STOCK MARKET WATCH -- Friday, 24 October 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 24 October 2014[font color=black][/font]

SMW for 23 October 2014

AT THE CLOSING BELL ON 23 October 2014
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Dow Jones 16,677.90 +216.58 (1.32%)
S&P 500 1,950.82 +23.71 (1.23%)
Nasdaq 4,452.79 +69.94 (1.60%)


[font color=red]10 Year 2.27% +0.03 (1.34%)
30 Year 3.05% +0.03 (0.99%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
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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.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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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]

[Crewleader]

1. Today's Cartoons

[Demeter]

9. The REAL scary part comes 4 days later

Midterms

[Crewleader]

35. true

[xchrom]

2. The 10 Most Important Things In The World Right Now

http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-october-24-2014-2014-10

1. The US military said Thursday that forces in Iraq are "months away from being able to start waging any kind of sustained ground offensive against the Islamic State" while a similar campaign in Syria will take even longer, Reuters reports.

2. A doctor who traveled to the Ebola-stricken country of Guinea and then returned to New York has been placed in isolation after testing positive for Ebola.

3. Canadian authorities said the gunman who killed a solider at Ottawa's war memorial before being shot dead in the Parliament building was not identified as a threat, "despite his criminal record in three cities, embrace of extremist ideas and intent to travel to Syria," The New York Times reports.

4. The 58-year-old guard credited with killing the man who opened fire in Canada's parliament on Wednesday morning recieved a hero's welcome when he returned to work the following day.

5. North Korea has banned tourists from entering the country over concerns about the spread of Ebola.



Read more: http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-october-24-2014-2014-10#ixzz3H3h23W5d

[xchrom]

3. Markets Are Sinking

http://www.businessinsider.com/market-update-oct-24-10-2014-10

Here's the scorecard, so far:

France's CAC 40 is down 0.43%

Spain's IBEX is down 0.07%

Italy's FTSE MIB is up 0.24% after opening down

Britain's FTSE 100 is down 0.32%

Germany's DAX is down 0.21%

Asian markets closed mixed. The Nikkei closed up 1.01%. The Hang Seng closed down 0.13%.

US futures are down, with S&P futures down 5.5 points and Dow futures down 26 points.

In terms of economic data, we've already seen Chinese property prices, with the index falling in 69 of China's 70 major urban areas.

Germany's consumer confidence index came in higher than expected, at 8.5, up from last month's 8.4.

UK GDP came in right in line with expectations, showing a 0.7% increase in Q3, slightly weaker than the 0.9% rise in Q2.



Read more: http://www.businessinsider.com/market-update-oct-24-10-2014-10#ixzz3H3hU3eIy

[xchrom]

4. Spain's Poor Are Terrified Of Goldman Sachs

http://www.businessinsider.com/r-special-report-why-madrids-poor-fear-goldman-sachs-and-blackstone-2014-10

Madrid (Reuters) - Last year Madrid’s city and regional governments sold almost 5,000 rent-controlled flats to private equity investors including Goldman Sachs and Blackstone. At the time, the tenants were told their rental conditions would remain the same.

But as old contracts expire, dozens of people have received demands for higher rent, been told their rents will increase dramatically, been threatened with eviction or moved out to escape the insecurity. Thousands of Spain’s poor now depend for their homes on the generosity of private equity.

Jamila Bouzelmat is one of them.

The mother of six lives in a four-bedroom flat on the outskirts of the Spanish capital that was bought jointly by Goldman and a Spanish firm. The 44-year-old said that until March her family paid 58 euros ($73) a month in rent out of her husband’s 500-euro unemployment benefit. In April, her bank statement shows, her new landlords suddenly took 436 euros from her bank account.

She discovered the payment when she tried to pay an electricity bill.



Read more: http://www.businessinsider.com/r-special-report-why-madrids-poor-fear-goldman-sachs-and-blackstone-2014-10#ixzz3H3hwQxSY

[xchrom]

5. Spain’s Social Housing Imploded, And There's No Clear Way Back

http://www.businessinsider.com/spains-social-housing-imploded-and-theres-no-clear-way-back-2014-10

(Reuters) - Social housing in Spain is not generous.

Rented social housing makes up just 2 percent of all residential property compared with 18 percent in Britain and 17 percent in France, according to the European Federation of Public, Cooperative and Social Housing.

The country’s investment in social housing is just 0.79 percent of Gross Domestic Product, about half the European average, according to Human Rights Watch.

Rather than offer subsidies to help people rent cheaply, Spain’s government has focused on helping people to buy. Social housing tenants have typically rented for around 10 years and then been given the option to buy.

