Tag Archives: White Shoe Boys

Bernanke “The Only Game in Town”: Really?

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“America’s real economy is innovating away from the dead hand of the Fed and its toxic spew of free money to the predatory class.  There’s actually three games in town: the financier game the Fed is playing that will end in collapse, the Federal government’s borrow-and-blow trillions of dollars game that will also end badly, and the real economy, where millions of people don’t give a rat’s rear-end about Bernanke’s latest attempt to placate the financial Monster Id he has created. Bernanke is irrelevant to millions of people who are building the next economy beneath the rotting soggy mess of the financialized one Bernanke is attempting to resuscitate.”

http://charleshughsmith.blogspot.com/2013/07/bernanke-only-game-in-town-really.html

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Goldman Sachs quarterly profits more than double to $1.93bn

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“Investors had feared that the looming prospect of an end to the US Federal Reserve’s $85bn-a-month bond-buying programme would impact profits at Wall Street’s major banks. However, Goldman Sachs navigated the turbulent quarter better than they expected.  Profits climbed to $1.93bn (£1.28bn), from $962m in the same period last year, while revenues rose from $6.6bn to $8.6bn.  Goldman Sachs employees were paid $253,691 on average, although the bank’s highest earning staff take home considerably more than that. Michael Sherwood, co-chief executive of Goldman Sachs and head of its London operation, received $15.8m as a share bonus alone last year.”

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10182621/Goldman-quarterly-profits-more-than-double-to-1.93bn.html

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JP Morgan Getting Ready To Settle For $1 Billion For Manipulating Energy Markets?

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“Sources told the Journal the deal could come in close to a staggering $1 billion, the largest payout in the history of the Federal Energy Regulatory Commission (FERC), which overseas power trading markets. JPM and FERC, the little regulator that could, are reportedly exchanging drafts of an agreement.  Sources told the Journal the bank is working quickly to finish the deal so they can gear up for even more regulatory hoopla in the wake of the London Whale debacle. The filings describe how traders rigged their bidding in order to be eligible for ‘make-whole’ payments that would cover trading losses and generate a healthy profit, according to the Journal.”

http://www.businessinsider.com/jpms-1-billion-settlement-2013-7

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Clarification of William Kaye Regarding German / US gold in Hong Kong refineries

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“Hong Kong fund manager William Kaye identifies the Hong Kong gold refiner that is recasting Western gold, including Western central bank gold, for the Asian market.  Kaye remarks that this movement and recasting of gold should hardly be a sensation because it is completely consistent with everything known about the current gold market. Kaye also denounces Western exchange-traded gold funds as facilitating ‘enormous potential mischief and abuse’ of gold investors at the hands of the bullion banks that are exclusively authorized to put gold into and take gold out of the funds.”

http://www.gata.org/node/12798

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Ex-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

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“A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading. The SEC’s case against Gupta concerns alleged civil violations stemming from his communications with former Galleon hedge fund tycoon Raj Rajaratnam. In a parallel criminal case, a New York jury in June 2012 convicted Gupta of spilling boardroom secrets to Rajaratnam.  In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States.”

http://www.rawstory.com/rs/2013/07/18/ex-goldman-sachs-director-rajat-gupta-fined-13-9-million-for-insider-trading/

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Gangs Ruled Prison as For-Profit Model Put Blood on Floor

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“More than 130,000 state and federal convicts throughout the U.S. now live in private prisons such as Walnut Grove, as public officials buy into claims that the institutions can deliver profits while preparing inmates for life after release, saving tax dollars and creating jobs. No national data tracks whether the facilities are run as well as public ones, and private-prison lobbyists for years have successfully fought efforts to bring them under federal open-records law. Yet regulatory, court and state records show that the industry has repeatedly experienced the kind of staffing shortages and worker turnover that helped produce years of chaos at Walnut Grove.”

http://www.bloomberg.com/news/2013-07-12/gangs-ruled-prison-as-for-profit-model-put-blood-on-floor.html

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The “Zero Hour” Scenario

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“The ’emperor’ here consists of central banks, commercial and investment banks and the commodities exchanges. The day everyone recognizes them as being buck naked — or in this case, stripped of the gold they claim to hold — will be ‘zero hour.’ It’s the day you’ll be happy you held on, even as gold sank from $1,900 in September 2011 to less than $1,500 as we go to press.  Caution: What we are projecting here is nearly the ultimate in fat-tail events. But make no mistake: Zero hour — in the form of a precious metals default on the Comex, or maybe the London Bullion Market Association (LBMA) — is coming sooner or later.”

http://dailyreckoning.com/the-zero-hour-scenario/

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Kyle Bass: “The Next 18 Months Will Redefine Economic Orthodoxy For The West”

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Kyle Bass: “The Next 18 Months Will Redefine Economic Orthodoxy For The West”

“The topics he focuses on are Central bank expansion (with a mind-numbing array of awe-full numbers to explain just where the $10 trillion of freshly created money has gone), Japan’s near-term outlook (‘the next 18 months in Japan will redefine the economic orthodoxy of the West’), and most importantly since, as he notes, ‘we are investing in things that are propped up and somewhat made up,’ the psychology of negative outcomes. The latter, Bass explains, is one of the most frequently discussed topics at his firm, as he points out that ‘denial’ is extremely popular in the financial markets.”

http://www.zerohedge.com/news/2013-06-18/kyle-bass-next-18-months-will-redefine-economic-orthodoxy-west

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Remember “8 Pressure Stock Pitches Stockbrokers at John Thomas Financial Might Use on You”?

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“John Thomas Financial, the beleaguered Wall Street brokerage firm founded by celebrity broker Tommy Belesis, has fallen so far it’s now six feet under. The formerly high-flying brokerage firm, which once boasted attendants in its office bathroom and ties to famed film director Oliver Stone, filed termination requests with federal and state regulators.  In March, the SEC filed a lawsuit against Belesis and George Jarkesy, a Houston radio host, accusing them of deceiving investors of a hedge fund allegedly controlled by Belesis.  In April, Finra filed a complaint accusing Belesis of selling the brokerage firm’s shares ahead of clients and intimidating and harassing brokers.”

http://www.economicpolicyjournal.com/2013/07/remember-8-pressure-stock-pitches.html

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Third-Largest US Futures Broker Newedge Fined for Lax Oversight of Manipulative Trades

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“The brokerage allowed potentially manipulative trading such as ‘spoofing,’ in which firms place orders designed to trick other firms into buying or selling stocks. Finra said clients also engaged in multiple ‘wash trades,’ in which a firm acts as buyer and seller in the same trade, creating the illusion of heavy trading volume that lures firms that are tracking for such activity. Finra last August implemented a sophisticated market-surveillance system that already has sparked nearly 300 investigations. The SEC is using a new market-monitoring system called Midas to track trading across stock exchanges.”

http://online.wsj.com/article/SB10001424127887324425204578597962040067332.html

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