Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Tansy_Gold

(17,847 posts)
Tue Sep 22, 2015, 05:10 PM Sep 2015

STOCK MARKET WATCH -- Wednesday, 23 September 2015

[font size=3]STOCK MARKET WATCH, Wednesday, 23 September 2015[font color=black][/font]


SMW for 22 September 2015

AT THE CLOSING BELL ON 22 September 2015
[center][font color=red]
Dow Jones 16,330.47 -179.72 (-1.09%)
S&P 500 1,942.74 -24.23 (-1.23%)
Nasdaq 4,756.72 -72.23 (-1.50%)


[font color=green]10 Year 2.14% -0.02 (-0.93%)
30 Year 2.94% -0.02 (-0.68%) [font color=black]


[center]
[/font]


[HR width=85%]



[font size=2]Market Conditions During Trading Hours[/font]
[center]
(click on link for latest updates)
Market Updates
[/center]



[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

[/center]


[center]

[/center]


[HR width=95%]


[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
[center]
Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
[/center]





[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
[center]
Matt Taibi: Secret and Lies of the Bailout


[/center]



[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
[center]
LegitGov
Open Government
Earmark Database
USA spending.gov
[/center]




[div]
[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
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.





[HR width=95%]


[center]

[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]


32 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Wednesday, 23 September 2015 (Original Post) Tansy_Gold Sep 2015 OP
Added Tansy_Gold Sep 2015 #1
You might consider adding the drug gouging clown. Hugin Sep 2015 #13
I thought about it Tansy_Gold Sep 2015 #31
Why Walker fell apart. Tansy_Gold Sep 2015 #2
+++ DemReadingDU Sep 2015 #3
The only thing missing.... Fuddnik Sep 2015 #12
The resemblance to Tansy_Gold Sep 2015 #32
Kochs Demand Walker Return Nine Hundred Million Dollars By Andy Borowitz SATIRE? OR TRUTH? Demeter Sep 2015 #4
I always wondered WHY the Kochs picked Walker to begin with Demeter Sep 2015 #5
I'm thinking the Kochs have switched to Carly and ... Hugin Sep 2015 #14
You just put me off the thought of breakfast Demeter Sep 2015 #15
oh, Demeter, I do hope you get well. nt antigop Sep 2015 #30
Greece election: Tsipras triumphant as Syriza returns to power Demeter Sep 2015 #6
What It Means to Be a Socialist By Chris Hedges Demeter Sep 2015 #7
Nicholas Shaxson: Why a ‘Competitive’ Economy Means Less Competition Demeter Sep 2015 #8
The Fix: The 10 most influential billionaires in politics Demeter Sep 2015 #9
The stunning — and expanding — gap in life expectancy between the rich and the poor Demeter Sep 2015 #10
10 most outrageously expensive cities on earth FOR REFERENCE PURPOSES Demeter Sep 2015 #18
Goldman CEO Blankfein says has 'highly curable' form of cancer Demeter Sep 2015 #11
WEE Update: Yankees Hall of Fame catcher Yogi Berra dies at 90 Demeter Sep 2015 #16
Class action lawsuit filed against Volkswagen Demeter Sep 2015 #17
TISA: IBM Lobbyist Planted Question From USTR Official at a 2013 Public Hearing By David Dayen Demeter Sep 2015 #19
Wolf Richter: Uruguay Does Unthinkable, Rejects TISA and Global Corporatocracy Demeter Sep 2015 #21
Private Equity Asset-Stripping Strategy Meets Charter Schools to Produce Even Better Looting Demeter Sep 2015 #20
Fed developing debt strategy for liquidating big banks Demeter Sep 2015 #22
SEC proposes rules to shore up liquidity risk management for funds Demeter Sep 2015 #28
Looks like somebody's preparing for a big blow Demeter Sep 2015 #29
Germany, Belgium consider transaction tax impact on economy Demeter Sep 2015 #23
IMF's Lagarde - weaker global growth complicates development goals Demeter Sep 2015 #24
IMF calls on investors to participate in Ukraine debt exchange Demeter Sep 2015 #26
Citrix in last-ditch attempt to sell itself Demeter Sep 2015 #25
Why RBS may pay small firms it allegedly ruined Demeter Sep 2015 #27

Hugin

(33,045 posts)
13. You might consider adding the drug gouging clown.
Wed Sep 23, 2015, 03:39 AM
Sep 2015

As a dishonorable mention. Who should be punished for murder.

Tansy_Gold

(17,847 posts)
31. I thought about it
Wed Sep 23, 2015, 05:23 PM
Sep 2015

But there are so many others who should be there as well. Like them -- Blankfein, Dimon, et al -- he has done nothing illegal.

And just because he raises the price doesn't mean anyone is going to actually pay it. He may have priced himself out of a limited market, or encouraged someone else to produce eithe ra generic or an new substitute. I believe then he would be hoist with his own petard. or just savagely bitten by Karma.

 

Demeter

(85,373 posts)
4. Kochs Demand Walker Return Nine Hundred Million Dollars By Andy Borowitz SATIRE? OR TRUTH?
Tue Sep 22, 2015, 07:32 PM
Sep 2015

Just minutes after the Wisconsin Governor Scott Walker dropped out of the Republican Presidential race, the billionaire Koch brothers demanded that he return the nine hundred million dollars they had allocated to his campaign.

For the Koch brothers, who purchased Walker earlier this year, the demand for a full cash refund reflected how badly their relationship with the formerly promising candidate had deteriorated. According to an aide familiar with the phone conversation between Walker and the Kochs, the industrialist brothers were “not amused” that the Governor had blown through millions of their dollars to become the choice of only one per cent of likely Republican voters.

“I’m not going to sugarcoat it,” the aide said. “The Kochs were pissed.”


After “tearing into Scott” for nearly thirty minutes, the Kochs reportedly demanded that Walker return their money “no later than midnight Friday.”

“B-but where am I going to come up with that kind of dough?” Walker asked.

“We don’t care how you get it, Scott,” the Kochs reportedly said. “Just get it.”