The property crash has torpedoed that policy. Rent-to-buy agreements set the purchase price at the start of the rental lease. When prices rise, that works. But any flats coming up for sale now were priced at the height of the boom. Today's buyers would likely pay above a property’s current market value.



Read more: http://www.businessinsider.com/spains-social-housing-imploded-and-theres-no-clear-way-back-2014-10#ixzz3H3lmHErK

[xchrom]

6. Eurozone To Germany: Spend More!

http://www.businessinsider.com/r-stagnating-euro-zone-seeks-to-persuade-germany-to-shift-2014-10

BRUSSELS (Reuters) - Euro zone leaders sought on Friday to bridge stark differences over how to avoid economic stagnation and deflation in the bloc, with Germany facing fresh calls to soften its budget rigor and spend more.

With a U.S.-style bond-buying plan by the European Central Bank off the table for now, the bloc has few options, leaving other euro zone leaders to tread a careful line between the opposing growth and austerity camps.

"It's very important to find a balance between growth and stability," Finland's Prime Minister Alex Stubb said as he arrived at the second day of an EU summit at which ECB President Mario Draghi will address leaders.

After the euro zone's revival came to a halt in the second quarter, France and Italy want to shift course away from the spending cuts that marked the bloc's response to 2009-2012 crisis, but Germany says debt discipline must continue.



Read more: http://www.businessinsider.com/r-stagnating-euro-zone-seeks-to-persuade-germany-to-shift-2014-10#ixzz3H3noZLWH

[xchrom]

7. The EU Is Ordering Britain To Pay An Extra $2.6 Billion To Brussels

http://www.businessinsider.com/the-eu-is-ordering-britain-to-pay-an-extra-26-billion-to-brussels-2014-10

Britain has been told it must pay an extra €2.1bn (£1.7bn) into the European Union budget by the end of next month because the UK economy is doing better relative to other European economies.

The demand is certain to be used against David Cameron by the growing camp who want the UK to quit the EU.

British and European commission officials confirmed that the Treasury had been told last week that budget contribution calculations based on gross national income (GNI) adjustments carried out by Eurostat, the EU statistics agency, had exposed a huge discrepancy between what Britain had been asked to contribute and what it should be paying, because of the UK’s recovery.

The bombshell, first reported by the Financial Times, was dropped into the middle of an EU summit in Brussels where Cameron and 27 other leaders were mired in tough negotiations over climate-change policy and attempts to agree big reductions in greenhouse gas emissions by 2030.



Read more: http://www.theguardian.com/world/2014/oct/23/uk-european-commission-eu-budget-contribution#ixzz3H3ohYnOK

[Demeter]

12. that will go over well

The Technocrats making it up as the Eurozone goes along, crashing into walls and planting faces into the carpet, are embarrassing to anyone who has any education or pride of accomplishment.


they must be aliens. Humans would have some human response patterns.

[xchrom]

8. China's Crumbling Property Market Just Wiped Out A Year's Gains

http://www.businessinsider.com/chinas-crumbling-property-market-just-wiped-out-a-years-gains-2014-10

BEIJING/HONG KONG, Oct 24 (Reuters) - Chinese home prices fell for a fifth straight month in September, wiping out gains scored in the past year and raising expectations the government will have to implement more economic support measures to cushion the blow.

The monthly falls left average home prices in 70 major Chinese cities down 1.3 percent in September from a year earlier, the first such drop since November 2012.

New home prices fell month-on-month in a record 69 of the 70 major cities, up from 68 in August. Only the southern city of Xiamen saw stable prices last month, National Bureau of Statistics (NBS) data showed.

The worst performance was in the eastern city of Hangzhou, where prices sagged 7.6 percent in September from a year before.



Read more: http://www.reuters.com/article/2014/10/24/china-property-prices-idUSL3N0SJ1DE20141024#ixzz3H3pHDqLK

[xchrom]

10. Germany Inc. Scrutinized for Using Labor Like Paper Clips

http://www.bloomberg.com/news/2014-10-23/germany-inc-scrutinized-for-using-labor-like-paper-clips.html

Oct. 24 (Bloomberg) –- Daimler AG is among German companies that have found a way to cut personnel costs in the high-wage country: buy labor like it’s paper clips.

By purchasing certain tasks such as logistics services from subcontractors, businesses can legally keep these workers off the payroll and outside of wage agreements with unions. That’s led to growing ranks of contract workers who help boost profit at German companies by lowering labor costs.

The downside is abuse of the system, which leaves some workers unprotected and even unpaid. That’s caught the attention of Labor Minister Andrea Nahles, who’s promising a crackdown, and forcing Germany Inc. to defend the practice.

“We can’t pay everyone the high wage” in union deals, Wilfried Porth, Daimler’s personnel chief, said in an e-mail to Bloomberg News. “Our cost situation has deteriorated compared to the competition. We can’t afford that.”

