Posts Tagged ‘testimony’

Oracle Of Omaha Honors Subpoena

Oracle Of Omaha Honors Subpoena

International CEOs Attend Summit At Microsoft Campus

Courtesy of Karl Denninger at The Market Ticker 

So much for "transparency", "fair dealing" and similar.

Warren Buffett was "invited" to testify before the FCIC today.  He declined. 

Now one must understand that when a Congressionally-authorized panel "invites" you to appear, you’re not really being asked.  Right behind said invitation, should you refuse, is nearly-always a subpoena.

Buffett, believing that he has no duty to actually talk about what happened (especially with the ratings agencies of which he has, until fairly recently, held a major stake in via Moody’s), decided to say "nuts" to the invitation.

That in turn led to a subpoena, as expected. 

True to form of a snubbed "King" (remember, there’s kings and there is everyone else – the law applies only to the "everyone else") Buffett has failed to provide any sort of prepared testimony in advance to the FCIC.  That’s a snub too – it is common practice, and considered good form, to provide a written document containing your opening testimony a day or two before you appear so that the panel is prepared to respond to the gist of your comments.

Buffett, of course, deigned to schedule an interview with Tout TV just before going on, it has been announced.  So rather than provide his testimony to the Congress, he will instead give it to CNBS and allow them to spin it into whatever they’d like just before going in the dock.

That’s nice.

The oligarchs are such a sniveling pack of frauds.  If there’s nothing to be disclosed of importance, why not show up at…
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Fabrice Tourre: I Am Not A Liar, And These Past Several Days Have Been Horrible For My Family

Fabrice Tourre: I Am Not A Liar, And These Past Several Days Have Been Horrible For My Family

Courtesy of Joe Weisenthal at Clusterstock 

Fabrice TourreWe know what Lloyd Blankfein is going to say in front of the Senate today, and now POLITICO has a small taste of what Fabrice Tourre will say — his first words since fraud charges against him and Goldman Sachs (GS). 

Here are the key quotes:

"I deny – categorically – the SEC’s allegation. … The transaction was not designed to fail. … I did not mislead IKB or ACA [investors in the deal: IKB Deutsche Industriebank AG, a German bank, and ACA Management LLC, a U.S. bond insurance company], two of the most sophisticated institutional investors in these products. … The last week has been challenging for me and my family, unfounded attacks on my character and motives.”

***UPDATE*** Here’s the full testimony courtesy of WSJ:

Chairman Levin, Dr. Coburn and Members of the Subcommittee. My name is Fabrice Tourre, and I work at Goldman Sachs International in London. Thank you for the opportunity to appear before the Subcommittee. I have worked at Goldman Sachs since 2001. Between 2004 and 2007, my job was primarily to make markets for clients. I made markets by connecting clients who wished to take a long exposure to an asset — meaning they anticipated the value of the asset would rise — with clients who wished to take a short exposure to an asset — meaning they anticipated the value of the asset would fall. I was an intermediary between highly sophisticated professional investors — all of which were institutions. None of my clients were individual, retail investors.

The structured products on which I worked fill an important need for
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What Congress Did Not Want You to Read: Robert Johnson’s Testimony on OTC Derivative Market

This is a follow up to Robert Johnson’s testimony expunged from Congressional records by Edward Harrison at Credit Writedowns- Ilene

What Congress Did Not Want You to Read: Robert Johnson’s Testimony on OTC Derivative Market

Courtesy of Lynn Parramore at New Deal 2.0

*Due to continued interest the Johnson testimony, I have reposted the following:

Robert Johnson, Director of Financial Reform for the Roosevelt Institute, submitted his testimony in early October to the Committee on Financial Services as part of the hearing on reform of the over-the-counter derivatives market. Johnson’s hard-hitting analysis of the potentially catastrophic faults in our financial system runs counter to a troubling trend of failing to address risk that has plagued the Committee’s.

Johnson has grave concerns about loophole-riddled bill currently under review, describing it to me in a recent conversation as “Swiss Cheese.”  In his view, regulation of the “reckless” OTC derivatives market is crucial as its impact is so broad, forming “the very fabric of our financial system.”

Are bold voices like Johnson’s going to be being silenced? His original in-person testimony before the Committee was shut down after an outrageous five minutes by Melissa Bean, while industry players spoke at length. Johnson was forced to submit his full testimony in written form, but my attempts to have it published on the House website were met with a number of implausible excuses by staffers. Ken Silverstein reported the story of what appears to be deliberate suppression on the Harper’s Magazine website.

