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Tansy_Gold

(17,815 posts)
Mon Aug 6, 2012, 09:50 PM Aug 2012

STOCK MARKET WATCH - Tuesday, 7 August 2012

[font size=3]STOCK MARKET WATCH, Tuesday, 7 August 2012[font color=black][/font]


SMW for 6 August 2012

AT THE CLOSING BELL ON 6 August 2012
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Dow Jones 13,117.51 +21.34 (0.16%)
S&P 500 1,394.23 +3.24 (0.23%)
Nasdaq 2,989.91 +22.01 (0.74%)


[font color=red]10 Year 1.56% +0.02 (1.30%)
30 Year 2.65% +0.02 (0.76%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."




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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]


48 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH - Tuesday, 7 August 2012 (Original Post) Tansy_Gold Aug 2012 OP
Will the peasants go Medieval on the banksters? Fuddnik Aug 2012 #1
Punishment may not have stopped them.... AnneD Aug 2012 #16
Shit no Po_d Mainiac Aug 2012 #18
A question for reader of SMW. Hotler Aug 2012 #37
Question for anyone willing . . . snot Aug 2012 #2
Chevron Refinery in Richmond California is on fire. n/t westerebus Aug 2012 #3
Chevron Richmond Said to Shut Equipment After Fire in Crude Unit Po_d Mainiac Aug 2012 #4
Oh Goody! The push to $4.00+ a gallon is on. Fuddnik Aug 2012 #5
May do the opposite Po_d Mainiac Aug 2012 #15
Gas prices on the trip.... AnneD Aug 2012 #32
RESIDENTS FLOOD BAY AREA HOSPITALS AFTER FIRE xchrom Aug 2012 #10
well, it's morning... xchrom Aug 2012 #6
Germany Infuriated By 'Fourth Reich' Headline In Berlusconi Newspaper xchrom Aug 2012 #7
China bares claws in maritime dispute xchrom Aug 2012 #8
GERMAN INDUSTRIAL ORDERS DOWN 1.7 PCT IN JUNE xchrom Aug 2012 #9
MARKETS POSITIVE DESPITE ANOTHER UK BANK STORM xchrom Aug 2012 #11
The gamblers are ignoring the real world, n/t DemReadingDU Aug 2012 #14
And what incentive do they have to quit... AnneD Aug 2012 #33
YES! n/t Hotler Aug 2012 #38
STANDARD CHARTERED SHARES DIVE AFTER US ALLEGATION xchrom Aug 2012 #12
Desperate For Revenue, Facebook Turns To The Gambling Business... xchrom Aug 2012 #13
Ah heck, kickysnana Aug 2012 #31
Gambling may be risky, but I didn't know it was also "risqué" n/t Tansy_Gold Aug 2012 #41
That's cause you haven't been gambling w/ me! xchrom Aug 2012 #43
Italy records 4th straight quarterly contraction as recession deepens xchrom Aug 2012 #17
At WTO, a growing U.S. record of wins against China, but a less than certain benefit xchrom Aug 2012 #19
Goldman Sachs’s MIST Topping BRICs As Smaller Markets Outperform xchrom Aug 2012 #20
cod·dle 1. to treat tenderly; nurse or tend indulgently; pamper: to coddle children when sick Ghost Dog Aug 2012 #21
fascinating. nt xchrom Aug 2012 #23
Australia holds interest rate at 3.5% xchrom Aug 2012 #22
US households 'still struggling' xchrom Aug 2012 #24
FREDDIE MAC POSTS $1.2B NET INCOME FOR 2Q xchrom Aug 2012 #25
DJIA well over 13k. S&P breaks thru 1,400. Oil over $92/bbl Roland99 Aug 2012 #26
Morning Marketeers..... AnneD Aug 2012 #27
... xchrom Aug 2012 #29
Oy Va Voi Ghost Dog Aug 2012 #35
COMPOSER MARVIN HAMLISCH DIES AT 68 IN LOS ANGELES xchrom Aug 2012 #28
And still... AnneD Aug 2012 #34
ON YOUTUBE CHANNELS, COMEDIANS SHIFT THE PUNCHLINE xchrom Aug 2012 #30
E-Mails Give Glimpse into Deal that Fueled Financial Meltdown xchrom Aug 2012 #36
We're all "Fecked" Roland99 Aug 2012 #39
... xchrom Aug 2012 #40
Of back spasms, ice, and Gloria Tansy_Gold Aug 2012 #42
I remember that song! DemReadingDU Aug 2012 #44
Ouch...... AnneD Aug 2012 #45
Wrong song Tansy_Gold Aug 2012 #46
Which one..... AnneD Aug 2012 #47
Here you go Tansy_Gold Aug 2012 #48

Fuddnik

(8,846 posts)
1. Will the peasants go Medieval on the banksters?
Mon Aug 6, 2012, 10:36 PM
Aug 2012

This is good.