On that note, the aide said, the Kochs hung up the phone, leaving Governor Walker staring out into the middle distance.

http://www.newyorker.com/humor/borowitz-report/kochs-demand-walker-return-nine-hundred-million-dollars
 

Demeter

(85,373 posts)
5. I always wondered WHY the Kochs picked Walker to begin with
Tue Sep 22, 2015, 07:35 PM
Sep 2015

Just because he reduced Wisconsin to rubble doesn't mean he can handle a real nation....maybe Walker was the only one willing to do anything they asked of him.

They never really provided much in the way of training, or support. Wisconsin was just too ripe for a hostile takeover.

Hugin

(33,045 posts)
14. I'm thinking the Kochs have switched to Carly and ...
Wed Sep 23, 2015, 03:44 AM
Sep 2015

We'll be seeing Walker again as a possible VP pick.

 

Demeter

(85,373 posts)
15. You just put me off the thought of breakfast
Wed Sep 23, 2015, 07:00 AM
Sep 2015

and this is the first time in weeks I've felt like eating it.

Actually slept more or less horizontal last night...it felt good! I may live, after all. It's only been 5 full weeks of ever-growing misery...

 

Demeter

(85,373 posts)
6. Greece election: Tsipras triumphant as Syriza returns to power
Tue Sep 22, 2015, 07:38 PM
Sep 2015

I SUPPOSE TSIPRAS AGREES WITH LUCIFER: BETTER TO REIGN IN HELL THAN SERVE IN HEAVEN.

http://www.theguardian.com/world/2015/sep/20/syriza-set-to-return-to-power-in-greek-general-election

Greece’s leftwing leader Alexis Tsipras has emerged triumphant from a snap general election after securing a dramatic victory over his conservative rival, despite a turbulent first term in office.

There had been predictions that the race was too close to call after he accepted a crushing eurozone-led austerity programme during his first term in office, but the charismatic leader looked set to be returned to power with a near repeat of the stunning win that catapulted his Syriza party into office in January. With 99.5% of votes counted, Syriza had claimed 35.5% of the vote, easily seeing off the main conservative challengers New Democracy on 28.1%.

The interior ministry said that gave Syriza 145 seats in the 300-seat parliament, just four fewer than when Tsipras first stormed to power early this year.

Speaking in Athens, Tsipras declared: “This victory belongs to the people and those who dream of a better tomorrow and we’ll achieve it with hard work.”

Jubilant supporters, clearly relieved at the result, took to the streets in celebration, with many singing and dancing outside Syriza’s main election marquee in central Athens...


Tsipras told supporters that he would tackle endemic corruption in the country.

YEAH, RIGHT. I'VE HEARD THAT ONE BEFORE

 

Demeter

(85,373 posts)
7. What It Means to Be a Socialist By Chris Hedges
Tue Sep 22, 2015, 07:39 PM
Sep 2015
http://www.truthdig.com/report/item/what_it_means_to_be_a_socialist_20150920

We live in a revolutionary moment. The disastrous economic and political experiment that attempted to organize human behavior around the dictates of the global marketplace has failed. The promised prosperity that was to have raised the living standards of workers through trickle-down economics has been exposed as a lie. A tiny global oligarchy has amassed obscene wealth, while the engine of unfettered corporate capitalism plunders resources, exploits cheap, unorganized labor and creates pliable, corrupt governments that abandon the common good to serve corporate profit. The relentless drive by the fossil fuel industry for profits is destroying the ecosystem, threatening the viability of the human species. And no mechanisms to institute genuine reform or halt the corporate assault are left within the structures of power, which have surrendered to corporate control. The citizen has become irrelevant. He or she can participate in heavily choreographed elections, but the demands of corporations and banks are paramount.

History has amply demonstrated that the seizure of power by a tiny cabal, whether a political party or a clique of oligarchs, leads to despotism. Governments that cater exclusively to a narrow interest group and redirect the machinery of state to furthering the interests of that group are no longer capable of responding rationally in times of crisis. Blindly serving their masters, they acquiesce to the looting of state treasuries to bail out corrupt financial houses and banks while ignoring chronic unemployment and underemployment, along with stagnant or declining wages, crippling debt peonage, a collapsing infrastructure, and the millions left destitute and often homeless by deceptive mortgages and foreclosures.

A bankrupt liberal class, holding up values it does nothing to defend, discredits itself as well as the purported liberal values of a civil democracy as it is swept aside, along with those values. In this moment, a political, economic or natural disaster—in short a crisis—will ignite unrest, lead to instability and see the state carry out draconian forms of repression to maintain “order.” This is what lies ahead.

We will, as Friedrich Engels wrote, make a transition to either socialism or barbarism. If we do not dismantle global capitalism we will descend into the Hobbesian chaos of failed states, mass migrations—which we are already witnessing—and endless war. Populations, especially in the global South, will endure misery and high mortality rates caused by collapsing ecosystems and infrastructures on a scale not seen since perhaps the black plague. There can be no accommodation with global capitalism. We will overthrow this system or be crushed by it. And at this moment of crisis we need to remind ourselves what being a socialist means and what it does not mean...

MORE
 

Demeter

(85,373 posts)
8. Nicholas Shaxson: Why a ‘Competitive’ Economy Means Less Competition
Tue Sep 22, 2015, 07:44 PM
Sep 2015
http://www.taxjustice.net/2015/09/21/why-a-competitive-economy-means-less-competition/

The ‘competitiveness’ of a country can be taken to mean many things. Many people, such as Martin Wolf or Paul Krugman, have argued forcefully that it is a meaningless or dangerous concept. On another level it’s a question of language: you can make national ‘competitiveness’ mean whatever you like.

But there is a very common use of the term out there – what we are starting to call the Competitiveness Agenda – which accepts a particular meaning for the word ‘competitive.’ This agenda involves special pleading to bestow perks such as tax cuts on capital (or on capital owners), on the basis that if they aren’t pampered they will flee to other more hospitable jurisdictions. (Whether they would actually do this is another matter: the point here is that the scaremongering is often effective in securing pork for capital.)

