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SHOCK: New Rumors in Penn State Scandal; Sandusky Pimped Out Kids to Rich Donors

In April, Pittsburgh radio host Mark Madden wrote a story revealing Penn State for much of the cover-up ofJerry Sandusky‘s alleged child rape that has been exposed in the past week. While it didn’t raise many eyebrows back then, six months later it looks to be incredibly accurate.

On Thursday morning, just hours after legendary head coach Joe Paterno and university president Graham Spanier were fired by the school’s board of trustees, Madden was asked on The Dennis and Callahan Show what he believes the next piece of news will be.

What he said was twice as shocking as anything that’s been released thus far.

“I can give you a rumor and I can give you something I think might happen,” Madden told John Dennis andGerry Callahan. “I hear there’s a rumor that there will be a more shocking development from the Second Mile Foundation — and hold on to your stomachs, boys, this is gross, I will use the only language I can — that Jerry Sandusky and Second Mile were pimping out young boys to rich donors. That was being investigated by two prominent columnists even as I speak.”

After the news spread, Madden later explained via Twitter why he went public with the rumors.

“I normally abhor giving RUMORS credence,” Madden wrote. “But whole Sandusky scandal started out as a RUMOR. It gets deeper and more disgusting all the time. One of state’s top columnists investigating. That adds credence. I am NOT rumor’s original source. [Why does] Sandusky deserve benefit of doubt?”

Madden also spoke more definitively on Dennis and Callahan to the cover-up efforts at the school and beyond that he expects will be made public soon.

“The other thing I think that may eventually become uncovered, and I talked about this in my original article back in April, is that I think they’ll find out that Jerry Sandusky was told that he had to retire in exchange for a cover-up,” Madden said. “If you look at the timeline, that makes perfect sense, doesn’t it?

“My opinion is when Sandusky quit, everybody knew — not just at Penn State,” Madden added. “I think it was a very poorly kept secret about college football in general, and that is why he never coached in college football again and retired at the relatively young age of 55. [That’s] young for a coach, certainly.”

SOURCE 

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S&P: France Has Not Been Downgraded

“As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P’s Global Credit Portal suggesting that France’s credit rating had been changed. This is not the case: the ratings of France remain AAA with a stable outlook, and this incident is not related to any ratings surveillance activity. We are investigating the cause of the error.”

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Upgrades and Downgrades This Morning

Upgrades

ENS – Enersys upgraded to Buy from Neutral at Mizuho

ASH – Ashland upgraded to Overweight from Neutral at JP Morgan

KMX – CarMax initiated with a Buy at Stifel Nicolaus

CSCO – Cisco Systems upgraded to Buy from Hold at Deutsche Bank

CGV – CGGVeritas upgraded to Overweight from Equal Weight at Barclays

BBG – Bill Barrett upgraded to Neutral from Sell at Goldman

K – Kellogg downgraded to Hold from Buy at Deutsche Bank

VRTX – Vertex Pharm upgraded to Equal Weight from Underweight at Morgan Stanley

EVEP – EV Energy target raised to $92 from $71 at Wunderlich

PCG – PG&E downgraded to Neutral from Outperform at Credit Suisse

VC – Visteon initiated with an Equal Weight at Barclays

Downgrades

LII – Lennox Intl downgraded to Neutral from Buy at Suntrust

SD – SandRidge Energy downgraded to Sell from Neutral at Goldman

CSC – Computer Sciences downgraded to Underweight from Neutral at JP Morgan

SI – Siemens AG downgraded to Neutral from Add at WestLB

GM – General Motors removed from Top Picks Live list at Citigroup

CXO – Concho Resources downgraded to Neutral from Buy at Goldman

MFB – Maidenform Brands downgraded to Neutral from Buy at Citigroup

AAP – Advance Auto downgraded to Neutral from Outperform at Credit Suisse

TESO – Tesco downgraded to Market Perform from Outperform at FBR Capital

PAAS – Pan Am Silver downgraded to Hold from Buy at Canaccord Genuity

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Gapping Up and Down This Morning

Gapping up

FTK +9.2%, XIN +6.3%,  LYG +3.5%, UBS +2.8%, BAC +1.9%, CSCO +6%, ENS +4.3%, CJES +4.1%, SI +3.6%,

AEG +3.1%, MPEL +2.8%, CGA +2.5%, DB +5.2%, ING +4.8%, CS +4.3%, BCS +3.5%,

Gapping down

GMCR -33.6%, PEGA -16.7%, PKY -4.3%, LII – 2.6%, OPNT -9.6%, KLIC -7.1%,

 

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