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Keyword: finance

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  • Subprime woes are back: This time in used cars

    07/20/2014 7:19:57 PM PDT · by 2ndDivisionVet · 49 replies
    CNBC / The New York Times ^ | July 20, 2014 | Jessica Silver-Greenberg and Michael Corkery
    Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan. ''I am not sure how I got the loan,'' Mr. Durham, age 60, said. Mr. Durham's application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to a copy of the loan document. But he says he told the dealer he hadn't worked at the hospital for more than three decades. Now, after months of Wells Fargo pressing him over missed payments, the bank has repossessed his car. This...
  • Why Is Zero Economic Growth 'Unexpected' ?

    07/15/2014 9:47:29 AM PDT · by blam · 7 replies
    The Market OIracle ^ | 7-15-2014 | Andrew_McKillop
    July 14, 2014 Andrew_McKillop Always Unexpected Each monthly decline in leading economic indicators, when it happens in the Eurozone, as in the US or Japan, China, Brazil, India or elsewhere, is always “unexpected”. Why is this? For example the March, April, May and June declines for the Eurozone were each time titled “unexpected” by newswires and mainstream media the month following each “surprise”. Taking the case of Reuters, it reported April 14 that Eurozone industrial output had fallen in March “for the first time since August” so this was able to be called unexpected. Then the decline continued in April....
  • American Teenage Financial Literacy is Just…Average

    07/14/2014 6:59:05 AM PDT · by Academiadotorg · 4 replies
    Accuracy in Academia ^ | July 12, 2014 | Jace Gregory
    Teens in the United States are only average when it comes to financial literacy; crushed by Chinese teenagers’ remarkable performance on the Programme for International Student Assessment’s (PISA) first-ever financial literacy assessment. pisa study chart PISA typically surveys an average of 65 countries and economies focusing on mathematics with additional reading, science and problem-solving areas of assessment. On July 9, 2014 PISA released the results of a new financial literacy assessment evaluating 15-year-olds from 18 countries and economies. Among those countries the United States ranked somewhere between 8 and 12; China, 1. But that’s not all, while the U.S. struggles...
  • Shanghai’s youth are world’s most financially literate

    07/10/2014 7:16:45 AM PDT · by SeekAndFind · 6 replies
    In the first ever international assessment of financial nous among the young, China’s most populous city leads the field “by a wide margin” compared with teenagers in the US, France, Italy, Australia and elsewhere, informs “Armenpress”, in reference to Financial Times. The study was made by the OECD, the club of mostly rich nations, which tested 15- year-olds on basic financial concepts such as bank accounts, savings rates, managing finances and tax. Shanghai teens clocked a mean score of 603 points, 103 above the OECD average and 62 points ahead of the next best performer, Flemish Belgium. Five other economies...
  • What To Own As The U.S. Dollar Dies

    07/05/2014 11:52:55 AM PDT · by blam · 99 replies
    The Market Oracle ^ | 7-5-2014 | Dr. Steve Sjuggerud - Daily Wealth
    July 04, 2014DailyWealth Dr. Steve Sjuggerud writes: So... if the dollar "dies"... what do you do with your money? In yesterday's DailyWealth, we looked at "The Coming Death of the Dollar." But we didn't cover what you should do with your money to protect yourself. In Jim Rickards' book, The Death of Money, he has five recommendations. More specifically, he has an asset allocation of five different investments that have stood the test of time in previous inflations and deflations. Jim says this portfolio should offer "an optimal combination of wealth preservation under conditions of inflation, deflation, and social unrest......
  • Another financial meltdown on the horizon?

    07/02/2014 7:29:42 AM PDT · by SeekAndFind · 9 replies
    The Hill ^ | 07/01/2014 | Judy Shelton
    And you thought that last global financial crisis was bad. A report issued on Sunday by the Bank for International Settlements (BIS) warns that policymakers have failed to address the root problems that caused the 2007-2008 financial meltdown. Instead of taking a long-term perspective aimed at increasing real economic productivity and output — the kind that actually benefits people by raising living standards — government officials have sought to pump up the numbers through monetary and fiscal stimulus. As a result, we now have an alarming disconnect between the performance of global equity markets, which are booming, and an underlying...
  • There Are No – Financial – Black Swans