The special pleading goes along the lines of: “Give us this tax perk and your whole economy will be more ‘competitive.’ ”

Remember that ‘competition’ between (and the ‘competitiveness’ of) countries bears absolutely no relation to competition between private sector actors (like companies) in a market. To grasp this, ponder the differences between a failed company that can’t compete, and a failed state.

The basic argument of today’s post is that the Competitiveness Agenda will tend to reduce competition in markets where it is pushed. How so? Well, it’s pretty simple...

SEE LINK
 

Demeter

(85,373 posts)
9. The Fix: The 10 most influential billionaires in politics
Tue Sep 22, 2015, 08:03 PM
Sep 2015
http://www.washingtonpost.com/news/the-fix/wp/2015/09/21/the-10-most-influential-billionaires-in-politics/?tid=sm_tw

10. George Soros $26 billion

9. John Joe Ricketts $1.6 billion

8. Rupert Murdoch $11.5 billion

7. Robert Mercer $12.5 billion

6. Paul Singer $2.1 billion

5. Michael Bloomberg $38.3 billion

4. Sheldon Adelson $26.3 billion

3. Tom Steyer $1.6 billion

2. Donald Trump $4 billion

1. The Koch brothers $85.8 billion


NOT CLEAR IF THE RANKING IS BASED PURELY ON THE AMOUNT OF MONEY EACH PUT INTO POLITICS, OR THE QUALITY OF THE RESULTS THEY GOT FOR THAT MONEY...
 

Demeter

(85,373 posts)
10. The stunning — and expanding — gap in life expectancy between the rich and the poor
Tue Sep 22, 2015, 08:29 PM
Sep 2015
http://www.washingtonpost.com/news/wonkblog/wp/2015/09/18/the-government-is-spending-more-to-help-rich-seniors-than-poor-ones/

Wealthy and middle-class baby boomers can expect to live substantially longer than their parents' generation. Meanwhile, life expectancy for the poor hasn't increased and may even be declining, according to a report published Thursday by several leading economists. Call it a growing inequality of death — and it means that the poor ultimately may collect less in money from some of the government's safety net programs than the rich.

As of 2010, the average, upper-income 50-year-old man was expected to live to 89. But the same man, if he's lower income, would live to just 76, according to the report.

https://img.washingtonpost.com/wp-apps/imrs.php?src=&w=1484

The corresponding life expectancies among women are 92 and 78 years of age.

https://img.washingtonpost.com/wp-apps/imrs.php?src=&w=1484

The authors considered the effect of these shifts on the federal budget and the full range of entitlements. As their years lengthen, the rich will benefit more from Social Security, a program intended to help protect the poor from poverty in old age. Economists and public health experts have long known that while the U.S. life expectancy has nearly doubled over the past century, more affluent Americans have been dying later. The new report, ordered by Congress and published by the National Academies of Sciences, Engineering and Medicine, attempts to project those trends into the future. How long can the boomers alive today expect to draw checks from Social Security?

Peter Orszag, one of the chairmen of the committee that wrote the report and a former senior official in the Obama administration, said he was surprised by the differences among this group by income. "The bottom of the socioeconomic distribution isn't experiencing any material increase in life expectancy," he told Wonkblog.

Those disparities are partly due to the varying lifestyles of the rich and poor, who are more likely to be obese and to smoke cigarettes. More affluent Americans have quit smoking en masse over the past few decades, but the poor have not. If more of them give up the habit in the future, some could live longer. Yet factors such as obesity and tobacco use account for less than a third of the gap in life expectancy, according to the report. Maybe the gap is due to stress, or maybe it develops during early childhood or even before birth. Researchers haven't identified the causes with precision, but whatever they are, these trends have important consequences for those who rely on federal entitlements.

The government can expect to spend about the same amount on men born in 1930 regardless of their incomes, the report found. Richer beneficiaries live longer and cash more generous checks from Social Security. Poorer beneficiaries rely more on programs such as Medicaid and disability insurance, in part because they aren't as healthy. Among Americans born 30 years later, the government will spend substantially more on the richest Americans. In that group, the benefits each man will receive over his lifetime were worth an average of $522,000 in 2010. In the poorest group, that figure was just $391,000. (These numbers don't account for the larger share of taxes paid by the most affluent.)

The report also discusses raising the retirement age for Social Security, an idea advocated by several Republican candidates for president. Raising the normal retirement age by three years, from 67 to 70, would reduce the value in 2010 of lifetime Social Security benefits for the wealthiest group of 50-year-olds from $295,000 to $236,000, a decrease of 20 percent. For the poorest group, benefits would decrease from $122,000 to $92,000, a reduction of 24.6 percent. Since the poorer group can't expect to live as long, forcing them to wait to begin drawing their benefits in full would eliminate a larger portion of their retirement.

"It's a common refrain to say, 'Life expectancy is increasing, so we should raise the normal retirement age under Social Security,' " said Orszag, now a vice chairman at Citigroup. "The problem with that is, it's true that average life expectancy is increasing, but that's disproportionately because high earners' life expectancies are increasing."


Eugene Steuerle, an economist at the nonpartisan Urban Institute who was not involved in the report, argued that policymakers should consider raising the retirement age all the same. There are cheaper ways of helping workers in jobs that don't pay well, he said. Congress could ensure a meaningful minimum benefit for them when they retire. Or lawmakers could reduce their taxes. All workers pay taxes, even if some — especially those who are making less money — don't live many years into retirement. "The issue with the retirement age is: How do we get enough workers in our society to support the benefits we want?" Steuerle said.
 

Demeter

(85,373 posts)
18. 10 most outrageously expensive cities on earth FOR REFERENCE PURPOSES
Wed Sep 23, 2015, 07:26 AM
Sep 2015
http://www.marketwatch.com/story/10-most-outrageously-expensive-cities-on-earth-2015-09-23?siteid=YAHOOB

New York City

Zurich

Geneva

Oslo

London

Hong Kong

Chicago

Copenhagen

Sydney

Toyko


DETAILS AT LINK
 

Demeter

(85,373 posts)
11. Goldman CEO Blankfein says has 'highly curable' form of cancer
Tue Sep 22, 2015, 08:39 PM
Sep 2015
http://www.reuters.com/article/2015/09/22/us-goldman-blankfein-idUSKCN0RM1DG20150922?feedType=RSS&feedName=businessNews

Lloyd Blankfein, the chairman and chief executive officer of Goldman Sachs Group Inc, said on Tuesday he had a "highly curable" form of cancer and would be able to work mostly as normal during treatment.