Will the Peasants Go Medieval on Bankers?

By Washington's Blog

06 August 12



hile everyone from Tony Blair to Nouriel Roubini is debating whether or not bankers should be hung, the Wall Street Journal and Bloomberg provide some fascinating historical context.

The journal's Jason Zweig reports:

Financial criminals throughout history have been beaten, tortured and even put to death, with little evidence that severe punishments have consistently deterred people from misconduct that could make them rich.

The history of drastic punishment for financial crimes may be nearly as old as wealth itself.

The Code of Hammurabi, more than 3,700 years ago, stipulated that any Mesopotamian who violated the terms of a financial contract - including the futures contracts that were commonly used in commodities trading in Babylon - "shall be put to death as a thief." The severe penalty doesn't seem to have eradicated such cheating, however.

In medieval Catalonia, a banker who went bust wasn't merely humiliated by town criers who declaimed his failure in public squares throughout the land; he had to live on nothing but bread and water until he paid off his depositors in full. If, after a year, he was unable to repay, he would be executed - as in the case of banker Francesch Castello, who was beheaded in 1360. Bankers who lied about their books could also be subject to the death penalty.

In Florence during the Renaissance, the Arte del Cambio - the guild of mercantile money-changers who facilitated the city's international trade - made the cheating of clients punishable by torture. Rule 70 of the guild's statutes stipulated that any member caught in unethical conduct could be disciplined on the rack "or other corrective instruments" at the headquarters of the guild.

But financial crimes weren't merely punished; they were stigmatized. Dante's Inferno is populated largely with financial sinners, each category with its own distinctive punishment: misers who roll giant weights pointlessly back and forth with their chests, thieves festooned with snakes and lizards, usurers draped with purses they can't reach, even forecasters whose heads are wrenched around backward to symbolize their inability to see what is in front of them.

(snip) lots more

http://readersupportednews.org/opinion2/279-82/12802-focus-will-the-peasants-go-medieval-on-bankers

AnneD

(15,774 posts)
16. Punishment may not have stopped them....
Tue Aug 7, 2012, 08:17 AM
Aug 2012

But it makes them think twice. This ignoring them and letting them get away with it....Well to paraphrase Dr.Phil, it just isn't working for me.

Po_d Mainiac

(4,183 posts)
18. Shit no
Tue Aug 7, 2012, 08:20 AM
Aug 2012

84% polled by 60 minutes/Vanity Fair don't even know who Jamie Dimon is.

The country is taking it up the backside, and clueless as to the rapists.

Hotler

(11,353 posts)
37. A question for reader of SMW.
Tue Aug 7, 2012, 12:32 PM
Aug 2012

Regarding "Will the Peasants Go Medieval on Bankers?" What would it take to get you into the streets just to protest? I've asked this questions many times in GD and ooohhhh the excuses I get.

snot

(10,478 posts)
2. Question for anyone willing . . .
Mon Aug 6, 2012, 10:51 PM
Aug 2012

Locut0s has a good post at http://www.democraticunderground.com/10021080454#op comparing the costs for and results from the Curiosity landing vs. the Iraq war -- cost per US citizen, that is. The bases for his calculations are set out at http://www.democraticunderground.com/10021080454#post46 ; he's using an estimated population number of 311 million.

Just wondering if anyone here happened to be up to figuring out the costs and likely results of the bank bailout . . . one shd probably specify what's being counted; certainly the bail-out of AIG, but I suppose also lost interest on loans to the banks, etc.?

No worries if no one feel like tackling this; just thought I'd throw it out there.

Po_d Mainiac

(4,183 posts)
4. Chevron Richmond Said to Shut Equipment After Fire in Crude Unit
Mon Aug 6, 2012, 11:34 PM
Aug 2012

Chevron Corp. (CVX) began shutting operations at the Richmond refinery in Northern California after a fire erupted in a crude unit, a person with direct knowledge of operations said.

The refinery, Northern California’s largest, was bringing down units after a blaze erupted at the No. 4 crude unit around 6:15 p.m. local time, said the person, who asked not to be identified because the information isn’t public. The plant reported emissions from a crude unit and an evacuation, a filing with the California Emergency Management Agency shows.

