Posts Tagged ‘criminal probe’

10 Things You Need To Know That Are Going On This Weekend

SPECIAL EDITION: 10 Things You Need To Know That Are Going On This Weekend

Courtesy of Joe Weisenthal, at Clusterstock 

It’s a Saturday, but it certainly doesn’t feel like it, because there’s a heck of a lot going on. 

Here’s what you need to be paying attention to this May Day.

  • Greece/IMF/EU talks continue. According to Greek government officials, some kind of announcement may be made today. The market is hoping to hear something that’s orders of magnitude stronger than any bailout announcement we’ve gotten so far, or otherwise the feeling will be that it can and will fall through again.
  • Of course, there are fresh violent, anti-austerity protests going on today in Athens. The fact that it’s May Day, a day for celebrating anti-capitalism only adds to the tension.
  • New reports suggest the criminal probe into Goldman Sachs is not just a perfunctory follow-on to the SEC charges, but rather a truly separate thing that’s wider than Abacus, and that started before the SEC’s investigation. HUGE.
  • With just five days before the election, UK’s The Guardian has endorsed the Liberal Democrats, the country’s biggest third party. Its leader, Nick Clegg, has surged thanks to a string of strong debate performances, Gordon Brown’s disastrous campaigning, and a lingering sense of unease with the conservatives.


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    Federal Prosecutors Conducting CRIMINAL Probe Of Goldman Sachs

    Federal Prosecutors Conducting CRIMINAL Probe Of Goldman Sachs

    Courtesy of Joe Weisenthal at Clusterstock 

    Banking CEO's Testify Before House On Use Of TARP Funds

    Following the SEC’s fraud charges against the firm, prosecutors have opened up a criminal probe of Goldman Sachs (GS), the WSJ is reporting this evening.

    There are several things to note here, particularly the fact that an initial probe is no guarantee that charges will actually filed. In fact, such initial probes are common after civil charges are brought.

    Although the ramifications of such a case would be enormous, the significant weaknesses and ambiguities that have emerged in the SEC’s case may make prosecutors gun-shy.

    Lady justice with scales

    Why else?

    Notes WSJ:

    But the Goldman probe presents a significant challenge for the government. Prosecutors in the Brooklyn office of the U.S. Attorney last year lost a high-profile fraud case against two former Bear Stearns Cos. executives, in the first major criminal case linked to the financial meltdown.

    Prosecutors had accused the Bear Stearns employees of lying to investors in 2007 about the health of two funds that eventually collapsed. The case centered on what the government viewed as incriminating emails indicating the traders knew the mortgage market would fall but didn’t disclose that view to investors.

    To bring any criminal charges in the Goldman matter, prosecutors would need to believe they had gathered evidence that showed that the firm or its employees knowingly committed fraud in their mortgage business. Proving such intent to break the law typically is the toughest hurdle for prosecutors to clear.

    Read the whole report > 


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    Zero Hedge

    Yuan Tumbles After Navarro Warns "No Indication That Tariffs Will Be Delayed"

    Courtesy of ZeroHedge View original post here.

    While US equity futures have barely dipped, offshore yuan has tumbled - erasing the earlier optimistic spike - after White House Trade Advisor Peter Navarro told Fox News that he has "no indication that December tariffs will not be put on."

    Additionally Navarro said that China "was trying to shape the narrative on trade talks to affect the futures market," and that is up to the Chinese if a trade deal can get done.

    Yuan erased all of the gains from China's comments this morning.....



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    Phil's Favorites

    In its anti-'Medicare for All' push, the health insurance industry pulls from an old playbook

     

    In its anti-'Medicare for All' push, the health insurance industry pulls from an old playbook

    If you’re strangled by health care costs, are you really ‘free’? jwblinn/Shutterstock.com

    Courtesy of Burton St. John III, University of Colorado Boulder

    As a debate continues to rage within the Democratic Party over “Medicare for All,” the health care industry has quietly girded itself to fight the elimination of for-profit health care.

    In the summer of 2018, trade groups rep...



