Tag Archives: White Shoe Boys

Bill Bonner: The Greatest Fraud Ever

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Bill-Bonner2

“Banks – with the happy connivance of the Fed – create new money. Corporations use it to buy their own shares. Central banks buy shares too.  Besides, buying stocks seems to please everyone who matters. Investors are happy. Speculators are happy. Economists are happy. Politicians are happy, too.  After all, a rising stock market means the economy is getting better, doesn’t it?  But there is a heavy price to pay, dear reader. The financiers end up owning more of the real businesses… the real enterprises… the real houses… the real output of the real economy.  Wall Street firms own more houses. And more stocks. All are bought with money that they – or their cronies – created.”

http://www.bonnerandpartners.com/the-greatest-fraud-ever/

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The Great Deception, Part II

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“In each of these cases, brokerages made millions. The analysts made millions. The companies they promoted raked in millions. But investors lost their shirts.  Not one major firm on Wall Street tied its analysts’ compensation to their actual track record in picking stocks. Analysts could be wrong once, wrong twice, wrong a hundred times, and they’d still earn huge bonuses, as long as they continued to recommend the shares and as long as there were still enough investors who continued to buy into the hype. The current cycle of complacency does not favor investor vigilance — let alone Wall Street transparency.  Quite to the contrary, it’s the perfect climate for more scams and deceptions.”

http://www.moneyandmarkets.com/the-great-deception-part-ii-61958

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Chasing Yield, Investors Plow Into Junk Bonds

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“Large investors are rushing into the riskiest corporate bonds, frustrated by low interest rates on safer investments and convinced that even companies with shaky finances are in little danger of default.  One sign of that rush: Investors have been buying up corporate bonds with a triple-C rating, a grade that analysts and investors consider highly speculative.  That buying is driving up prices on those bonds and pushing down their yields, which this month fell to 8.187% on a closely watched index—the lowest level on record. The yield gap between junk bonds and U.S. government debt—a measure of the premium investors receive for taking on the risk of junk bonds—has narrowed.”

http://online.wsj.com/news/articles/SB10001424052702304422704579572390216147878

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Hong Kong Brokers Drive Cabs as Competition Forces Locals Out [2013]

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“Fees have dropped since bourse operator Hong Kong Exchanges & Clearing Ltd. in 2003 removed a brokerage commission floor of 0.25 percent of the value of transactions, squeezing profits for brokers as mainland Chinese rivals expand operations.  Eleven brokerages have ceased trading this year, according to filings posted on the website of the Hong Kong stock exchange.  The number of local broking firms may decline to 300 from about 400 in the next five years, Mofiz Chan, a spokesman of the Hong Kong Securities & Futures Professionals Association, said. ‘There are many people taking part-time jobs or completely moving out of the industry,” Chan said.”

http://www.bloomberg.com/news/2013-07-22/hong-kong-brokers-drive-cabs-as-competition-forces-locals-out.html

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CertusBank Ex-Execs, Ousted Over Lavish Expenses, Now Suing

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“The American Banker article cited: ‘nearly $10 million paid to a consulting firm owned by Certus’ top officers; $146,000 for three months of work by an executive’s son fresh out of college; $2.5 million for three executive apartments and high-end upgrades; $347,000 for private plane trips; $131,000 for Carolina Panthers games; several hundred thousand dollars for sponsorships and charitable gifts; and more than $500,000 for American Express bills.’  CertusBank now with $1.7 billion in assets was formed by the plaintiffs, Jones, Davis and Webb in 2010 using capital from a small group of private equity investors. Their strategy was to purchase failed banks in the southeast.”

http://weissratings.com/news/articles/140429-ousted-execs-sue-certusbank/

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Barclays fined $44 million over gold price fixing

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“A U.K. financial regulator has fined Barclays (BCS) $43.8 million after it accused a former trader at the bank of improperly influencing gold prices.  The British bank will be fined £26 million ($43.8 million) for failures that allowed trader Daniel James Plunkett to exploit the weaknesses in Barclays’ systems and controls to seek to influence the price of gold, which allowed the firm to ‘profit at a customer’s expense,’ according to a news release.  The fine was handed down by the Financial Conduct Authority. Separately, Plunkett was fined £95,600, or about $161,000.”

http://features.blogs.fortune.cnn.com/2014/05/23/barclays-fined-44-million-over-gold-price-fixing/

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Bloomberg On Why Bitcoin Is Now Quoted On Its Terminals

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“Transparency – Bloomberg was founded to provide transparency to opaque financial markets and we believe all markets, even digital currencies, greatly benefit from increased transparency.   Client demand – Serving the needs and objectives of clients has always been a guiding principle of Bloomberg. Clients are increasingly interested in  digital currencies and are looking for tools to better monitor developments in these markets.  Innovation – While virtual currency markets are still nascent, they represent an interesting intersection of finance and technology. Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us.”

http://www.bloomberg.com/now/2014-04-30/bitcoin-now-Bloomberg/

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Silver Fixing Company to Stop Running London Benchmark

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“The company that runs the London silver fixing, a benchmark dating back more than a century, will stop running the process after Deutsche Bank AG said two weeks ago that it was dropping out of the price-setting ritual.  The London Silver Market Fixing Ltd. will stop administering the fixing on Aug. 14, it said today in a statement.  Regulators have been stepping up their scrutiny of how gold and silver prices are set in the wake of the London interbank offered rate-manipulation scandal. The FCA is visiting member banks involved in the gold fixing as part of its review of gold benchmarks.  Deutsche Bank has said it is leaving fixings as it scales back its commodities business.”

http://www.bloomberg.com/news/2014-05-14/silver-fixing-company-will-stop-running-benchmark-on-aug-14.html

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Fed Warns Of Crackdown On Leveraged-Buyout Deals

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“The Federal Reserve warned it may need to take additional action to rein in banks’ funding of corporate takeovers after observing continued deterioration of lending standards this year.  The statements were the latest warning that U.S. regulators want banks to end practices they see as risky in so-called leveraged lending markets. The Fed and the Office of the Comptroller told banks in March 2013 to avoid funding takeover deals that would leave companies with high levels of debt.  Federal Reserve Chairwoman Janet Yellen said that some bank-underwriting standards had loosened as a response to investor appetite for additional risk, a byproduct of low interest rates.”

http://finance.yahoo.com/news/fed-warns-crackdown-takeover-deals-214000797.html

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Yellen: How High Is Up?

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Anthony-Wile1

“Yellen seems to be setting the table for continued monetization not industrialization. The Fed under Yellen, as under Bernanke, is concerned mainly with the ‘monetary economy’ because that benefits globalist strategies. A healthy ‘normal’ economy helps working class people. A monetized economy boosts stock markets, upscale real estate, high-end luxury goods, speculative investments, etc. From my point of view, this is no coincidence and it’s one reason High Alert continues to present our ‘Wall Street Party’ meme.  A slow economy awash in currency that is gradually trickled into stock and bond markets is an ‘investor’s’ economy.”

http://www.thedailybell.com/editorials/35268/Anthony-Wile-Yellen-How-High-Is-Up/

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