Melissa Ritchie, a Chevron spokeswoman at the refinery, didn’t immediately respond to an e-mail and telephone call requesting comment.

The Richmond plant can process 240,000 barrels of feedstock a day, data compiled by Bloomberg shows.

http://www.bloomberg.com/news/2012-08-07/chevron-richmond-said-to-shut-equipment-after-fire-in-crude-unit.html
Might leave a scar

Po_d Mainiac

(4,183 posts)
15. May do the opposite
Tue Aug 7, 2012, 08:15 AM
Aug 2012

If that facility is taken off line fior an extended period, it may lower crude prices on the right coast.

Gasoline purchasers in California won't be so lucky

AnneD

(15,774 posts)
32. Gas prices on the trip....
Tue Aug 7, 2012, 09:55 AM
Aug 2012

In LA Los Feliz....3.69
Pacific Palisades...3.89
Gilbert Az............3.21
Midland Tx...........3.26
Decatur Tx...........3.21
Houston Tx...........3.01 at the start of the trip with discount of $0.20
Houston Tx...........3.31 currently without discount

Gas prices have already gone up over 20 cents in less than 2 weeks. No rational explanation is given.

xchrom

(108,903 posts)
10. RESIDENTS FLOOD BAY AREA HOSPITALS AFTER FIRE
Tue Aug 7, 2012, 07:44 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/U/US_REFINERY_FIRE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-05-56-43

SAN FRANCISCO (AP) -- A fire at one of the country's largest refineries spewed thick black smoke over cities in the San Francisco Bay area, sending scores of residents to hospitals complaining of breathing problems early Tuesday.

Doctors Medical Center in San Pablo, a town near the Chevron refinery in Richmond, said about 200 people had sought help and more patients were arriving. Kaiser's Richmond Medical Center also said several dozen people came to the emergency room complaining of shortness of breath, but none was seriously ill.

Residents said they heard loud blasts around 6:15 p.m., when the fire broke out, although Chevron officials could not confirm those reports.

Daniela Rodriguez told the Contra Costa Times that she heard a "big boom" about the time the fire started. The 23-year-old resident said about an hour passed before she received an automated call from Contra Costa County to remain indoors

xchrom

(108,903 posts)
7. Germany Infuriated By 'Fourth Reich' Headline In Berlusconi Newspaper
Tue Aug 7, 2012, 07:01 AM
Aug 2012
http://www.businessinsider.com/germany-infuriated-by-fourth-reich-headline-in-berlusconi-newspaper-2012-8

German politicians have reacted furiously to this front page in the Italian daily Il Giornale with its headline "Fourth Reich" above a picture of Chancellor Angela Merkel raising her hand in a vaguely fascist salute.

The paper is owned by the brother of Italy's former prime minister, Silvio Berlusconi, and the article - published on Friday - was written by its editor-in-chief, Alessandro Sallusti.

It says: "Since yesterday, Italy is no longer in Europe, it is in the Fourth Reich." It argues that Germany has won while Italy, Europe and the euro have lost. It blames Merkel for failing to allow the European central bank to assist the Italian economy.

Il Giornale has been at the centre of controversy with Germany before. Two months ago, after Italy beat Germany in the Euro 2012 football semi-final, the paper published a picture of Merkel under the headline "Ciao, ciao culona" (Bye bye lard arse).


Read more: http://www.businessinsider.com/germany-infuriated-by-fourth-reich-headline-in-berlusconi-newspaper-2012-8#ixzz22rCacxyP

xchrom

(108,903 posts)
8. China bares claws in maritime dispute
Tue Aug 7, 2012, 07:19 AM
Aug 2012
http://www.atimes.com/atimes/Southeast_Asia/NH08Ae01.html

***SNIP

China hardens its stance
Commentaries in China's state-run media analyzing the South China Sea issue have become markedly less conciliatory. Opinion pieces highlight several new themes in China's official line.

One theme is that China's territory, its sovereignty as well as its maritime rights and interests increasingly are being challenged by Southeast Asian nations and Japan in the South and East China Seas. China's response, it is argued, should be to uphold its claims more vigorously, increase its military presence in contested waters, and, if necessary, be prepared to implement coercive measures against other countries. One commentary notes: "Cooperation must be in good faith, competition must be strong, and confrontation must be resolute."

