“I, _____, do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God.”
[youtube://http://www.youtube.com/watch?v=UBR1qiLi1Iw 450 300] Comments »Monthly Archives: June 2012
TD Bank Issues Counterfeit Money and Will Not Refund It
Since the guy left the bank with the alleged cash that it was against the banks policy to refund it. So are we to scan our money every time we make a withdrawal ?
Comments »Marc Faber Agrees With Jeremy Siegel: Buy Stocks Amid the Turmoil
“Global turmoil will continue to roil equities markets but investors should cherry pick good buys out there, as many stocks will prove to be better investments than U.S. government debt, say a famous market bear and a famous market bull.
Marc Faber, the noted bear and author of the Gloom Boom & Doom report, and Jeremy Siegel, Wharton School finance professor and perennial bull, agree that with yields on U.S. Treasury bonds at rock-bottom levels, dividend-paying stocks are better bets despite market volatility.
The yield on the 10-year Treasury note has dipped below 1.5 percent, signaling that investors are willing to stash their cash in an investment that returns less than inflation rates in exchange for stability.”
Comments »Hussman: More Fed Easing Will Trigger Economic Disaster
“Economist and fund manager John Hussman says another round of quantative easing would be far too costly.
“At this point, if the Fed buys Treasury bonds, it will predictably lose money — after interest — unless interest rates rise less than 20 basis points a year during the period that the Fed holds those bonds,” Hussman writes in a note to investors.
“Whether or not a speculator is willing to take a bet on lower yields, it’s highly unlikely that the Fed could buy Treasury bonds here at a yield of 1.5 percent and ever expect to unload its portfolio later at even lower yields, because yields would shoot higher merely on the anticipation of Fed liquidation.”
Comments »The Analyst Who Uncovered Enron Has a Few Things to Say About Chesapeake -$CHK
“Secret hedge funds, off-balance-sheet financings, big perks for directors, sweetheart drilling deals and giant non-recourse loans for Chief Executive Aubrey McClendon — it all means that “crony capitalism has been alive and well,” says John Olson. “History seems to be repeating itself in just another way.”
Comments »Google Grabs Social Media Startup Meebo
Google has scooped up a startup that helps online publishers make the website more social. The deal was small; under a $100 million.
Comments »FLASH: Bob Doll, Chief at BlackRock, to Retire
He’s had enough. Fuck that.
Full Article
China Copies an Entire Austrian Village
A $940 million Chinese clone of one of Austria’s most picturesque villages, the UNESCO World Heritage-listed Hallstatt, recently opened its doors to visitors in the southern Chinese province of Guangdong amidst some controversy.
Comments »Hopium in Wide Supply Today as Markets Did Not Crash
The markets managed to hold their ground today as rumors swirled of a plan to create a master plan. An ECB official did give hope when he stated the ECB is considering direct bank recapitalization. Also the markets may be waiting to see what the clam says on Thursday.
DOW down 17
S&P up .13
NASDAQ up 19
Gold down $0.70
the 10 year sits @ 1.49%
Oil up $0.95
Agriculture Sector Rains: Falling sheep shock Australian drivers (VIDEO)
“It has been raining sheep in Australia after a truck carrying about 400 animals overturned on a highway overpass outside Melbourne. The flock of sheep fell to their deaths on to stunned drivers below, injuring several people.”
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G-7 To Hold Emergency Talks Over Euro Debt Crisis
A special conference call will be held tomorrow to discuss how to fix this problem. The funny part is the problem can not be fixed other than the world getting a sense of full confidence that nothing will fail. More can kicking imo. At least no taxpayer money will be spent on caviar and champagne dinners.
Comments »ECB Official: ECB Considering Direct Bank Recapitalization
“The European Commission has been considering the possibility of direct bank recapitalization by the euro zone’s ESM bailout fund, though this is not possible under the current treaty, its top economics official said on Monday.
“We have been considering this as a serious possibility, of breaking the link between the sovereigns and the banks,” EU Economic and Monetary Affairs Commissioner Olli Rehn told a news briefing.
“This is not part of the ESM (bailout fund) treaty for the moment, in its present form, but we see that it is important to consider this alternative of direct bank recapitalisation as we are now moving on in the discussion on the possible ways and means to create a banking union,” Rehn said.”
Comments »S&P Sees a 1 in 3 Chance of Greece Exiting the Euro
Auditor Says ECB Needs More Risk Management
“The European Central Bank lacks an independent risk management authority and suffers from a disconnect between management and risk management authorities, at least as of 2010, according to an independent audit report released today.
“No independent, single, body, such as a Chief Risk Officer or overall risk management committee, has been set up between the EB and the two risk function/units,” the report found.”
Comments »Presenting Wall Steet’s Top Ten Most Undervalued Companies
Groupon Hitting the Skids Again; Stock Worth Less Than Google’s Offer Two Years Ago -$GRPN
“Groupon’s stock just crashed through $9, hitting a post-IPO low.
That’s down more than 55% from the IPO price of fewer than 6 months ago.
That also translates to a market cap of less than $6 billion.
For what it’s worth, that’s the amount that Google offered to buy Groupon for, in cash, in the fall of 2010.
Comments »Top Shareholders to Take Over Cheaspeake Board – $CHK
“(Reuters) – Top shareholders of Chesapeake Energy Corp will take control of the board of directors after the natural gas producer came under intense pressure to reform following a governance crisis and poor financial performance.
Chesapeake said on Monday it would replace four directors on the nine-member board, giving Mason Hawkins’s Southeastern Asset Management three seats and billionaire Carl Icahn one.
In addition, the selection of a new independent chairman must be approved by the new board members.”
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No Surprise: BofA Hid Losses During Merrill Lynch Acquisition
No surprise this occurred; what is surprising is that lawyers advised that there was no need for disclosure.
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