[Demeter]

14. Standard operating porcedure for a decade (or more) in the USA

while the economy collapses for lack of demand....

[xchrom]

11. Fed’s $4 Trillion Holdings Keep Boosting Growth Beyond End of QE

http://www.bloomberg.com/news/2014-10-24/fed-s-4-trillion-holdings-keep-boosting-growth-beyond-end-of-qe.html

Quantitative easing may turn out to be a gift that keeps on giving for the U.S. economy.

As the Federal Reserve prepares to end its third round of bond buying next week, the central bank plans to hang on to the record $4.48 trillion balance sheet it has accumulated since announcing the first round of purchases in November 2008.

That will continue to keep a lid on borrowing costs, helping the Fed lift inflation closer to its target and providing support to a five-year expansion facing headwinds abroad, from war in the Mideast to slowing growth in Europe and China.

Holding bonds on the Fed’s balance sheet limits the supply of securities trading on the public markets, which helps keep prices up and yields lower than they otherwise would be. That provides stimulus to the economy just as a cut in the Fed’s benchmark interest rate would, according to Michael Gapen, a senior U.S. economist for Barclays Plc in New York and former Fed Board section chief in charge of monetary and financial markets analysis.

[Demeter]

13. Giving...like a heroin addiction. What a gift!

Lord, what fools these mortals be! ---Robin Goodfellow, aka Puck

[Demeter]

15. The Fix Is In: Fed Stops Stock Slide with Talk of QE Extension By Mike Whitney

http://www.counterpunch.org/2014/10/20/fed-stops-stock-slide-with-talk-of-qe-extension/

On Wednesday LAST WEEK, stocks were hammered after economic data showed that the US and global economies were headed for a major slowdown. By mid-day, the Dow was down 460 points before clawing its way back to minus 173 points. It looked like the market was set for another triple-digit flogging on Thursday when the Fed stepped in and started talking-up an extension to QE3. That’s all it took to ease investors jitters, stop the meltdown and send equities rocketing back into space. By the end of Friday’s session, all the markets were back in the green with the Dow logging an impressive 263 points on the day. Here’s more background from Wolf Street:

“But just when some profusely sweating souls on Wall Street thought that the bottom was falling out, a savior appears. St. Louis Fed President James Bullard got on Bloomberg TV and pressed the red panic button (and) handed them what they wanted….That was enough.

Using declining inflation expectations as a pretext, he proposed to delay the end of QE. The Fed should continue buying $15 billion in securities a month…. it instantly turned around the markets. The spoiled brats on Wall Street were ecstatic to imagine that the Fed might continue to deliver the goodies they’ve become addicted to, and without which life seems unbearable.” (This Market is Driven by Psychology and Momentum,’ which ‘Works Really Painfully on the Way Down, Wolf Street)

For those readers who still think that the Fed doesn’t meddle in the markets: Think again. Friday’s stock surge had nothing to do with productivity, price, earnings, growth or any of the other so called fundamentals. It was all about manipulation; telling people what they want to hear, so they do exactly what you want them to do. The pundits calls this jawboning, and the Fed has turned it into an art-form. All Bullard did was assure investors that the Fed “has their back”, and , sure enough, another wild spending spree ensued. One can only imagine the backslapping and high-fives that broke out at the Central Bank following this latest flimflam.

As most people now realize, stocks haven’t tripled in the last 5 years because the economy is expanding. Heck, no. The economy is still on all-fours and everyone knows it. The reason stocks have been flying-high is because the Fed added a hefty $4 trillion in red ink to its balance sheet. Naturally, when someone buys $4 trillion in financial assets, the price of financial assets go up...And here’s something else to chew on: On Thursday I wrote an article titled “Stocks Plunge 460 Points on QE Exit”. Among the 2 or 3 thousand other articles on the topic in the mainstream, not one mentioned the fact that QE was set to end at the end of October. Instead, they pointed to sluggishness in Europe and China, and weaker-than-expected economic data in the US as the proximate causes of the downturn.

So let me ask you this, dear reader, if the end of QE was not the real trigger for the Dow’s 460 point bungee jump, then why did the markets do a quick 180 right after Bullard made his statement on Thursday? In fact, the media even admits that point now. Check out this article on Marketwatch on Friday titled “Bullard’s surprise suggestion of continuing QE lifts markets”:

“A comment from a hawkish Federal Reserve official on Thursday that central-bank bond buying should continue beyond its scheduled end lifted stock markets and surprised many observers.

The Federal Reserve should consider extending its bond-buying program beyond October due to the market selloff to see how the U.S. economic outlook evolves, said James Bullard, the president of the St. Louis Fed, on Thursday. …

If the economy is still as robust as I am describing it, then I think we could just end the program in December. But if the market is right, and this is portending something more serious for the U.S. economy, than the committee would have an option of ramping up QE at that point,” he said.