The veteran Wall Street boss, who steered the U.S. investment bank through the financial crisis, told employees and shareholders he would undergo chemotherapy for lymphoma over the next several months in New York.

The bank's shares finished down 1.98 percent at $179.72 a share on the New York Stock Exchange, underperforming a weaker wider market, as the announcement put Goldman's succession plans under the spotlight.

While Blankfein, 61, is undergoing treatment, other senior bank officials, including his top deputy, Chief Operating Officer Gary Cohn, will assume some of his responsibilities in dealing with the public, a person familiar with the matter said...

BAD LUCK OLD BOY
 

Demeter

(85,373 posts)
16. WEE Update: Yankees Hall of Fame catcher Yogi Berra dies at 90
Wed Sep 23, 2015, 07:06 AM
Sep 2015
http://www.wxyz.com/news/yankees-hall-of-fame-catcher-yogi-berra-dies-at-90

Yogi Berra, the Hall of Fame catcher renowned as much for his dizzying malapropisms as his record 10 World Series championships with the New York Yankees, has died. He was 90.

Berra died of natural causes Tuesday at his home in New Jersey, according to Dave Kaplan, the director of the Yogi Berra Museum.

"While we mourn the loss of our father, grandfather and great-grandfather, we know he is at peace with Mom," Berra's family said in a statement released by the museum. "We celebrate his remarkable life, and are thankful he meant so much to so many. He will truly be missed."

Short, squat and with a homely mug, Berra was a legendary Yankee who helped the team reach 14 World Series during his 18 seasons in the Bronx.

Berra played in more World Series games than any other major leaguer, and was a three-time American League Most Valuable Player.

But his name appears almost as often in Bartlett's Famous Quotations as it does in baseball's record book.

"It ain't over `til it's over" is among eight "Yogi-isms" included in Bartlett's.

"When I'm sittin' down to dinner with the family, stuff just pops out. And they'll say, `Dad, you just said another one.' And I don't even know what the heck I said," Berra insisted.

Berra played for the Yankees from 1949-65. His teammates included fellow Hall of Famers Joe DiMaggio, Mickey Mantle and Whitey Ford.

In 1956, he caught the only perfect game in World Series history and after the last out leaped into pitcher Don Larsen's arms. The famous moment was captured in photographs published in newspapers around the world.

After his playing days, Berra coached or managed the Yankees, New York Mets and Houston Astros. He led both the Yankees and Mets to pennants.

In 1985, his firing as manager by the Yankees 16 games into the season sparked a feud with George Steinbrenner. Berra vowed never to return to Yankee Stadium as long was Steinbrenner owned the team.

But in 1999, Berra finally relented, throwing out the ceremonial first pitch of the Yankees' season-opening game.

Berra, the son of Italian immigrants, got his nickname while growing up in St. Louis. Among his amateur baseball teammates was Jack McGuire, another future big leaguer.

"Some of us went to a movie with a yogi in it and afterwards Jack began calling me Yogi. It stuck," Berra told the Saturday Evening Post.

He was a fan favorite, especially with children, and the cartoon character Yogi Bear was named after him.

Berra, who played in 15 straight All-Star Games, never earned more than $65,000 a season.

Growing up, he was anything but a natural.

Chunky and slow, Berra was rejected by his hometown St. Louis Cardinals after a tryout in 1943. But a Yankee scout recognized his potential and signed him.

He reached the majors late in the 1946 season and homered in his first at-bat. The next year, he continued to hit well, but his throwing was so erratic he was shifted to the outfield, then benched.

His breakthrough season came in 1948, when he hit .315 with 14 homers and 98 RBIs while continuing to improve his fielding. In 1949, he compiled a .989 fielding percentage and did not make an error in the All-Star Game or World Series.

"I don't care who the hitter is," New York manager Casey Stengel told the New York Journal-American. &quot Berra) knows just how he should be pitched to."

Berra was AL MVP in 1951, 1954 and 1955. He holds World Series records for most hits (71) and most games (75).

He was inducted into the Hall of Fame in 1972.

"You never think of that when you're a kid," Berra said. "But egads, you gotta be somethin' to get in."

Among his boyhood friends was Joe Garagiola, who went on to a career as a major league player and broadcaster. In rejecting Berra at the 1943 tryout, the Cardinals signed Garagiola, another catcher, instead.

Lawrence Peter Berra was born in St. Louis on May 12, 1925, the son of Pietro, a laborer in a brickyard, and Pauline Berra. He grew up in "The Hill," or Italian district, with three older brothers and a younger sister.

Berra was forced to drop out of school in the eighth grade and go to work to help support his family. He took jobs in a coal yard, as a truck driver and in a shoe factory.

He continued to play amateur baseball, which brought him to the attention of major league scouts.

In 1943, his first professional season with the Yankees' farm team in Norfolk, Va., was interrupted by World War II.

He joined the Navy and later served on a gunboat supporting the D-Day invasion.

Berra married his wife, Carmen, in 1949. The couple, who met in their native St. Louis, had three sons, including Dale Berra, who played in the major leagues as an infielder.

Berra published three books: his autobiography in 1961, "It Ain't Over ..." in 1989 and "The Yogi Book: I Really Didn't Say Everything I Said" in 1998. The last made The New York Times' best seller list.

In 1996, Berra was awarded an honorary doctorate from the state university in Montclair, N.J., where he and his family lived. The university also named its baseball stadium for Berra. The adjoining Yogi Berra Museum opened in 1998.

The museum houses Berra memorabilia, including what he said was his most prized possession, the mitt he used to catch Larsen's perfect game.

He tickled TV viewers in recent years by bringing his malapropisms to a commercial with the AFLAC duck. ("They give you cash, which is just as good as money.&quot

His wife once asked Berra where he wanted to be buried, in St. Louis, New York or Montclair.