    06/27/2014 2:00:40 PM PDT · by blam · 3 replies
    The Market Oracle ^ | 6-27-2014 | Raul I Meijer
    June 27, 2014 Raul Meijer Oh Japan, what are you doing, where are you going? As Japanese consumer prices rose 3.4% in May (and I do wish people would stop calling this inflation, it is not and never will be), consumer spending was down -8.9% That is from a year earlier, so it has nothing to do with the April 1 tax hike! It’s an insane number when you think about it, and it’s the direct result of Abenomics tightening the thumb screws. With the population having seen their savings collapse, their wages move way down, and now rising prices...
  • This Is How A Hedge Funder Brings An Entire Country To Its Knees

    06/27/2014 1:47:18 PM PDT · by blam · 14 replies
    BI ^ | Linette Lopez
    Linette LopezJune 27, 2014 Right now Argentina is in danger of a calamity, the likes of which the world hasn't seen since 2001, and it's all because of one hedge fund manager's tried and true strategy to make money off of distressed debt. That's right, bringing a country to its knees is a "strategy." According to a U.S. court's ruling, if Argentina does not pay a group of hedge fund managers over $1.3 billion worth of bonds by July 30, the Republic could go into default. If it goes into default — investors lose faith its capacity to pay, interest...
  • Hedge fund chiefs and former bankers enter the shadows close

    06/20/2014 5:15:52 PM PDT · by Lorianne · 2 replies
    Financial Times ^ | 20 June 2014
    In the six years since the financial crisis, the financial services world has seen all kinds of new institutions take over lending deals and clients that were once the domain of traditional banks. There has also been a parallel transformation: the mutation of bankers into shadow bankers, writes Patrick Jenkins in London. The bosses of many shadow banks – hedge funds, private equity and debt funds, tax-efficient “business development companies” and peer-to-peer lenders – seem increasingly to have been drawn from the upper ranks of the big traditional lenders. Many bankers have become disillusioned with the old ways of doing...
  • CITIC Missing Half Its Alumina, Seeks Legal Action As Qingdao Rehypothecation Scandal Goes Nuclear

    06/18/2014 5:38:26 AM PDT · by Former Proud Canadian · 21 replies
    Zero Hedge ^ | 06/17/2014 | Tyler Durden
    Copper, Iron Ore, Rebar, Rubber, and now Cotton are all at multi-year lows as the Qingdao CCFD ponzi probe continues to broaden to all the commodities we warned about previously. As CottonCN reports, the probe's increased uncertainty and scrutiny of shipments may hurt imports of of cotton in the form of consignment sales, as international traders delay shipments or deliveries to wait for clear policies as authorities continues their investigation. Even soybeans and palm oil have been on a notably downswing since the probe intothe collateral evaporation started. Then comes the news that Chinese commodities trading firm CITIC admission that...
  • Central banks becoming major investors in stock markets

    06/17/2014 6:47:55 PM PDT · by Lorianne · 17 replies
    Market Watch ^ | 16 June 2014 | David Marsh
    LONDON (MarketWatch) — Some leading central banks have become major players on world equity markets in a development that could potentially contribute to overheated asset prices. The buildup of central-banking interest in equities is one of the unexpected consequences of the last few years’ fall in interest rates, which has depressed the returns on central banks’ foreign exchange reserves and driven them to find alternative investment targets. In the years since the financial crisis, central banks have leapt to the forefront of public policy making. They have taken responsibility for lowering interest rates, for maintaining stability of financial institutions, and...
  • What Does Europe’s Adoption of Negative Interest Rates Mean for America?

    06/17/2014 12:39:37 PM PDT · by Kaslin · 21 replies
    Townhall.com ^ | June 17, 2014 | Paul Dykewicz
    The European Central Bank’s (ECB) recent move to adopt what is described as “negative interest rates” to guard against deflation should lift stock prices, spur businesses to invest and help to aid lagging economic growth on the continent. With the U.S. Federal Reserve scaling back on its easy-money policies as the American economy recovers, the ECB seems focused on adopting some of the same methods that helped the United States. However, such policies are artificial ways to fuel the economy and encourage businesses to take on additional debt that may need to be paid off at much higher interest rates...
  • This Will Be the Primary Reason for World War III