Another theme is that while China has shown restraint, countries such as the Philippines and Vietnam have been pursuing provocative and illegal actions in a bid to "plunder" maritime resources such as hydrocarbons and fisheries that China regards as its own.

A third theme is that Manila and Hanoi continue to encourage US "meddling" in the South China Sea and that the United States uses the dispute as a pretext to "pivot" its military forces toward Asia. To reverse these negative trends, Chinese commentators have urged the government to adopt more resolute measures toward disputed territories and maritime boundaries. Nationalist sentiment, they argue, demands no less.

xchrom

(108,903 posts)
9. GERMAN INDUSTRIAL ORDERS DOWN 1.7 PCT IN JUNE
Tue Aug 7, 2012, 07:21 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-06-13-14

BERLIN (AP) -- Industrial orders in Germany fell by an unexpectedly large 1.7 percent in June from the previous month, led by a slide in orders from other countries that use the euro, official data showed Tuesday. However, the Economy Ministry said recent figures show no "clear trend."

The drop in the often-volatile index followed a 0.7 percent monthly increase in May. That was revised upward slightly from the initial reading of 0.6 percent.

It was also stronger than the 0.8 percent slide economists had predicted.

The biggest cause of the decline was a 4.9 percent fall in orders from other nations in the 17-nation eurozone - partly reversing a large gain the previous month. Domestic demand also dropped in June, with orders falling 2.1 percent, but demand from countries outside the eurozone edged up 0.6 percent.

xchrom

(108,903 posts)
11. MARKETS POSITIVE DESPITE ANOTHER UK BANK STORM
Tue Aug 7, 2012, 07:46 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-06-28-00

LONDON (AP) -- Financial markets retained their optimistic tone on Tuesday as investor sentiment continued to be shored up by an easing of concerns over the state of the U.S. economy and hopes that the European Central Bank will play a more pivotal role in Europe's debt crisis.

Allegations that British-based bank Standard Chartered was colluding with Iran has hit its share price hard - losing a fifth of their value in midmorning trading. The bank's problems had a knock-on effect on London's main FTSE 100 stock index, which was off 0.2 percent. Standard Chartered makes up 1.5 per cent of the index's overall market value.

However, the spillover effect across Europe has been minimal. Germany's DAX was up 0.5 percent at 6,951 while the CAC-40 in France rose 0.6 percent to 3,421. Madrid's IBEX stock index has also enjoyed a solid run of late and was trading another 1.1 percent higher Tuesday.

The main driver in markets over the past few days was last Friday's figures showing the U.S. economy generated a greater than anticipated 163,000 jobs in July.

AnneD

(15,774 posts)
33. And what incentive do they have to quit...
Tue Aug 7, 2012, 10:00 AM
Aug 2012

They continue to have unlimited access to public funds. It will only stop when the public no longer goes along with bail outs and austerity.

xchrom

(108,903 posts)
12. STANDARD CHARTERED SHARES DIVE AFTER US ALLEGATION
Tue Aug 7, 2012, 07:49 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/I/IRAN_STANDARD_CHARTERED?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-07-35-34

LONDON (AP) -- Shares in Standard Chartered PLC lost almost a quarter of their value Tuesday after the New York state regulator accused the U.K. bank of being involved in laundering money for Iran, dealing a further blow to U.K.'s reputation as a financial center.

The charges against Standard Chartered were a shock for a bank which proudly described itself recently as "boring."

Shares were down 24 percent at >11.17 pence at midday trading on the London Stock Exchange. The falling share price also affected the main FTSE 100 index in London - Standard Chartered makes up 1.5 percent of the index's overall market value. In Hong Kong, where the bank's shares are also listed, they finished 14.9 percent lower.

The storm surrounding Standard Chartered is the latest in a summer of scandals for the City of London - one of the world's leading financial centers. Bob Diamond, the chief executive of Barclays, was forced to step down after his bank was found to have manipulated a key interbank interest rate. HSBC has been fined for failing to stop money-laundering in Mexico and U.S. bank JPMorgan suffered a huge trading loss in its London office.

xchrom

(108,903 posts)
13. Desperate For Revenue, Facebook Turns To The Gambling Business...
Tue Aug 7, 2012, 07:52 AM
Aug 2012
http://www.businessinsider.com/facebook-gambling-2012-8

Facebook is going into the gambling business.
Starting today, report Christopher Thompson and April Dembosky of the FT, Facebook will allow users in the UK to play bingo for real money. Real-money slot machines will soon follow.
Gambling is much more socially and legally acceptable in the UK than in the US, where legislators pretend that it's immoral to gamble outside of Las Vegas, Atlantic City, and some Indian reservations. The same legislators have no issue with lotteries, which encourage citizens to throw hard-earned money down rat holes to raise additional state tax revenue.
But still, gambling is a risque behavior to cash in on, especially for a mainstream consumer company like Facebook.


