STOCK MARKET WATCH -- Wednesday, 6 November 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 6 November 2013[font color=black][/font]

SMW for 5 November 2013

AT THE CLOSING BELL ON 5 November 2013
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Dow Jones 15,618.22 -20.90 (-0.13%)
S&P 500 1,762.97 -4.96 (-0.28%)
[font color=green]Nasdaq 3,939.86 +3.27 (0.08%)


[font color=red]10 Year 2.67% +0.04 (1.52%)
30 Year 3.77% +0.06 (1.62%)[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 - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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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=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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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."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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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]

[Fuddnik]

1. On that note, my wife just found out today that our Blue Cross policy is discontinued.

It wasn't one of those non-insurance policies Jonestown is talking about, but the top of the line policy available.

Discontinued, and what's available is more expensive and covers less.

Yeah, he is a crock. I'd better hurry up and get that colonoscopy.

[DemReadingDU]

3. She wasn't offered a 1-year renewal of the old policy?

I received a letter from Anthem that they are cancelling their plans for next year. But I could keep the plan I have if I renewed it by 11/15/13, to be effective 12/1/13 to 12/1/14. And with same doctors and hospitals in that network. Just $20 more per month.

If I chose a new plan, then it would be a new network and possibly different doctors and hospitals.

If I did nothing, my current plan would end on 3/1/14, the date of my plan's annual renewal date.


I turn 65 in January and Medicare kicks in, so I have a whole different ballgame to contend with.

[Fuddnik]

4. Nope. It's through her employer.

And, she pays to keep me on the policy.

She turned 65 in August, and she still has the company plan, except for Catastrophic coverage. I've got 3.5 years before I'm Medicare eligible.

[ret5hd]

25. I really don't understand why you blame this on Obama rather than theinsurance company.

[Fuddnik]

28. I didn't.

But, he's a crock anyway. And, I hate insurance companies anyway.

Safeguards and regulations could have been put in place. Anybody with a working brain could have seen this shit coming. Insurance companies are nothing but money grubbing parasites. Politicians feed them our money.

This is what happens when we didn't get the Public Option that we were promised. Which, BTW, was abandoned before the negotiations even started.

[Warpy]

33. Thank Lieberman

There was an effort to lower Medicare eligibility to 55, something that would have greatly eased the suffering of a hell of a lot of boomers. It was blocked single handedly by that worm Joe Lieberman, the insurance industry's point man in the Senate.

What little we got was the best we could get past the conservatives on both sides of the aisle.

Enough of the profit might have been taken out of health insurance that the insurance giants will slowly back out of issuing policies completely. At that point, we can get single payer. Until then, this is what we've got to work with.

[DemReadingDU]

2. Taibbi: Chase Isn't the Only Bank in Trouble

a couple snippets, lots more at the link

11/5/13 Chase Isn't the Only Bank in Trouble

There are multiple scandals blowing up right now, including a whole set of ominous legal cases that could result in punishments so extreme that they might significantly alter the long-term future of the financial services sector. As one friend of mine put it, "Whatever those morons put aside for settlements, they'd better double it."

Firstly, there's a huge mess involving possible manipulation of the world currency markets.
.
.
.
One gets the feeling that governments in all the major Western democracies would like to sweep these manipulation scandals under the rug. The only problem is that the scale of the misdeeds in these various markets is so enormous that even the most half-assed attempt at regulation will cause a million-car pileup.

There's simply no way to do a damage calculation that won't wipe out the entire finance sector when you're talking about pervasive, ongoing manipulation of $5-trillion-a-day markets. That's the problem – there's no way to do a slap on the wrist in these cases. If they're guilty, they're done.

http://www.rollingstone.com/politics/blogs/taibblog/chase-isnt-the-only-bank-in-trouble-20131105

[jakeXT]

6. Sounds nice... you should post it in Good Reads or GD

"To unwind all Libor-linked derivative contracts would be financial Armageddon," said Abhishek Sachdev, managing director of Vedanta Hedging, which advises companies on interest rate hedging products.

[DemReadingDU]

13. You are welcome to post wherever Taibbi's will be read

[hamerfan]

5. LOVE the 'toon! Thanks, Tansy. n/t

[Tansy_Gold]

17. It was just soooooo.....

.....appropriate.