    06/17/2014 12:31:56 PM PDT · by PoloSec · 26 replies
    DC Clothesline ^ | June 17 2014 | Dave Hodges
    The Bank of International Settlements Even if Putin and Obama fail to realize the obvious, they are playing for the same team in a script that has been written for them to play out, the script will culminate in World War III. The grand master controlling the world’s central banks needs World War III to happen. They need a war to unify the planet, socially, politically, economically and religiously. We are soon to learn the meaning of the popular NWO phrase, “Out of chaos comes order”.The Death of the Dollar Is the Motivating Force Behind WW III Russia is...
  • Sweden's ATMs All Out of Service - Again

    06/14/2014 12:31:38 PM PDT · by nickcarraway · 7 replies
    The Local ^ | 12 Jun 2014
    For the second time in as many weeks, Sweden's entire fleet of automatic cash machines broke down on Thursday. The country's ATMs stopped working in the early afternoon and were down for an hour. "It's a central fault," Johan Nilsson, spokesperson at Bankomat AB, told the TT news agency. "It's deeply regrettable... we were only out of action for an hour or so but our goal, of course, it to always have cash available for our customers." When the same thing happened late last month, Nilsson dismissed any notion of a hacker attack being behind the system's failure. Thursday's incident...
  • Reflections on Absurd Risk Assumptions

    06/11/2014 7:26:46 PM PDT · by Kaslin
    Townhall.com ^ | June 11, 2014 | Mike Shedlock
    Those searching for absurdity in government bonds can find it in a multitude of places. For example, and via translation from Libre Mercado (courtesy of my friend Bran who lives in Spain) please note Spanish 10-Year Bond Yield is Lowest Since at Least 1789. The interest rate offered on the secondary market for Spanish bonds maturing in ten years is at historic lows, below equivalent yield in U.S. treasuries, which has not happened since April 2010. The evolution of Spanish debt is even more striking when viewed from a broader temporal perspective. Today the Spanish 10-year bond is the lowest...
  • NEGATIVE INTEREST ON PRIVATE BANK ACCOUNTS COMING TO THE US?

    06/07/2014 9:53:10 PM PDT · by kingattax · 70 replies
    Breitbart ^ | 7 Jun 2014 | by HUNTER LEWIS
    We just reported about how the European Central Bank has instituted negative interest rates for member banks. This could soon spread to the US and also to consumer accounts. If so, you would find money taken out of your bank account each quarter unless you spend it. The idea is that if low rates are not yet persuading you to spend, then why not punish you even more for saving? To make this more effective, there would also be a push for all electronic money to keep you from stashing any away from the confiscation agents. Ken Rogoff, leading Harvard...
  • Kyle Bass On China's "Contraction" And "The Fed's Worst Nightmare"

    05/27/2014 6:18:45 AM PDT · by blam · 5 replies
    Zero Hedge ^ | 5-27-2014 | Tyler Durden
    Tyler Durden 05/26/2014 For the last several years, nobody has been more outspokenly bearish on Japan than Kyle Bass. In a recent talk, Bass reiterated his doubts about Japan’s chances of averting a debt crisis. What’s more, he also said China’s economy will fall below expectations. Bass changed one aspect of his outlook on Japan. Instead of predicting a collapse of the Japanese bond market, he focused on a severe weakening of the yen – without predicting when that might happen. His predictions for China were equally distressing. He said that its banks will be saddled with non-performing loans and...
  • The American spirit is breaking

    05/18/2014 8:44:02 PM PDT · by 2ndDivisionVet · 67 replies
    The New York Post ^ | May 18, 2014 | Michael Goodwin
    The official opening of the 9/11 museum brought President Obama to New York and sparked fresh reminders of the horror of that awful day. The president called the site ­“sacred” and gave a moving speech about the American spirit, saying, “Like the great wall and bedrock that embrace us today, nothing can ever break us.” It is the right thing to say and the right place to say it. But is it true? Is the American spirit really unbreakable? I have my doubts. There are many examples that say our spirit is breaking if not already broken. One involves a...
  • Expat Sells Kidney to Pay Off Debt

