Tag Archives: White Shoe Boys

Should insider trading be legal? Insiders say yes

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“Perhaps the folks at hedge fund SAP Capital Advisors, who have recently pleaded guilty to insider-trading charges, should have run for Congress. Last week, the Securities and Exchange Commission served the firm with a criminal indictment and continues pressing civil charges against its founder Steven Cohen.  The agency hasn’t done much about accounting fraud, or other shenanigans that lead to the 2008 financial crisis, but insider trading remains a priority.  Over the past three years, the SEC boasts of filing 168 insider trading cases, more than any three-year period in the agency’s history.”

http://www.marketwatch.com/story/should-insider-trading-be-legal-insiders-say-yes-2013-07-31

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Why Oil Could Move Higher–Much Higher

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“A more intriguing dynamic has been presented by Financial Times reporter Izabella Kaminska over the past year: Financiers are buying oil as collateral for various speculations. Kaminska sees this financial hoarding of oil (i.e., reduction of supply) as inducing ‘scarcity amidst plenty.’  In broad terms, I would characterize this as one aspect of the financialization of commodities.  The financialization of commodities is driven by several macro factors: 1. The scarcity of non-phantom, easily tradable collateral in a financial system that is increasingly dependent on phantom collateral. 2. A scarcity of sound investment opportunities.”

http://charleshughsmith.blogspot.com/2013/08/why-oil-could-move-higher-much-higher.html

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Bank of England refuses comment on huge discrepancy in custodial gold reports

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“The Bank of England refuses to explain what appears to be a huge discrepancy in its accounting of the gold it holds in custody, a difference of as much as 1,200 tonnes between the total reported in the bank’s annual report in February and the total reported in a ‘virtual tour’ of the bank posted this month at the bank’s Internet site. The discrepancy was noted by GoldMoney research director Alasdair Macleod last week during an interview with Max Keiser on the ‘Keiser Report’ program on the Russia Today television network.”

http://www.gata.org/node/12859

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The Financial System Doesn’t Just Enable Theft, It Is Theft

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“Needless to say, those with access to leveraged credit and the issuance of fiat money have the power to make claims on resources without actually having produced anything of value or earned tangible forms of wealth.  Those with political power and wealth naturally have monopolies on the issuance of credit and paper money, as these enable the acquisition of real wealth without actually having to produce or earn the wealth. This system is intrinsically unstable, as the financial claims of credit and fiat money on limited real-world resources and wealth eventually exceed real-world resources, and the system of claims collapses in a heap.”

http://charleshughsmith.blogspot.com/2013/07/the-financial-system-doesnt-just-enable.html

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Overstock.com CEO: Steve Cohen Responsible For Corruption That Cost Hundreds Of Thousands Of Jobs

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“Overstock.com CEO Patrick Byrne colorfully explained in his own words why he took out a full page ad in the Wall Street Journal mocking SAC Capital’s Steve Cohen Saturday.  Since 2005 Byrne has been saying that powerful market actors have been working to destroy his company. In 2010 he identified them as Michael Milken and SAC’s Steven Cohen. Two years later, emails accidentally leaked by lawyers representing a number of Wall Street banks described how the banks were allegedly naked short-selling Overstock.com stock and advising their hedge fund clients on how to do the same.  SAC Capital, as you know, is one massive hedge fund client.”

http://www.businessinsider.com/overstockcom-ceo-explains-anti-sac-ad-2013-7

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‘Way Harder’ For Goldman And Morgan Stanley To Get Out Of Commodities Than JP Morgan

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“Goldman Sachs and Morgan Stanley two decades ago became known as the ‘Wall Street Refiners’ for their mastery of both financial and physical commodities. But since 2012 Morgan Stanley has looked at selling its commodity arm and Goldman has made moves to scale back its physical operations. Letters between the banks and the Federal Reserve, received by Reuters under the Freedom of Information Act, show both banks are in discussions on conforming or divesting activities that fall outside the normal scope of commercial banks.”

http://www.businessinsider.com/morgan-and-goldman-on-physical-commodities-2013-7

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Bullish at the Bottom: Why Now is the Time to Buy Commodities

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“At first glance, the correction seems to support naysayers who believe the supercycle in commodities has ended, such as Credit Suisse analysts who had declared that the ‘era is over’ in its digital magazine The Financialist. We disagree. Instead, we see severe price declines as possible buying opportunities during this ongoing commodity supercycle.  Consider the extreme pessimism on gold. As one measure of how bears have ganged up against the yellow metal, take a look at the spike in the level of short positions on the precious metal since the beginning of the year. As of the beginning of July, the number of outstanding gold short contracts was close to 140,000!”

http://dailyreckoning.com/bullish-at-the-bottom-why-now-is-the-time-to-buy-commodities/

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Bernanke Must Testify Under Oath

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“In September 2008 the Federal Reserve Bank of New York, a privately owned entity, paid $182 million to buy 80% of the busted insurance firm AIG. Why would any privately owned company pay par value for the shares of a company that had only hours to live? That’s what the court wants to know. Why? Because — you’ll love this — the former CEO of the almost busted insurance company says he was cheated. The value of his stock was diluted. How? By all that money. All that money let an outside agency — the New York FED — buy 80% of his worthless shares. He wants payback. From whom? ‘The U.S. government.'”

http://teapartyeconomist.com/2013/07/30/bernanke-must-testify-under-oath/

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US judge says ex-AIG CEO can depose Bernanke over bailout

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“Federal Reserve Chairman Ben Bernanke should testify in the lawsuit by American International Group Inc’s former chief Maurice ‘Hank’ Greenberg against the United States over the insurer’s 2008 bailout, a judge ruled on Monday.  Judge Thomas Wheeler of the U.S. Court of Federal Claims rejected the government’s effort to keep Bernanke from being deposed, saying the Fed chairman was a ‘central figure’ in the decision to bail out AIG. ‘Indeed, the court cannot fathom having to decide this multi-billion dollar claim without the testimony of such a key government decision maker,’ Wheeler wrote.”

http://www.cnbc.com/id/100908109

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Are We Investing or Are We Just Dodging Thieves?

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“The skill we need today is not traditional investing skill; it is thief-dodging skill. It consists of knowing the thieves’ techniques and whom they are targeting, of knowing the bad neighborhoods to avoid, knowing how to avoid being a target, trying to stay one jump ahead of them as they target new victim groups. These are skills people had back in the Dark Ages, and as we enter a new Dark Ages, these are skills we need again.  Millions of middle class Americans are being wiped out by thieves, and millions more will be wiped out as trends continue. But those who can successfully dodge the thieves can continue to maintain some civilized standards as they hope for better days.”

http://charleshughsmith.blogspot.com/2013/07/are-we-investing-or-are-we-just-dodging.html

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