All Things Financial Sector

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    Posted: 18 December 2010 12:28 PM #106

    Tan-

    That was fantastic - especially the very end.

    http://www.google.com/hostednews/ap/article/ALeqM5h_XO2Yc-oGficfrSfcpWqZyIulQQ?docId=bf77f97c6cc44de799e52b6f0c1fe70d

    Other Internet companies and financial institutions? including MasterCard Inc., Visa Inc., PayPal Inc. and Amazon.com ? have also cut ties with Wikileaks, hurting the site’s ability to accept donations and support publishing efforts.

    “We ask that all people who love freedom close out their accounts at Bank of America,” WikiLeaks said in its posting Saturday. It also called on businesses to switch funds from the bank.
    In an interview with CNBC on Friday, Assange said his organization has plans to soon release information about banks, and he told Forbes magazine last month that the data would show “unethical practices.”

    Seems the oligarchs aren’t too pleased with uppity debt-slaves…

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    Posted: 18 December 2010 12:33 PM #107

    JPM hit with complaint:

    1. Chase Bank sold to third party debt buyers hundreds of millions of dollars worth of credit card accounts. . .when in fact Chase Bank executives knew that many of those accounts had incorrect and overstated balances.

    3. Chase Bank executives routinely destroyed information and communications from consumers rather than incorporate that information into the consumer’s credit card file, including bankruptcy notices, powers of attorney, notice of cancellation of auto-pay, proof of payments and letters from debt settlement companies.

    4. Chase Bank executives mass-executed thousands of affidavits in support of Chase Banks collection efforts and those Chase Bank executives did not have personal knowledge of the facts set forth in the affidavits.

    5. When senior Chase Bank executives were made aware of these systemic problems, senior Chase Bank executives—rather than remedy the problems—immediately fired the whistleblower and attempted to cover up these problems.

    See full article from DailyFinance: http://srph.it/fp9z4H

    More preying on the sheeple.  “Invest” in criminals?

    NEVER.

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    Posted: 18 December 2010 12:41 PM #108

    http://www.salon.com/technology/how_the_world_works/2010/12/15/the_fabulous_bankers_boys_from_alabama

    Last Wednesday, just hours after securing the position of chairman of the House Financial Services Committee, Spencer Bachus, R-Ala., told the Birmingham News that “in Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”

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    Posted: 19 December 2010 09:49 PM #109

    A Lesson in Capitalism:

    A grandfather asks his 10 year old grand-daughter, “So honey, what do you want to be when you grow up?” She replies, “I want to help the homeless people.”

    Grandfather says, “You don’t have to wait until you grow up. I have a lot of yard work that needs to be done. Why don’t you come over and I will hire you to do the work and pay you minimum wage. You can take this money and give it to the homeless people.”

    The granddaughter thought for a moment, then said, “Why don’t they just come and do the work for you?!”

    To which the grandfather replied, “Now you get it !!!!”

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    “Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition

         
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    Posted: 20 December 2010 08:16 PM #110

         
    December 20, 2010
    Goldman?s Massive Bonuses ?Totally Deserved,? Says Satan
    Prince of Darkness Praises Wall Street Colleagues

    NEW YORK (The Borowitz Report) ? The gargantuan year-end bonuses paid out to Goldman Sachs executives have received howls of protests from the banking giant?s legion of critics, but not from its most ardent defender: Satan.

    In a rare press conference, the usually reclusive Prince of Darkness defended Goldman?s bonuses today, welcoming reporters at his apartment in New York?s Trump Tower.

    ?I don?t doubt for a minute that my friends at Goldman deserved those bonuses,? Satan said, adding that ?buying their souls was the best investment I ever made.?

    ?It really is the gift that keeps on giving,? he chuckled.

    The Evil One said that the bloated Goldman bonuses were ?just the cherry on top? of what has been ?one of my best years ever.?

    ?From Mel Gibson to Tony Hayward to the gang at Goldman, 2010 has had more than its share of heroes,? he said.  ?I salute them all.?

    Satan added that his banner year was even going out with a bang: ?Just when I thought this year couldn?t get any better, this weekend I saw Yogi Bear.?