    05/15/2014 10:40:30 AM PDT · by nickcarraway · 1 replies
    Saudi Gazette ^ | Thursday, 15 May 2014
    A Saudi-born Pakistani national has offered his kidney for sale to pay off a SR 30,000 debt and avoid a court case which his debtor threatened to file, Al-Hayat daily reported on Wednesday. Majed Nawwaz said an Indian resident offered him a deal seven years ago to partner with him and buy a large quantity of barley as its prices were expected to increase. The Indian partner also told him that he would sell the barley to a prominent store in Jeddah when prices increase and make a good profit. Nawwaz borrowed SR30,000 for the deal and handed the money...
  • The Average American Can't Answer These Three Simple Finance Questions

    05/09/2014 8:48:55 AM PDT · by SeekAndFind · 86 replies
    Business Insider ^ | 05/09/2014 | Cullen Roche
    Here’s a frightening fact via The Atlantic’s Moises Naim.  Roughly half of the world can’t answer these three questions correctly: 1.  Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After five years, how much do you think you would have in the account if you left the money to grow? A) more than $102; B) exactly $102; C) less than $102; D) do not know; refuse to answer.2.  Imagine that the interest rate on your savings account is 1 percent per year and inflation is 2 percent per year. After one year, would you...
  • Gerald Celente Finally Gives a Date for U.S. Economic Collapse

    05/04/2014 7:51:06 PM PDT · by blam · 41 replies
    The Market Oracle ^ | 5-4-2014 | Nadeem Walayat
    Gerald Celente Finally Gives a Date for U.S. Economic Collapse Economics / US Economy May 03, 2014 - 07:54 AM GMTNadeem Walayat Gerald Celente, a popular gloom and doom blogger and publisher of the TR Journal finally gives a date for the always coming economic collapse that I must have been hearing about for 5 years now. WLW Radio - 30th April 2014 "Your predicting an economic collapse, when do you think that is going to happen Gerald?" "I am going to say by the end of the second quarter." - Gerald Celente Apparently the straw that broke the camels...
  • 401Ks (Vanity)

    05/01/2014 12:25:33 PM PDT · by TennesseeGirl · 47 replies
    Self ^ | 05/01/2014 | Tennesseegirl
    Questions about 401Ks.
  • US Housing Market Is Down For The Count

    04/27/2014 4:51:51 PM PDT · by blam · 18 replies
    Market Oracle ^ | 4-27-2014 | Raul_I_Meijer
    US Housing Market Is Down For The CountHousing-Market / US Housing Apr 27, 2014 - 10:55 PM GMTRaul I Meijer Recent news, graphs and data confirm what we have long said would inevitably become clear: the entire global economy appears to have “functioned” through an orgy of refinancing, LBO and M&A lately. That is to say, zombie money has been enthusiastically slushed and re-slushed around to provide commissions, bonuses etc. to bankers and brokers, a process enabled by central bank and government policies in which large amounts of credit were thrown against the wall like so much Jello, hoping –...
  • CODE RED: Central Banks Will Frantically Pound The Panic Button - Executioners, World's Currencies

    04/27/2014 7:26:04 AM PDT · by blam · 19 replies
    BI ^ | 4-27-2014 | John Mauldin, Thoughts From The Frontline
    CODE RED: Central Banks Will Frantically Pound The Panic Button And Eventually Become Executioners To The World's Currencies John Mauldin, Thoughts From The FrontlineApr. 27, 2014, 9:21 AM (It is especially important to read the opening quotes this week. They set up the theme in the proper context.) “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” –...
  • The Growing Perils of the Cashless Future

    04/23/2014 3:32:14 PM PDT · by SkyPilot · 43 replies
    CNBC ^ | 23 April 14 | Michael Kling
    We're finally on the brink of the cashless society that futurists and other have been forecasting for years. The average consumer owns at least two credit cards and early adopters have begun ditching plastic for virtual wallets. Even businesses that used to rely heavily on cash — think taxis, food trucks or even craft fairs — can now go cashless, thanks to new technology like Square. Yet, the more we abandon paper bills for plastic, smartphone payments and even cryptocurrencies like Bitcoin, the perils of the new, cashless economy are becoming more apparent. Recent security breaches at Target, Neiman Marcus...
  • Pelosi and Schumer: Read the Constitution

