The Clam will swallow him whole.
Markets are in the dive mode.
NOTE: Romney also said QE2 DID NOT WORK and he doesn’t support QE3. Go Tea Party, go!
Fuckers
Comments »Small Bombs
Tropical Storm Isaac (Computer Models)
Small Bombs Screen
Industry Breadth
Eric Jackson: Why Peter Thiel Should Be Ashamed – And Resign From Facebook’s Board Immediately
Peter Thiel should be embarrassed. He’s a director on the Facebook (FB) board. He turned a $500,000 investment in Facebook from 8 years ago into $1 billion. More power to him. God Bless America. None of that is cause for shame.
What is embarrassing is that he has just liquidated 89% of his holdings in Facebook within the last 3 months. Back in May, he owned 44 million shares in the social media company. He sold more than half of that in the initial IPO at $38. Two days after that IPO, when the stock slipped below that offering price, he put in place an automated selling plan in place that would allow him to sell a lot of his stock in the future without fear of being howled at for being an insider dumping shares. That’s because he could just say he’d filed this automated plan for selling purposes.
Comments »Gary Kaminsky Called $FB a “Shit Show” On CNBC (VIDEO)
Industry Movers (Weekly Change)
Small Bombs Under $10
Here is your nightly list of hybrid movers under $10, click here for charts.
Comments »London Whale Trader Retaining Shark Services
NEW YORK (Reuters) – Another JPMorgan Chase & Co risk manager, who worked for a division that lost at least $5.8 billion on a series of complex derivatives trades, has hired a lawyer in connection with probes into the so-called “London Whale” trading debacle, according to sources familiar with the investigations.
Federal authorities are investigating an allegation that some of the bank’s traders in London may have tried to hide hefty losses, and JPMorgan is conducting an internal probe.
Peter Weiland, who was head of risk at JPMorgan’s Chief Investment Office from late 2008 until the beginning of 2012, is one of at least six people associated with the case who have hired attorneys. He has been reassigned by the bank to a new risk control team at the overhauled Chief Investment Office where the loss occurred.
Weiland, who is based in New York, did not return requests for comment, and his lawyer declined to comment.
Read here:
Comments »Goldman Sachs’ David Kostin Warns To Drop Stocks
You can sense almost an air of desperation from David Kostin, Goldman Sachs chief U.S. equity strategist, in his latest note to clients as he pleads with them to take money out of stocks before they fall off the fiscal cliff.
In the note, Kostin vehemently defends his year-end S&P 500 (^GSPC) target of 1250 despite the benchmark’s recent rise to above 1400. The strategist still sees a 12 percent drop ahead, believing that Congress will fail to address the fiscal cliff before the election, and maybe even before the end of the year.
“Political realities and last year’s precedent suggest the potential that Congress fails to reach agreement in addressing the fiscal cliff is greater than what most investors seem to believe based on our client conversations,” said Kostin.
The so-called fiscal cliff is the expiration of payroll, capital gains and dividend tax cuts at the end of this year. It also refers to the mandatory sequestration of spending that resulted from the vicious debt ceiling fight last summer.
“Last year, the deadline for Congress to raise the federal debt ceiling (explain this) was known months in advance,” states the report. “Nevertheless, Congress was unable to reach an agreement that satisfied all factions. Investors were stunned and the S&P 500 plunged 11 percent in 10 trading days.”
Read here:
Comments »More on the ECB Targeting Interest Rates
Vulture Capitalist, Peter Thiel, Sells $FB Down at These Levels
Facebook Inc. (FB) director Peter Thiel sold most of his stake in the operator of the world’s largest social-networking website, bringing his proceeds to more than $1 billion, after restrictions on insider sales ended.
Thiel, one of Facebook’s earliest investors, sold about 20.1 million shares in the company on Aug. 16 and Aug. 17, raising $395.8 million, according to a filing yesterday with the U.S. Securities and Exchange Commission. Thiel, a venture capitalist and hedge-fund manager, had already generated $640.1 million in sales during the initial public offering.
Apple Most Valuable Company of All Time
Apple tops Microsoft’s 1999 record to become most valuable company of all time, with a market cap of $621 billion.
-CNN Money
Comments »In Play and On the wires
Euro Holds Gain As Leaders Prepare For Debt Crisis Talks
Here we go again…
Comments »The euro rose against the dollar, extending a gain from last week, amid optimism Europe’s leaders meeting this week will signal support for Greece and outline fresh measures to combat the region’s debt crisis.
Europe’s shared currency rose toward a six-week high against the yen after Germany’s Spiegel magazine reported the European Central Bank’s governing council may decide at its next gathering to set yield limits on each country’s debt. The dollar fell from the most in more than a month against Japan’s currency and the Australian dollar climbed against all of its major counterparts tracked by Bloomberg amid stronger demand for higher-yielding assets.
“The market is concentrating on political news,” said Ulrich Leuchtmann, head of currency strategy at Commerzbank AG inFrankfurt. “There’s a lot of negative news priced in about Greece and if the politicians sound constructive on that it may support the euro. There are also a lot of rumors about what the ECB might do.”
Europe’s shared currency advanced 0.1 percent to $1.2351 at 8:51 a.m. London time after climbing 0.4 percent last week. It added 0.1 percent to 98.19 yen after rising 2 percent in the five days ended Aug. 17. The dollar weakened 0.1 percent to 79.50 yen after earlier touching 79.66, the strongest since July 12. The Australian dollar rose 0.3 percent to $1.0455.
FLASH: The World’s Largest Sovereign Wealth Fund is Interested In More Risk
The world’s largest sovereign wealth fund is planning to take on more risk as it seeks to exploit its role as a strategic investor, in a move that could mark a new trend for conservative publicly-owned investment funds.
The Norwegian oil fund, which has more than $600 billion of assets under management, also believes it could be more opportunistic when markets dry up, as was the case during the financial crisis.
“The fund can exploit [its nature as a long-term investor] by being a provider of liquidity in periods when there is a lack of liquidity,” Pål Haugerud, head of asset management in Norway’s finance ministry, said in an interview.
The new approach will be closely watched outside Norway as the size of sovereign wealth funds in the Middle East and Asia, forcing managers to rethink their investments strategies.
Norway’s fund is a long distance bigger than its nearest rival, the Abu Dhabi Investment Authority, which has about $400 billion in assets, according to consultants Roubini Global Economics.
Comments »Fucking Cantaloupe is Killing People Again
A salmonella outbreak blamed on cantaloupe grown in Indiana has killed two people in Kentucky and sickened some 150 people in the past month, health officials said on Friday, urging consumers to throw away melons bought recently from the region.
The outbreak traced to the cantaloupe began in early July and has struck consumers in Indiana, Kentucky and Minnesota. Indiana officials said there were about 150 cantaloupe-linked cases nationwide.
Comments »***ALERT*** MARK ZUCKERBERG’S NET WORTH HAS FALLEN BELOW $10 BILLION
Market Update
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