[youtube:http://www.youtube.com/watch?v=Ano6xlk12-g 450 300]
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Joined Feb 3, 2009
1,759 Blog Posts
Mid Day Update
Top Story: SEC does their job for once
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission charged Robert Stanford, 3 of his companies for alleged fraud.
* Says alleged fraud involved multi-billion dollar investment scheme centering on an $8 billion CD program.
* Says companies accused of fraud include Antigua-based Stanford International Bank; Houston-based Stanford Group Co; investment adviser Stanford Capital Management.
* Says also charged are Stanford International Bank CFO James Davis, Stanford Financial Group chief investment officer Laura Pendergest-Holt.
* Says U.S. district judge in Dallas grants SEC request to freeze defendants’ assets, appoints receiver.
* Says accuses Stanford of misrepresenting to CD purchasers that their deposits were safe and falsely claiming client funds were reinvested primarily in liquid financial instruments.
* Says its investigation of alleged Stanford fraud is continuing.
NYSE Percentage Gainers
IWA, IAG, CHE, AU, BVN, TCI, GFI, RNT, ZAP, KRH
NASDAQ Percentage Gainers
ZBRA, ABVA, CARV, GMNT, STEM, CYTX, RTLX, ESMC
NYSE Percentage Losers
MED, TLB, MTG, LYG, PDS, IRE, XVF, AEG, STI
NASDAQ Percentage Losers
CWTR, CBLI, ATLO, FCFL, CEDC, PSBC, YRCW
Unusual Volume
CVLT, AFAM, TEVA, OSIS, LPHI
PPT Strong Buy
TIME, CASH, GOLD
PPT Upgraded to Sell and or Buy
AMCN 2.22 29.82% 43.15% Upgraded to SELL
2 BPSG 2.02 14.12% 15.43% Upgraded to SELL
3 BXG 2.21 18.18% 36.42% Upgraded to SELL
4 ENTU 2.09 11.76% 38.89% Upgraded to SELL
5 GFG 2.01 12.29% 13.56% Upgraded to SELL
6 HL 2.03 3.05% 5.59% Upgraded to SELL
7 NXTM 2.09 8.29% 33.97% Upgraded to SELL
8 OREX 2.30 32.95% 24.69% Upgraded to SELL
9 PGTI 2.13 18.99% 20.34% Upgraded to SELL
10 PNY 2.08 5.05% 20.23% Upgraded to SELL
11 RRI 2.13 17.03% 26.79% Upgraded to SELL
12 SMBL 2.25 22.95% 24.86% Upgraded to SELL
13 SONS 2.11 6.57% 14.45% Upgraded to SELL
14 TIXC 2.06 6.74% 8.38% Upgraded to SELL
15 TLEO 2.08 5.05% 20.81% Upgraded to SELL
16 TWTC 2.17 9.05% 0.00% Upgraded to SELL
17 REED 2.11 26.35% 14.89% Upgraded to SELL
18 BHP 3.05 5.54% 12.55% Upgraded to BUY
19 BTH 3.13 16.36% 32.91% Upgraded to BUY
20 BVN 3.44 18.62% 43.33% Upgraded to BUY
21 EHTH 3.28 12.33% 41.26% Upgraded to BUY
22 FYR 3.02 1.34% 21.69% Upgraded to BUY
23 GFI 3.11 9.89% 23.51% Upgraded to BUY
24 GWW 3.15 6.06% 35.19% Upgraded to BUY
25 HMR 3.22 21.05% 7.28% Upgraded to BUY
26 HMY 3.28 13.10% 16.87% Upgraded to BUY
27 HURC 3.01 12.73% 8.66% Upgraded to BUY
28 ININ 3.10 15.67% 68.11% Upgraded to BUY
29 KONG 3.07 3.37% 32.05% Upgraded to BUY
30 MDRX 3.02 3.42% 32.50% Upgraded to BUY
31 MPWR 3.16 8.22% 40.71% Upgraded to BUY
32 NXG 3.45 18.15% 2.27% Upgraded to BUY
33 OKN 3.02 13.53% 25.73% Upgraded to BUY
34 OSIS 3.40 19.72% 33.19% Upgraded to BUY
35 RGLD 3.45 17.35% 15.00% Upgraded to BUY
36 RNT 3.12 18.18% 24.69% Upgraded to BUY
37 TKC 3.03 2.36% 3.06% Upgraded to BUY
38 NPK 3.03 2.36% 16.99% Upgraded to BUY
39 TRIN 3.18 7.43% 16.42%
Gartman Pod Cast on Gold as a Second Reserve Currency and Selling the Yen. Plus a Second Pod Cast on The Crisis from Ghosn, Branson, & Murdoch
Kansas May Suspend Income Tax as Budget Deficits Pull the State Closer to Bankruptcy
Budget deficit woes go deep in Kansas
The Kansas budget crisis has taken on a starker tenor as agencies reportedly are considering suspending income tax refunds to manage budgetary shortfalls.