    04/08/2014 10:39:45 AM PDT · by jazusamo · 14 replies
    Creators Syndicate ^ | April 9, 2014 | Betsy McCaughey
    Democrats are hyperventilating over a U. S. Supreme Court ruling on April 2, McCutcheon v. Federal Election Commission. House Minority Leader Nancy Pelosi claims the ruling will turn politics into a "money war." Sorry, that happened a long time ago. For the past two decades, unions have poured massive amounts into super PACs and other legal vehicles for advertising and get-out-the-vote efforts, which favor Democrats. What's got Pelosi and other Democrats worried is competition. Last week's high court ruling could mean more money for Republican candidates, even tea party activists. The Supreme Court split 5-4 on the hot-button issue of...
  • IRA rollover ruling stuns advisers and savers (govt changing the rules after the fact again)

    04/08/2014 3:04:48 AM PDT · by Red in Blue PA · 44 replies
    Retirement experts call it a game changer for the 50 or so million households in the U.S. that own an individual retirement account — an IRA. Uncle Sam’s Tax Court just ruled that the one-rollover-per-year rule applies to all of a taxpayer’s IRAs rather than to each IRA separately. And that ruling, say experts, is in direct conflict with IRS Publication 590, the bible for IRAs. “Industry leaders, financial advisers, and everyone else who handles IRAs are stunned,” said Denise Appleby, the editor and publisher of The IRA Authority According to Appleby, there are two ways to move money between...
  • Sowell: A Halo for Selfishness (Campaign finance)

    04/07/2014 10:01:06 AM PDT · by jazusamo · 9 replies
    Creators Syndicate ^ | April 8, 2014 | Thomas Sowell
    The recent Supreme Court decision over-ruling some Federal Election Commission restrictions on political campaign contributions has provoked angry reactions on the left. That is what often happens whenever the High Court rules that the First Amendment means what it says — free speech for everybody. When the Supreme Court declared in 2010 that both unions and corporations had a right to buy political ads, that was considered outrageous by the left. President Obama called the decision "devastating" and said it "will open the floodgates for special interests." Those unfamiliar with political rhetoric may not know that "special interests" mean people...
  • TD Bank CEO wants U.S. to curb high frequency trading

    04/04/2014 6:04:38 AM PDT · by Red in Blue PA · 24 replies
    (Reuters) - Toronto-Dominion Bank Chief Executive Ed Clark said on Thursday he believes high frequency trading (HFT) gives an unfair advantage to some market participants and wants curbs by U.S. regulators. HFT, in which sophisticated computer programs are used to send high volumes of orders to make markets or capitalize on price imbalances, has been criticized by some for giving HFT firms an unfair advantage over traditional traders. "I'm not a fan of high frequency trading," Clark told reporters in Calgary after the bank's annual general meeting. TD is Canada's second-largest bank by market capitalization, with a large domestic franchise,...
  • Senate Finance Committee votes to restore Wind Tax Credit

    04/03/2014 2:55:56 PM PDT · by Izzy Dunne · 20 replies
    The Hill ^ | Apr. 3, 2014 | Timothy Cama
    The Senate Finance Committee approved Thursday a package of tax break extensions that restores the production tax credit (PTC) for wind energy, which expired in 2013.The committee voted by voice vote to send the bill to the full Senate. It would extend the PTC for two years, along with numerous provisions that incentivize alternative fuels and energy efficiency for vehicles and homes. Senators who support the wind industry thanked Chairman Ron Wyden (D-Ore.) and ranking member Sen. Orrin Hatch (R-Utah) for including the wind credit in the bill that the committee marked up Thursday after excluding it from the draft...
  • Nearly Half Of Us Couldn't Live A Month On Our Savings

    04/01/2014 9:01:03 PM PDT · by blam · 46 replies
    BI ^ | 4-1-2014 | Trae Bodge
    Nearly Half Of Us Couldn't Live A Month On Our Savings Trae Bodge , RetailMeNot's The Real Deal Apr. 1, 2014, 5:56 PM April is Financial Literacy Month (and dreaded tax time), so let’s talk about your financial know-how. Are you financially prepared if you need to stop working for a few months due to a layoff or illness? Do you know how much money you have lying around? What about your kids? Are you setting them on a path to financial health? RetailMeNot recently polled more than 1,000 Americans and found that overall consumers are doing pretty well on...
  • What’s behind epidemic of financial industry suicides?