Click here to read full text: Rob Johnson Testimony.

And please send the link to as many people as possible so that Johnson’s voice can  be heard!

 


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Zero Hedge

Turkey's Collapse Could Send "Millions" Of Refugees Flooding Into Europe

Courtesy of ZeroHedge. View original post here.

As Turkey braces for a fresh round of US sanctions amid a plummeting lira and what Turkish President Recep Tayyip Erdo?an says is "economic warfare" with Washington over the detention of US pastor Andrew Brunson, millions of refugees - primarily from Northern Africa and neighboring Syria, would likely flood into Europe as the Turkish economy collapses according to ...



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ValueWalk

The Top 10 Wildest Campaigns Of 2018: Starboard's Stake In Symantec

By ActivistInsight. Originally published at ValueWalk.

This week’s column is a continuation of our 10 “wildest campaigns” of 2018. Find the first part here.

Q2 hedge fund letters, conference, scoops etc

Free-Photos / PixabayTop 10 Wildest Campaigns Of 2018

5. How often does an activist win a proxy contest without support from either of the two main proxy advisory firms? (...



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Kimble Charting Solutions

Small Caps attempting 20-year breakout, says Joe Friday

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

The Russell 2000 trend remains solidly higher, as it has created a series of higher lows and higher highs inside of rising channel (1) over the past 25-years.

Small caps have been an upside leader in 2018, as they are very near all-time highs.

We applied Fibonacci extension levels to the 2007 highs and 2009 lows at each (2).

Joe Friday Just The Facts Ma’am- Small caps are attempting a dual breakout at (3). 

This is a price point that small-cap bulls would LOVE to see strength and a breakout take place, as monthly momentum is lofty.

...

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Phil's Favorites

Trump craves good press from the 'fake news' media - just look at his White House newsletter

 

Trump craves good press from the 'fake news' media – just look at his White House newsletter

Courtesy of Joseph Graf, American University School of Communication

Mainstream press coverage of President Trump has been unfavorable. Thomas Patterson found that 80 percent of stories in the first 100 days of the administration were negative in tone.

The president has attacked the media as “fake news” and journalists as “the enemy of the American people.”

The president’s anti-press assaults are so...



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Biotech

Nanomedicine could revolutionise the way we treat TB. Here's how

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

 

Nanomedicine could revolutionise the way we treat TB. Here's how

Nanomedicine could scupper the need for TB patients to take multiple daily tablets with toxic side effects. Daniel Irungu/EPA

Courtesy of Sarah D'Souza, University of the Western Cape and Admire Dube, University of the Western Cape

Tuberculosis is one of the world’s ...



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Insider Scoop

Argus Upgrades Lululemon On Multiple Growth Levers

Courtesy of Benzinga.

Related LULU Benzinga's Top Upgrades, Downgrades For August 16, 2018 3 Retailers Jim Cramer Says Are Winners In A Volatile Sector...

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Chart School

Bitcoin Update - 6000 is support

Courtesy of Read the Ticker.

Demand shows it hand at support levels, well it obvious that $6000 BTCUSD is support so far.

More from RTT Tv , Ref: Brazil bitcoin currency , Brazil New Accounts
 


 

Main Chart in video



 

Sure fundamentals...



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Digital Currencies

What is a blockchain token?

 

What is a blockchain token?

What’s this digital token good for, anyway? knipsdesign/Shutterstock.com

Courtesy of Stephen McKeon, University of Oregon

People are just becoming acquainted with the idea of digital money in the form of cryptocurrencies like bitcoin, where transactions are recorded on a secure distributed database called a blockchain. And now along comes a new concept: the blockchain-based token, which I’ve been following as a blockchain researcher a...



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Members' Corner

There Are 3 Main Theories That Explain Trump's Approach to Putin and Russia-Which One Makes the Most Sense?

What do you think?

Thom Hartmann suggests that the "Manchurian Candidate theory" is the least likely explanation for Trump's pro-Russia behavior in "There Are 3 Main Theories That Explain Trump’s Approach to Putin and Russia—Which One Makes the Most Sense?" (below).  disagrees and suggests that Putin probably has "the goods" on Trump in "Trump’s Plot Against America". (To be fair, Hartmann acknowledges that his three theories are not mutually exclusive.) Jonathan Chait argues ...



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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

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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All About Trends

Mid-Day Update

Reminder: Harlan 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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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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