Several hours ago, the latest hacker group to gain prominence, AntiSec, a subset of Anonymous, disclosed that it had obtained the confidential user data contained in some some 12 million Apple units after hacking an FBI Dell Vostro notebook computer, "used by Supervisor Special Agent Christopher K. Stangl from FBI Regional Cyber Action Team and New York FBI Office Evidence Response Team was breached using the AtomicReferenceArray vulnerability on Java" which contined a file titled NCFTA_iOS_devices_intel.csv, which "turned to be a list of 12,367,232 Apple iOS devices including Unique Device Identifiers (UDID), user names, name of device, type of device, Apple Push Notification Service tokens, zipcodes, cellphone numbers, addresses, etc. the personal details fields referring to people appears many times empty leaving the whole list incompleted on many parts." In other words, the FBI had the personal data of a substantial number of Apple device users, certainly all of which had been obtained without prior permission. Naturally the question here is why on earth does the FBIO have this data, and as TNW suggests, "They published the UDID numbers to call attention to suspicions that the FBI used the information to track citizens. Much of the personal data has been trimmed, however, with the hackers claiming to have left enough for “a significant amount of users” to search for their devices." AntiSec has subsequently released one million of these UUIDs and their associated data. Find out if your device is on the list as explained below.
NFLX price then: $178.05... NFLX price now: $55.40; Return: -71.20%. And they say CEOs know their companies best...
Thanks for the advice Reed. But we'll stick with our short. But hey, when the whole CEOing thing doesnt work for you, the ECB will surely hire you as it is in dire need of people who sound sophisticated, pretend they know what they are talking about just because they speak loud and with confidence, and write long-winded essays of windbaggery, that say nothing, and end up 100% wrong.
- Germans write off Greece, says poll (FT) - Only a quarter of Germans think Greece should stay in the eurozone
- As predicted here two months ago: ECB chief and Spanish PM on collision course (FT)
- Gold Wagers Jump To 5-Month High As Fed Spurs Rally (Bloomberg)
- Euro zone factories faltering as core crumbles (Reuters)
- Those who expected more China easing, beware: PBOC Has No Short Term Intention for Loose Money Policy (Financial Market News)
- French jobless tops three million, minister says (AFP)
- Spain Leads Europe’s $25 Billion Gamble Before ECB (Bloomberg)
- US investor is Ireland’s biggest creditor (FT)
- Draghi May See Silver Lining In Disappointing Investors (Bloomberg)
- China's steel traders expose banks' bad debts (Reuters)
- NY probes private equity tax strategy (FT)
Many Don't Understand The Google/Apple/Microsoft Business Model Dynamic Nor How Dangerous This Apple Legal Win Can Be For ConsumSubmitted by Reggie Middleton on 08/31/2012 10:27 -0400
In continuing my rant on the Apple v. Samsung verdict, I wish to make clear once again that the vast majority of consumers of Google's and Apple's products are absolutely oblivious to the business model of Google, the business practices of Apple and the shadowy aggressive survival tactics of the behemoth that is Microsoft. If I am correct in this assertion then the potential ramifications of Apple actually defeating Samsung in the patent case decided last week is also lost on most.
- Romney Promises to 'Restore' U.S. (WSJ)
- Dirty Harry Makes Surprise Appearance (WSJ)
- It has always been about the gold: Time for eurozone to reach for the gold reserves? (FT)
- EU Plan Said to Give ECB Sole Power to Grant Bank Licenses (Bloomberg)
- More attempts to marginalize Germanty: Brussels pushes for wide ECB powers (FT)
- Justice may be blind but it has geographic limits: Apple Loses Patent Lawsuit Against Samsung in Japan (BBG)
- ECB Said to Use Greek Myth for Security on New Euro Banknotes (Bloomberg)
- Alberta deficit set to triple on slumping oil prices (Globe and Mail)
- Reid's ties to China-Nevada solar plan draw ire (Reuters)
- Bernanke may hint at QE without boxing Fed in (Reuters)
- Berezovsky loses against Abramovich (FT)
- Spain Considers Bankia Re-Capitalization Without EU Money (Bloomberg)
Monopolies contribute to many problems - the record of evidence illustrates the potential inefficiency, waste and price fixing. Yet the greatest trouble with monopolies is what they take away - competition. Competition is a beautiful mechanism; in exercising their purchasing power and demand preferences, individuals run the economy. If we are for competition in goods and services, why should we disclude competition in the money industry? Would competition in the money industry not benefit the consumer in the manner that competition in other industries does? Why should the form and nature of the medium of exchange be monopolised? Shouldn’t the people - as individuals - be able to make up their own mind about the kind of money that they want to use to engage in transactions? Earlier, this year Ben Bernanke and Ron Paul had an exchange on this subject. It is often said in Keynesian circles that Bernanke is too tame a money printer, and that the people need a greater money supply. Well, set the wider society free to determine their own money supply based on the demand for money.