"I don't know," he said. "Why don't you surprise me?"

RIP, ALL-STAR
 

Demeter

(85,373 posts)
17. Class action lawsuit filed against Volkswagen
Wed Sep 23, 2015, 07:21 AM
Sep 2015

THIS IS WHAT HAS THE MARKETS ROILING--THE IMPLICATIONS FOR THE INDUSTRY AND THE ECONOMY FROM THIS MASSIVE FRAUD, AND IT'S EXPECTED TO SPREAD TO OTHER MANUFACTURERS...

http://www.clickondetroit.com/news/class-action-lawsuit-filed-against-volkswagen/35429470

Several law firms are filing class action lawsuits against Volkswagen over its admission that it used special software to get its cars to pass U.S. emissions tests. Clifford Law Offices, based in Chicago, says it is filing a complaint to the Northern District of Illinois alleging that VW engaged in deceptive and fraudulent business practices. Meanwhile, law firm Sutts, Strosberg LLP, based in Windsor, Canada, was reported in local media to have filed a class action lawsuit seeking $1 billion in damages and $100 million in punitive damages.

Volkswagen's share price swung wildly Wednesday as the future of CEO Martin Winterkorn hung in the balance amid the company's growing emissions scandal. Having fallen below 100 euros for the first time in nearly four years, Volkswagen AG's share price recovered to trade 2.5 percent higher at 108.5 euros. Wednesday's gyrations followed declines of 17 percent and 20 percent in the first two days of the week that saw nearly 25 billion euros (around $28 billion) wiped off the company's market value....VW is facing the prospect of multiple investigations and lawsuits following its admission that it used software to evade emissions controls in the U.S. Already, the Environmental Protection Agency, which disclosed the company's misdemeanors, has said the company could face fines of as much as $18 billion. Other countries, such as South Korea, have also ordered investigations into emission levels of VW cars and there's growing speculation the company may face class-action suits for mis-selling products...Volkswagen has set aside an initial 6.5 billion euros ($7.3 billion) to cover the fallout and "win back the trust" of customers, though it didn't mention possible fines...Above and beyond legal problems, the scandal is a huge problem for a brand long identified with trustworthiness and reliability. And there are concerns that could spill over into a wider image problem for goods "made in Germany."

**********************

On Tuesday, the company said 11 million of its vehicles worldwide contained the so-called "defeat device" that allowed the cars to beat the testers. Its revelation was a stunning increase from the 482,000 cars previously identified by the U.S.'s Environmental Protection Agency...On Tuesday, New York Attorney General Eric. T. Schneiderman said he had opened an investigation into the Volkswagen cars and would collaborate with other states to enforce consumer and environmental protections in the case.




...Another question arising from the scandal is whether Volkswagen was alone in looking to dupe the testers. Worries that others may have indulged in similar malpractices have hit the share prices of many other auto makers in Europe, though not on the scale of VW. On Wednesday, other European carmakers saw their share prices fall sharply then recoup some lost ground. In midmorning trading, BMW's share price was up 2.2 percent, while Daimler's rose 1.1 percent. French carmaker Peugeot Citroen saw its share price drop 3.1 percent while Renault's dropped 2.6 percent. The problems afflicting German carmakers prompted the country's biggest bank, Deutsche Bank, to revise down its view on the main German stock market. In a note to clients, the bank revised down its forecast for the DAX, as carmakers account for 25 percent of its total value. It warned of "a potentially more sustained loss in brand value and prolonged recovery period ahead in the U.S."

 

Demeter

(85,373 posts)
19. TISA: IBM Lobbyist Planted Question From USTR Official at a 2013 Public Hearing By David Dayen
Wed Sep 23, 2015, 07:32 AM
Sep 2015
http://www.nakedcapitalism.com/2015/09/ibm-lobbyist-planted-question-from-ustr-official-at-a-2013-public-hearing.html

...Authorizing cross-border data flows, which lobbyists bring up over and over again in the EFF emails, is one of the subjects that has privacy advocates up in arms about TiSA. Under this concept, financial services suppliers, e-commerce or social media sites could transfer individual client data out of a TiSA country for processing, regardless of national privacy laws. This breaks with thousands of years of precedent on locally kept business records.

IBM wants to open up data to cross-border administration, and they have created software to “securely” hold it in the cloud. But Vietnam’s draft IT services decree, released in 2012, would hamper this effort, by requiring servers for all cloud services, data centers or web-search portals to be located inside the country. Though Vietnam is not part of TiSA, their demand for local server storage has prompted corporate outcry...And in the Wikileaks release of TiSA, the U.S. does in fact propose that parties to the agreement allow cross-border data flows, and not require data storage to be located inside their country.

It’s a small moment, but I think a critical one. The relationship between corporate America and trade officials is apparently so cozy that the corporations get to write the questions they are asked in public hearings. The overwhelming sense you get reading these emails is of no adversarial or even questioning relationship between the businesses and the government. Everyone’s on the same side. When Stewart writes “We at IBM appreciate everything you are doing” in a separate note to USTR, you believe he’s sincere. IBM maybe didn’t write the U.S. negotiating position themselves, but they certainly held the marionette strings.

TiSA has faltered of late. Both Uruguay and Paraguay dropped out of the talks earlier this month. The entirety of the trade agenda appears stalled out for the moment. But that’s not for the lack of trying by the corporate sector, as these email bear out.
 

Demeter

(85,373 posts)
21. Wolf Richter: Uruguay Does Unthinkable, Rejects TISA and Global Corporatocracy
Wed Sep 23, 2015, 07:45 AM
Sep 2015
http://wolfstreet.com/2015/09/22/uruguay-does-unthinkable-rejects-global-corporatocracy-tisa/

Often referred to as "the Switzerland of South America", Uruguay is long accustomed to doing things its own way. It was the first nation in Latin America to establish a welfare state. It also has an unusually large middle class for the region and unlike its giant neighbors to the north and west, Brazil and Argentina, is largely free of serious income inequality. Two years ago, during José Mujica’s presidency, Uruguay became the first nation to legalize marijuana in Latin America, a continent that is being ripped apart by drug trafficking and its associated violence and corruption of state institutions.

