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Posts Tagged ‘Scandals’

China Stunned As Bureaucrat’s Diary Of Sex And Bribery Hits The Web

China Stunned As Bureaucrat’s Diary Of Sex And Bribery Hits The Web

Courtesy of Gus Lubin at Clusterstock/Business Insider 

china internet cafe

China’s 30,000 internet policemissed a big one earlier this week. 

The scandalous diary of a medium-level official was posted online (in Chinese) and then spread like wildfire through China and beyond. Han Feng, a director of the Guanxi tobacco monopoly bureau, describes a life of sexcapades and bribery.

Han has already stepped down from his post, according to China Daily.

Here are some excerpts:

  • Sept. 16, 2007: Wang asked me for lunch at the Guijing Hotel. There were just the two of us. He gave me two bottles of Moutai liquor and 50,000 yuan. I deposited 30,000 yuan and took 20,000 home.
  • Sept. 18: 21-32 degrees, sunny – Morning in the “living quarters” – Afternoon: go to hotel & asked for a room, Ms. Long is coming – had red wine at dinner – go to GuoDa hotel, Xiao Tan is there, her menstruation is coming…
  • Sept. 20: When I got to the office this afternoon, Chen stopped by and gave me 10,000 yuan. Li gave me 2,000 yuan.
  • Dec. 4: Drank too much & Xiao Pai too, I asked her to come to my room…
  • Dec. 11: Evening, dinner with Mr Wang & Mr Hu, Commissar of the local Land Bureau – We decided to pay 5,000,000RMB (about USD 800,000) application fee and they will give us the land… Then we drank a lot!
  • Dec. 29: 2007 has been a good year. Work is going smoothly. Income is as high as 200,000 yuan Womanizing is on the right track. It’s been a lucky year with women. I need to pay attention to my health with so many sex partners.
  • Jan. 25: Award meeting. We obtained the “advanced citizen” award status as a unit… which means I get my salary and bonus increased to 250,000 this year.

 

See also: 15 Facts About China That Will Blow Your Mind 


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How The GMAC Bailout Was The Biggest Scam Of Them All

How The GMAC Bailout Was The Biggest Scam Of Them All

Courtesy of Vincent Fernando at Clusterstock 

GMAC

GM’s financing arm, GMAC was the only entity to be bailed out by a full three rounds of aid and the only bank whereby the U.S. government still holds a majority stake.

Heat is picking up in regards to why GMAC received such special attention.

WaPo:

They also questioned whether the rescue of GMAC, achieved in part by making it a bank, had created a long-term situation in which the government guarantee of bank deposits was subsidizing sales at General Motors and Chrysler.

GMAC is the primary source of financing for GM and Chrysler dealers, and a major source of loans for buyers of their vehicles. Elizabeth Warren, a Harvard law professor who chairs the panel, said she understood GMAC’s utility for GM and Chrysler.

"What I don’t understand," she said, "is what the justification is for being an independent bank that takes deposits that has a backup from the United States government."

Ron Bloom, a senior adviser to Treasury Secretary Timothy F. Geithner, told the panel that the rescue of GMAC was necessary to save the automakers, and that the $17.2 billion price tag was a good deal for taxpayers. He said that no other lender or combination of lenders could have quickly replaced GMAC’s role in the marketplace.

Read more here > 

 


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A Quick Guide To Destroying $21 Billion Of Shareholder Value, And Decades Of Reputation

A Quick Guide To Destroying $21 Billion Of Shareholder Value, And Decades Of Reputation

Courtesy of Vincent Fernando at The Business Insider/Clusterstock

Will Toyota survive? We bet in ten years Toyota will be an even larger, more successful company.Some might say that Toyota’s current crisis is a result of enormously bad luck, and they might be partly right.

Yet Toyota’s problems also appear to have been the result of a series of tiny flops, over and over, ranging from quality control to public relations disasters.

For example, it shouldn’t have taken until today for its CEO to address its safety matters in public

99% of your hard work is meaningless when 1% of the time you’re a complete joke.