And I love puns!

[xchrom]

7. Ireland Has Been Attacked and Dominated by Outside Powers for Centuries -- Now It's the Banks

http://www.alternet.org/world/ireland-has-been-attacked-and-dominated-outside-powers-centuries-now-its-banks

The Irish have a long history of being tyrannized, exploited, and oppressed—from the forced conversion to Christianity in the Dark Ages, to slave trading of the natives in the 15th and 16th centuries, to the mid-nineteenth century “potato famine” that was really a holocaust. The British got Ireland’s food exports, while at least one million Irish died from starvation and related diseases, and another million or more emigrated.

Today, Ireland is under a different sort of tyranny, one imposed by the banks and the troika—the EU, ECB and IMF. The oppressors have demanded austerity and more austerity, forcing the public to pick up the tab for bills incurred by profligate private bankers.

The official unemployment rate is 13.5%—up from 5% in 2006—and this figure does not take into account the mass emigration of Ireland’s young people in search of better opportunities abroad. Job loss and a flood of foreclosures are leading to suicides. A raft of new taxes and charges has been sold as necessary to reduce the deficit, but they are simply a backdoor bailout of the banks.

At first, the Irish accepted the media explanation: these draconian measures were necessary to “balance the budget” and were in their best interests. But after five years of belt-tightening in which unemployment and living conditions have not improved, the people are slowly waking up. They are realizing that their assets are being grabbed simply to pay for the mistakes of the financial sector.

[Roland99]

8. US Futures woke up on the right side of the bed today...

S&P 500 +0.5%
DOW +0.5%
NASDAQ +0.4%

[Warpy]

34. Yeah, I'm rich today, woop de do

My dad used to watch the ticker on the bottom of his TV screen all day long, acting like he was playing the ponies. He'd be jubilant if his stocks were up a quarter of a point, despondent when they'd declined.

The only time I watched it since he left me the boodle is during the 2008 crash. Even then, I was a lot more detached than he'd been. My income would stay the same no matter what the market was doing to my net worth.

I was grateful he hadn't lived long enough to see that crash. I don't think his nerves could have taken it.

[xchrom]

9. AHEAD OF ECB, EVIDENCE MOUNTS OF WEAK RECOVERY

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-06-02-39

LONDON (AP) -- A day before the European Central Bank meets to decide whether to cut interest rates, further evidence emerged Wednesday to indicate the economic recovery in Europe is muted.

Eurostat, the EU's statistics office, said Wednesday that retail sales across the 17-country eurozone fell 0.6 percent in September from the month before. The fall offset the previous month's 0.5 percent rise and was just below market expectations for a more modest 0.4 percent decline.

September is the final month of the third quarter, so the drop may alter expectations about how much the eurozone grew during the period.

Markit, the financial information company, also revealed that its composite purchasing managers' index, a broad gauge of economic activity, faltered in October.

[xchrom]

10. DUAL ECONOMY: COMPANIES PROFIT DESPITE WEAK GROWTH

http://hosted.ap.org/dynamic/stories/U/US_STRONG_PROFITS_WEAK_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-00-02-42

WASHINGTON (AP) -- Look at the U.S. economy and you'll notice an unusual disconnect.

The economy is being slowed by a tight job market, scant pay raises and weak business investment. Yet corporate profits are reaching record highs and fueling record stock prices.

What gives?

How are companies managing to earn so much money in a sluggish economy? And why aren't their profits goosing the economy?

For starters, weak job growth has held down pay. And since the recession struck six years ago, businesses have been relentless in cutting costs. They've also stockpiled cash rather than build new products or lines of business. And they've been earning larger chunks of their profits overseas.

[xchrom]

11. PORTUGUESE TRAIN SERVICES DISRUPTED BY STRIKE

http://hosted.ap.org/dynamic/stories/E/EU_PORTUGAL_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-06-09-46

LISBON, Portugal (AP) -- Fewer than half of scheduled trains have run in Portugal during the morning rush-hour as rail workers staged their latest protest against cuts to their pay and entitlements.