Now Uruguay has done something that no other semi-aligned nation on this planet has dared to do: it has rejected the advances of the global corporatocracy. Earlier this month Uruguay’s government decided to end its participation in the secret negotiations of the Trade in Services Agreement (TISA). After months of intense pressure led by unions and other grassroots movements that culminated in a national general strike on the issue – the first of its kind around the globe – the Uruguayan President Tabare Vazquez bowed to public opinion and left the US-led trade agreement.

Despite – or more likely because of – its symbolic importance, Uruguay’s historic decision has been met by a wall of silence. Beyond the country’s borders, mainstream media has refused to cover the story. This is hardly a surprise given that the global public is not supposed to even know about TiSA’s existence, despite – or again because of – the fact that it’s arguably the most important of the new generation of global trade agreements. According to WikiLeaks, it “is the largest component of the United States’ strategic ‘trade’ treaty triumvirate,” which also includes the Trans Pacific Partnership (TPP) and the TransAtlantic Trade and Investment Pact (TTIP). TiSA involves more countries than TTIP and TPP combined: The United States and all 28 members of the European Union, Australia, Canada, Chile, Colombia, Costa Rica, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Pakistan, Panama, Paraguay, Peru, South Korea, Switzerland, Taiwan and Turkey. Together, these 52 nations form the charmingly named “Really Good Friends of Services” group, which represents almost 70% of all trade in services worldwide. Until its government’s recent u-turn Uruguay was supposed to be the 53rd Good Friend of Services.

TiSA has spent the last two years taking shape behind the hermetically sealed doors of highly secure locations around the world. According to the agreement’s provisional text, the document is supposed to remain confidential and concealed from public view for at least five years after being signed. Even the World Trade Organization has been sidelined from negotiations. But thanks to whistle blowing sites like WikiLeaks, the Associated Whistleblowing Press and Filtrala, crucial details have seeped to the surface. Here’s a brief outline of what is known to date (LINKS TO SUPPORT AT OP):


    1.TiSA would “lock in” the privatization of services – even in cases where private service delivery has failed – meaning governments can never return water, energy, health, education or other services to public hands.

    2.TiSA would restrict signatory governments’ right to regulate stronger standards in the public’s interest. For example, it will affect environmental regulations, licensing of health facilities and laboratories, waste disposal centres, power plants, school and university accreditation and broadcast licenses.

    3.TiSA would limit the ability of governments to regulate the financial services industry, at a time when the global economy is still struggling to recover from a crisis caused primarily by financial deregulation. More specifically, if signed the trade agreement would:

    Restrict the ability of governments to place limits on the trading of derivative contracts — the largely unregulated weapons of mass financial destruction that helped trigger the 2007-08 Global Financial Crisis.

    Bar new financial regulations that do not conform to deregulatory rules. Signatory governments will essentially agree not to apply new financial policy measures which in any way contradict the agreement’s emphasis on deregulatory measures.

    Prohibit national governments from using capital controls to prevent or mitigate financial crises. The leaked texts prohibit restrictions on financial inflows – used to prevent rapid currency appreciation, asset bubbles and other macroeconomic problems – and financial outflows, used to prevent sudden capital flight in times of crisis.

    Require acceptance of financial products not yet invented. Despite the pivotal role that new, complex financial products played in the Financial Crisis, TISA would require governments to allow all new financial products and services, including ones not yet invented, to be sold within their territories.


    4. TiSA would ban any restrictions on cross-border information flows and localization requirements for ICT service providers. A provision proposed by US negotiators would rule out any conditions for the transfer of personal data to third countries that are currently in place in EU data protection law. In other words, multinational corporations will have carte blanche to pry into just about every facet of the working and personal lives of the inhabitants of roughly a quarter of the world’s 200-or-so nations. As I wrote in LEAKED: Secret Negotiations to Let Big Brother Go Global, if TiSA is signed in its current form – and we will not know exactly what that form is until at least five years down the line – our personal data will be freely bought and sold on the open market place without our knowledge; companies and governments will be able to store it for as long as they desire and use it for just about any purpose.

    5) Finally, TiSA, together with its sister treaties TPP and TTIP, would establish a new global enclosure system, one that seeks to impose on all 52 signatory governments a rigid framework of international corporate law designed to exclusively protect the interests of corporations, relieving them of financial risk and social and environmental responsibility. In short, it would hammer the final nail in the already bedraggled coffin of national sovereignty.


A Dangerous Precedent

Given its small size (population: 3.4 million) and limited geopolitical or geo-economic clout, Uruguay’s withdrawal from TiSA is unlikely to upset the treaty’s advancement. The governments of the major trading nations will continue their talks behind closed doors and away from the prying eyes of the people they are supposed to represent. The U.S. Congress has already agreed to grant the Obama administration fast-track approval on trade agreements like TiSA while the European Commission can be expected to do whatever the corporatocracy demands. However, as the technology writer Glyn Moody notes, Uruguay’s defection – like the people of Iceland’s refusal to assume all the debts of its rogue banks – possesses a tremendous symbolic importance:

It says that, yes, it is possible to withdraw from global negotiations, and that the apparently irreversible trade deal ratchet can actually be turned back. It sets an important precedent that other nations with growing doubts about TISA – or perhaps TPP – can look to and maybe even follow.


... Uruguay is the only nation on the planet that has had any kind of public discussion, superficial or not, about TiSA and its potentially game-changing implications. Perhaps it’s time that changed.
 