The S&P 500 SPX, +1.65% jumped from its session low of a 0.9% drop after Bullard’s remarks came out.” (Bullard’s surprise suggestion of continuing QE lifts markets, Marketwatch)

How do you like that? Just one word from the Fed and the markets do an immediate about-face. Now that’s power. It’s too bad the Fed can’t put in a good word for the real economy while they’re at it. But, oh, I forgot that the real economy is stuffed with working stiffs who don’t warrant the same kind of treatment as the esteemed supermen who trade stocks for a living. Besides, the Fed doesn’t give a rip about the real economy. If it did, it would have loaded up on infrastructure bonds instead of funky mortgage backed securities (MBS). The difference between the two is pretty stark: Infrastructure bonds put people to work, circulate money, boost economic activity, and strengthen growth. In contrast, MBS purchases help to fatten the bank accounts of the fraudsters who created the financial crisis while doing bupkis for the economy. Guess who the Fed chose to help out?

MUCH MORE BITTER TRUTH AT LINK

[Demeter]

16. WHITNEY'S CONCLUSION

The lesson is that the Fed is driving the markets. The whole “free market” trope is baloney. No one is loading up on stocks because they’re a good deal or because they think the economy is going gangbusters. Investors are buying stocks because they still believe in the power of money. They still think the Fed can pump a few more wisps of helium into the equities balloon and keep the rally going for a bit longer. And that’s why stocks surged on Friday, because, at least for now, greed still trumps fear.

[xchrom]

17. ECB Tries for Third Time Lucky in European Stress Tests

http://www.bloomberg.com/news/2014-10-23/ecb-vies-for-third-time-lucky-in-european-stress-tests.html

For the European Central Bank, success as the euro area’s financial supervisor may begin this weekend with a few failures.

At noon in Frankfurt on Oct. 26, investors will learn which of the currency bloc’s 130 biggest banks fell short in the ECB’s year-long examination of their asset strength and ability to withstand economic turbulence. After two previous stress tests run by the European Banking Authority didn’t reveal problems at lenders that later failed, the ECB has staked its reputation on getting this exercise right.

The two-part audit known as the Comprehensive Assessment forms one pillar of the ECB’s effort to move the euro zone forward after half a decade of financial turmoil by disclosing the extent of the damage. Since the beginning, ECB President Mario Draghi has said banks need to fail to prove the losses of the past have been dealt with.

“There will be enough for policy makers to declare victory, but the full picture will take longer to emerge because this thing is so complicated,” said Nicolas Veron, a fellow at the Bruegel research group in Brussels. “What you don’t want is to sound the all clear and then three to six months later, there’s an unpleasant surprise.”

[Demeter]

18. Dollar is The Weak Spot for US-Paul Craig Roberts Video

WIDE RANGING INTERVIEW WITH THE GREATEST DEBUNKER OF OUR TIME

[xchrom]

19. Bank Breakup Plan Hits More EU Hurdles as Danes Reject Idea

http://www.bloomberg.com/news/2014-10-23/plan-to-split-too-big-to-fail-banks-is-obsolete-denmark-says.html

Denmark won’t back a proposal to split Europe’s biggest banks as the region’s first country to enforce bail-in rules questions the value of more regulation.

“With all the legislation now in place there really shouldn’t be more worries,” Business Minister Henrik Sass Larsen said in an interview yesterday at the parliament in Copenhagen.

A proposal by Michel Barnier, the European Union’s financial services chief, to break up systemically important banks has resurfaced with local regulators trying to defend national interests, according to a document obtained by Bloomberg News. Italy, which holds the EU’s rotating presidency, said it was looking for “concrete options for the way forward” after registering “strong concerns” among member states, the document showed.

“With the regulation we’ve put in place, we’re fully covered,” Larsen said, characterizing the notion that more may be needed as obsolete.

[Demeter]

21. Famous Last Words

[Demeter]

20. Flamingo pink clouds stripe a turquoise sky---Dawn is here!

And in two weeks, it will come an hour earlier--I really hate Daylight Saving Time.

[xchrom]

22. Battery Backup for Rooftop Solar Power Systems Too Costly

http://www.bloomberg.com/news/2014-10-23/batteries-to-steady-intermittent-solar-power-too-costly.html

Using batteries to retain energy from rooftop solar systems will be too expensive for at least two years, according to industry executives.

That means homeowners who add solar panels to save money on utility bills will continue to lose electricity during blackouts, even after an 80 percent decline in battery costs over the past decade.