We’ve put together a quick guide to the amazingly unfortunate serious of events that put Toyota into its current situation.

Here’s how Toyota destroyed itself >

See Also:  

Ray LaHood: WHOOPS, What I Really Meant To Say Is That You Should Get Your Toyota Fixed

Here’s How Safety Problems Savaged Toyota Shareholders

Apple Founder Woz: My Toyota Prius Accelerates To 97 MPH On Its Own, Scares The Hell Out Of Me

 


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Sorry Libertarians, But This “Buyer Beware” Nonsense Is A Pitiful Defense Of Goldman Sachs

Sorry Libertarians, But This "Buyer Beware" Nonsense Is A Pitiful Defense Of Goldman Sachs

By Yves Smith, courtesy of Clusterstock

Count BlankfeinGoldman is trying to diffuse the increasingly harsh light being turned on its dubious practices in the collateralized debt obligation market, with the wattage turned up considerably last week by a story in the New York Times that described how a synthetic CDO program called Abacus was the means by which Goldman famously went “net short” subprime. We’ve mentioned Abacus repeatedly because AIG wrote guarantees on at least some of the Abacus trades.

One of the things that has been frustrating in watching this debate is the peculiar propensity of quite a few observers to defend Goldman and its brethren, and to argue, effectively, caveat emptor. Contrary to the fantasies of libertarians, that is not in fact how markets, particularly securities markets, operate. In virtually every market in the world, when someone represents his wares as being sound and safe and they turn out to be “bad” and dangerous, the seller is considered to have some responsibility for the damage. Remember those Pintos that turned into fireballs when rear-ended? The pets that died from pet food laced with melamine from China? No one suggested that the buyers of those products were at fault.

Read the rest of the post at Naked Capitalism — >>

 


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Tiger Woods Is Headed To Rehab For Sex Compulsion

Yep, no surprises here.  – Ilene

Tiger Woods Is Headed To Rehab For Sex Compulsion

Tiger On BedCourtesy of John Carney at Clusterstock/Business Insider

Tiger Woods is reportedly planning to go into rehab in Arizona for treatment for ‘sexual compulsion’ and his use of Vicodin painkillers and Ambien sleeping pills.

This, of course, is the way everyone knew this scandal would end.

The news was reported by the British tabloid The Daily Mail.

 


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Video Mocks Climate Gate Apologists Who Tried To Rig Global Warming Debate

Video Mocks Climate Gate Apologists Who Tried To Rig Global Warming Debate

Courtesy of John Carney at Clusterstock

The fall out from climate gate is much deeper and broader than hoped for by the global warming network--the web of corporate interests, academics and bureaucrats exposed as rigging the climate change debate. But it is also more fun than anyone anticipated.

Regardless of where you fall on the climate debate, this jib-jab style video is fun.

 

 


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Climategate Professor Calls Critic An A**hole On Live TV

Climategate Professor Calls Critic An A**hole On Live TV

Courtesy of Joe Weisenthal at Clusterstock

He just says it under his breath, right as he’s going off the air, but at the 2:36 mark of this video, you can hear University of East Anglia professor Andrew Watson saying "what an a**hole" in reference to a critic.

Yes, the embattled scientests just keep digging. (via CBS News and Drudge)

 

See Also:

Skip Copenhagen, Obama, And Investigate Those Lyin’ Climategate Scientists

Even Jon Stewart Is Mocking The Climategate Researchers

Climategate Claims First Casualty As Top Researcher Steps Down

 


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Climate-gate!

Here’s more on the climategate story, from a few different perspectives. – Ilene

Climate-gate!

global warming, tbi

By Andrew Leonard at Salon

Climate skeptics claim hacked e-mails prove, once and for all, that global warming is a hoax

The climate-change obsessed blogosphere — including both those who accept the science behind anthropogenic climate change and those who deny it — is in an absolute uproar today after the revelation that an unknown party hacked into the computer system of an important climate research center and posted hundreds of private e-mails to a Russian FTP server.

