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Monthly Archives: June 2011

What Recession ? Some Pricey Bubbly !

“Two bottles of the world’s oldest Champagne, which spent about 170 years at the bottom of the ocean, sold for 54,000 euros ($78,400) at an auction in Finland today.

The second lot, containing vintage Veuve, fetched 30,000 euros, which the auction house — New York-based wine specialist Acker Merrall & Condit — said was the most paid for a bottle.

“The important thing for this event is that this was a world record for an auction,” Richard Juhlin, an authority on Champagne, said in an interview after the event. “I’m a little surprised the bidding didn’t go higher. If you had speculators bidding against each other, it could have sky rocketed.”

Collectors have been paying higher prices for Champagne, especially for prized vintages, said Juhlin, who had forecast that the bottles might fetch 100,000 euros, 10 times the minimum price of 10,000 euros. Bidders applauded at the Veuve price, given by the same Singapore-based Internet bidder who minutes before gave 24,000 euros for a bottle of Juglar.”

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Barrons: Pricing Those Pitchforks $GS

The intensity of Main Street’s animosity for Goldman Sachs (ticker: GS) is chilling, while Wall Street’s mild reaction to the latest legal attack on the bank shows how divided the country has become.

“Kill Goldman to send a message to the rest of Wall St.,” was the comment posted by someone calling himself Gaius Baltar on a Wall Street Journal story. The article detailed how Manhattan’s district attorney, Cyrus Vance Jr., son of a former secretary of state, subpoenaed the powerful bank in response to a Senate report, “Wall Street and the Financial Crisis: Anatomy of a Financial Collapse.”

FULL ARTICLE

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OpED: How FIFA’s Fouls May Revive the Beautiful Game

How FIFA’s Fouls May Revive the Beautiful Game

: David Goldblatt

World Soccer

Barcelona’s victory over Manchester United in this year’s Champions League final will go down as one of the finest displays of soccer that the modern era has witnessed. But, for a performance of true audacity, for a story that captures the essence of contemporary soccer, the Catalans have been eclipsed by the games being played inside FIFA — the sports global governing body — and above all by Sepp Blatter, who was just re-elected as FIFA’s president.

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$GE Leads Call for Action on U.S. Supplies of Rare-Earth Minerals

General Electric Co. (GE) led companies in urging Congress to spur U.S. production of rare earths, needed for wind turbines, aircraft engines, medical devices and cell phones, and to reduce dependence on supplies from China.

Congress is considering two bills that would require the Interior Department to report on U.S. mineral resources and production limits. Lawmakers led by Representative Henry Johnson, a Georgia Democrat, also want the U.S. to consider risks of disruptions in rare-earth supplies from overseas.

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BW: Bank of England to Hold Off Raising Rates on Faltering Recovery

June 04, 2011, 5:42 AM EDT

By Svenja O’Donnell

June 4 (Bloomberg) — The Bank of England will hold off increasing its benchmark interest rate next week as manufacturing and services surveys this week indicate the economic recovery is faltering.

The nine-member Monetary Policy Committee, led by Governor Mervyn King, will leave the key rate at a record low of 0.5 percent on June 9, according to all 55 economists in a Bloomberg News survey. It will also keep its bond-purchase plan at 200 billion pounds ($326 billion), said all 35 economists in a separate poll.

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Congressional Research Service Confirms Big Banks Borrowed Cash For Next To Nothing, Then Lent It Back to the Federal Government at Much Higher Rates

As I’ve noted for years, the government has been guaranteeing that the big banks make money at taxpayer expense by loaning money at very low interest rates, and then letting the banks loan the money back to the government at much higher interest rates.

For example, as I pointed out in January:

Bloomberg notes:

“The trading profits of the Street is just another way of measuring the subsidy the Fed is giving to the banks,” said Christopher Whalen, managing director of Torrance, California-based Institutional Risk Analytics. “It’s a transfer from savers to banks.”The trading results, which helped the banks report higher quarterly profit than analysts estimated even as unemployment stagnated at a 27-year high, came with a big assist from the Federal Reserve. The U.S. central bank helped lenders by holding short-term borrowing costs near zero, giving them a chance to profit by carrying even 10-year government notes that yielded an average of 3.70 percent last quarter.

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UK supermarkets pass on price rises to ‘happy’ customers

British shoppers seem to be suffering from “Stockholm Syndrome”, according to new analysis explaining their happiness with supermarkets despite rising food prices.

