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Frontrunning: February 25
- Yet another example of the ongoing FASB crookery via Jonathan Weil (Bloomberg)
- Markopolos on Schapiro and the SEC: "she has the wrong staff. They're a bunch of idiots there." (HuffPo)
- Semi-nationalized RBS loss shrinks to just $1.2 billion, has approval for $1.3 billion in bonuses: one wonders just how the FASB is involved in this one (MarketWatch)
- British Pound could fall as low as $1.05 (Telegraph)
- +22K in Jobless Claims to 496K, 460K expected,: 6 our of 8 weeks in 2010 have seen growing jobless claims (Bloomberg, DOL) snow blamed for firings, and worst initial claims number since November 14
- Palm slashes guidance (Palm), keeps retarded white font on blue background website color scheme
- The 21st century economic breakdown (Minyanville)
- How Obama screwed Volcker (Daily Beast)
- Gundlach firing cost to TCW: $25 billion and rising (LA Times)
- Bank "high interest account" - 0% (Politiken)
- Speculation on the demise of the euro (NRC)
- Here's propaganda: CFTC's Gensler on how to stop another derivatives inferno (FT)
- Is the CDS clearinghouse idea dead? PIMCO, BlueMountain and AB seem to think so (Bloomberg)
- Bulgaria feels victimized by Greek financial mess (NRC)
- SocGen, BNP resist higher fixed pay for bankers as bonuses fall (Bloomberg)
- Goldman Sachs is innocent of Greece's swap crimes (Bloomberg)
- And the "Isn't it ironic" news of the day: Athens fund seeks to raise $100 million to invest in distressed companies (Bloomberg)
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The current new fad....no matter how bad any number is, it will be blamed on the weather.
also, on durable goods, i noticed the spike was due largely to Boeing orders. It's a good thing those aircraft orders never get cancelled (that's for my friends TD and Andy). I expect landing strip analysis today........
Just like the proverbial mailman (neither sleet, nor snow...) folks find a way to get down to the UE Office. Guess the malls were closed due to snow.
I like Robo's landing strip analysis's better!
"I'm sorry but we have to let you go. There's just too much snow on the ground right now."
I used to own Palm shares, about 6 years ago. Man that thing was a dog. It's not the products, it's the company management. They are just so dumb. The history is littered with over promise, under deliver and simple mistakes. A few years ago they declared a huge special dividend... then they needed more money and issued huge debt. New CEO's every year. Guidance up.. then down. Guys are clowns.
I'll Frame Jonathan Weil's article knowing that they are his opinions and not that of Bloomberg. Theres a spot right next to the Constitution to hang it.
China reported to be buying IMF gold
http://english.pravda.ru/business/finance/25-02-2010/112369-china_gold-0
Wow you can buy a pound of silver for a 1.05. Way to go brits!!!
Nope...
The individuals at the SEC are smart....
They have played the revolving and incestuous corporate job government job market well....
Just ask Arthur Levitt....
The SEC will never be effective...until the crossover from public to private is given a 5 year waiting period....
Otherwise ....just more of the same....a conflictive....ineffective.....organization....
“There are signs of recovery, but there are still companies that need to cut costs,” said Jonathan Basile, an economist at Credit Suisse in New York, who forecast claims would rise to 500,000. “Once the money comes in on a sustained basis they can plan better, and part of that planning includes hiring.” .................."Not."
http://www.bloomberg.com/apps/news?pid=20601087&sid=a94m9InQxJjM&pos=4
"The Wrong Staff." Sounds like a Hollywood bio-blockbuster. But who will play Schapiro? Enquiring minds don't really give a rat's ass.
bloomberg piece, thanks for posting it
at least you got some honesty, they are reporting impairments, even though we all know they don't count, so when the world implodes, you can't say you weren't warned, it's write there in black and white
imho, FASB was criminal to the max, that was the day i lost hope, day 1 of insane bizarro world, while i didn't like hanky's shyte, at least he had a scintilla of reasoning and historical idiocy on his side, fasb was blantantly ponzi, thus, they are now complicit period end of story
No defense for FASB, but SEC is their supervising gubmint agency. And SEC is totally in the bag to the Dem-controlled CongressCritters.... incompetent to boot.
FASB and IASB are just two more additions to a long list of financial distortionists. Combine them with the ratings agencies, broker analysts and CNBS hucksters and the circle of deceit is complete. You can throw all fundamentals and earnings research right out the window.
Cash flow will eventually pop the rivets out of all these floating schemes.....one rivet at a time.
Asked about SEC chair Mary Shapiro and her stated determination to catch fraud on Wall Street, Markopolos tells the NYT that "she has the wrong staff. They're a bunch of idiots there." In particular, he criticizes the five commissioners of the SEC, who are securities lawyers, claiming that they don't understand finance and that the agency is over-lawyered.
He also was not impressed with Schapiro when he met with her last year, calling her "coldly polite" and saying that her general counsel David Becker "was getting ready to come across the coffee table and strangle me."
Markopolos would know wouldn't he? A quote from him that could well define this era:
I have spoken to the heads of various Wall Street equity derivative trading desks and every single one of the senior managers told me that Bernie Madoff was a fraud. Of course no one wants undue career risk by sticking their head up and saying that the emperor isn't wearing any clothes. As a result of this case several careers on Wall Street and in Europe will be ruined. Therefore, I have not signed nor put my name on this report. I am worried about the personal safety of myself and my family.'
-Harry Markopolos in 2005.
:....and that the agency is over-lawyered."
Now that's just plain crazy talk. First, you can never have too many lawyers. Second, considering the state of unemployment, you can never hire enough lawyers. Think of it as a "jobs program".
Hey, I LOVED that Minyanville article -- Kunstler-esque. I have used-up a large amount of bandwidth provided by the telecom monopolies today sending it around and around.
If you only had bad news to deliver to investors you would want a white font on blue background too. Then you bury the bad news at the bottom where the lighter color is and by that time anyone who has the patience to read that far must already be short your stock.
No, the isn't it ironic story of the day is from WIRED Magazine's DANGER ROOM blog,
I’m a Congressman, Get Me out of Here!http://bit.ly/bFtisp
Jay Rockefeller anounces his son does not have health care....WTF?!?!?!
Also he demonizes Insurance companies for "only caring about making profit". Once again, WTF?!?!?!
Also, Biden loves to hear himself talk, concerning medicare and medicaid "We can not affect the effects!" again, wtf? you are going to affect the effects no matter what you do, that is your job, you are in charge, start affecting some effects! SINGLE PAYER!!!!! there is so much wrong with (world) governments, it is unbelievable! Thrid party NOW!
Also, McCain says, "California stole our [AZ] water." The "health care" debate turned into, old white guys and one gal tell bad stories day. Thanks gubmint!
Obama, "Americans do not care about most things that go on in Washington." Once again, wtf? thats all we care about! Obama, just as dumb as the rest!
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