“It is rumored in the statehouse that the Kansas Department of Revenue has suspended income tax refunds,” Sen. John Vratil, R-Leawood, said Monday.
Vratil added that such a suspension would be Gov. Kathleen Sebelius’ or the Department of Revenue’s final decision, not the Legislature’s.
Vratil also said Monday that the state’s treasury balance stood at $5 million.
“That’s not very much in a $6.5 billion budget,” Vratil said.
Sebelius responded with criticism of Republican lawmakers for holding inter-governmental transfers of funds hostage until she approved the budget bill.
“Last week, I called a meeting of the State Finance Council to consider the issuance of a certificate of indebtedness, a routine action dealing with state cash flow, that allows us to move money from one account to another so we can pay our bills on time,” Sebelius said in a written statement. “… Today, the Republican leadership of the Legislature told me they would not approve the February certificate, only necessary because of their actions in December, until I sign the 2009 budget bill.”
Her statement added that the state could not pay tax refunds, that state employee paychecks are in jeopardy and that payments to health care providers and schools face delays.
“Through their refusal to act today, the Republican legislative leadership is jeopardizing our citizens’ pocketbooks for no other reason than to play political games,” Sebelius said. “Games in which the only ones set to lose are Kansas families, workers and schools.”
Comments »TOPEKA – Income tax refunds and state employee paychecks could be late after Republican leaders and the Democratic governor clashed Monday over how to solve a cash-flow problem.
Payments to Medicaid providers and schools also could be delayed.
“We are out of cash, in essence,” state budget director Duane Goossen said.
The move places state taxpayers, workers and schoolchildren in the middle of a political battle over budget cuts.
Republicans, who hold majorities in both chambers, blocked Gov. Kathleen Sebelius’ proposal to borrow $225 million from healthy state funds to cover shortages in accounts used to meet the state’s payroll and issue tax refunds.
GOP leaders said they won’t approve the IOUs until Sebelius either cuts the current budget herself or signs the bill they passed last week slashing $326 million — including $32 million for education — to balance the budget.
Republican leaders said they had no choice, that by law the state can’t borrow any more money from itself.
Sebelius and Democrats disagree and accuse the GOP of playing politics with people’s paychecks.
“Through their refusal to act today, the Republican legislative leadership is jeopardizing our citizens’ pocketbooks for no other reason than to play political games — games in which the only ones set to lose are Kansas families, workers and schools,” Sebelius said in a written statement.
Replied House Speaker Mike O’Neal: “While we all can agree that these are trying times for Kansas families, seniors and business owners, the Kansas House of Representatives respectfully disagrees with breaking the law in order to gain political capital.”
The Senate approved the budget-cutting bill Thursday, but the governor has yet to receive it. It is being proofread and could reach Sebelius as early as Tuesday.
Her spokeswoman has said she will carefully consider it. She could sign it, veto it or veto portions of it.
Market Movers & Empire State Manufacturing: Prior # -22.2 / Market Expects -24 / Actual Number -34.7…Futures Move to the Downside
Markets Fall as Obama Gets Ready to Sign the $787 billion Bill
We have a house of cards so let us put some more cards on top
Comments »Feb. 17 (Bloomberg) — President Barack Obama today signs into law one of the largest pieces of legislation in U.S. history, a $787 billion behemoth that combines massive tax breaks and government spending designed to resuscitate the moribund U.S. economy.
The size of the new law and its speed moving through Congress — it was approved within weeks of Obama’s inauguration — place it among the most significant legislative accomplishments since President Franklin Roosevelt overhauled the U.S. government in his first 100 days, historians and political analysts say.
“We have plenty of big, complicated pieces of legislation that come down the pike, but this bill is unprecedented,” said Stuart Rothenberg, an independent political analyst in Washington.
The package contains roughly $300 billion in tax breaks for individuals and businesses, more than $250 billion in direct aid to distressed states and individuals, and almost $200 billion to modernize and improve the nation’s infrastructure. Obama, who will sign the legislation in Denver, the city where he accepted his party’s nomination in August, said it will save or create about 3.5 million jobs.