UK supermarkets pass on price rises to 'happy' customers Many people do not realise climbing food bills are not simply a case of supermarkets passing on their own rising costs, the fund manager argued.

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Irish banks may have to declare extra losses under accounting rules change

Irish banks may have to declare extra losses under accounting rules change

Irish banks may be forced to declare millions of euros of extra losses under surprise plans by Ireland’s authorities for the immediate overhaul of bank accounting regulations.

Irish banks may have to declare=

Ireland’s central bank is determined to clean-up the banks’ balance sheets in a bid to restore confidence to the shattered sector. Photo: AP

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Chinese Burritos Were Annihilated Today

No. Ticker % Change Industry
1 HOGS -15.39 Chinese Burritos
2 SCEI -14.41 Chinese Burritos
3 CHNG -13.56 Chinese Burritos
4 SINA -12.06 Chinese Burritos
5 EJ -11.06 Chinese Burritos
6 NQ -10.59 Chinese Burritos
7 CBPO -9.39 Chinese Burritos
8 YOKU -9.19 Chinese Burritos
9 QIHU -9.05 Chinese Burritos
10 DANG -8.41 Chinese Burritos
11 YZC -7.71 Chinese Burritos
12 LIWA -6.59 Chinese Burritos
13 GU -6.50 Chinese Burritos
14 KGJI -6.47 Chinese Burritos
15 RCON -6.37 Chinese Burritos
16 CRIC -6.31 Chinese Burritos
17 MY -6.10 Chinese Burritos
18 CHBT -5.93 Chinese Burritos
19 HEAT -5.73 Chinese Burritos
20 CMED -5.72 Chinese Burritos
21 CHLN -5.49 Chinese Burritos
22 BORN -5.48 Chinese Burritos
23 ZX -5.37 Chinese Burritos
24 NED -5.35 Chinese Burritos
25 CNTF -5.06 Chinese Burritos
26 DATE -5.01 Chinese Burritos

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Fun With Debt

[youtube:http://www.youtube.com/watch?v=K1AOJHglezQ 450 300]

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2014…Perhaps Never

Perhaps we should have a direct stimulus into the citizens. Get rid of payroll taxes, get states to lower real estate taxes, how about a driving stimulus ? What about some assistance for sole props. and small biz llc ?

“The mixed signals regarding the economy’s health are taking a toll.

Americans are growing increasingly doubtful about direction of the US economy, according to the latest survey from business-advisory firm AlixPartners.

In fact, an increasing number, some 61 percent, say they don’t expect to return to their respective pre-recession lifestyles until the spring of 2014, if ever.

What’s worse, a full 10 percent said they expect they will never return to pre-recession spending.

That’s a more pessimistic view than last year, when those surveyed expected that they could be back to pre-recession spending levels by the middle of 2013.

“Americans continue to push their expectations for return to a pre-recession ‘normal’ further and further into the future—close enough for comfort, but far enough away to seem realistic,” said Fred Crawford, CEO of AlixPartners. “But as that happens, more and more it seems normal is actually where we are right now.”

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Institutions Getting Hurt by Chinese Stock Scandals

Due to outright fraud, shares of most Chinese listed stocks here in the U.S. are being dismantled. Here are some of the casualties (down greater than 30% YTD), with institutional holders greater than 5% of shares outstanding.