    03/24/2014 6:31:13 AM PDT · by SeekAndFind · 17 replies
    New York Post ^ | 03/24/2014 | Michael Gray
    A rash of eight financial-industry suicides so far in 2014 has mental-health professionals trying to understand what’s behind it. In late winter many people suffer from depression, but for bankers this is usually offset by finding out how large their bonuses will be. However, compensation across the entire financial sector is down from years past as large firms deal with new rules pinching their bottom lines. The other, more pressing matter for mental health pros is: Why are such a large proportion of these self- murders public affairs? While there are no definitive theories on suicide location, many in the...
  • EL-ERIAN: The State Of 'The New Normal' (Devastating)

    03/22/2014 10:47:27 AM PDT · by blam · 13 replies
    BI ^ | 3-22-2014 | Mohamed El-Erian
    EL-ERIAN: The State Of 'The New Normal' (Devastating) Mohamed El-ErianMarch 22, 2014Editor’s Note: Business Insider reached out to Mohamed for an update on the New Normal. Here is what he sent us in response. The context: When first rolled out in a May 2009 PIMCO publication, the concept of the “new normal” attracted only limited support in economic, market and policy circles. But after five years of frustratingly-low economic growth and alarmingly-high unemployment, the concept has caught on. It also relates to the more-detailed analytical work done by Carmen Reinhard, Ken Rogoff, Larry Summers, Paul Krugman, Richard Koo, Tom Friedman,...
  • The Stock Market And Pessimistic Press Headlines

    03/20/2014 10:41:13 AM PDT · by blam · 6 replies
    Market Oracle ^ | 3-20-2014 | Doug_Wakefield
    The Stock Market And Pessimistic Press Headlines Stock-Markets / Stock Markets 2014 Mar 20, 2014 - 08:52 AM GMT By: Doug Wakefield Do you remember the following headline from the fall of 2011? "In the Absence of a Credible Plan We Will Have A Global Financial Meltdown in Two or Three Weeks" [states] Dr. Robert Shapiro, Advisor to the IMF, Zero Hedge, October 6, 2011 How about these headlines, from June 2012? [Spanish] Bankia Customers Pull Out Over 1 Billion Euros, Reuters, May 17 '12 Or some of these from December 2012 through December 2013? Ben Bernanke: If We Go...
  • World stocks tumble on weak China, Japan data

    03/10/2014 3:54:28 AM PDT · by Red in Blue PA · 3 replies
    MANILA, Philippines (AP) -- Asian stock markets sank Monday, battered by weak Chinese trade and a reduced estimate for Japan's economic growth. European markets were mostly higher. Shares in Malaysia Airlines tumbled on news of the weekend disappearance of one its jets en route to Beijing. Japan's Nikkei 225 closed down 1 percent at 15,120.14 and China's Shanghai Composite plunged 2.9 percent to 1,999.06. Hong Kong's Hang Seng dropped 1.8 percent to 22,264.93. Markets were also down in Australia, Taiwan, South Korea and Southeast Asia. Data released on the weekend showed China's exports fell by an unexpectedly large 18 percent...
  • Bitcoin firm CEO found dead in suspected suicide

    03/06/2014 8:56:08 AM PST · by Red Badger · 16 replies
    FOX News ^ | 03-06-2014 | Staff
    It appears bitcoin’s recent turmoil has claimed its first life. Autumn Ratke a 28-year-old American CEO of bitcoin exchange firm First Meta was found dead in her Singapore apartment on Feb. 28. Local media are calling it a suicide, but Singapore officials are waiting for toxicology test results. Ratke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.
  • Pope revolutionizes Vatican by opening finances to scrutiny

    02/24/2014 9:50:02 PM PST · by JerseyanExile · 5 replies
    Reuters ^ | Feb 24, 2014 | PHILIP PULLELLA
    Pope Francis on Monday revolutionized the Vatican's scandal-plagued finances, inviting outside experts into a world often seen as murky and secretive and saying the church must use its wealth to help the poor. Francis, elected nearly a year ago with a mandate for reform, used a document known as a Motu Proprio - Latin for "by his own initiative" - to implement immediate changes including appointing an auditor-general. The document says the Church must see its possessions and financial assets in the "light of its mission to evangelize, with particular concern for the most needy". A new Secretariat for the...
  • "Soros Put" Hits Record As Billionaire's Downside Hedge Rises By 154% in Q4 To $1.3 Billion

