Many emerging market central banks took action to strengthen their currencies.
They are worried and trying to get ahead of slow global growth and a 25% correction in equity markets.
Comments »Many emerging market central banks took action to strengthen their currencies.
They are worried and trying to get ahead of slow global growth and a 25% correction in equity markets.
Comments »U.S. Attorney’s OfficeSeptember 23, 2011 |
|
NEWARK, NJ—C. Tate George, former NBA basketball player and the chief executive officer (CEO) of purported real estate development firm The George Group, surrendered this morning to federal authorities for allegedly orchestrating a more than $2 million investment fraud scheme, U.S. Attorney Paul J. Fishman announced.
George, 43, of Newark, surrendered in Newark to special agents of the FBI and postal inspectors of the U.S. Postal Inspection Service (USPIS) on a criminal complaint charging him with one count of wire fraud. He is scheduled to appear this afternoon before U.S. Magistrate Judge Patty Shwartz in Newark federal court.
According to the criminal complaint unsealed today:
George, who once played for the New Jersey Nets and Milwaukee Bucks, held himself out as the CEO of The George Group, claiming to have more than $500 million in assets under management. George pitched prospective investors, including several former professional athletes, to invest with the firm. George represented to these prospective investors that their money would be used to fund The George Group’s purchase and development of real estate development projects, including projects in Florida, Illinois, Connecticut, and New Jersey. George represented to some prospective investors that their funds would be held in an attorney escrow account and personally guaranteed the return of their investments, with interest.
Based on George’s representations, investors invested more than $2 million in The George Group between 2005 and March 2011, which he deposited in both the firm’s and his personal bank account. Instead of using investments to fund real estate development projects as promised, George used the money from new investors to pay existing investors in Ponzi scheme fashion. He also used some of the money for home improvement projects, meals at restaurants, clothing and gas. In reality, The George Group had virtually no income generating operations.
If convicted, George faces a maximum potential penalty of 20 years in prison and a $250,000 fine.
Market caps over $1 billion
No. Ticker % Change Market Cap
1 YOKU 17.82 2,870,000,000
2 PNM 15.24 1,390,000,000
3 DANG 13.73 3,160,000,000
4 FINL 10.58 1,080,000,000
5 MLHR 9.02 1,150,000,000
6 P 8.86 2,220,000,000
7 CEA 8.62 5,440,000,000
8 PCX 8.15 1,340,000,000
9 RENN 7.97 2,890,000,000
10 THO 7.68 1,240,000,000
11 SFUN 7.46 1,370,000,000
12 WPRT 7.27 1,180,000,000
13 FL 6.29 3,190,000,000
14 HSP 6.24 7,540,000,000
15 RMBS 6.06 1,300,000,000
16 BGC 6.03 1,460,000,000
17 SNP 5.95 84,620,000,000
18 ARUN 5.91 1,850,000,000
19 MPEL 5.88 6,680,000,000
20 UMC 5.87 4,890,000,000
21 TQNT 5.80 1,350,000,000
22 YZC 5.60 13,550,000,000
23 MS 5.55 33,390,000,000
24 OPEN 5.49 1,510,000,000
25 NKE 5.48 42,040,000,000
26 CLF 5.40 10,930,000,000
27 FWLT 5.34 2,930,000,000
28 SLXP 5.31 1,770,000,000
29 RYAAY 5.29 7,810,000,000
30 FSL 5.25 2,720,000,000
31 CEO 5.17 83,490,000,000
32 GNW 5.08 3,450,000,000
33 DV 5.06 2,920,000,000
34 CHA 4.98 50,690,000,000
35 ANN 4.95 1,230,000,000
36 LPS 4.91 1,420,000,000
37 STD 4.88 55,580,000,000
38 TXT 4.88 4,560,000,000
39 VRA 4.86 1,210,000,000
40 GA 4.83 1,790,000,000
41 LII 4.82 1,670,000,000
42 ENS 4.80 1,130,000,000
43 CX 4.79 5,480,000,000
44 SWFT 4.72 1,180,000,000
45 LOW 4.68 25,820,000,000
46 WM 4.67 16,000,000,000
47 USG 4.63 1,020,000,000
48 GTI 4.63 2,220,000,000
49 TSL 4.57 1,140,000,000
50 DISH 4.49 9,890,000,000
——————————————–
No. Ticker % Change Market Cap
1 CAVM -12.02 1,300,000,000
2 TDW -11.04 2,710,000,000
3 ACOM -9.24 1,540,000,000
4 RRC -9.09 9,920,000,000
5 CDE -7.37 2,560,000,000
6 SA -6.63 1,210,000,000
7 BVN -6.07 11,790,000,000
8 MFN -6.01 1,280,000,000
9 KEG -6.01 2,010,000,000
10 RGLD -5.97 4,130,000,000
11 NGD -5.84 5,940,000,000
12 GTU -5.65 1,170,000,000
13 AUY -5.63 11,210,000,000
14 WAIR -5.25 1,040,000,000