- Ringing endorsement: Lithuania to Adopt Euro When Europe Is Ready, Kubilius Says (Bloomberg)
- Credit Agricole net plunges 67% on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA (Bloomberg)
- Europe finally starting to smell the coffee: ECB Urging Weaker Basel Liquidity Rule on Crisis Concerns (Bloomberg)
- Japan Cuts Economic Assessment (Reuters)
- France’s Leclerc Stores to Sell Fuel at Cost, Chairman Says (Bloomberg)
- China Eyes Ways to Broaden Yuan’s Use (WSJ)
- Berlin and Paris forge union over crisis (FT)
- Brezhnev Bonds Haunt Putin as Investors Hunt $785 Billion (Bloomberg)
- Republicans showcase Romney as storm clouds convention (Reuters)
- ECB official seeks to ease bond fears (FT)
- German at European Central Bank at Odds With Country’s Policy Makers (NYT)
- UK is closed today
- Weidmann Says ECB Purchases Could Become ‘Addictive Like a Drug’ (Bloomberg)
- Dutch Premier Rutte Defends Austerity, Says No to More Greek Aid (Bloomberg)
- Storm Isaac forces Republicans to rework convention script (Reuters)
- Christie chose NJ over Mitt's VP role due to fears that they'd lose (NYPost)
- Ayrault warns EU fiscal pact rebels (FT)
- Is Canada's New $100 Bill Racist? (BusinessWeek)
- Will Fed Act Again? Sizing Up Potential Costs (WSJ)
- Samsung Slumps Most in 4 Years on U.S. Sales Ban Concerns (Bloomberg)
- States may require insurers to hold more capital (WSJ)
- Wen Says China Need Measures to Promote Export Growth (Bloomberg)
- Economist Appearing On Max Keiser Show Forced To Resign (Forbes)
- So Draghi was bluffing after all: ECB Said To Await German ESM Ruling Before Settling Plan (Bloomberg)
- German finance ministry studying "Grexit" costs (Reuters) - it would be bigger news if it wasn't
- Money Funds Test Geithner, Bernanke Resolve as Schapiro Defeated (Bloomberg)
- Top Merkel MP says Greek deal can't be renegotiated (Reuters)
- China Eyes Ways to Broaden Yuan's Use (WSJ)
- Armstrong ends fight against doping charges, to lose titles (Reuters) - Dopestrong?
- Need more socialism: Public confidence in France's Hollande slips (Reuters)
- Seoul court rules Samsung didn't violate Apple design (Reuters)
- France, Germany Unify Approach to Greek Talks (WSJ)
- Stevens Sees Mining Boom Peaking, RBA Ready to Act (Bloomberg)
In a nutshell, charting this ratio demonstrates the 'real' return on stocks adjusted for inflation or currency debasement. As we all know, the Zimbabwe stock market essentially went up to infinity during their hyperinflation but did anyone get rich from that? Of course not, the shares were denominated in a currency that was on its way to worthlessness. The key thing with the Dow/Gold chart is that it perfectly mimics the various social moods and massive secular trends that exist in the economy over very long periods of time. It is just as effective in periods of deflation as in inflation in telling you the true story. In both of the prior two periods (one deflationary and one inflationary) the DOW/GOLD ratio got down to about 1:1. It has been our contention for many years that we will see that same ratio once again. That would imply another roughly 75% drop in stocks to gold and Mike Krieger expects that this next leg is beginning now.
Because redemption requests are like cockroaches: once one appears, assume many, many more:
- CITIGROUP'S PRIVATE BANK SAID TO PULL $500M FROM PAULSON FUNDS - BBG
- CITIGROUP SAID TO REDEEM FROM PAULSON ADVANTAGE, ADVANTAGE PLUS - BBG
Is this the beginning of the end for the former Bear Stearns M&A banker and once infallible hedge fund manager? And to think he could have saved himself all the deep fundamental work telling him Las Vegas real estate is "cheap" and just bought Apple. Hey, everyone else is doing it. And everyone else can't possibly be wrong. As for Paulson, whose GLD holdings, which are not an investment but merely a gold denomination share class, will likely quite soon see a substantial hit as he is forced to unwind GLD holdings as more and more external investors redeem until finally JP is just left running his own and his employees' money.
Here come the facts!!! Warning, if you get your feelings hurt over hearing the truth, simply move on. You may have a couple of quarters lefft.
The World's Biggest Hedge Fund Hotel Just Became The Biggest Ever - 230 Hedge Funds Own Apple As Of June 30Submitted by Tyler Durden on 08/21/2012 09:58 -0400
Three months ago when we looked at the latest quarterly hedge fund position tracker from GS, we were not surprised to learn that a record 226 hedge funds were long AAPL stock. And as the chart below proves, a major driver of the increasing price of Apple stock is that increasingly more hedge funds continue to simply pile into the name, which in times of underperformance, such as now with just 11% of hedge funds outperforming the S&P as reported yesterday, is a short-cut means to generating modestly low-risk, high beta due to the collusive nature of all HFs rushing into the safety of one name all at the same time, that at least has some (arguably tenuous if indeed the leaked iPhone 5 photos are of the final thing) fundamentals propping the stock price. Sure enough, in the latest update, the hedge fund hotel California just got bigger once again for the 6th consecutive time, and as of June 30 a record 230 hedge funds were long the stock. We can only imagine how many more peripheral underperforming funds have joined the biggest hedge fund crowd ever since June 30 and have scrambled into the one stock that provides even a modest reprieve from the certainty of career-ending redemption requests come as soon as the September 30 redemption deadline, which is less than one short month away.
Russia continues to accumulate gold in its large foreign exchange reserves. The reserves include monetary gold, special drawing rights, reserve position at the IMF and foreign exchange. Russia’s central bank increased its gold holdings to 30.1 million troy ounces as of August 1st, from 29.5 million troy ounces a month earlier, according to a statement published on its website today. The gold reserves were valued at $48.7 billion at the end of last month, Bank of Russia said in a statement. Russia's gold and foreign exchange reserves rose to $510.0 billion in the week to August 10 from $507.4 billion a week earlier, central bank data showed last Thursday. Russia's gold and foreign exchange reserves were $498.6 billion at the end of 2011. This means that Russia now nearly has some 10% of its foreign exchange reserves in gold bullion.