Demeter

(85,373 posts)
20. Private Equity Asset-Stripping Strategy Meets Charter Schools to Produce Even Better Looting
Wed Sep 23, 2015, 07:34 AM
Sep 2015
http://www.nakedcapitalism.com/2015/09/private-equity-asset-stripping-strategy-meets-charter-schools-to-produce-even-better-looting.html

Eileen Appelbaum, co-author of the important book Private Equity at Work, flagged an important article in Philly.com on how a secretive consulting firm that was previously investigated for corruption and a local law firm are engaged in complex, high cost bond deals to implement an asset stripping strategy that Appelbaum and her co-author Rosemary Batt have called out as a private equity enrichment scheme that impairs operating businesses. It’s bad enough to see this sort of thing take place in the dog-eat-dog world of Corporate America. It’s even worse to see it take place in charter schools, where the losers are students, by virtue of unjustifiably large portions of charter fees go to unproductive rental payments and financing fees, as opposed to education, and to taxpayers, who over time face inflated costs to fund profiteering masquerading as education.

If you live in the Philadelphia area, I hope you’ll read articles Charter schools building boom: Charters borrow nearly $500 million on taxpayers’ dime and raise holy hell about the String Theory charter schools, whose expansion plans need to be stopped in their tracks, as well as the roles of its highly paid fixers, the consulting firm Santilli & Thomson and the law firm Sand & Saidel.

The nub of the looting strategy is the acquisition and leaseback of lavish buildings to house charter schools. Because charters are correctly perceived to be risky tenants, bond financings for these purchases are at junk bond rates, meaning high financing costs are heaped on top of what would already be unjustifiably high rental charges, by virtue of putting schools in educationally unproductive glamorous digs. And of course, in an environment where it’s business as usual to lard up bond deals that could be done on a plain-vanilla basis with far more complicated deals that lower interest rates a smidge in return for allowing consultants to charge hefty fees and the financiers to dump risks worth more than the cost savings on the hapless borrower through derivatives, the financial rent extraction can occur at an even greater scale on a high-cost financing...
 

Demeter

(85,373 posts)
22. Fed developing debt strategy for liquidating big banks
Wed Sep 23, 2015, 07:52 AM
Sep 2015

The Federal Reserve is working on a requirement that major banks obtain from private sources long-term debt that would be set aside to cover the cost of wind-down and liquidation, said Martin Gruenberg, head of the Federal Deposit Insurance Corp. The approach would provide for resolution of distressed lenders without costing taxpayers, he said. The debt, which could be converted into equity, would "allow for the recapitalization of any critical subsidiaries until such time as they can be wound down and liquidated," Gruenberg said.

http://r.smartbrief.com/resp/gZpcBYvBbTCSmqbyCicOlvCicNAWGm?format=standard

THIS IS HUGE--ADD PROBABLY RIDICULOUS, ON ITS FACE
 

Demeter

(85,373 posts)
28. SEC proposes rules to shore up liquidity risk management for funds
Wed Sep 23, 2015, 08:26 AM
Sep 2015
http://www.reuters.com/article/2015/09/22/us-sec-funds-rules-idUSKCN0RM1NW20150922

Mutual funds and exchange-traded funds will be required to create new programs to better manage their liquidity, under a plan put forth by U.S. securities regulators on Tuesday. The proposal by the Securities and Exchange Commission is one of several safeguards for the asset management sector that SEC Chair Mary Jo White called for in a major policy speech last year. The plan comes as asset managers have been facing heightened scrutiny by banking regulators over fears their lending and investing activities could pose broader risks to the marketplace.

The Financial Stability Oversight Council (FSOC), a body of regulators headed by the U.S. Treasury Secretary, has been conducting a review of products and activities in the industry to determine if they may warrant further regulation. Under Tuesday's plan, mutual funds and ETFs will need to devise plans to ensure they can meet redemption demands from investors during periods of market stress. These plans will require funds to classify and review the assets in their portfolios based upon how quickly they could be converted into cash.

The plan would also permit, but not require, mutual funds to use "swing pricing," a process in which a fund's net asset value reflects the costs associated with trading so those costs can be passed to shareholders. Swing pricing is meant to protect existing shareholders from dilution that can come from purchases and redemptions, and would only be triggered in certain market conditions. Finally, Tuesday's plan calls for additional disclosures related to swing pricing use and how the liquidity of a fund's assets is classified....Currently, there is not an extensive regulatory regime governing fund liquidity.

By law mutual funds are expected to honor redemption requests within seven days. And while mutual funds are urged by SEC guidance to cap their investments in illiquid securities at 15 percent, this is not a legal requirement.

The last time the SEC issued guidance concerning fund liquidity was more than two decades ago.

Republicans on the commission supported the plan, but raised some concerns about whether swing pricing is the right solution for allocating the costs of purchases and redemptions.

MORE
 

Demeter

(85,373 posts)
23. Germany, Belgium consider transaction tax impact on economy
Wed Sep 23, 2015, 08:02 AM
Sep 2015
http://www.reuters.com/article/2015/09/22/eu-tax-markets-idUSL5N11S39T20150922

Germany and several other euro zone states that have pledged to tax financial transactions from 2017 want to curb the impact on savers and on how markets fund the economy, documents showed on Tuesday. Eleven euro zone countries are planning to introduce the financial transaction tax (FTT) on stock, bond and derivatives trades, but there are worries the move could crimp the ability of markets to fund the economy.

"One could try to assess whether it is possible to identify transactions which are directly linked to the risk hedging activities of real economy enterprises," a discussion paper written by Germany, Belgium, Spain and Portugal for a Sept. 29 meeting said.

"This would give the opportunity to treat these specific transactions differently from other transactions," said the document, seen by Reuters.


In a separate paper for the same meeting and written by Germany, Belgium, Estonia, Spain and Slovakia, they outline ways to stop the tax from altering the way pension funds would invest and potentially making them less attractive to savers. Pension funds typically change their portfolios regularly to mitigate risks and get the best returns for their customers. But the tax as proposed could "encourage" a passive "buy and hold strategy" and "discourage" an active "beat the market" strategy, the document said.

Insurers offer similar savings products to pension funds, the document said. "Hence, a tax burden from FTT would also decrease the income or the ability to manage appropriately these funds."

EU Economics Commissioner Pierre Moscovici said this month that political agreement on the tax is "within reach"...There has already been a push to limit the tax's impact on sovereign debt markets...

LOOKS LIKE SOMEBODY'S OX WAS GETTING GORED...
 