Read more: http://www.businessinsider.com/facebook-gambling-2012-8#ixzz22rPK2C94

kickysnana

(3,908 posts)
31. Ah heck,
Tue Aug 7, 2012, 09:51 AM
Aug 2012

I was on the web early because of genealogy and Rand Corp genealogists so I got a front row seat as to how it developed. What I do know is that the bulletin boards that were the forerunners to the www were subsidized by the online porn everywhere. Separate entrances same businesses.

Rand genealogy volunteers built the second biggest set of servers in the infant internet and but then was dwarfed, of course, by big business. This was back when getting online was a bit of a luck thing. Too many people online? You won't get on until someone hangs up.

xchrom

(108,903 posts)
17. Italy records 4th straight quarterly contraction as recession deepens
Tue Aug 7, 2012, 08:19 AM
Aug 2012
http://www.washingtonpost.com/business/italy-records-4th-straight-quarterly-contraction-as-recession-deepens/2012/08/31/bea0f524-e072-11e1-8d48-2b1243f34c85_story.html

MILAN — Italy’s recession deepened in the April-June period, when the economy shrank for the fourth quarter in a row, official government statistics showed Tuesday.

The economy contracted by 0.7 percent in the second quarter compared with the previous three months, more than the 0.6 percent drop expected by economists surveyed by FactSet, a financial data provider.


The ISTAT statistics agency said activity fell in all sectors — industry, services and agriculture.

The government, which is trying to reduce debt, has made spending cuts and tax increases that are hurting businesses and households. Fear that Italy will need a sovereign bailout if its borrowing rates rise further has created economic uncertainty.

xchrom

(108,903 posts)
19. At WTO, a growing U.S. record of wins against China, but a less than certain benefit
Tue Aug 7, 2012, 08:22 AM
Aug 2012
http://www.washingtonpost.com/business/economy/at-the-wto-a-growing-us-record-of-wins-against-china-but-a-less-than-certain-benefit/2012/08/06/345fc5a2-d285-11e1-adf2-d56eb210cdcd_story.html

The United States has won an impressive string of victories against China at the World Trade Organization in the past few years but U.S. companies have seen only limited benefits, according to a review of the cases and interviews with analysts and officials familiar with them.

U.S. challenges, for example, have led to the repeal of Chinese import tariffs on American-made auto parts. But by the time the United States prevailed, China was well on its way — with the help of the protective tariffs — to developing its own industry for manufacturing engines, transmissions and other components, say U.S. auto industry officials. The repeal did little to stem the long-term movement of auto-parts work from America to China.

Another WTO case challenging Chinese restrictions on U.S. film exports led to a partial opening of China’s market. But China was able to maintain strict limits on how many major movie releases can be shown there each year, and studio box-office receipts are capped far below levels that prevail in the United States and other major markets.

The Obama administration has put enforcement of trade agreements at the heart of its approach toward China, the world’s second-largest economy and an aggressive economic competitor. The Geneva-based WTO, which oversees the world’s major trade treaties, is central to that effort.

xchrom

(108,903 posts)
20. Goldman Sachs’s MIST Topping BRICs As Smaller Markets Outperform
Tue Aug 7, 2012, 08:40 AM
Aug 2012
http://www.bloomberg.com/news/2012-08-07/goldman-sachs-s-mist-topping-brics-as-smaller-markets-outperform.html

Jim O’Neill ushered in a decade-long investment boom in 2001 when he coined the term BRICs for the largest emerging markets. This year, a lesser-known acronym that the Goldman Sachs Asset Management chairman is helping to popularize has taken over for many investors


The so-called MIST nations -- Mexico, Indonesia, South Korea and Turkey -- are the four biggest markets in the Goldman Sachs N-11 Equity Fund. (GSYAX) Opened in February, 2011 to invest in what O’Neill considers the next big 11 emerging markets, the fund has climbed 12 percent this year, compared with a 1.5 percent gain in Goldman Sachs’s fund for Brazil, Russia, India and China.
“We see steady inflows into the Next 11 fund each week,” O’Neill, 55, said in a phone interview from London. “It hasn’t been affected by the disappointment in the U.S. and obviously the European markets especially, and all the disappointment in some of the BRIC markets.”