    02/17/2014 7:17:51 PM PST · by FreeAtlanta · 26 replies
    ZEROHEDGE.COM ^ | 02/17/2014 | Tyler Durden
    A curious finding emerged in the latest 13F by Soros Fund Management, the family office investment vehicle managing the personal wealth of George Soros. Actually, two curious findings: the first was that the disclosed Assets Under Management as of December 31, 2013 rose to a record $11.8 billion (this excludes netting and margin, and whatever one-time positions Soros may have gotten an SEC exemption to not disclose: for a recent instance of this, see Greenlight Capital's Micron fiasco, and the subsequent lawsuit of Seeking Alpha which led to the breach of David Einhorn's holdings confidentiality). The second one is that...
  • Record number of couples committing financial infidelity

    02/17/2014 5:52:19 AM PST · by SeekAndFind · 6 replies
    New York Post ^ | 02/17/2014 | By John Aidan Byrne
    A record 1-in-3 American couples is cheating, a shocking study reveals on this Valentine’s Day weekend. This infidelity is of the financial kind, but no matter — the roller-coaster emotional and economic consequences can be just as devastating as any other betrayal. From secret credit-card spending on fine dining, bubbly and caviar to hidden receipts for beauty treatments, spas and other luxuries (as well as addictions), couples are financially cheating on each other as never before. They often get caught during critical turning points — a bad credit score, for instance, might show up after a joint mortgage application. One...
  • Prepare For When The New MyRA Becomes "TheirRA"

    02/10/2014 11:11:19 AM PST · by blam · 10 replies
    Market Oracle ^ | 2-10-2014 | Peter Krauth
    Prepare For When The New MyRA Becomes "TheirRA" Personal_Finance / Pensions & Retirement Feb 10, 2014 - 06:47 PM GMTPeter KrauthBy: Money_Morning Personal Finance Peter Krauth writes: In his recent State of the Union Address, President Obama unveiled something new: a retirement savings account to "help" Americans build a nest egg, coining it the "MyRA." Something immediately felt wrong about the proposal... but I couldn't put my finger on it. So I researched the new MyRA and found details to help you understand just how it works. But I also saw some potential dangers there that you need to prepare...
  • SocGen: An Economic 'Perfect Storm' Is Brewing

    02/02/2014 7:15:51 PM PST · by blam · 12 replies
    BI ^ | 2-2-2014 | Rob Wile
    SocGen: An Economic 'Perfect Storm' Is Brewing Rob WileFeb. 2, 2014, 8:46 PM    Last weekend at Davos, Nouriel Roubini told BI's Joe Weisenthal that it seemed markets had sailing into a perfect storm, resulting in lots of volatility. "...Between Chinese PMI of 50, Argentina letting its currency go, noises coming politically from Ukraine, Turkey, and Thailand … [the] contagion is not just within emerging markets but also affects advanced economies' equity markets. This evening Société Générale says, that, indeed it sure looks like we have. In a note to clients titled "Perfect Storm Brewing As Policy Turns,"...
  • You Should Read Paul Krugman On The Emerging-Market Turmoil

    02/02/2014 11:45:54 AM PST · by blam · 5 replies
    BI ^ | 2-2-2-14 | Joe Weisenthal
    You Should Read Paul Krugman On The Emerging-Market Turmoil Joe WeisenthalFebuarary 2, 2014 Paul Krugman weighed in this week on the turmoil in emerging markets. He connected the turmoil to weak economic performance in developed markets, and the mad rush by investors to seek return anywhere they can get it. What we're seeing now is the downside of that — basically the argument is that Turkey (et al) are like subprime, and that they represented a search for returns in an economic environment that was very poor. Now that's blowing up.(snip)
  • Exclusive: Bank of America's trading practices have been probed, filing shows

    01/25/2014 7:37:02 AM PST · by Red in Blue PA · 4 replies
    NEW YORK/WASHINGTON (Reuters) - The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America (BAC) engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing. The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8. The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms,...
  • Gold futures rally to a more than two-month high

