Posts Tagged ‘lobbiests’

Bought and Paid For

Bought and Paid For

lobbyingCourtesy of Washington’s Blog

Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.

This is easy to confirm in black-and-white. See for yourself: here, here, here, here, here and here.

Manhattan Institute senior fellow Nicole Gelinas says:

The too-big-to-fail financial industry has been good to elected officials and former elected officials of both parties over its 25-year life span

And economic historian Niall Ferguson says:

Guess which institutions are among the biggest lobbyists and campaign-finance contributors? Surprise! None other than the TBTFs [too big to fails].

No wonder two powerful congressmen said that banks run Congress.

No wonder two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the head of the Federal Reserve Bank of Kansas City have all said that the United States is controlled by an oligarchy.

With the exception of a handful couple of Congress members who have the American people’s interest in mind, Congress is bought and paid for.

Note: A friend on the Hill made an important point to me by email.

Maxine Waters and Ron Paul get almost nothing [from the financial lobby. Sherman, Kucinich, Grayson and Kaptur are some other congress members who have not been bought and paid for].

The story isn’t just that a lot of members are bought and paid for, it’s that some aren’t.

 


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Matt Taibbi Takes An Inside Look at Naked Shorts and How Goldman Sachs Lobbies the Senate

Matt Taibbi Takes An Inside Look at Naked Shorts and How Goldman Sachs Lobbies the Senate

Courtesy of Damien Hoffman at Wall St. Cheat Sheet

This is a guest post by Matt Taibbi at True/Slant (a must-add to your bookmarks).

The SEC is holding a public round table Tuesday to explore several issues around securities lending, which has expanded into a big moneymaker for Wall Street firms and pension funds. Regulation hasn’t kept pace, some industry participants contend.Securities lending is central to the practice of short selling, in which investors borrow shares and sell them in a bet that the price will decline. Short sellers later hope to buy back the shares at a lower price and return them to the securities lender, booking a profit. Lending and borrowing also help market makers keep stock trading functioning smoothly.

via SEC Weighs New Rules for Lending of Securities – WSJ.com

Matt Taibbi

Matt Taibbi

Later on this week I have a story coming out in Rolling Stone that looks at the history of the Bear Stearns and Lehman Brothers collapses. The story ends up being more about naked short-selling and the role it played in those incidents than I had originally planned — when I first started looking at the story months ago, I had some other issues in mind, but it turns out that there’s no way to talk about Bear and Lehman without going into the weeds of naked short-selling, and to do that takes up a lot of magazine inches. So among other things, this issue takes up a lot of space in the upcoming story.

Naked short-selling is a kind of counterfeiting scheme in which short-sellers sell shares of stock they either don’t have or won’t deliver to the buyer. The piece gets into all of this, so I won’t repeat the full description in this space now. But as this week goes on I’m going to be putting up on this site information I had to leave out of the magazine article, as well as some more timely material that I’m only just getting now.

Included in that last category is some of the fallout from this week’s SEC “round table” on the naked short-selling issue.

The real significance of the naked short-selling issue isn’t so much the actual volume of…
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Americans Have Been Taken Hostage

Americans Have Been Taken Hostage

By Dylan Ratigan, posted at Clusterstock, also appears at Huffington Post


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Zero Hedge

What Risk? Post-Brexit VIX Crash Is Greatest Ever

Courtesy of ZeroHedge. View original post here.

After a wild few weeks...

VIX dropped almost 42% this week - its biggest decline in history - as nerves settled over Brits' decision to "leave" the EU.

A bigger "relief" than the end of the Gulf War, than the post-Bear Stearns fund liquidations bounce as Central Banks saved the world, and than the last minute decision to not shut down the US gover...



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Chart School

S&P 500 Snapshot: A Quiet Day Before the Holiday Weekend

Courtesy of Doug Short's Advisor Perspectives.

From a US equities perspective, the Brexit drama has been shifted to the back burner. Our benchmark S&P 500 hit its modest 0.47% intraday high in the first 90 minutes of trading and then drifted lower to a narrow afternoon trading range. The index closed the session with a 0.19% gain in the 12th smallest intraday range of the 126 market days so far in 2016. The flight to treasuries, however, remains in play. The yield on the 10-year note closed at 1.46%, down three BPs and only three BPs above its record closing low.