The government is reducing expenditure as part of an agreement with creditors that earned debt-heavy Portugal a 78 billion-euro ($105 billion) bailout in 2011.

Financial support for publicly-owned mass transit companies is also being cut, angering labor groups.

Workers at rail infrastructure company REFER walked off the job Wednesday, forcing dozens of train cancellations. Disruption was most evident on suburban lines.

[xchrom]

12. ASIA STOCKS MUTED ON FED CONCERNS, EUROPE GAINS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-04-29-09

MANILA, Philippines (AP) -- World stock markets were mixed Wednesday, with benchmarks in Asia flitting between gains and losses after an improvement in U.S. service industries reinforced expectations the Federal Reserve will reduce monetary stimulus. European markets gained.

The Institute for Supply Management's services index rose in October despite forecasts it would soften due to last month's partial shutdown of the U.S. government. Investors concluded that it makes it more likely that the Fed will start reducing its bond purchases, which have kept interest rates low, within a few months.

Major European benchmarks were up in early trading. Britain's FTSE 100 added 0.1 percent to 6,756.56. Germany's DAX rose 0.4 percent to 9,041.89 and France's CAC-40 climbed 0.7 percent to 4,284.17.

Futures augured a positive open on Wall Street. S&P 500 futures were up 0.4 percent at 1,764.20 and Dow Jones futures gained 0.4 percent to 15,614.

[xchrom]

14. ECB RATE CUT HOPES SHORE UP MARKETS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-04-29-09

LONDON (AP) -- Markets, particularly in mainland Europe, recovered their poise Wednesday amid hopes that the European Central Bank may be moved to cut interest rates to shore up the recovery from recession.

The Fed has been the central bank most in the news in recent months as investors have tried to gauge when it would start pulling the plug on its monetary stimulus. On Friday, investors will have perhaps the most important economic release of all to digest - the nonfarm payrolls report for October, which was delayed because of the partial shutdown of the U.S. government.

Before then, the ECB will take center stage with one of its most keenly-awaited policy meetings of recent months. Last week's news that inflation in the 17-country eurozone fell sharply to 0.7 percent in the year to October raised expectations that it will cut its main interest rate to a record low of 0.25 percent.

On Wednesday, further evidence emerged that the eurozone's recovery from recession is muted and prone to setbacks. Official figures showed retail sales across the region fell 0.6 percent in September, while a private sector survey of purchasing managers - a gauge of business activity - indicated growth was easing.

[xchrom]

15. Wells Fargo Said to Face U.S. Mortgage-Bond Probe

http://www.bloomberg.com/news/2013-11-06/wells-fargo-said-to-face-u-s-mortgage-bond-probe.html

Wells Fargo & Co. (WFC) is among firms facing federal scrutiny of mortgage-bond sales under a 1989 law the government is using to extend probes of banks’ roles in the credit crisis, two people with knowledge of the matter said.

U.S. attorneys in San Francisco have been examining Wells Fargo, the nation’s largest mortgage lender, for more than a year, said one of the people, who asked not to be named because the inquiry isn’t public. Authorities are investigating whether the firm violated the Financial Institution Reform and Recovery Act. The law, known as FIRREA, carries a 10-year statute of limitations and allows the government to sue for fraud affecting a federally insured financial institution.

President Barack Obama set up a task force last year that’s making use of the law, which stems from the savings-and-loan crisis of the 1980s, while examining mortgage-bond underwriting that fueled investor losses and prompted unprecedented government bailouts of banks in 2008. The task force, comprising state and federal agencies, is focusing on about eight banks, a person familiar with the matter said in October.

Bank of America Corp., Zurich-based Credit Suisse Group AG (CSGN), and New York-based JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) also are among firms facing FIRREA investigations, people familiar with those inquiries said in August and October.

[xchrom]

16. BlackRock, Fidelity Face Initial Risk Study by U.S. Regulators

http://www.bloomberg.com/news/2013-11-05/blackrock-fidelity-face-initial-risk-study-by-u-s-regulators.html

BlackRock Inc. (BLK) and Fidelity Investments will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system, two people with knowledge of the matter said.