No. Ticker Inst. Holdr. (% outstanding) Institutional Holder YTD Return Industry
1 GU 21.38 RENAISSANCE TECHNOLOGIES, LLC -50.09 Chinese Burritos
2 EJ 18.97 ORBIS HOLDINGS LTD -35.96 Chinese Burritos
3 SEED 16.81 FMR LLC -50.05 Chinese Burritos
4 LFT 14.56 FMR LLC -47.68 Chinese Burritos
5 CCIH 14.48 INVESTOR AB -46.25 Chinese Burritos
6 HOLI 13.76 FMR LLC -43.07 Chinese Burritos
7 CHC 12.61 JENNISON ASSOCIATES LLC -39.11 Chinese Burritos
8 CHLN 11.03 POPE ASSET MANAGEMENT, LLC -35.40 Chinese Burritos
9 HSFT 10.63 FMR LLC -48.64 Chinese Burritos
10 DGW 10.25 SAM Sustainable Asset Management Ltd -69.62 Chinese Burritos
11 LFT 9.86 MAVERICK CAPITAL LTD. -47.68 Chinese Burritos
12 GFRE 9.51 FMR LLC -70.81 Chinese Burritos
13 CCIH 9.27 Tremblant Capital Group -46.25 Chinese Burritos
14 CHNG 8.87 WELLINGTON MANAGEMENT COMPANY, LLP -33.94 Chinese Burritos
15 CHBT 8.26 WELLINGTON MANAGEMENT COMPANY, LLP -56.12 Chinese Burritos
16 GRO 8.18 HEARTLAND ADVISORS INC. -32.29 Chinese Burritos
17 CVVT 8.14 SAM Sustainable Asset Management Ltd -69.75 Chinese Burritos
18 HSFT 8.13 WELLINGTON MANAGEMENT COMPANY, LLP -48.64 Chinese Burritos
19 HSFT 7.86 CRITERION CAPITAL MANAGEMENT, LLC -48.64 Chinese Burritos
20 TPI 7.78 POPE ASSET MANAGEMENT, LLC -37.87 Chinese Burritos
21 VIMC 7.60 POWER CORPORATION OF CANADA -30.56 Chinese Burritos
22 JRJC 7.26 FMR LLC -30.02 Chinese Burritos
23 HEAT 7.14 FMR LLC -71.40 Chinese Burritos
24 AMCN 7.02 Sloane Robinson, LLP -47.75 Chinese Burritos
25 GRO 6.91 TPG Capital, L.P. -32.29 Chinese Burritos
26 CCCL 6.72 KNOTT (DAVID M.) -41.76 Chinese Burritos
27 ALN 6.64 GUERRILLA CAPITAL MANAGEMENT LLC -30.65 Chinese Burritos
28 XING 6.62 Shah Capital Management -37.81 Chinese Burritos
29 CHC 6.60 Swiss Reinsurance Company Ltd -39.11 Chinese Burritos
30 CHC 6.60 Swiss Re Financial Products Corporation -39.11 Chinese Burritos
31 VIMC 6.58 Sparta Asset Management, LLC -30.56 Chinese Burritos
32 TPI 6.50 WELLINGTON MANAGEMENT COMPANY, LLP -37.87 Chinese Burritos
33 CCSC 6.50 GILDER, GAGNON, HOWE & CO. -56.43 Chinese Burritos
34 LIWA 6.42 GRUBER & MCBAINE CAPITAL MANAGEMENT LLC -39.86 Chinese Burritos
35 CHNG 6.13 HEARTLAND ADVISORS INC. -33.94 Chinese Burritos
36 CNIT 5.97 SANSAR CAPITAL MANAGEMENT LLC -64.49 Chinese Burritos
37 AMCN 5.87 FIL LTD -47.75 Chinese Burritos
38 CSKI 5.84 POPE ASSET MANAGEMENT, LLC -62.70 Chinese Burritos
39 AOB 5.74 WELLINGTON MANAGEMENT COMPANY, LLP -47.71 Chinese Burritos
40 UTA 5.65 Martin Currie Limitied -35.29 Chinese Burritos
41 HSFT 5.55 FEDERATED INVESTORS, INC. -48.64 Chinese Burritos

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Greenpeace Puts Apple Near the Bottom of its Green Company List

“(NaturalNews) As a company, Apple has become a household name in such a way that one would be hard-pressed to find many people in the Western world who aren’t at least somewhat familiar with the words “ipod” and “iphone”. However, what you might not know is that Apple has found a place at the bottom of a list compiled by Greenpeace detailing the least environmentally green technology companies. Apple has earned its place on the list due to its “dirty data” practices, as their energy centers use a highly polluting coalpowerat the sites that are home to their servers instead of finding more ecologically friendly alternatives. Most recently, Apple’s new North Carolina facility is being powered by Duke Energy using a mixture ofcoal(62%) and nuclear power (32%).

In this day and agepeopleare becoming more socially and environmentally conscious. No longer are they happy to sit idly by, blissfully unaware of how thecompaniesthey support do business. As author of the list and IT policy analyst forGreenpeace, Gary Cook stated that “consumers want to know that when they upload a video to Youtube or change their Facebook status that they’re not contributing to global warming or future Fukushima’s.”

Learn more:http://www.naturalnews.com/032593_green_technology.html#ixzz1ODy0lRMJ

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Regulator for FNM and FRE Discourages Transparency

“Even after costing American taxpayers $150 billion since their government takeover, public-private mortgage giants Fannie Mae and Freddie Mac should not be subject to greater public transparency, says their federal regulator.