Residential solar systems typically send power to the grid, not directly to the house, and don’t run the home during a blackout. For batteries to save consumers money, stored energy must be drained daily, said Jamie Evans, who runs the U.S. Eco Solutions unit for Panasonic Corp., which supplies lithium-ion cells for Tesla Motors Inc.

“Solar will need storage for grid stability,” Evans said yesterday in an interview at the Solar Power International convention in Las Vegas. “Battery costs need to come down and regulatory structures have to change to really scale up.”

[Demeter]

23. Venezuela seizes warehouses packed with medical goods, food

http://www.reuters.com/article/2014/10/24/us-venezuela-economy-idUSKCN0ID00A20141024?feedType=RSS&feedName=topNews

President Nicolas Maduro's government said on Thursday it had taken over warehouses around Venezuela crammed with medical goods and food that "bourgeois criminals" were hoarding for speculation and contraband. The socialist government says businessmen and wealthy opponents are trying to sabotage the economy to bring Maduro down, while also seeking to make profits from hoarding, price-gouging and smuggling across the border to Colombia.

Critics say 15 years of failed policies of state intervention are to blame for the OPEC nation's widespread shortages, high inflation and apparently recessionary economy. They accuse nouveau riche officials and military officers of illegal business practices.

Maduro gave a live address to the nation from one of two warehouses seized in central Aragua state, where he said 14 million syringes and 2 million surgical gloves were among a massive hoard of medical equipment bound for Colombia.

"There's enough medical equipment here to cover Aragua's needs for a year. This is the criminal bourgeoisie. They are going to pay with jail, I swear it," Maduro said, standing in front of piles of boxes and wheelchairs.

"The bourgeois parasites are hurting the people's health."

Maduro, the 51-year-old successor to the late Hugo Chavez who died of cancer last year, said the goods had been bought with dollars obtained from the state's foreign exchange board and were due to be sold across the border in Colombia. The government has in recent months undertaken a huge crackdown on smuggling, including closing the border at night and arresting 1,266 people.

Critics say Venezuela's security forces have been at the heart of the trade for years, and contend contraband will not go away as long as state subsidies and exchange controls create price disparities offering tempting opportunities.

In the border states of Zulia and Tachira, state governors also displayed on Thursday warehouses packed with scores of tonnes of food and fuel which they said were bound for the contraband trade. Maduro said the confiscated products would be distributed among Venezuelans in coming days. He did not name the owners of the warehouses or who had bought the goods, but said the ones in Aragua belonged to someone with a "famous surname." Pressure has been growing on the government over shortages of medical products, with huge queues at some pharmacies and the problem exacerbated by severe outbreaks of mosquito-borne fevers.

In a two-hour appearance, Maduro also announced he would use decree powers to increase the maximum jail sentence for smugglers to 14 years, set new "fair price" controls for basic goods from Nov. 1, and curtail informal reselling of food and medical essentials on the street.

[xchrom]

24. A Mystery Bidder Offers $3 Million for 6,000 of Detroit's Worst Homes

http://www.businessweek.com/articles/2014-10-24/buying-derelict-detroit-mystery-bidder-wants-6-000-foreclosed-homes

Three million dollars can barely buy a new townhouse in Brooklyn these days, but it could be enough to purchase a bundle of more than 6,000 foreclosures up for auction in Detroit.

The cost of dealing with the many blighted buildings included in the Detroit mega-auction means a $3.2 million bid received last week—roughly the minimum allowable bid of $500 per property—will likely prove too high to turn a profit. “I can’t imagine that you are going to make money on this,” says David Szymanski, chief deputy treasurer of Wayne County, which is selling the properties.

So it’s all the more mysterious that the auction, opened with little fanfare earlier this month, has attracted any bidder at all. Still, at least one unidentified party is willing to pay $3.2 million take control—and responsibility—for scores of dilapidated homes. In fact, winning the bid could cost the lucky winner a small fortune beyond the auction price.

[xchrom]

25. Swiss Banks Ask U.S. to Amend Proposed Tax Amnesty Deals

http://www.bloomberg.com/news/2014-10-23/swiss-banks-ask-u-s-to-amend-proposed-tax-amnesty-deals.html

Swiss banks seeking to avoid U.S. prosecution by disclosing how they helped Americans evade taxes asked the Justice Department this week to back off a dozen demands, including that they cooperate with other nations.

Lawyers representing 73 Swiss banks wrote on Oct. 21 to object to terms of a proposed non-prosecution agreement that spells out how banks can achieve amnesty through a disclosure program announced last year. The 11-page letter says the agreement “presents substantial obstacles” and suggests a wide range of changes to the model accord, including a requirement that banks “cooperate fully” with “any other domestic or foreign law enforcement agency” in any investigation.