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    Insider Scoop

    5 Stocks Moving In Tuesday's After-Hours Session

    Courtesy of Benzinga

    Gainers
    • Ollie’s Bargain Outlet Holdings Inc (NASDAQ: OLLI) shares are up 11% after reporting a third-quarter earnings beat. Earnings came in at 41 cents per share, beating estimates by 3 cents. Sales came in at $327.049 million, beating estimates by $4.549 million.
    • Dave & Buster’s Entertainment Inc (NASDAQ: ...


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    Kimble Charting Solutions

    Are Bank Stocks Sending Bullish Message To Investors?

    Courtesy of Chris Kimble

    Just as the health of the banking sector is a big deal to the economy, it’s equally important to the S&P 500 (SPY) and broader stock market.

    Although the bull market has grinding higher, it’s awaiting confirmation from the banks and banks stocks.

    Today’s chart is of the S&P 500 Bank ETF (KBE) and shows how the banks are at an important juncture in time and price.

    KBE (the bank ETF) is testing the upper end of a falling channel, offering bulls an opportunity for a breakout – see point (2).

    The banks were at a similar juncture nearl...



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    Digital Currencies

    The Road To Retirement: Millennials Put Their Faith In Bitcoin But Goldman Says Go With Gold

    Courtesy of ZeroHedge View original post here.

    "Drop Gold" - the ever-present tagline of Grayscale's Bitcoin Trust TV commercial - appears to be working its magic on a certain cohort of society.

    2019 has seen assets under management in GBTC soar...

    Source: Bloomberg

    And for Millennials, according to the lates...



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    Lee's Free Thinking

    Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

     

    Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

    Courtesy of Lee Adler, Wall Street Examiner 

    The Fed is ramping up “Not QE” .

    The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

    This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

    It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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    Chart School

    Silver stock taking the sector higher

    Courtesy of Read the Ticker

    As the US economy begins to show late cycle characteristics like: GDP slowing, higher inflation, higher wage costs, CEO confidence slump. 

    Previous Post: Gold Stocks Review

    The big players in the market are looking for the next swing off good value lows. This means more money is finding it way into the gold and silver sector, and it is said gold and silver stocks actually lead the metal prices.

    The cycle below shows prices are ready to move in the months ahead (older chart re posted).


    Click for popup. Clear your browser cache if image is not showing...



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    Members' Corner

    Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

     

    Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

    By Matt Wilstein

    Excerpt:

    Sacha Baron Cohen accepted the International Leadership Award at the Anti-Defamation League’s Never is Now summit on anti-Semitism and hate Thursday. And the comedian and actor used his keynote speech to single out the one Jewish-American who he believes is doing the most to facilitate “hate and violence” in America: Facebook founder and CEO Mark Zuckerberg.

    He began with a joke at the Trump administration’s expense. “Thank you, ADL, for this recognition and your work in fighting racism, hate and bigotry,” Baron Cohen said, according to his prepared...



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    The Technical Traders

    VIX Warns Of Imminent Market Correction

    Courtesy of Technical Traders

    The VIX is warning that a market peak may be setting up in the global markets and that investors should be cautious of the extremely low price in the VIX. These extremely low prices in the VIX are typically followed by some type of increased volatility in the markets.

    The US Federal Reserve continues to push an easy money policy and has recently begun acquiring more dept allowing a deeper move towards a Quantitative Easing stance. This move, along with investor confidence in the US markets, has prompted early warning signs that the market has reached near extreme levels/peaks. 

    Vix Value Drops Before Monthly Expiration

    When the VIX falls to levels below 12~13, this typically v...



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    Biotech

    Why telling people with diabetes to use Walmart insulin can be dangerous advice

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

     

    Why telling people with diabetes to use Walmart insulin can be dangerous advice

    A vial of insulin. Prices for the drug, crucial for those with diabetes, have soared in recent years. Oleksandr Nagaiets/Shutterstock.com

    Courtesy of Jeffrey Bennett, Vanderbilt University

    About 7.4 million people ...



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    Mapping The Market

    How IPOs Are Priced

    Via Jean Luc 

    Funny but probably true:

    ...

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    Promotions

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    Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

    In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

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