The Financial Stability Oversight Council’s discussion Oct. 31 and agreement to review New York-based BlackRock and Boston-based Fidelity don’t necessarily mean the companies will be designated systemically important by the council, according to the people, who requested anonymity because the meeting was closed to the public. The panel didn’t take any formal action regarding the companies.

FSOC’s preliminary talks may presage months of wrangling between the industry and officials charged with trying to prevent a repeat of the 2008 financial crisis. Asset managers are among non-bank financial companies that the council is empowered by law to evaluate to determine whether their failure could threaten the entire system and thus require Federal Reserve oversight. BlackRock, Fidelity and the mutual-fund industry’s trade group have said money managers aren’t a threat.

“We continue to believe that the asset-management industry, and mutual funds in particular, do not present the types of risk that the FSOC was designed to address,” Vincent Loporchio, a spokesman for Fidelity, said in an e-mail in response to a question about the FSOC meeting. BlackRock spokesman Brian Beades said the company “doesn’t comment on rumor or speculation.”

[xchrom]

18. Financial crisis hits happiness levels

http://www.bbc.co.uk/news/business-24822394


Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested.

According to the Organisation for Economic Co-operation and Development (OECD), levels of "life satisfaction" fell sharply between 2007 and 2012 in countries like Greece and Spain.

Trust in governments also deteriorated over that time.

The OECD said the findings showed the far-reaching impact of the crisis.

[xchrom]

19. Eurozone data shows fragile economic growth

http://www.bbc.co.uk/news/business-24835547

Further evidence of the eurozone's fragile economic recovery came on Wednesday in two sets of data.

Eurostat, the EU's statistics agency, said retail sales in the 17-nation bloc fell 0.6% in September from August.

Meanwhile, Markit's composite purchasing managers' index (PMI) fell to 51.9 points in October from 52.2 in September.

The reading was, however, still above the 50-point mark that separates growth from contraction.

[xchrom]

20. Indonesian economy sees weakest growth in four years

http://www.bbc.co.uk/news/business-24831172

Indonesia's economy expanded at its weakest rate in four years in the third quarter as a result of slowing exports and subdued domestic demand.

Its economy grew 5.6% in the July-to-September period from a year earlier, down from 5.8% in the previous quarter.

Indonesia's exports have been hurt by slowing demand from key markets and a drop in commodity prices.

Meanwhile, domestic demand has been impacted by rising fuel prices and rising interest rates.

[xchrom]

21. General strike against cuts brings Greece to a halt

http://www.bbc.co.uk/news/world-europe-24832847

Workers in Greece are holding a 24-hour general strike over continuing cuts as international lenders decide whether to unlock further bailout money.

Flights and other transport are being disrupted by action in both the public and private sectors, and schools and hospitals are also affected.

Greece has held more than 30 general strikes since early 2010.

Unemployment stands at nearly 28% after massive public sector cuts and tax rises to reduce its fiscal deficit.


Ferries remained moored in the port of Piraeus, near Athens.


Suburban railway stations shut down.


Trade union posters urged support for the strike in Athens.

[DemReadingDU]

27. Amazing

Amazing that Greece has had 30 general strikes protesting austerity.

Amazing that America can't do one general strike.

[xchrom]

22. Here's Why Falling Prices Are Horrible

http://www.businessinsider.com/why-deflation-is-a-bad-thing-2013-11

***SNIP

Of course, it's inflation that's usually harangued as the greatest economic evil. We've seen inflation and not deflation in recent memory. Not to mention it bleeds our savings accounts and is criticized as a means by which governments erode debt over time.

But lower prices? Paul Krugman has a great explanation here of why that's a bad thing, the thought being that if prices are constantly dropping, consumers will delay spending. Why buy that F-150 today when it will be effectively "cheaper" next week?

Here's Krugman:

A second effect: even aside from expectations of future deflation, falling prices worsen the position of debtors, by increasing the real burden of their debts. Now, you might think this is a zero-sum affair, since creditors experience a corresponding gain. But as Irving Fisher pointed out long ago (pdf), debtors are likely to be forced to cut their spending when their debt burden rises, while creditors aren’t likely to increase their spending by the same amount. So deflation exerts a depressing effect on spending by raising debt burdens – which, as Fisher also points out, can lead to another kind of vicious circle, in which depressed spending because of rising real debt leads to further deflation.