To climate skeptics, the e-mails prove that global warming is a conspiracy theory. At Wonk Room, Brad Johnson rounded up the politicized reaction:

  • If you own any shares in alternative energy companies I should start dumping them NOW," says the Telegraph’s James Delingpole.
  • Hot Air’s Ed Morrissey claims the emails discuss "repetitive, false data of higher temperatures."
  • The National Review’s Chris Horner salivates, "The blue-dress moment may have arrived."
  • "The crimes revealed in the e-mails promise to be the global warming scandal of the century," blares Michelle Malkin.
  • The Australia Herald-Sun’s Andrew Bolt claims the emails are "proof of a conspiracy which is one of the largest, most extraordinary and most disgraceful in modern [sic] science."

RealClimate, a blog maintained by real climate scientists, is busy doing damage control. This story will no doubt rage for weeks, so I’m just going to pick one example of the back and forth before trying to take some time to go deeper, if merited…

So what’s going on here? Put aside the question of whether the words "trick" or "hide" have nefarious or innocuous meanings. The scientific problem is that in attempting to reconstruct temperatures in the past, climate scientists are often faced with the problem that there were no humans standing around holding thermometers and writing down temperatures. So scientists use "proxies" — tree rings, or ice cores, or fossilized clams, or lake pollen trapped in sediment…

Overall, the more data we have, the more clear it has become to the vast majority of scientists working in this field that the earth has gotten significantly hotter at an alarming rate in the last century, most likely due to increased concentrations of greenhouse gases in the atmosphere. And if there really is a smoking gun in the…
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Everything You Ever Wanted To Know About Naked Shorting But Were Afraid To Ask

Everything You Ever Wanted To Know About Naked Shorting But Were Afraid To Ask

In fact, they don’t understand enough about the basics of stock trading and short selling to understand what naked shorting really is.

To help, we’ve created a guide to short selling that will tell you everything you need to know.

So let’s get started >

 


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SEC One Step From Banning Flash Trading

SEC One Step From Banning Flash Trading

sharkattack, flash tradingCourtersy of Joe Weisenthal at Clusterstock

The writing has been on the wall for so-called "Flash" trading for several weeks now, as exchanges like NASDAQ and BATS have already ended the practice of allowing certain clients a preferential look at the order flow. Today, though, the SEC voted to move forward on an outright ban of the controversial practice. Next up will be a public comment period, followed by another vote, which will almost certainly go the same way.

Next up, the critics will train all their efforts at high-frequency, rebate-capture trading strategies.

See Also:

Schumer: SEC Set To Ban "Flash" Trading

Schumer Calls For Ban On High-Frequency Trading

Of Course We Shouldn’t Ban Flash Trading

 


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OpTrader

Swing trading portfolio - Week of April 21st, 2014

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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Insider Scoop

Apache Agrees To Sell Western Canada Assets For US$374M

Courtesy of Benzinga.

Apache Corporation (NYSE, Nasdaq: APA) and its subsidiaries today announced an agreement to sell producing oil and gas assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million.

Incremental to Apache's earlier $2 billion share re-purchase announcement, the company plans to use the proceeds of this transaction to buy back Apache common shares under the 30-million-share repurchase program that was authorized by Apache's Board of Directors in 2013.

Apache is selling primarily dry gas-producing properties comprising 622,600 gross acres (328,400 net acres) in the Ojay, Noel and Wapiti areas in Alberta and British Columbia. In the Wapiti area, Apache will retain 100 percent of its working interest in horizons below the Cre...



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Sabrient

Sector Detector: Rejuvenated market seeks follow-through, but earnings loom large

Courtesy of Sabrient Systems and Gradient Analytics

As I suspected it might, the stock market bounced strongly last week. Weakness the prior week was due in part to traders exiting positions for vacation during the holiday-shortened week, protecting big capital gains, cashing out to pay taxes on capital gains, and “delta hedging” on put options. However, I’m not convinced that the pullback was sufficient to create the great buying opportunity -- but it was sure a tradable bounce.

