Wells Fargo Pays $432 Million to Settle Discriminatory Lending Suit

Rather than fight for innocence and proving ethical behavior $WFC would rather pay $432 million and move on.

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Down another 0.5%+

While in some cases corporate insiders sitting on government bodies and other positions of power has been a way to get politics done; it has of late created a huge conflict of interest and helped to put our country in a position that struggle even more with itself to get things done.

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The global hits just keep on coming. Hopefully, they do not have the type of derivative and risky mortgage exposure we had.  While there is no need to worry now analyst predict a 10 year problem on the horizon.

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The world is gnashing its teeth over the notion that Greece could exit the eurozone, dubbed by markets as a “Grexit.”

Market observers should fret more over a “Spexit,” one analyst says, as a Spanish withdrawal from the eurozone is more likely as the country is too big to bail out.

“The Spanish are a lot more likely to pull out of the euro than the Greeks, or indeed any of the peripheral countries,” says Matthew Lynn of Strategy Economics on Wednesday, according to CNBC.

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Some analyst expect $FB to drop an additional 20% to be trading in line with the overall sector. Let’s hope for seriously damaged investor confidence that it will not be the case.

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Either there is a serious problem in the banking system or  the masters of the universe are joining to create more buying power when the time is right. Either prospect is not good in the world of tin foil hat assessment.

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US 10 yr hit 1.67% and UK 10 yr hit 1.65%, both record lows.

Gapping up

DGIT +13.8%, OSIR +12.7%, FORM +11.1%, ENS +3.3%, MVIS +3.1%, SLM +2.2%, LNKD +1.1%,

WYNN +2.3% , GPS +0.2%,  BIDZ +30.3%,  MON +3.0%,

Gapping down 

PBY -13.4%, PWRD -13%, RPRX -11.3%, SURG -8.8%, TTM -5.6%, RIMM -5.6%, RIO -4.1%,

FRO -4%, FRO -4%, DRYS -3.9%, BBL -3.3%, STD -3%, MT -2.9%, DB -2.6%, TEF -2.4%, UDR -2.3%,

SDRL -2.1%, BP -2.1%, MOTR -1.9%, CPRT -1.8%, RDS.A -1.7%, CHK -1.5%, TOT -1.3%,

PPC -4.2%, hopes, dreams,

AIG, ANGI, BNNY, ABX, CIEN, GNOM, GES, HL, HOG, LNKD, LULU, NEM, NOK, PAAS, RIMM, SNP, WYNN,

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In Play ,

On the Wires

Getting the European Union to agree upon issuing bonds to create firewalls has always been a tough topic of discussion, but it is absolutely imperative the EU gets it shit together or else the world will only worry over a $LEH style event.

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Yields are blowing out for those who have expected finance troubles while safe heaven countries see new lows. The U.S. ten year has hit 1.6%…

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More confusion in the Euro Folly Zone.

“The European Central Bank denied it has rejected a plan floated by the Spanish government to recapitalize Bankia, saying it hasn’t been approached.

“Contrary to media reports published today, the European Central Bank has not been consulted and has not expressed a position on plans by the Spanish authorities to recapitalize a major Spanish bank,” the Frankfurt-based ECB said in an e- mailed statement. “The ECB stands ready to give advice on the development of such plans.”

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Details emerging out of an EU summit have disappointed equity markets as the EU would rather apply direct aid and use bond creation as an anti dote. The world wants a fire wall and a colossal amount of fire power through bond issuance to stem the problems.

Worries of a $LEH style failure are now on the table as the world does not trust the EU to respond quickly enough to put out fires and contain possible contagion.

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

At its height (250-900 AD), the Mayan Empire was one of the most densely populated and culturally dynamic societies in the world.  The city of Copan alone contained more than 6,000 structures spanning over 27 square miles, and was just one of many great Mayan urban centers spread across present-day Mexico, Honduras and Guatemala.

However, by the 10th Century these ancient cities were being strangely and suddenly depopulated, leading to the complete collapse of the Mayan civilization.  The reason for this collapse remains one of the biggest mysteries in archaeology, but ZRS Researcher and

Historian, Eugene Fredrick, now suggests a compellingexplanation for the extinction: zombies.

Fredrick notes that all other prevailing theories – disease, famine, war, revolt – fail to account for the notable lack of buried human remains.  In any traditional mass-casualty scenario an abundance of archeological evidence is left behind, including grave sites.

“The ghost towns of Maya house precious few such sites, echoing a panic so great, an extermination so fast, that this once proud people – steeped in tradition and ritual – had no choice but to leave their dead where they fell.”

SOURCE

Mary J. Blige has learned a valuable lesson about running a charity since her foundation was slapped with a $250,000 lawsuit — telling TMZ, she let dumbasses handle her finances … and now she’s paying the price.

TMZ broke the story … Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now is being sued by TD Bank over a $250k loan it took out back in June 2011.

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Fuck you Margin Stanley.