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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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Zero Hedge

California Democrat Predicts Surge In Hookers, Blames "Global Warming"

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Ripped from the pages of The Onion, this is not. California Democrat Barbara Lee proposed a resolution in the House of Representatives that claims women will eventually be forced into prostitution since they face "disproportionately harmful impacts from climate change." So, first 'we' blame weakness in economic growth on excess cold, and now excess global warmth - according to Lee's House Concurrent Resolution 29 - will drive women to "sex work, transactional sex, and early marriage."

...



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Phil's Favorites

The American Dream Part 2 - We Now Live In A "Pimpocracy"

Courtesy of Bill Bonner at Acting-Man blog

Shabby Immensity

Today, we continue mouth wide open (Part 1 here) … staggered by the shabby immensity of it … a tear forming in the corner of our eye.

Yes, we are looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971. It is not pretty.

We already know about the money. Since 1971, it’s been a credit-based, not a gold-based, system. The pre-1971 economy had three key characteristics:

1) It was healthy – Industry made things and sold them at a profit

2) It was fair – Financial progress was fairly evenly distributed.

3) It was solvent – The US was a creditor, not a debtor, n...



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Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

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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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Insider Scoop

Raymond James Downgrades Power Integrations To Market Perform

Courtesy of Benzinga.

Related POWI Benzinga's Top Downgrades Benzinga's Volume Movers

Analysts at Raymond James downgraded Power Integrations Inc. (NASDAQ: POWI) from Outperform to Market Perform and removed the price target of $57.00.

Power Integrations shares have dropped 18.42% over the past 52 weeks, while the S&P 500 index has surged 10.69% in the same period.

Power Integrations' shares fell 1.51% to $51.65 in pre-market trading.

Latest Ratings for POWI DateFirmActionFrom...

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Chart School

S&P 500 Snapshot: Selloff Ends with a Modest Gain

Courtesy of Doug Short.

Friday was a mixed bag of economic data. Hopes for an upward revision to Third Estimate of Q4 GDP were disappointed when the BEA left the annualized rate at 2.2%. The final Michigan Consumer Sentiment for March was an improvement on the preliminary reading, but it was below the February final and well off the January 11-year high. The S&P 500 spent the day in a narrow range, ending with a modest 0.24% gain, which snapped a four-day selloff. The index was down 2.33% for the week, its second worst weekly performance of 2015 (the worst being the -2.77% plunge in late January).

The yield on the 10-year Note fell 7 bps to 1.95%.

Here ...



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Sabrient

Sector Detector: Bulls retake the wheel, with a little help from their friends at the Fed

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

Courtesy of Scott Martindale at Sabrient Systems

Well, it didn’t take long for the bulls to jump on their buying opportunity, with a little help from the bulls’ friend in the Fed. In fact, despite huge daily swings in the market averages driven by daily news regarding timing of interest rate hikes, the strength in the dollar, and oil prices, trading actually has been quite rational, honoring technical formations and support levels and dutifully selling overbought conditions and buying when oversold. Yes, the tried and true investing clichés continue to work -- “Don’t fight the Fed,” and “The trend is your friend.”

In this weekly update, I give my view of the cur...



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OpTrader

Swing trading portfolio - week of March, 23rd, 2015

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

Bitcoin vs. Uber: Bitcoin Lovers Respond to Mish

Courtesy of Mish.

I recently commented that it would not surprise me if bitcoin plunged to $1.00. That was not a prediction, it was a comment.

Still, I still feel a collapse in bitcoin is likely.

For discussion, please see Cash Dinosaur: France Limits Cash Transactions to €1,000, Puts Restrictions on Gold; Bitcoin End Coming?

In response, reader Creighton writes ...

Hello Mish

While I'm not going to argue the point about the possibility that Bitcoin drops to $1, or less, (that could happen yet, but not for the reasons you propose) I felt it necessary to point out something you seem to have overlooked.

While it's likely that the US government watching Bitco...



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Market Shadows

Kimble Charts: South Korea's EWY

Kimble Charts: South Korea's EWY

By Ilene 

Chris Kimble likes the iShares MSCI South Korea Capped (EWY), but only if it breaks out of a pennant pattern. This South Korean equities ETF has underperformed the S&P 500 by 60% since 2011.

You're probably familiar with its largest holding, Samsung Electronics Co Ltd, and at least several other represented companies such as Hyundai Motor Co and Kia Motors Corp.

...



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Option Review

Cypress Semi Draws Bullish Option Plays

Bullish trades abound in Cypress Semiconductor options today, most notably a massive bull call spread initiated in the July expiry contracts. One strategist appears to have purchased 30,000 of the Jul 16.0 strike calls at a premium of $0.89 each and sold the same number of Jul 19.0 strike calls at a premium of $0.22 apiece. Net premium paid to put on the spread amounts to $0.67 per contract, thus establishing a breakeven share price of $16.67 on the trade. Cypress shares reached a 52-week high of $16.25 back on Friday, March 13th, and would need to rally 4.6% over the current level to exceed the breakeven point of $16.25. The spread generates maximum potential profits of $2.33 per contract in the event that CY shares surge more than 20% in the next four months to reach $19.00 by July expiration. Shar...



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Pharmboy

2015 - Biotech Fever

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

PSW Members - well, what a year for biotechs!   The Biotech Index (IBB) is up a whopping 40%, beating the S&P hands down!  The healthcare sector has had a number of high flying IPOs, and beat the Tech Sector in total nubmer of IPOs in the past 12 months.  What could go wrong?

Phil has given his Secret Santa Inflation Hedges for 2015, and since I have been trying to keep my head above water between work, PSW, and baseball with my boys...it is time that something is put together for PSW on biotechs in 2015.

Cancer and fibrosis remain two of the hottest areas for VC backed biotechs to invest their monies.  A number of companies have gone IPO which have drugs/technologies that fight cancer, includin...



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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 user name and password. 

 

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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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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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