the Angels can knock off the Yanks.

No three things I noticed today. Was too busy watching football.

The Taxes Update

O.k., so I have been through all the testimony from Thursday's private equity taxation hearings. Now I'm getting a little nervous. All kinds of proposals were and will come out of last week's hearings.

Seems at this point that some action will be taken on taxation of carried interest. Still probably not this year unless Rangel is really able to fold it into a real amendment of the AMT (/skeptical given the cost). Two things that are likely to get done - (1) Rep. Sandy Levin's bill to encourage tax-exempts to invest directly into hedge funds rather than through Cayman corps. (2) Rep. Emanuel's bill (as yet unintroduced) to minimize ability of hedge fund managers to defer comp from offshore funds. Client alert will be published tomorrow.

The Death update

No new notables tonight and I'm tired. More tomorrow all.