O’Neill said he came up with the idea for an N-11 fund on a trip to China and South Korea two years ago as a way to help investors benefit from growth beyond the BRIC nations that had dominated emerging markets investing. With populations that for the most part are younger than the U.S. and Europe and have higher birth rates, fueling economic expansion, the N-11 nations are emerging from the shadow of the BRICs, where growth is slowing and investors are pulling out funds.
 

Ghost Dog

(16,881 posts)
21. cod·dle 1. to treat tenderly; nurse or tend indulgently; pamper: to coddle children when sick
Tue Aug 7, 2012, 09:03 AM
Aug 2012

... They call it “money camp.” Twice a week, 6- to 11-year-old scions of wealthy families take classes on being rich. They compete to corner commodities markets in Pit, the raucous Parker Brothers card game, and take part in a workshop called “business in a box,” examining products that aren’t obvious gold mines, such as the packaging on Apple Inc.’s iPhone rather than the phone itself.

In sheer size, the family office units of banks dominate the ranking. Nine of the top 10 are associated with banks. HSBC Private Wealth Solutions, a unit of London-based HSBC Holdings Plc, is No. 1 by total assets under advisement for the second consecutive year, with $123.6 billion as of Dec. 31, an increase of 21 percent over 2010.

It’s all part of managing money for the wealthiest families, says Katherine Lintz, founder of Clayton, Missouri- based Financial Management Partners, which runs the camp for the children of clients. Supplying the families with good stock picks and a wily tax strategy isn’t enough anymore. These days, it’s about applying the human touch, she says.

Lintz, 58, is on to something. Her 22-year-old firm was No. 2 among the fastest-growing multifamily offices in the second annual Bloomberg Markets ranking of companies that manage affairs for dynastic clans, Bloomberg Markets magazine reports in its September issue. The assets that FMP supervises grew 30 percent to $2.6 billion as of Dec. 31, just behind Signature, a Norfolk, Virginia-based family office that expanded 36 percent in 2011 to $3.6 billion.

In sheer size, the family office units of banks dominate the ranking. Nine of the top 10 are associated with banks. HSBC Private Wealth Solutions, a unit of London-based HSBC Holdings Plc (HSBA), is No. 1 by total assets under advisement for the second consecutive year, with $123.6 billion as of Dec. 31, an increase of 21 percent over 2010.

Small is Beautiful

No. 2 on the list is Northern Trust Corp. (NTRS), based in Chicago, with $90 billion, while No. 3 is BNY Mellon Wealth Management, a unit of Bank of New York Mellon Corp. (BK), with $64.5 billion. The top family office in assets per family is 1875 Finance of Geneva, which manages the wealth of three multigenerational families, whose assets average $1.7 billion...

/... http://www.bloomberg.com/news/2012-08-06/richest-family-offices-seeing-fastest-growth-as-firms-oust-banks.html


xchrom

(108,903 posts)
22. Australia holds interest rate at 3.5%
Tue Aug 7, 2012, 09:11 AM
Aug 2012
http://www.irishtimes.com/newspaper/breaking/2012/0807/breaking14.html


Australia’s central bank kept interest rates unchanged at a developed-world high, citing a domestic expansion that's weathering a global slowdown.

The local currency touched the strongest in 4 1/2 months.

Governor Glenn Stevens and his board left the overnight cash-rate target at a 2 1/2-year low of 3.5 per cent for a second month, the Reserve Bank of Australia said in a statement today in Sydney.

Policy makers lowered rates by 1.25 percentage points from November to June, leaving borrowing costs "a little below their medium-term averages," Mr Stevens said today.

xchrom

(108,903 posts)
24. US households 'still struggling'
Tue Aug 7, 2012, 09:14 AM
Aug 2012
http://www.irishtimes.com/newspaper/finance/2012/0807/1224321630674.html


US Federal Reserve chairman Ben Bernanke said gauges of the US economy’s strength may fail to measure the suffering of individual citizens.

“Even though some key aggregate metrics – including consumer spending, disposable income, household net worth and debt service payments – have moved in the direction of recovery, it is clear that many individuals and households continue to struggle with difficult economic and financial conditions,” Mr Bernanke said yesterday.

The federal open market committee said last week it would pump fresh stimulus if necessary into the weakening economic expansion to boost growth and reduce an unemployment rate that has been stuck at 8 per cent or higher for more than three years.