Here is a snapshot of past five sessions in the S&P 500.

Here is a daily chart of the S&P 500. Volume was light in advance of the 4th of July holiday weekend.

A Perspective on Drawdown...



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Phil's Favorites

Instant Replay: Austria's Constitutional Court Orders Rerun of Presidential Election

Courtesy of Mish.

Citing serious irregularities in the counting of postal votes, Austria’s constitutional court issued an unprecedented rule mandating a rerun of the presidential election in which Green party candidate Alexander Van der Bellen narrowly beat Freedom Party and anti-immigration candidate Norbert Hofer.

The Wall Street Journal reports Austrian Court Orders Rerun of Presidential Vote.

Austria’s Constitutional Court ordered a rerun of the final round of the country’s presidential election, giving Freedom Party candidate Norbert Hofer a second chance of becoming the first right-wing populist head of state in postwar We...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Kiss Your Domestic Bias Goodbye, Central Bankers of the World (Bloomberg)

In a globalized world, managing domestic economic conditions requires having one eye focused abroad.

European Cities Battle for London’s Finance Crown After Brexit Vote (Wall Street Journal)

European cities are closing in on London’s wounded financial hub.

...



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Kimble Charting Solutions

Silver attempting breakout above dual resistance, says Joe Friday

Courtesy of Chris Kimble.

In September of 2012, when Silver was trading at $28, the Power of the Pattern shared the chart below. The patterns suggested that even though Silver had already declined a great deal ($50 to $28), patterns called for it to fall nearly another 50%, to the $15 level.

Chart below was from 2012, see original post HERE.

...



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ValueWalk

John DeVoy, Former Baupost Director Hired By Loomis Sayles

By Jacob Wolinsky. Originally published at ValueWalk.

John DeVoy, a long time analyst at Seth Klarman’s Baupost Group has left the hedge fund for a position at Loomis Sayles. Devoy formerly worked at Loomis before spending close to ten years at the Boston based hedge fund. The news was announced via a press release from Loomis.  The statement says that DeVoy will be returning to the company “as a dedicated credit strategist for the flagship full discretion team.”

Also see Will Baupost Follow Its Own “North Star”

Baupost Group’s Seth Klarman Sees ’50 Shades of Value’

Devoy was a managing dir...



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OpTrader

Swing trading portfolio - Week of June 27th, 2016

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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Mapping The Market

Thoughts on Brexit

I have mixed feelings about Brexit today. Clearly the European institution need reforming. The addition of so many countries in the last 20 years has created a top heavy administration. The Euro adds more complexities to the equation as the ECB policies cannot fit every country's problem. On the other hand, a unified Europe has advantages as well – some countries have benefited from the integration.

For Britain, it's hard to say what the final price will be. My guess is that Scotland might now vote for independence as they supported staying in Europe overwhelmingly. Northern Ireland might be tempted to leave as well so possibly RIP UK in the long run. I was talking to some French people and they were saying that now there might be no incentive for France to stop immigrants from crossing over to the UK like they do now and simply allow for travel there and let the UK deal with them. The end game is not clear to anyone at the moment....



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Digital Currencies

Bitcoin Tumbles 10%

Courtesy of ZeroHedge. View original post here.

One week ago, when bitcoin first crossed above $700 on the seemingly insatiable Chinese buying which we forecast last September (when bitcoin was trading at $230) would take place as a result of China's capital controls (to much pushback by the "mainstream" financial media), we tried to predict what may happen next. We said that "it could go much higher. That said, anyone who bought last September when the digital currency was trading at $230 may be advised to take some profits, and at least make...



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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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Biotech

This Is Why Biotech Stocks May Explode Again

Reminder: Pharmboy and Ilene are available to chat with Members.

Here's an interesting article from Investor's Business Daily arguing that biotech stocks are beginning to recover from their recent declines, notwithstanding current weakness.

This Is Why Biotech Stocks May Explode Again

By 

Excerpt:

After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.

...



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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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