Archive - Mar 22, 2010

• Asian shares mostly down; India's RBI's rate hike dampens demand.
• Bernanke says taxpayers shouldn't bear cost of dismantling financial firms
• China cautioned US against citing its currency as a reason for imposing trade sanctions.
• Historic health overhaul bill passes; Democrats clinch win in 219-212 House vote.
• IMF's Lipsky says advanced economies are facing 'acute' debt challenges.
• Merkel: Greece doesn't need financial help.
• Aetna reaffirms 2010 targets, says 2010 results "are off to a good start."

RANsquawk 22nd March Morning Briefing - Stocks, Bonds, FX etc.

I am of the belief that Prepaid Legal, a publicly traded company, is actually running a pyramid scheme and a ponzi scheme (potentially illegal, but arguably legal due to the current laws of the land). They are also employing a self-destructive [pyramid] business model and instead of revamping that model and reinvesting heavily in marketing, they spend money on [ponzi] share buybacks to enrich management who are compensated in stock that is sold directly into the share buyback scheme. This is the opportunity to for the SEC to prove that it is not just the Shellgame Enablement Commission (SEC).

In April of 1994, Bill Clinton nominated to the federal bench one Denise Cote, formerly an editor of the Columbia Law Review, and the first woman to serve in the U.S. Attorney's Office as the Chief of the Southern District of New York Criminal Division. Cote pulled the federal securities case against WorldCom's officers and directors. And on March 18th of this year, Cote issued an opinion and order baring Zero Hedge partner TheFlyOnTheWall.com from reporting immediately on equity research reports from the big banks, not to mention awarding damages and attorney's fees in an amount to be determined later. It seems (brace yourself) that TheFlyOnTheWall.com had been something of an authority on equity research recommendations from Wall Street and regularly reported to its active newsfeed the 10,000 foot versions thereof with characteristic Super Fly speed.