Posts Tagged ‘Michelle Caruso-Cabrera’

Is CNBC Pimping for State Street Bank?

The two clowns at CNBC were obnoxious to Jerry Brown; they made themselves look foolish and prompted him to write this in response. – Ilene

Is CNBC Pimping for State Street Bank?

CA Attorney General Brown Unveils Online Patient Prescription Tracking

By Jerry Brown, Attorney General of California, writing in the Huffington Post

If street thugs were to hold up a convenience store and drive off with $1 million, it would be national news. But when a venerable Boston bank rips off California’s two largest pension funds for $56 million, it’s business-as-usual — at least to the anchors of CNBC.

State Street Bank — the world’s largest servicer of pensions — systematically ripped off CalPERS and CalSTRS over a period of eight years. It did this by adding a tiny surcharge on foreign currency trades. But this adds up, especially considering that some $35 billion in 42,000 transactions were traded by these funds since 2001.

So when two whistle-blowers filed suit under seal in April 2008, attorneys from my office immediately investigated — examining hundreds of thousands of pages of documents, interviewing witnesses and subpoenaing records.

They found in the course of an 18-month investigation that State Street was contractually obligated to give CalPERS and CalSTRS the "interbank rate" at the precise time of the trade. Instead, State Street consistently charged at or near the highest rate of the day, even if the interbank rate was lower at the time of trade. And traders concealed the fraud by deliberately failing to include time stamp data in its reports, so that the pension funds could not determine the true execution costs.

When the suit was filed, we notified the media and held a press conference — to bring the fraud to light and to deter other financial traders from considering similar action. This is a routine part of prosecuting important corporate fraud cases.

But, in a commentary post today, CNBC anchor Michelle Caruso-Cabrera sneered at California’s effort to recover $200 million in damages and penalties, using a made-up quote from Elliot Spitzer to call it "quaint."

This follows an interview Tuesday that was straight out of the Daily Show. CNBC invited me on to talk about the case, and then Caruso-Cabrera asked why I would come on the air to talk about it.

Her co-anchors seemed to have no problem with the rip-off ("as long as they quoted you a dollar…
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Zero Hedge

JPMorgan: Please Buy This Dip

Courtesy of ZeroHedge View original post here.

After JPMorgan clocked in its most profitable year in history in 2019 largely on the back of the Fed's QE4 which - as we remind readers again - was triggered by JPMorgan itself, which sparked a repo market crisis after yanking money market and repo liquidity forcing the Fed to first launch repos and then T-Bill purchases, the bank is not only convinced that the good times will continue to roll after the most powerful market meltup in history in the past 4 months, but that the current melt down on the back of fears over a global viral pandemic, is overdone and will end soon, presenting its clients with another delightful opportunity to BTFD. ...



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Phil's Favorites

Animal Spirits: Short Squeeze

 

Animal Spirits: Short Squeeze

Courtesy of 

(This article was originally posted on 1-22-20.)

Today’s Animal Spirits is brought to you by YCharts. Mention Animal Spirits to receive 20% off (*New YCharts users only)

Listen here:

On today’s show we discuss:



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Insider Scoop

10 Medical Instruments & Supplies Stocks Moving In Monday's Session

Courtesy of Benzinga

Gainers

Antares Pharma, Inc. (NASDAQ:ATRS) stock surged 3.4% to $4.12 during Monday's regular session.

Losers

NeuroMetrix, Inc. (NASDAQ:NURO) stock decreased by 29.0% to $3.37 during Monday's regular session.

Akers Biosciences, Inc. (NASDAQ:AKER) stock declined 7.8% to $2.95.

Staar Surgical, Inc. (NASDAQ:STAA) shares declined 4....



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Chart School

Top Patterns for Retail Investors

Courtesy of Read the Ticker

Retail investors are last in line for market leading research, no matter, the retail investor can profit from these secret sauce patterns..

Well not so secret now, the main point is you do not have to climb Mount Everest to be called a mountain climber, there are many other hills to climb to make your mark. Just like stocks.

You do not have to battle with the high frequency traders to win in the markets, there are long and slow methods to do just as well.  

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Some charts from the video


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The Technical Traders

The Wuhan Wipeout - Could It Happen?

Courtesy of Technical Traders

News is traveling fast about the Corona Virus that originated in Wuhan, China. Two new confirmed cases in the US, one in Europe and hundreds in China. As we learn more about thispotential pandemic outbreak, we are learning that China did very little to contain this problem from the start. Now, quarantining two cities and trying to control the potential
outbreak, may become a futile effort.

In most of Asia, the Chinese New Year is already in full swing.  Hong Kong, China, Singapore, Malaysia, India and a host of other countries are already starting to celebrate the 7 to 10 day long New Year.  Millions of people have already traveled hundreds of thousands of miles to visit family...



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Kimble Charting Solutions

Bad News For Crude Oil Should Come From This Pattern, Says Joe Friday

Courtesy of Chris Kimble

It’s a good idea for investors to be aware of key indicators and inter-market relationships.

Perhaps it’s watching the US Dollar as an indicator for precious metals or emerging markets. Or watching interest rates for the economy. Experience, history, and relationships matter. And it’s good to simply add these to our tool-kit.

Today, we look at another relationship that has signaled numerous stock market tops and bottoms over the years, and especially the past several months, Crude Oil.

When crude oil tops or bottoms, it seems that ...



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Biotech

Snakes could be the original source of the new coronavirus outbreak in China

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

 

Snakes could be the original source of the new coronavirus outbreak in China

Chinese cobra (Naja atra) with hood spread. Briston/Wikimedia, CC BY-SA

Haitao Guo, University of Pittsburgh; Guangxiang “George” Luo, Univers...



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Members' Corner

The War on All Fact People

 

David Brin shares an excerpt from his new book on the relentless war against democracy and how we can fight back. You can also read the first, second and final chapters of Polemical Judo at David's blog Contrary Brin.

The War on All Fact People 

Excerpted from David Brin's new book, the beginning of chapter 5, Polemical Judo: Memes...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Digital Currencies

Cryptos Have Surged Since Soleimani Death, Bitcoin Tops $8,000

Courtesy of ZeroHedge View original post here.

Bitcoin is up over 15% since the assassination of Iran General Soleimani...

Source: Bloomberg

...topping $8,000 for the first time since before Thanksgiving...

Source: Bloomberg

Testing its key 100-day moving-average for the first time since October...

...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

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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.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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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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