“This requirement is not found in the program and, indeed, turns a program specifically focused on U.S. tax issues into a global cooperation agreement without any safeguards or guarantees of appropriate consideration of the banks’ cooperation,” according to the letter from 18 law firms obtained by Bloomberg News.

More than 100 firms, or about a third of Swiss banks, signed up for the program in December, seeking to end a six-year crackdown on the world’s largest offshore haven. The banks want certainty that they can put their past behind them without threats from the Internal Revenue Service. The letter protests that the model accord proposed by the Justice Department’s tax division doesn’t provide that assurance.

[xchrom]

26. CHINA, 20 OTHER COUNTRIES INITIATE NEW ASIAN BANK

http://hosted.ap.org/dynamic/stories/A/AS_CHINA_NEW_ASIAN_BANK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-24-06-12-36

BEIJING (AP) -- Twenty-one Asian nations have signed on to a China-driven initiative to create a new development bank for Asia that's aimed at boosting infrastructure investment of all kinds. Beijing sees that as a way to raise its international standing, but Washington opposes the move as an unnecessary and potentially damaging rival to established institutions such as the World Bank.

- WHO'S IN THE GROUP?

Members are overwhelmingly developing nations, with Singapore the only advanced economy. The others range from economic powerhouses India and China to smaller but economically dynamic nations such as Singapore, Vietnam, the Philippines and Mongolia. A few are drawn from among the poorest nations including Laos, Cambodia and Oman.

Others taking part are Uzbekistan, Thailand, Sri Lanka, Qatar, Pakistan, Nepal, Bangladesh, Brunei, Kazakhstan, Kuwait, Malaysia and Myanmar.

Just as important is who's not in the group: Solid American allies Japan, South Korea and Australia, although they, along with the U.S. may enter at a later date if the venture proves to be a success. Although Singapore is a close U.S. ally, its officials say entering now will give them a chance to make a positive impact on the way the bank plans to do business.

[xchrom]

27. US AVERAGE RATE ON 30-YEAR HOME LOAN 3.92 PERCENT

http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_RATES_GLANCE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-23-19-36-24

Average U.S. mortgage rates fell this week, with the 30-year loan at its lowest level since June 2013.
Here's a look at rates for fixed and adjustable-rate mortgages this week and over the past year:
Current avg. Last week 52-week high 52-week low
30-year fixed 3.92 3.97 4.53 3.92
15-year fixed 3.08 3.18 3.56 3.08
5-year adjustable 2.91 2.92 3.15 2.91
1-year adjustable 2.41 2.38 2.64 2.35
All values in percentage points
Source: Freddie Mac Primary Mortgage Market Survey

[Demeter]

28. 73 Swiss banks ask U.S. to revise proposed tax amnesty deals

http://www.reuters.com/article/2014/10/24/us-usa-tax-switzerland-idUSKCN0ID00I20141024?feedType=RSS&feedName=businessNews

Lawyers representing 73 Swiss banks seeking to avoid a tax-evasion probe by U.S. authorities wrote a letter to the U.S. Department of Justice raising questions over a dozen demands, including the banks' cooperation with other nations. In the letter dated Oct. 21, the lawyers questioned the terms of a proposed non-prosecution agreement over how banks can achieve amnesty through the disclosure program announced last year. The disclosure program that allows some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their U.S. customers was signed by more than 100 Swiss banks in December, Bloomberg reported earlier.

In the 11-page letter seen by Reuters, lawyers from 18 law firms have requested the U.S. DOJ to discuss issues which present substantial obstacles to their clients’ to "cooperate fully with . . . any other domestic or foreign law enforcement agency designated by the Department,” among a wide range of other changes.

"This requirement is not found in the Program and, indeed, turns a Program specifically focused on U.S. tax issues into a global cooperation agreement without any safeguards or guarantees of appropriate consideration of the banks’ cooperation," the document argued.

THE USA, ALWAYS OVER-REACHING...

[Demeter]

29. U.S. Court hears arguments on sex discrimination at Goldman Sachs

http://www.reuters.com/article/2014/10/22/us-usa-employment-goldman-idUSKCN0IB2L620141022?feedType=RSS&feedName=businessNews

Goldman Sachs Group on Wednesday attacked expert evidence offered by attorneys for former female employees in a U.S. federal sex discrimination lawsuit, arguing there was no pattern of gender-based pay and promotion disparities at the bank....

OF COURSE THERE ISN'T....JUST A SILLY HORMONAL PROBLEM WITH A FEW OF OUR GIRLS...

[Demeter]

30. FACT, OR FICTION? Celling Your Soul

http://www.snopes.com/politics/business/cell411.asp

Claim: Cell phone users must register their numbers with the national "Do Not Call" directory by a given deadline to prevent their cell phone numbers from being released to telemarketers.