Demeter

(85,373 posts)
24. IMF's Lagarde - weaker global growth complicates development goals
Wed Sep 23, 2015, 08:04 AM
Sep 2015

NOW, DOES SHE MEAN "PROFITS" OR " IMPROVED LIVING FOR PEOPLE"?

http://www.reuters.com/article/2015/09/22/uk-imf-development-idUKKCN0RM2BX20150922

Downside risks to global growth have increased and the weak economic outlook will make achieving world development goals more difficult than in the past, the head of the International Monetary Fund said on Tuesday.

IMF Managing Director Christine Lagarde said she hoped world leaders would adopt a United Nations agenda for sustainable development over the next 15 years at a summit in New York from Sept. 25-27.

The new Sustainable Development Goals will aim to eradicate hunger and extreme poverty, reduce inequality within and between states, achieve gender equality, improve water and energy management, and take urgent action to combat climate change...

 

Demeter

(85,373 posts)
26. IMF calls on investors to participate in Ukraine debt exchange
Wed Sep 23, 2015, 08:10 AM
Sep 2015
http://www.reuters.com/article/2015/09/22/us-imf-ukraine-idUSKCN0RM1OZ20150922

The International Monetary Fund urged all of Ukraine's creditors on Tuesday to support a debt restructuring deal, saying it was critical that investors holding the country's Eurobonds participate in an upcoming debt exchange. Ukraine has agreed to the debt deal with a group of its largest creditors in order to plug a $15 billion funding gap under an IMF-led $40 billion bailout program, but remaining creditors still need to approve the plan."High participation by all concerned Eurobond holders in the upcoming debt exchange is paramount," IMF Managing Director Christine Lagarde said in an open letter to the "financial community".

Ukraine has included a $3 billion Eurobond held entirely by Russia among the sovereign and sovereign-guaranteed bonds to be restructured, but the Kremlin has repeatedly said it will not participate in the process.
On Tuesday, Russian Finance Minister Sergei Storchak said Ukraine had not contacted Russia about restructuring the Eurobonds that Russia holds and suggested that other bondholders could vote against the deal. "There are hedge funds that are very doubtful of whether this deal needs to be accepted," he said.

Hedge fund Aurelius, which has used courts to secure better debt repayment terms from Argentina, has accumulated Ukraine sovereign bonds and formed a group seeking improvements to the recent debt workout, a source told Reuters last week.

Ukraine's bonds do not have cross-default clauses, meaning holders of one bond cannot sink the entire restructuring deal if those holding other issues vote in favor of the swap.
 

Demeter

(85,373 posts)
25. Citrix in last-ditch attempt to sell itself
Wed Sep 23, 2015, 08:07 AM
Sep 2015
http://www.reuters.com/article/2015/09/22/us-citrix-m-a-idUSKCN0RM2T920150922

Citrix Systems Inc (CTXS.O), the U.S. cloud computing company targeted by activist hedge fund Elliott Management, is making a final attempt to sell itself as a whole before it embarks on asset sales, according to people familiar with the matter. Citrix, which had attracted the interest of private equity investors before it agreed in July to give Elliott a seat on its board of directors, is having new conversations with buyout firms, the people said this week. The company, which has a market capitalization of $11.6 billion, has also reached out to other technology firms to solicit interest, including Dell Inc, the computer maker that was taken private two years ago by its founder Michael Dell and private equity firm Silver Lake Partners LP, the people added. Citrix announced in July it would explore strategic alternatives for its GoTo family of products, including videoconferencing and desktop sharing service GoToMeeting. However, a sale process for these assets has not started yet because Citrix wants to see if it can still sell itself at a satisfactory valuation, according to the sources. If Citrix does not sell itself in its entirety, it will not just seek to sell or spin off its GoTo products, but it will also explore options for other assets down the line, according to the sources....

Based in Santa Clara, California, Citrix provides communications software and networking solutions for businesses. It reported net income of $251.7 million in 2014, down from $339.5 million in 2013.

Earlier this year, Elliott called on Citrix to sell some units, cut costs and buy back shares to make up for six years of underperformance. In addition to the GoTo business, Elliott has called for Citrix to explore the sale of NetScaler, which helps speed up Web-based applications. Elliott clinched a deal with Citrix in July that gave Jesse Cohn, one of its senior partners, a seat on the company's board. Citrix also said it would start a search for an independent board member, mutually agreeable to Citrix and Elliott. It also said at the time that Chief Executive Mark Templeton was retiring and that it would search for a new CEO.

Earlier this month, Citrix said it would repurchase up to an additional $500 million of its common stock...
 

Demeter

(85,373 posts)
27. Why RBS may pay small firms it allegedly ruined
Wed Sep 23, 2015, 08:19 AM
Sep 2015
http://www.reuters.com/article/2015/09/23/us-banking-rbs-specialreport-idUSKCN0RN17U20150923?feedType=RSS&feedName=businessNews

One morning in May, the chief executive of Royal Bank of Scotland, one of Britain's biggest banks, called together his senior executives for an urgent briefing. Ross McEwan had just attended a meeting with officials at the financial regulator and had important news.

"I think they've found something," he said, according to three sources with direct knowledge of the meeting.

McEwan was referring to the regulator's investigation into claims by customers that RBS, once a colossus with a balance sheet nearly twice the size of the British economy, had deliberately pushed small businesses to bankruptcy so it could pick up their assets cheaply...The cost to the bank, rescued during the financial crisis by British taxpayers, could run to billions of pounds. But bank executives hope the step might help draw a line under the mounting tally of blunders and alleged wrongdoing which has dogged RBS since 2007, crippling its reputation, impeding its recovery and delaying government plans to re-privatize it.

Of the many scandals that have entangled RBS in recent years, executives say McEwan feels the GRG allegations have been most damaging....Paying customers off could avoid costly litigation, which includes a possible class action from hundreds of businesses.

MORE

THERE'S BEEN AN AWFUL LOT OF "INNOVATION" IN FINANCIAL SERVICES!

And even if RBS goes ahead with a compensation scheme, not all its former customers would sign up. D'Eye said he, for one, would not: "I will never trust a bank again in my life."
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Wed...