Edward DeMarco, acting director of the Federal Housing Finance Agency, told Congress last week that Fannie and Freddie “did not cease to be private legal entities when they were placed into conservatorship.” In addition, making them comply with Freedom of Information Act (FOIA) requests would be costly, according to DeMarco, “as they will incur significant operational and compliance costs in establishing and administering a function to respond to such information requests.”

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No Fracking Way: Drilling Procedure Potentially Causes Earthquakes

“Hydraulic Fracturing, known as “frac’ing” in the industry, has made another unwelcome appearance in the media, in which the process is termed “fracking”, where it is reported that the procedure may cause earthquakes. Essentially, water containing a surfactant and various other chemicals is injected under high pressure into a source rock e.g. shale, causing the latter to fracture and release natural gas (principally methane). It is hoped that fracking will provide 45% of the U.S. gas by 2035, although the jury remains “out” on its safety aspects, awaiting the conclusions of studies by the University of Texas and by the Environmental Protection Agency.

In Europe, fracking is set to be adopted widely, particularly in Poland which has significant reserves of gas-shale, while in France, which is similarly well resourced, reservations over groundwater contamination by fracking are sufficiently strident that the country has vowed not to adopt the method. France indeed produces almost 80% of its electricity from nuclear power, while other EU nations rely far more on fossil fuels and for whom gas is a more important ingredient of their energy-mix, including the UK.

In the inauguration of a pilot study offshore near the famous holiday resort of Blackpool, renowned for its “sticks of rock” and big-dipper rides, in the North-West of the United Kingdom, an unexpected side-effect of fracking has been identified, namely an earthquake of magnitude 2.3 which has reinforced some disquiet as to the safety of the procedure. Commercial fracking is presently banned not only in France, but in New York and Pennsylvania states, from where there is footage available on YouTube of residents setting fire to their drinking water in consequence of the high levels of methane gas in it arising from neighbouring fracking operations…….”

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American Tower Files a SEC Inquiry In Their 8k

“American Tower Corporation (NYSE: AMT) and Crown Castle International Corp. (NYSE: CCI) are the two major players in the world of cellphone towers.  Go ahead and include 4G too.  This morning is not looking very promising for American Tower after it filed an 8-K disclosure with the SEC that disclosed an SEC inquiry.  We would have normally issued “The Mr. Dumas Accounting Award” to American Tower but the disclosure offers such little disclosure and detail that there is no way to know what it really means.

What is odd is how small the disclosure was.  American Tower stated:

  • On June 2, 2011, American Tower Corporation received a subpoena from the United States Securities and Exchange Commission requesting certain documents from 2007 through the present, including in particular documents related to the Company’s tax accounting and reporting. The Company intends to cooperate fully with the SEC with respect to its request.

Shares of American Tower are down 6.2% at $51.02 on more than 1 million shares in less than the first five minutes of trading.  The 52-week trading range is $41.26 to $56.84 and the consensus Thomson Reuters price target is just above $60.00.  Analysts are likely to be out with downgrades or with “temporary exceptions” in the research coverage.  Unfortunately, the time frame is wide enough and the disclosure is vague enough that no one outside of the company will yet be able to make determinations or opinions.

Shares of rival Crown Castle are down a bit in sympathy with a drop of just over 1.5% at $40.95. The smaller player is SBA Communications Corp. (NASDAQ: SBAC) and its shares are down 1.5% at $38.19.  American Tower is now worth about $20 billion after the haircut in its market cap, while Crown Castle’s market cap is almost $12 billion.  SBA Communications has a market cap of only about $4 billion.”

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HSBC Analyst: Oil Could Fall to $90

“Saudi Arabia is in a difficult balancing act.

It needs oil prices to stay strong enough to fill its cash coffers but not so strong as to encourage its oil customers to seek alternative sources of energy, HSBC analyst Peter Hitchens writes in a commentary obtained by CNBC.

That implies an oil price of $90 a barrel for Brent crude, which would represent a decline of 21 percent from Thursday’s level of $114. ”

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FLASH: John Edwards Indicted For….

“ABC11 has learned that a federal grand jury has indicted former North Carolina senator and presidential candidate John Edwards.

The charges come after a two-year investigation into whether Edwards used hundreds of thousands of dollars from political backers to cover up his extra-marital affair with Rielle Hunter. The issue has been whether Edwards should have reported the money as campaign contributions.”

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Fun With Charts

Given this chart we are nowhere close to any recovery seen in past recessions…..

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