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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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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!

 
 

Zero Hedge

New Gold Fix Planned By LBMA In Desperate Attempt To Maintain Status Quo

Courtesy of ZeroHedge. View original post here.

Submitted by GoldCore.

The London Bullion Market Association (LBMA) is quietly planning its new gold fix in a desperate attempt to maintain the status quo. 

...

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Chart School

Tracking the Market with Social Media

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

The Trade Followers Momentum indicator for the S&P 500 Index (SPX) is showing uncertainty from market participants. The pattern currently being painted by 7 day momentum is usually indicative of traders chasing price. The consolidation and small dip in price over the past few weeks caused momentum to drop rapidly, then when the market recovered momentum shot upward. This behavior shows market participants are reacting rather than planning and executing. This puts some instability into the market as any change in news will cause swift changes in sentiment.

In mid August the indicators showed extreme overbought conditions for SPX. That has now been resolved, but no clear direction has been established yet. This is a...



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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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Phil's Favorites

ECB Executive Board Urges Germany to Borrow and Spend

Courtesy of Mish.

In a foolish as well as never-ending attempt to prevent price deflation and revive growth, the ECB Urges Berlin to Cut Taxes and Spend.
Berlin has hit back at calls from a top European Central Bank official urging Germany to spend more to help the eurozone escape from its economic malaise.

In one of the most politically charged statements to come from the central bank, Benoît Cœuré, a member of the ECB’s executive board, urged Berlin to increase borrowing in order to support investment and cut taxes.

The article follows calls by ECB president Mario Draghi last month for governments to match the central bank’s steps in loosening monetary policy with growth-boosting measures. However, Mr Cœ...



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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 the latest issue of Stock World Weekly. Enjoy! Please sign in using your PSW user name and password. (Or take a free trial.)

...

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Option Review

IV Implodes On 4-hour YHOO Options As BABA Commences Trading

Investors are dumping shares in Yahoo, sending the stock down 5.0% to $40.08 after shares in Alibaba made their debut on the floor of the NYSE just before midday. Shares in BABA for their part initially traded up to a high of $99.70, a near 47% increase over the IPO price of $68.00. Typically, one would expect put options that are 5% out of the money with roughly 4-hours left to trade to see waning implied volatility. But, at the start of the trading session and ahead of the first trade for BABA, the Sep 19 ’14 40.0 strike put options were trading with 271% volatility or $0.30 per contract amid uncertainty as to how the start of trading for Alibaba would take shape.

...

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Market Shadows

Selling PVD

Selling PVD

Administradora de Fondos de Pensiones Provida S.A. (PVD) shares will not be trading on the NY Stock Exchange after today. Tomorrow, shares will be harder to sell. Strangely, I wasn't able to find information on the internet, but Paul just sent me a copy of the email he received from Interactive Brokers.

We're selling PVD out of the Virtual Portfolio today at $87.18. 

More details:

From: Interactive Brokers   dated July 18, 2014

Holders of AFP Provida S.A. American Depository Receipts (ADR) are advised that the Company has elected to terminate the Deposit Agreement effective 2014-09-18.

As of the te...



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Promotions

Last Chance! See The 'Google-Like' Trading Algorithm 'Live' TODAY

Traders and Investors,

RSVP NOW to attend a special presentation TODAY at Noon or 9:00 pm ET, where you’ll see a powerful trading algorithm that’s been tested and proven to return phenomenal results on a consistent basis. 

In fact, it has an 82% win rate…

And had you only traded the conservative alerts recommended by the algorithm since inception, you would have experienced portfolio gains of more than 200%!

Register NOW and secure your virtual seat for one of Today’s LIVE presentations.

When you register for the webinar, you’ll also get instant access to following trading videos:

  • Instant access to FOUR Quick-Start Expectancy...


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Sabrient

Sector Detector: Bulls go down swinging, refusing to give up much ground

Courtesy of Sabrient Systems and Gradient Analytics

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down easily. In fact, they’re going down swinging, absorbing most of the blows delivered by hesitant bears. Despite holding up admirably when weakness was both expected and warranted, and although I still see higher highs ahead, I am still not convinced that we have seen the ultimate lows for this pullback. A number of signs point to more weakness ahead.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy using ETFs and an enhanced version using top-r...



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OpTrader

Swing trading portfolio - week of September 15th, 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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Digital Currencies

Making Sense of Bitcoin

Making Sense of Bitcoin

By James Black at International Man

Despite the various opinions on Bitcoin, there is no question as to its ultimate value: its ability to bypass government restrictions, including economic embargoes and capital controls, to transmit quasi-anonymous money to anyone anywhere.

Opinions differ as to what constitutes "money."

The English word "money" derives from the Latin word "moneta," which means to "mint." Historically, "money" was minted in the form of precious metals, most notably gold and silver. Minted metal was considered "money" because it possessed luster, was scarce, and had perceive...



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Pharmboy

Biotechs & Bubbles

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

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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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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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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