• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

Securities and Exchange Commission

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The End Of 'Quarterly Capitalism'?

Tell us truthfully: do you actually get a lot of value from quarterly earnings reports?  It’s not actually us asking; it is the Securities and Exchange Commission and the NIRI trade group, the most influential group of Investor Relations professionals in U.S. markets. Last week the SEC published a concept release that seeks public input on a range of issues, perhaps most notably quarterly financial reporting for public companies. Questions include: “Do investors, registrants, and the markets benefit from quarterly reporting?” and “Should we revise or eliminate our rules requiring quarterly reporting?” 

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SunEdison Investigates Self - Finds No Wrongdoing (Kinda); Defaults On Convertible Bond, Stock Soars 75%

'Nothing to see here, move along' is the message from embattled once-hedge-fund-darling SunEdison following its Valeant-esque self-investigation. Despite finding 'wrongdoing'   by a former employee in talks over a failed acquisition and that its own executives fostered an "overly optimistic culture," SUNE officials found no misstatements in financial statements. The stocks is 75% higher in the pre-market on this 'good' news (remember BTU?). However, despite the kinda sorta wrongdoing, Bloomberg reports the renewable-energy company already teetering on the brink of bankruptcy, missed a bond payment this month.

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Here Are Some Of The Americans In The "Panama Papers"

Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.

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Valeant Stock Soars After Its Own Board Clears Itself Of Any More Wrongdoing, Will File 10-K

Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced that the ad hoc committee of the board of directors (the "Ad Hoc Committee") believes that its review of various Philidor and related accounting matters is complete, and that it has not identified any additional items that would require restatements beyond those required by matters previously disclosed.


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The Hits Just Keep On Coming: Valeant CEO To Tesity Under Oath, Following Accusation Of Merger Agreement Violation

It's been a terrible month for investors in Valeant (and Pershing Square) and it is about to get even worse following news that the outgoing CEO of the troubled company, which is under scrutiny for dramatically hiking the price of older drugs, has been summoned to testify at a U.S. congressional hearing on April 27, the panel said on Monday.

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Frontrunning: March 24

  • Belgium hunts 'third man' after Islamic State bombings (Reuters)
  • Number of Attackers, Key Details of Brussels Assaults Remain Unclear (WSJ)
  • Surviving Paris attacks suspect wants to return to 'explain himself': lawyer (Reuters)
  • Brussels Suicide Bomber Slipped Terror Net (WSJ)
  • Dollar rise hits commodities as Fed talks of tightening (Reuters)
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Globus Medical’s Inside Job

Last February spinal orthopedic device maker Globus Medical purchased Branch Medical Group, a key supplier and contract manufacturing operation based just three miles away from its Audubon, Pa. headquarters. The BMG deal was announced on the same day Globus released fourth quarter and 2014 earnings and little attention was paid to what looked like another instance of a high-profile, larger company merging with a small, privately-held one. But with a $52.9 million all cash price tag, the purchase of BMG was not so small for Globus, which had just reported $474 million in sales for the prior year.

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Frontrunning: March 22

  • Brussels Rocked by Deadly Attacks With Blasts at Airport, Subway (BBG)
  • Death count climbs in Brussels blasts (Reuters)
  • Europe on High Alert After Blasts in Belgium (WSJ)
  • Brussels Phone Users Urged to Text Not Call as Networks Jammed (BBG)
  • U.S. Embassy Urges Citizens in Brussels to Shelter in Place (BBG)
  • Oil prices swept lower after Brussels blasts spook investors (Reuters)
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Valeant "Kitchen Sink": CEO Out, Ackman In, Throws Ex-Goldman CFO Under The Bus, Warns Of Potential Default

Pearson is out; Ackman is in... accounting mis-statements (balmed ojn improper conduct of CFO) resulting in worse than expected results... and no confirmation on the waivers from lenders... warning of possible default.

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NIRP Hail Mary

Negative interest rates are a tax! Not a traditional tax paid to the government, but an expense paid, on savings. Years of policy designed to encourage spending and discourage savings is likely reaching the end game; the point where those exhibiting prudence must be punished to keep the game going.  At some point, and likely soon, central bankers will be forced to realize the efficacy of lowering interest rates is vanishing and is hindering achievement of their goals. When this occurs a paradigm shift in the way monetary policy is conducted will likely occur. Investors that understand this dynamic, and what it portends, will be in a much better position to protect and profit from the asset price adjustments that lie ahead.

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Largest U.S. Coal Producer Skips Interest Payment, Warns Of Bankruptcy; Stock Crashes

After a historic short squeeze which sent the stock of Peabody Energy soaring from $2.50 to $6.50 in under two weeks, things promptly reverted back to normal when the stock crashed back to earth plunging by 30% to $2.80 in the pre-market, and wiping out virtually all recent gains, after Peabody announced in its just filed 10-K, reported that it may have to join its peers Arch Coal and Alpha Natural in 11 bankruptcy protection, after it delayed $71 million in interest payment due on March 15.

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A Rigged And Rotten System

The whole shebang is rigged and rotten – including the financial system. The typical voter doesn’t understand why or how. Who does? But he feels it. Something is wrong; he knows it. And more and more, he wants to say so.

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Frontrunning: March 9

  • Angry White Males Propel Donald Trump—and Bernie Sanders (WSJ)
  • Trump Beats Back Attacks and Tightens Hold on Primary Race (BBG)
  • Fed Likely to Stand Pat on Rates, Keep Options Open for April or June (Hilsenrath)
  • Draghi Stimulus Fails in Stock Market as Swings Match 2008 (BBG)
  • Sabine Oil wins pipeline ruling in a blow to pipeline operators (Reuters)
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