Among the ten U.S. business sectors, the big winner last week was Energy, which was up about +4.5%. Also, Financial and Industrial were each up about +3%. Defensive sector Utilities still stands alone as the year-to-date leader, up about +11%, while Energy’s strong performance last week has it in second place, up about +5% YTD. Healthcare has been the big loser as i...



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Phil's Favorites

Glen Greenwald Wins Pulitzer Prize for Exposing NSA Spy Scandal; His Reaction on Video; My Reaction: Greenwald and Snowden are Heroes

Courtesy of Mish.

A big round of well deserved applause for Glen Greenwald is in order for willing a Pulitzer Prize for public service. Greenwald says the announcement was "really gratifying."

Please consider Glenn Greenwald Reacts To Pulitzer Prize Glenn Greenwald told CNN's Brian Stelter on Sunday that receiving the Pulitzer Prize for public service was "really gratifying."

On Monday, Greenwald and other journalists at The Guardian and The Washington Post were awarded the Pulitzer for their reporting on the National Security Agency. The big question as the awards approached was whether the Pulitzer Prize committee would recognize their work, and they did just that.

On Sunday's "Reliable Sources," Greenwald told Stelter...



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Chart School

What To Do With The Market’s Bounce

Courtesy of David Grandey.

Last week, we said: 

“However, both indexes are at or near MAJOR support levels. That means that we are ‘in the zone’ for a bounce of some sort in the next couple of days.”   And a bounce is exactly what we got:      
But as you can see even with last week’s bounce, we are still locked in a downtrend.   As we look ahead to next week, should we break out of the downtrend to the upside, we’ll want to take advantage of buying stocks doing the same.  And should we remain in a downtrend, we want to short stocks that are also locked in downtrends.    As we’ve said before: Success in the market comes from trading stocks in tandem with the indexes.   
  Should the markets break higher, then FF is an excellent long side candidate:       Here we have a leading stock that like the Nasdaq is in a min...

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Market Shadows

Everything Looks Clearer... in the Rear View Mirror

Everything Looks Clearer… in the Rear View Mirror

By Paul Price of Market Shadows

Brave souls who write about stocks always subject themselves to potential embarrassment if they take a stand on the future movement of their selected company. Including both a price target and a time horizon makes you accountable if things don’t go as predicted.

For that reason many media pundits much prefer to explain what’s already happened rather than sticking their necks out. They would rather justify the (supposed) reason...



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Zero Hedge

Donetsk "Letter To Jews" Found To Be A Forgery

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

In the days before the Geneva "de-escalation" conference (and coincidentally, days after the secret visit of CIA director Brennan to Kiev), the top story across western media was the "undisputed" proof that east-Ukraine, populated by "terrorist separatists", is preparing to unleash a neo-nazi wave against local jews, when a leaflet was unveiled, beckoning the Jewish population to register and declare their assets.

The ...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly. Click here and sign in with your PSW user name and password, or sign up for a free trial.

...

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Option Review

Wild Ride For Chipotle

Shares in Chipotle Mexican Grill Inc. (Ticker: CMG) opened higher on Thursday morning, rising more than 6.0% to $589.00, after the restaurant operator reported better than expected first-quarter sales ahead of the opening bell. But, the stock began to falter just before lunchtime on concerns the burrito-maker will increase menu prices for the first time in three years. The price of Chipotle’s shares have since fallen into negative territory and currently trade down 3.5% on the session at $532.89 as of 1:50 p.m. ET.

Chart – Shares in Chipotle cool by lunchtime

...

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All About Trends

Mid-Day Update

Reminder: David 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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Digital Currencies

Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow ...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Pharmboy

Here We Go Again - Pharma & Biotechs 2014

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

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore - IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment...



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FeedTheBull - Top Stock market and Finance Sites



About Phil:

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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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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