15 MOS -5.17 32,440,000,000
16 SLW -5.16 13,760,000,000
17 HL -5.09 2,160,000,000
18 GOLD -4.86 9,560,000,000
19 CRR -4.82 3,330,000,000
20 NSU -4.78 1,270,000,000
21 HMY -4.75 5,600,000,000
22 EZPW -4.70 1,700,000,000
23 ANV -4.51 3,570,000,000
24 GFI -4.46 11,780,000,000
25 NBG -4.45 5,490,000,000
26 SSRI -4.35 2,240,000,000
27 WF -4.31 4,300,000,000
28 IAG -4.27 7,670,000,000
29 AG -4.22 2,370,000,000
30 HWD -4.16 1,270,000,000
31 AEM -4.16 11,120,000,000
32 EGO -4.15 10,700,000,000
33 KGC -4.13 19,760,000,000
34 HPQ -3.97 53,650,000,000
35 GG -3.92 41,630,000,000
36 NG -3.87 2,310,000,000
37 NEM -3.83 30,710,000,000
38 MR -3.78 2,770,000,000
39 RPXC -3.68 1,250,000,000
40 CRZO -3.58 1,090,000,000
41 FCFS -3.58 1,400,000,000
42 CPX -3.52 2,180,000,000
43 MAKO -3.49 1,450,000,000
44 GORO -3.47 1,230,000,000
45 AGRO -3.41 1,300,000,000
46 ADS -3.33 4,520,000,000
47 MNRO -3.31 1,200,000,000
48 ABX -3.30 48,960,000,000
49 CHMT -3.28 1,230,000,000
50 AUQ -3.27 1,970,000,000
Remember it is the citizen’s responsibility to vote. So “You pay for what you get”
[youtube:http://www.youtube.com/watch?v=YpAzRSWPt0w 450 300]Comments »
Of course the past does not predicate the future, but sometimes you will see history repeating itself…
If we can draw anything; it may be a final bottom is very near.
Comments »FSLR failed to meet some requirements and the Solyndra debacle probably does not help.
Comments »Unfortunately, strict lending standards, little lending, and underwater properties kept over 2.5 million people from refinancing.
I have an idea; if we the tax payer are giving free money to the banks with low rates to which the banks buy treasuries and make free money how about letting the banks eat some of the losses in a underwater property.
When a property is foreclosed on the most the banks are making is 60 cents on the dollar. So why not help out your fellow citizens who are in turn keeping you in a survival zombie state of being.
Comments »Upgrades
TXN – Texas Instruments upgraded to Above Average from Average at Caris
PPDI – PPD Inc. resumed with an Outperform at Wells Fargo
NKE – Nike target raised to $100 at FBR Capital
PCLN – Priceline.com initiated with an Outperform at Macquarie
TMO – Thermo Fisher resumed with Buy at Goldman
WX – WuXi PharmaTech initiated with an Outperform at Wells Fargo
XLNX – Xilinx initiated with an Outperform at William Blair
UA – Under Armour initiated with a Buy at Argus
RMBS – Rambus initiated with an Overweight at JP Morgan
SPWRA – Sunpower upgraded to Hold at Brigantine
FIO – Fusion-io initiated with a Buy at Stifel Nicolaus
ICLR – ICON plc resumed with a Market Perform at Wells Fargo
PPG – PPG Industries initiated with a Neutral at UBS
DFS – Discover Financial Services target raised to $35 from $33 at RBC Capital Mkts
TKC – Turkcell upgraded to Neutral from Sell at Goldman
TSS – Total System upgraded to Outperform from Market Perform at JMP Securities
CVD – Covance resumed with an Outperform at Wells Fargo
YOKU – Youku.com upgraded to Positive from Neutral at Susquehanna
ALTR – Altera initiated with an Outperform at William Blair
IR – Ingersoll-Rand initiated with a Buy at Jefferies
EXPE – Expedia initiated with Neutral at Macquarie
Downgrades
VIP – VimpelCom added to to pan-Europe Sell List at Goldman
ADM – Archer-Daniels initiated with a Neutral at Goldman
CAVM – Cavium Networks downgraded to Hold from Buy at Deutsche Bank
PEP – PepsiCo downgraded to Hold at Stifel Nicolaus
Comments »Gapping up
TQNT +2.7%, P +2.5%, RLRN +2.2%, AMAC +63.8%, TIBX +3.7%, DRYS +3.4%, PAA +3.3%,MOTR +12.4%, DANG +1.6%, CTAS +1.4%, CLX +1.2%,
CLNE +6%, NKE +5.4%, FINL +5.3%, MCP +5%, PAL +4.4%,
Gapping down
TOT -3.3%, RIO -4.2%, SDRL -3.7%, SI -3.3%,RDS.A -2.7%, TDW -2.6%, CAVM -11.9%, PIP -8.2%, BBL -2.3%, GLD -2.1%, BHP -2%, BP -2%, GDX -1.3%, AEM -1.2%, SLV -7.4%, MT -6.2%,
Comments »
If they succeed then the IMF and World Bank will be in a fully exposed position
Comments »Except for one…..me grandpappy has already made his money and is kicking back in style
Comments »Thought we were cleaning up our balance sheets ?
Credit card debt is up 66% yoy and 368% since 2009
Comments »Better reduce more as the ECB will not react until next month IF the crisis worsens
Comments »