    01/23/2014 9:24:33 AM PST · by Red in Blue PA · 3 replies
    SAN FRANCISCO (MarketWatch) — Gold futures advanced on Thursday, snapping a two-day skid with investors mulling the prospects for higher gold demand out of India as a drop in U.S. equities and a weaker dollar helped position prices for their highest close in more than two months. Gold for February delivery GCG4 +1.89% jumped $22.70, or 1.8%, to $1,261.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices were poised to close at their highest level since the second half of November, according to FactSet data tracking the most-active contracts.
  • JPMorgan CEO Dimon says government cases were 'unfair'

    01/23/2014 5:15:21 AM PST · by Red in Blue PA · 6 replies
    (Reuters) - JPMorgan Chase & Co (JPM) Chief Executive Officer Jamie Dimon said on Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were "unfair". Dimon, speaking on CNBC in a pre-recorded interview from Davos, Switzerland, said most of the government claims against the company were for dealings that took place at companies before JPMorgan bought them in the financial crisis. "I think a lot of it was unfair, but I am not going to go into the details," Dimon said in the television interview.
  • Robert Shiller: I’m still investing in the stock market ("despite bubble like conditions")

    01/22/2014 6:50:32 AM PST · by Red in Blue PA · 43 replies
    Nobel prize-winning economist Robert Shiller told CNBC at the World Economic Forum that he is still investing in the stock market despite warning of bubble-like conditions. Shiller said that his own long-term valuation metric for stock markets, which measures price-to-earnings based on average inflation-adjusted earnings over the previous 10 years, was currently high at 25. But it was still well below the record high of 46 reached in 2000.
  • Is Fibonacci simply a B/S system for stock market movements...or is it real?

    01/20/2014 4:28:48 PM PST · by RoosterRedux · 35 replies
    I have been a long time fundamental investor and have always done well with fundamentals.Warren Buffet and his hero, Ben Graham, were my heroes. Ben Graham was taught to me in undergrad and grad school.But as someone who specialized in math (operations research/economic modeling) in grad school, I am digging into the Fibonacci sequence to see if it holds any significance in stock trading.As an aside, as I am getting older, I find myself wanting to increase the power of my portfolio (such as it is) by trading.Hence, the Fibonacci factor.Your thoughts please re: Fibonacci please?
  • Gold Bugs Poised to Pounce on Next Big Rally

    01/17/2014 1:44:21 PM PST · by Red in Blue PA · 19 replies
    Gold bugs, rejoice. After taking a pounding last year, gold looks set for a big rally, although chart watchers say it still needs a little push higher before it takes off. A gain of about 1.5% from current levels would take gold above a key chart level, which could spark a further rally of 13% to the August highs, technicians say, and possibly much higher. After tumbling 28% in 2013, gold futures have gained 4% so far this year. On Friday, futures were up 0.9% at $1,251.60 an ounce in recent trading, and were trading above the widely-followed 50-day moving...
  • What You Need To Know About Taxes In 2014: Expired Tax Breaks, Obamacare Penalties & More

    01/07/2014 1:50:09 PM PST · by Albion Wilde · 4 replies
    Forbes ^ | 01/05/2014 | Kelly Phillips Erb
    Tax season opens in 26 days. And here's my big prediction: a lot of taxpayers will be taken by surprise. Despite all of those "no new taxes" type promises, tax bills are expected to edge higher for a number of taxpayers for the 2013 tax year. And 2014 holds even more surprises. Here's a quick look at what to expect:
  • U.S. inequality is curable

    01/06/2014 9:27:56 AM PST · by MegaSilver · 42 replies
    Prudent Bear ^ | 6 January 2014 | Martin Hutchinson
    The Democrat playbook for 2014, we are told, intends to focus on U.S. inequality and to suggest that only redistributive taxation will solve or even alleviate it. Certainly it's possible to reduce inequality through punitive levels of taxation—at the cost of making everybody poorer. I thus thought it worthwhile to disentangle the current causes of U.S. inequality to see how we might alleviate it by raising the incomes of the poor rather than simply depressing those of the rich. With good policies, this could even provide general economic uplift rather than depression, which would happen with redistributive tax. The policy...