Origins: Despite dire warnings about the imminent release of cell phone numbers to telemarketers that continue to be circulated via e-mail year after year, cell phone users do not have to register their cell phone numbers with the national Do Not Call registry before a soon-to-pass deadline to head off an onslaught of telemarketing calls. The panic-inducing e-mails (which circulate especially widely every January or June, since many versions of the warning list the end of those months as a cut-off date for registering cell phone numbers with the national Do Not Call registry) grew out of a misunderstanding about the proposed creation of a wireless directory assistance service.

Cell phone numbers have generally been excluded from printed telephone books and directory assistance services. However, since the use of cell phones has burgeoned in recent years (to the point that many people no longer maintain landline phone service), several national wireless companies (AllTel, AT&T Wireless, Cingular, Nextel, Sprint PCS, and T-Mobile) banded together and hired Qsent, Inc. (since purchased by TransUnion) to produce a Wireless 411 service. Their goal was to pool their listings to create a comprehensive directory of cell phone customer names and phone numbers that would be made available to directory assistance providers.

Someone made the wild leap of reasoning that the proposed creation of a cell phone directory was the equivalent of "giving cell phone numbers to telemarketers" and began the chain of wildly inaccurate e-mails warning cell phone users to register with the National Do Not Call List in order to prevent this fate. This warning was overblown, for a couple of major reasons:

The Wireless 411 service was to be strictly "opt-in" — that is, cell phone customers would be included in the directory only if they specifically requested to be added. The phone numbers of wireless customers who did nothing would not be included, those who chose to be listed could have their numbers removed from the directory if they changed their minds, and there was no charge for requesting to be included or choosing not to be included.

The Wireless 411 information was not to be included in printed phone directories, distributed in other printed form, made available via the Internet, or sold to telemarketers. It would be made available only to operator service centers performing the 411 directory assistance service.

...There is not (and never has been) a deadline to list one's phone number with the national Do Not Call Registry — it can be done at any time. (Contrary to previous statements, the FTC announced in October 2007 that Do Not Call registry entries will not expire after five years, so those who signed up when the registry went into effect in June 2003 will not have to register again in 2008.)

Unfortunately, customers have little recourse against telemarketers who willfully ignore the Do Not Call Registry and violate other restrictions against placing calls to cell phones. Violators can be reported to the FCC, but that organization has limited resources to investigate and take action regarding the thousands of cases reported to them daily.

[Demeter]

31. Pulling Rank

[Demeter]

32. The Trouble With Hiring for 'Critical Thinking' Skills

http://www.inc.com/laura-montini/are-you-sure-you-want-to-hire-a-critical-thinker.html

Most employers agree: they want job candidates with "critical thinking" skills. The problem? Everyone seems to define the term differently...AND IF ONE HAS CRITICAL THINKING SKILLS, WHY WOULD ONE WANT TO WORK IN THIS DUMP?



Sixty-nine percent of college students say they're very well prepared to take on problem solving tasks in the workplace, according to a recent survey. But that's not what employers think. The same Harris Interactive survey found that less than 50 percent of employers agree that new college grads will come to the job with the problem solving skills they need. Despite this gap, employers are requiring the skill set now more than ever.

"Mentions of critical thinking in job postings have doubled since 2009," reports The Wall Street Journal, citing an analysis by career site Indeed.com.

But the article's author Melissa Korn suggests that if employers aren't getting what they want, perhaps it's because they're being unclear. Especially by using the phrase "critical thinking."

"It's one of those words--like diversity was, like big data is--where everyone talks about it but there are 50 different ways to define it," Korn quotes director of recruiting at Ernst & Young Dan Black as saying.

For example, Black defines critical thinking as: "The ability to work with data, to accumulate it, analyze it [and] synthesize it, in order to make balanced assessments and smart decisions."

Meanwhile, Foundation for Critical Thinking president Linda Elder says it's, "thinking about your thinking, while you're thinking, in order to improve your thinking."

And to make matters more confusing, Elder argues that employers don't actually want critical thinkers--at least in their lower ranks. Critical thinkers tend to challenge the status quo, which businesses don't typically look to recent grads to do, she told Korn. Yet, young candidates are used to seeing the requirement in the job description.

"That leaves job seekers wondering what employers really want and, once on the job, unsure of whether they're supposed to follow the rules or break them," Korn writes.

What do you think? Has "critical thinking" become a buzzword, or is it a skill you really need in your young hires? Let us know in the comments down below....(AT LINK)

[Demeter]

33. The Most Undervalued Employee in Your Business

http://www.inc.com/laura-montini/the-most-undervalued-employee-at-any-organization.html?cid=readmore


Employees who tell it like it is without any concern for your feelings might get on your nerves a bit--but they are the most undervalued people in business. That's according to Adam Grant, author of the book Give and Take: A Revolutionary Approach to Success. Grant calls these kinds of people "disagreeable givers."