    The Lord of Misrule said he was looking forward to the holiday season, a time when some of ?the greatest evil against humanity? is perpetrated: ?Every time someone puts on a Christmas sweater, I give myself a high five.?

    Elsewhere, President Obama praised the New York Giants for compromising with the Philadelphia Eagles.

    Get the Borowitz Report delivered to your inbox for free here.

    The Los Angeles Times says Andy Borowitz has ?one of the funniest Twitter feeds around.?  Follow Andy on Twitter here.

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    “Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition

         
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    Posted: 21 December 2010 11:45 PM #111

    Dec. 21, 2010, 8:27 p.m. EST
    Single trader holds 90% of LME copper, WSJ says
    Report comes as copper prices hit record, other commodities surge

    The same old gang at it again!

    http://www.marketwatch.com/story/single-trader-holds-90-of-lme-copper-wsj-2010-12-21

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    “Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition

         
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    Posted: 23 December 2010 06:16 AM #112

    Let’s see:

    Same people at the Fed?  Check.

    Same people running the gvmt?  Check.

    Same folks running the financial system?  Check!

    Trying the same things they’ve tried the past 15 years that have failed spectacularly?!  CHECK!

    http://www.myfoxdc.com/dpp/traffic/national-gas-prices-averaging-3-a-gallon-for-the-first-time-at-christmas-122210

    It’s going to affect where I go. If I don’t have to go somewhere, if it’s not important, I’m not going. I?m just going to stay home,” said Maryland Driver Frances Awowera.

    If this is the floor, when the prices bounce back as they do in the spring time when demand is up by five to seven percent, you can expect gas to be at the second-highest level in history,” said Townsend.

    And we all know what happened after we hit the highest levels…

    Then there are property taxes that are rising when wages are not:

    http://www.zerohedge.com/article/guest-post-house-values-fall-30-property-taxes-keep-rising

    College tuition prices rising when wages are not:

    And of course - FOOD:

    http://news.carrentals.co.uk/2011-to-see-skyrocketing-food-prices-34229893.html

    The news comes after recently published ONS statistics regarding inflation revealed the fastest monthly increase in food costs since the 1970s. According to the data, food prices went up 1.6% in November alongside a 19.2% annualised rate.

    19.2%?  I’m not getting 19.2% on my cd’s.

    Are you?

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  • Posted: 23 December 2010 06:26 AM #113

    It’s reassuring when I see compelling arguments to be all in with Apple.

         
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    Posted: 12 January 2011 11:34 AM #114

    http://www.bloomberg.com/news/2011-01-11/sec-watchdog-probes-enforcement-chief-over-citigroup-settlement.html

    The U.S. Securities and Exchange Commission?s internal watchdog is reviewing an allegation that Robert Khuzami, the agency?s top enforcement official, gave preferential treatment to Citigroup Inc. executives in the agency?s $75 million settlement with the firm in July.

    Inspector General H. David Kotz opened the probe after a request from U.S. Senator Charles Grassley, an Iowa Republican, who forwarded an unsigned letter making the allegation. Khuzami told his staff to soften claims against two executives after conferring with a lawyer representing the bank, according to the letter. Jon Diat, a Citigroup spokesman, declined to comment.

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    Posted: 14 January 2011 12:14 AM #115

    http://www.google.com/hostednews/canadianpress/article/ALeqM5gHEI63R21uiCbQNH_fVGXQbBKTPA?docId=5646102

    That will result in a pretax charge US$2.7 billion for last year’s fourth quarter, for which AT&T is due to report results on Jan. 27.
    AT&T is also adjusting results for previous quarters, as if the accounting change had been in place then. For example, the result for the fourth quarter of 2008 is now a loss of US$13.3 billion, or $2.25 per share, rather than the originally reported profit of $2.40 billion, or 41 cents per share.
    Cumulatively, the effect reduces past earnings by $17 billion, an amount that would otherwise weigh on future results.
    It also means that in future years, AT&T may have large charges or gains from its plans in its fourth-quarter earnings report, reflecting the actual performance of its plan.

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    The ends don’t justify the means…