Mr Bernanke did not address the outlook for monetary policy or the economy, or expand on the Fed’s statement.

xchrom

(108,903 posts)
25. FREDDIE MAC POSTS $1.2B NET INCOME FOR 2Q
Tue Aug 7, 2012, 09:31 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/U/US_EARNS_FREDDIE_MAC?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-08-50-56

WASHINGTON (AP) -- Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period.

McLean, Va.-based Freddie Mac said Tuesday that its net income attributable to common shareholders amounted to 37 cents per share in the April-June period. That compares with a loss of $3.76 billion, or $1.16 per share, in the same period a year ago.

The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them.

Freddie Mac requested $19 million in federal aid in the first quarter. The company received $7.6 billion for all of 2011 and $13 billion for all of 2010.

Roland99

(53,342 posts)
26. DJIA well over 13k. S&P breaks thru 1,400. Oil over $92/bbl
Tue Aug 7, 2012, 09:32 AM
Aug 2012

10-yr T-Bill prices dropping (yield up to 1.62%)

AnneD

(15,774 posts)
27. Morning Marketeers.....
Tue Aug 7, 2012, 09:35 AM
Aug 2012
and lurkers.

Well, summer is winding down and I am wrapping up things. It has been my habit since middle school to learn something over the break. So what did I learn. I learned:

Life should come with a sound track. The quintessential road trip should start with the sound track to Miami Vice. West Texas belongs to Jimi Hendrix, with the wind whispering/crying/screaming Mary and the mountains like watch towers. The California desert is the domain of James Brown. Driving in to LA, definently the Gypsy Kings and Los Lobos, and PH1 is the dominion of the Beach Boys.

Tansy Gold's photos do not do her jewelry justice.

The famous ITYS stamp exists...it is in Tansy's purse.

The 1%, while they can be nice people, exist on a totally different level, and cannot possiblly understand the daily struggle the rest face....they are so far removed.

Your health is your wealth and you should take care. I finally had my first colonoscopy at 58 (the recommended age is 50). There were polyps, no surprise, and they were benign.

The economy is sucking so badly, EVERYWHERE....except for the 1%. I don't know how much longer this house of cards will last, but it is all winding down.

Happy hunting and watch out for the bears.

xchrom

(108,903 posts)
28. COMPOSER MARVIN HAMLISCH DIES AT 68 IN LOS ANGELES
Tue Aug 7, 2012, 09:36 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/U/US_OBIT_MARVIN_HAMLISCH?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-09-16-14

LOS ANGELES (AP) -- Marvin Hamlisch, who composed the scores for dozens of movies including "The Sting" and won a Tony for "A Chorus Line," has died in Los Angeles at 68.

Family spokesman Jason Lee says Hamlisch died Monday after a brief illness. Other details aren't being released.

Hamlisch's career included composing, conducting and arranging music from Broadway to Hollywood. His movies included "The Way We Were" and "Sophie's Choice."

He won three Academy Awards, four Emmys and a Tony.

AnneD

(15,774 posts)
34. And still...
Tue Aug 7, 2012, 10:12 AM
Aug 2012

No awards and barely recognition for Scot Joplin.

Side note....the 'lullaby' that would soothe my daughter when she was a infant was Solitude by Joplin. I credit him in part with her ability to perform complex rhythms.

Joplin's opera, Treemonisha is regularly preformed in Houston.

xchrom

(108,903 posts)
30. ON YOUTUBE CHANNELS, COMEDIANS SHIFT THE PUNCHLINE
Tue Aug 7, 2012, 09:43 AM
Aug 2012
http://hosted.ap.org/dynamic/stories/U/US_YOUTUBE_CHANNELS_COMEDIANS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-07-09-13-31

NEW YORK (AP) -- On the debut episode of "Smart Girls at the Party," Amy Poehler sits in a dark studio and solemnly introduces her first guest as a "singer, actor, dancer, musician, feminist, entrepreneur and skateboarder."

Sitting across from Poehler is a 7-year-old named Ruby, who cheerfully displays a just-completed drawing.

Charlie Rose, eat your heart out.

This summer, while much of the TV world is in reruns, a number of comedians have taken to YouTube, including Poehler, Rainn Wilson, Walter Latham and, in a new role, Shaquille O'Neal.