"Disagreeable givers are the people who, on the surface, are rough and tough, but ultimately have others' best interests at heart," Grant said. "They are the people who are willing to give you the critical feedback that you don't want to hear--but you need to hear."

Grant, a professor of management at the Wharton School of the University of Pennsylvania, spoke last week at the Inc. 5000 Conference in Phoenix about his research on four character types: agreeable takers, disagreeable takers, agreeable givers, and disagreeable givers.

That last category of employees offers your business the most advantages. "They play devil's advocate," Grant said. "They challenge the status quo. They ask tough questions. And we need to do a much better job valuing these disagreeable givers, as opposed to saying, 'Wow, the person has sort of a gruff exterior--must be a taker.'"

Takers--those who mooch as much as possible--are precisely the kind of people you want to keep out. They make other people paranoid. Unfortunately, business leaders often let a taker slip into the mix when they confuse agreeableness with kindness. Those are two separate traits, Grant pointed out.

"Agreeableness is your outer veneer," he said. "Is it pleasant to interact with you? Whereas giving and taking are your inner motives. What are your intentions toward other people?"

So how can you spot the most insidious type of employee--an agreeable taker?

"If you are an agreeable taker, you are really motivated to be generous with powerful people because that's how you make sure you're going to rise," Grant said. However, these people are less motivated to be as cordial and caring with their peers and subordinates.

That's one reason why, when you're checking a candidate's references, you ought to consider skipping the interview with the person's former boss.

"Every agreeable taker can line up powerful people to say nice things about them," Grant said. "It's actually those peer and subordinate references that give you more meaningful data."

[Demeter]

34. The Request for a Weekend Topic/Emphasis/Artist is still open

got anything that might be of general interest, uniquely informative, or weirdly amusing?

Post your ideas below. The thread shouldn't be too late tonight...

[DemReadingDU]

36. Another banker suicide

10/24/14 Thierry Leyne, Strauss-Kahn’s Hedge-Fund Partner, Dies at 49

Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died. He was 49.

Leyne died yesterday in Tel Aviv, according to his assistant at the firm, who asked not to be identified. Le Figaro newspaper reported that he committed suicide.

Last year, Leyne joined Strauss-Kahn in establishing the Paris-traded firm Leyne, Strauss-Kahn & Partners after the former IMF head bought a 20 percent stake to help develop the investment-banking franchise of Leyne’s company, Luxembourg-based Anatevka SA. Leyne had taken Anatevka public in March 2013 before joining forces with Strauss-Kahn, commonly referred to in France as DSK.

The new partnership -- usually called LSK & Partners by using both men’s initials -- was part of Strauss-Kahn’s efforts to rebuild his post-IMF life after he was charged in 2011 of criminal sex, attempted rape, sexual abuse, unlawful imprisonment and the forcible touching of a chambermaid at the Sofitel hotel in Manhattan. Strauss-Kahn denied the charges, which were later dropped. He settled the maid’s lawsuit in 2012.

“There is a lot of demand from big groups to benefit from the advice of Mr. Strauss-Kahn,” Leyne told the New York Times last year. They started working together only a few months before agreeing to join forces, it reported.

more...
http://www.bloomberg.com/news/2014-10-24/thierry-leyne-hedge-fund-partner-of-strauss-kahn-dies-at-49.html

[Demeter]

37. wow

I think Strauss-Kahn can forget about rebuilding his life, now.

Interesting name, that investment-banking franchise...

[Tansy_Gold]

38. For everyone who believed Thomas Kinkade was the tackiest artist ever . . .

https://www.etsy.com/listing/207542446/saint-anne-rice-writers-prayer-candle

[DemReadingDU]

39. O. M. G.

and there are over 50 of these 'Sainted Writers'
https://www.etsy.com/shop/SaintedWriters?page=1

[Tansy_Gold]

40. Many are still alive, so not technically eligible n/t

[Fuddnik]

41. Well, made it back from vacation in one piece.

Had a wonderful stay in Charleston. Walked everywhere. Ate every oyster on the eastern seaboard.

Stayed in two lovely places, including a colonial era bed and breakfast. Caught the sunrise over Ft. Sumter yesterday morning, and took in a lot of the historical sites. The were filming scenes from a new WE Network series called "South of Hell", across the street from our hotel on Meeting Street. I guess it's supposed to be set in Savannah, but Charleston looks more like Savannah, so they were filming it there.

And we came back to sub $3.00 a gallon gas. Now, we can just relax for a few days. and catch up to the real world again.