Posts Tagged ‘Lloyd Blankein’

FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

Courtesy of Mish 

The FDIC has only brought one case to date against executives of failed banks. Supposedly more charges are coming.

Bloomberg reports FDIC May Seek $1 Billion From Failed-Bank Executives

The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks as the agency aims to recoup more than $1 billion in losses stemming from the credit crisis.

The lawsuits were authorized during closed sessions of the FDIC board and haven’t been made public. The agency, which has shuttered 294 lenders since the start of 2008, has held off court action while conducting settlement talks with executives whose actions may have led to bank collapses, Richard Osterman, the FDIC’s acting general counsel, said in an interview.

“We’re ready to go,” Osterman said. “We could walk into court tomorrow and file the lawsuits.”

The FDIC, which reviews losses for every bank failure, has brought only one case against officers or directors tied to recent collapses — a suit filed in July seeking $300 million in damages from four executives of IndyMac Bancorp Inc.

The FDIC “brings suits only where they are believed to be sound on the merits and likely to be cost-effective,” according to an agency policy statement that dates from the savings-and- loan crisis of the 1980s. That requires considerations of whether an individual, if sued, has the means to pay or an insurance policy to cover all or part of the claim.

“It doesn’t make sense to file a lawsuit if at the end of the day you have a low chance of recovery,” Osterman said.

“It’s in both our interest and theirs to try and settle this matter before it gets into the court and we get into expensive litigation,” he said.

Political Stunt to Placate the Public

I see this as little more than a political stunt to placate the public. These cases are unlikely to go to trial, on purpose, and not for the reason the FDIC says.

The FDIC does not want to rattle the banking system, so they won’t. Instead they will settle most if not all of these cases for peanuts.

To make it look legit, the FDIC might pursue a couple of scapegoat cases, IndyMac being one of them, but don’t expect anything more.

Criminal
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Climate change and weather extremes: Both heat and cold can kill

 

Climate change and weather extremes: Both heat and cold can kill

Courtesy of Garth HeutelGeorgia State UniversityDavid MolitorUniversity of Illinois at Urbana-Champaign, and Nolan MillerUniversity of Illinois at Urbana-Champaign

Extreme cold weather in Atlanta, Ga., on Jan. 3, 2018. ...



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ValueWalk

Exploring Gravitational Waves

By joniferdingcong. Originally published at ValueWalk.

In 2016, US scientists for the first time announced their detection of gravitational waves, ripples in space and time hypothesized by Albert Einstein a century ago. Such a discovery represents a scientific breakthrough, opening the door to an entirely new way of observing the cosmos. In 2017, the Nobel Prize in Physics was awarded to three US scientists for the detection of gravitational waves. To better grasp the process of their discovery, CGTN’s Tian Wei spoke to two of them: Rainer Weiss, Emeritus Professor of Physics at MIT and Kip Thorne, Emeritus Professor of Physics at Caltech. Chen Yanbei, Professor of Physics at Caltech, also joined the talk.

mikkehouse / Pixabay...

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Zero Hedge

Stocks Suffer As 10Y Yields Reach 2014 Highs, Curve At Inflection Point

 

Stocks Suffer As 10Y Yields Reach 2014 Highs, Curve At Inflection Point

Courtesy of Zero Hedge

Overnight saw 10Y Treasury yields touch 2.64%, topping the post-election peak to its highest since September 2014 (and crossing Jeff Gundlach's "red line" for stock damage). However, the yield curve's bear-steepening may suggest a turning point.

10Y is up almost 30bps since The Fed hiked rates in December...

...

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Insider Scoop

14 Stocks Moving In Friday's Pre-Market Session

Courtesy of Benzinga.

Gainers
  • Forward Industries, Inc. (NASDAQ: FORD) rose 64.5 percent to $2.04 in pre-market trading after the company reported the acquisition of Intelligent Product Solutions.
  • PLx Pharma Inc (NASDAQ: PLXP) rose 31.2 percent to $8.00 in pre-market trading. Janney Capital initiated coverage on PLx Pharma with a Buy rating and a $14.00 price target.
  • Acorda Therapeutics Inc (NASDAQ: ACOR) rose 15.4 percent to $28.85 in pre-market trading amid M&A chatter. The...


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Digital Currencies

Bitcoin and cryptocurrencies are just the Beanie Babies of the moment

 

Bitcoin and cryptocurrencies are just the Beanie Babies of the moment

Courtesy of Vitaliy Katsenelson, Contrarian Edge

If you invested in the markets circa 1999, it is hard to observe the Bitcoin mania and not experience the feeling that you’ve seen this movie before and know how it will end – in losses and tears. The internet was a great idea that convinced a lot of great minds to invest capital and energy into businesses that have transformed the world – Amazon, eBay, Cisco, PayPal … the list is very long (though in fairness the list of non-survivors is even longer – but they are not here to remind us of their nonexistence).

R...



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Chart School

Short Covering Driving Gains in Semiconductors and Nasdaq 100

Courtesy of Declan.

The Nasdaq 100 breakout cleared channel resistance, the fifth significant breakout in four months. All technicals are posting new near-term highs which also meant the short generated on the tag of the rising channel is negated.


The Semiconductor Index also enjoyed a substantial breakout as short covering drove traders out of their positions. Technicals see an improvement with a relative gain against the Nasdaq 100.

...

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Biotech

How Alzheimer's disease spreads throughout the brain - new study

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

How Alzheimer's disease spreads throughout the brain – new study

Courtesy of Thomas E CopeUniversity of Cambridge

Harmful tau protein spreads through networks. Author provided

Alzheimer’s disease is a devastating brain illness that affects an estimated 47m people worldwide. It is the most common cause of dementia in the Western world. Despite this, there are currently no treatments that are effective in curing Alzheimer’s disease or preventing its relentless progressio...



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Mapping The Market

Trump Admin Bans CDC From Using Words Like 'Science-Based,' 'Diversity'

By Jean-Luc

These are the policies of a theocracy, not a modern democracy:

Trump Admin Bans CDC From Using Words Like ‘Science-Based,’ ‘Diversity’

The Trump administration has prohibited the Centers for Disease Control and Prevention (CDC) from using words like “science-based,” “diversity,” and “transgender” in their official documents for next year’s budget, according to the Washington Post.

Senior CDC budget leader Alison Kelly met with the agency’s policy analysts on Thursday to announce ...



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Members' Corner

An Interview with David Brin

Our guest David Brin is an astrophysicist, technology consultant, and best-selling author who speaks, writes, and advises on a range of topics including national defense, creativity, and space exploration. He is also a well-known and influential futurist (one of four “World's Best Futurists,” according to The Urban Developer), and it is his ideas on the future, specifically the future of civilization, that I hope to learn about here.   

Ilene: David, you base many of your predictions of the future on a theory of historica...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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