"Smart Girls at the Party" is the flagship show for Poehler's YouTube channel of the same name, part of an ambitious initiative from Google's video-sharing site to plant a crop of niche-oriented channels from show business veterans. The rollout has continued through the year, gradually premiering more than half of the nearly 100 channels that YouTube has poured $100 million into, while pledging to spend another $200 million on marketing.

xchrom

(108,903 posts)
36. E-Mails Give Glimpse into Deal that Fueled Financial Meltdown
Tue Aug 7, 2012, 12:01 PM
Aug 2012
http://www.nationofchange.org/emails-give-glimpse-deals-fueled-financial-meltdown-1344347616


As ProPublica has been detailing for two years, Wall Street banks and the hedge fund Magnetar worked together to build mortgage-backed deals that the hedge fund also bet against. The more than $40 billion of deals helped fuel the crash of 2008.

Now, recently collected emails from bankers and a Magnetar executive involved in some of the deals appear to shed new light on how they did it.

Fiduciaries threatened with a loss of business if they didn't cooperate. Prime movers behind a billion-dollar deal suggesting they need to keep their actions hidden. It's all portrayed in the emails, which were included as part of a civil lawsuit against Magnetar filed in New York's Southern District Court in late June. (Our reporting is also cited in the complaint.)

The suit was brought by Italian bank Intesa San Paolo, which lost $180 million on an investment linked to a mortgage bond deal put together by Magnetar and French bank Calyon. The deal was "built to fail," in the words of the complaint.

Tansy_Gold

(17,815 posts)
42. Of back spasms, ice, and Gloria
Tue Aug 7, 2012, 06:40 PM
Aug 2012

Ice has helped, but the pain was so paralyzing yesterday afternoon I broke down and went to the doctor. He wrote a presecription for Flexeril -- I had taken it before about 3 years ago for the same thing -- and I walked out of there 20 minutes after I walked in. Stopped at the pharamacy at the grocery store on the way home and decided to wait for them to fill it. They said it would be 30 minutes.

There was a man, could've been anywhere from 40 to 55 because I'm terrible at estimating ages, sitting on the only bench. With him was a young boy, maybe 7 or 8 to judge by the missig teeth. I sat down at the other end of the bench, and I had a rather silly grin on my face because of the song that was playing on the muzak-ish system in the background. As in most of the grocery stores in this area, the music leans heavily to 60's and 70's rock, because of the "senior" population.

So I sit down to wait for my prescription, and the man begins telling the boy a story about the song that's playing:

"When I was maybe 11 or 12 years old, me and a bunch of friends dressed up for a talent show to sing this song. We got funny wigs and made cardboard guitars and pretty much made fools of ourselves, but this was a big hit then and we thought we were really being cool."

The boy, who really didn't seem impressed, said, "You put on wigs and everything?"

"Yep, we sure did."

"To sing this song?"

"Yep. Pretty funny, huh."

At that point, I really started to laugh, and I turned to the boy and I said, "When this song was really popular, I was in high school. And we used to go to the Cellar in Arlington Heights, Illinois, every Wednesday, Friday, and Saturday night. That's where the band that did this song, the Shadows of Knight, got started. Jimy Sohns and Tommy Schiffour and Warren Rogers and Jerry McGeorge and Wayne Purcell, yep."

(Purcell left the group to be replaced by Joe Kelley; I dated Purcell briefly when we were both at U of Illinois in '67).

The man then asked what year that was and I told him it was all the summer of '65 and into '66, when the Shadows released Gloria that spring.

"Small world, isn't it," he said.

Then the pharmacist announced that their prescription was ready and they left. And I continued to chuckle.

AnneD

(15,774 posts)
45. Ouch......
Tue Aug 7, 2012, 10:17 PM
Aug 2012

This is about the time I go crying into my chiropractor's office. I remember one time when my back was out so badly, I needed a broom to use as a cane to walk. Boy did I look a sight.

What I remember most was the use of the song Gloria in Flashdance (now there is a blast from the past). The big take away was that dreams don't always come true no matter how hard you work or how deserving you are. But that being said, it is what you make of your failures that says the most about your character. My successes have been built more on failure than anything else. Sometimes I think I was just too stupid to know I was licked from the beginning.

AnneD

(15,774 posts)
47. Which one.....
Tue Aug 7, 2012, 10:35 PM
Aug 2012

Guess it is back to the tube for me eh....Well, I never let something as silly as facts get in the way of a good story. I was thinking of the fall on the ice.....

Tansy_Gold

(17,815 posts)
48. Here you go
Tue Aug 7, 2012, 11:26 PM
Aug 2012

Laura Branigan -- the song that was featured in "Flash Dance"




The Shadows of Knight -- 1966 Gloria (before there were cool videos)


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