Why Is Deflation Bad?

http://krugman.blogs.nytimes.com/2010/08/02/why-is-deflation-bad/


A number of readers have asked me to explain why deflation is a bad thing; and the truth is that while I’ve alluded to the issue a number of times, I’m not sure if I’ve ever laid out the whole case. So here goes.

There are actually three different reasons to worry about deflation, two on the demand side and one on the supply side.

So first of all: when people expect falling prices, they become less willing to spend, and in particular less willing to borrow. After all, when prices are falling, just sitting on cash becomes an investment with a positive real yield – Japanese bank deposits are a really good deal compared with those in America — and anyone considering borrowing, even for a productive investment, has to take account of the fact that the loan will have to repaid in dollars that are worth more than the dollars you borrowed. If the economy is doing well, all this can be offset by just keeping interest rates low; but if the economy isn’t doing well, even a zero rate may not be low enough to achieve full employment.

And when that happens, the economy may stay depressed because people expect deflation, and deflation may continue because the economy remains depressed. That’s the deflationary trap we keep worrying about.

[xchrom]

23. The Uncomfortable Truth In China's Property Market

http://www.businessinsider.com/the-uncomfortable-truth-in-chinas-property-market-2013-11

BEIJING (Reuters) - In defying four years of official cooling efforts, China's soaring house prices reveal an uncomfortable truth: government is one of the biggest obstacles to the success of taming the market.

State income is so entwined in the need for rising land prices that policy efforts to try to curb the house market create an inherent conflict of interest.

With one hand on a patchwork of controls aimed at taming record house prices, governments with their other hand are at the same time selling land to developers at rising prices.

Homes in cities such as Beijing are more expensive by some measures than Britain or Japan, a dismal outcome for a central government campaign aimed at making homes more affordable to Chinese. House prices in September rose nationwide at their fastest pace in three years.



Read more: http://www.businessinsider.com/the-uncomfortable-truth-in-chinas-property-market-2013-11#ixzz2jsCwIH3F

[xchrom]

24. Germany Factory Orders Just Destroyed Expectations And The Euro Is Rising

http://www.businessinsider.com/german-factory-orders-2013-11

Germany continues to be a pillar of strength.

Factory orders for September just crushed expectations.



The Euro spiked a bit on the news.



Read more: http://www.businessinsider.com/german-factory-orders-2013-11#ixzz2jsDaM9F5

[xchrom]

26. Regulator Chilton to Step Down After Battling Wall Street Swaps

http://www.bloomberg.com/news/2013-11-05/regulator-chilton-says-at-last-in-announcing-he-ll-leave-cftc.html

Bart Chilton, a U.S. regulator who pushed for tighter regulation of swaps and derivatives, said he will step down from the Commodity Futures Trading Commission.

A member of the CFTC since 2007, Chilton, 53, attracted attention for using pop music lyrics and other colloquialisms to explain the impact of derivatives and commodity trading on consumers.

Chilton’s announcement during an agency meeting yesterday comes less than two months before CFTC Chairman Gary Gensler, an ally and fellow Democrat, is to leave the agency. With one seat on the five-member commission already vacant, departures by Chilton and Gensler would leave the panel with just two members, Republican Scott O’Malia and Democrat Mark Wetjen.

“I wrote to the President early this morning and said I’ll be leaving in the not-too-distant future,” said Chilton, whose term as a CFTC commissioner expired in April, although he could continue to serve until December 2014 or a successor is confirmed.

[DemReadingDU]

29. Karl Denninger shutting his forum soon

FYI
He has mentioned it a few times over the past few months. He has changed the background color from white to grey. I think by the end of the year, it will be dark.

http://market-ticker.org/

[Fuddnik]

30. I used to go there pretty often,

But he just got more irritating as time went on.

[DemReadingDU]

31. He does have a way with words

I don't have time to read everything there. Actually, it's gotten so I don't read near as much anywhere on the internets anymore. But Denninger keeps people informed on all the massive ways and means of fraud and corruption in the banks, markets, insurance and government.

[Fuddnik]

32. His analysis is good.

His libertarian politics are bullshit.