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Related: About this forumSTOCK MARKET WATCH -- Monday, 9 March 2015
[font size=3]STOCK MARKET WATCH, Monday, 9 March 2015[font color=black][/font]
SMW for 6 March 2015
AT THE CLOSING BELL ON 6 March 2015
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Dow Jones 17,856.78 -278.94 (-1.54%)
S&P 500 2,071.26 -29.78 (-1.42%)
Nasdaq 4,927.37
[font color=red]10 Year 2.25% +0.05 (2.27%)
30 Year 2.84% +0.05 (1.79%) [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)
Market Updates
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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
[/center][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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STOCK MARKET WATCH -- Monday, 9 March 2015 (Original Post)
Tansy_Gold
Mar 2015
OP
Demeter
(85,373 posts)1. Rejoice! Rejoice!
When I left for the movies Sunday 4 PM, there were 2 snowdrops rising through the rapidly melting ice.
When I got back at 7 PM there were 4! And we are going to have a whole week of "normal" weather, enough to melt all the ice away.
We saw Will Smith's "Focus". A good thriller in the Ocean's, Sting, conman genre. Gorgeous and suspenseful.
(I take a nice terra cotta, don't I?)
Demeter
(85,373 posts)2. U.S. Companies Are Stashing $2.1 Trillion Overseas to Avoid Taxes THEY'RE AT IT AGAIN!
http://www.bloomberg.com/news/articles/2015-03-04/u-s-companies-are-stashing-2-1-trillion-overseas-to-avoid-taxes?
Eight of the biggest U.S. technology companies added a combined $69 billion to their stockpiled offshore profits over the past year, even as some corporations in other industries felt pressure to bring cash back home.
Microsoft Corp., Apple Inc., Google Inc. and five other tech firms now account for more than a fifth of the $2.10 trillion in profits that U.S. companies are holding overseas, according to a Bloomberg News review of the securities filings of 304 corporations. The total amount held outside the U.S. by the companies was up 8 percent from the previous year, though 58 companies reported smaller stockpiles.
The money pileup, reflecting companies incentives to park profits in low-tax countries, has drawn the attention of President Barack Obama and U.S. lawmakers, who see a chance to tap the funds for spending programs and to revamp the tax code. That effort is stalled in Washington, and there are few signs that tech companies will bring the profits back to the U.S. until Congress gives them an incentive or a mandate.
It just makes no sense to repatriate, pay a substantial tax on it, said Joseph Kennedy, a senior fellow at the Information Technology and Innovation Foundation, a policy-research group whose board of directors includes executives from Microsoft and Oracle Corp. Computing and IT companies especially have a lot of flexibility in where they declare their profits.
NO SENSE AT ALL, EXCEPT FOR THE FACT THAT THE US PEOPLE PROVIDED YOU WITH THE INFRASTRUCTURE, CUSTOMERS, TAX CREDITS, AND EMPLOYEES TRAINED AT PUBLICLY SUPPORTED INSTITUTIONS OF LEARNING, YOU FKWIT.
Eight of the biggest U.S. technology companies added a combined $69 billion to their stockpiled offshore profits over the past year, even as some corporations in other industries felt pressure to bring cash back home.
Microsoft Corp., Apple Inc., Google Inc. and five other tech firms now account for more than a fifth of the $2.10 trillion in profits that U.S. companies are holding overseas, according to a Bloomberg News review of the securities filings of 304 corporations. The total amount held outside the U.S. by the companies was up 8 percent from the previous year, though 58 companies reported smaller stockpiles.
The money pileup, reflecting companies incentives to park profits in low-tax countries, has drawn the attention of President Barack Obama and U.S. lawmakers, who see a chance to tap the funds for spending programs and to revamp the tax code. That effort is stalled in Washington, and there are few signs that tech companies will bring the profits back to the U.S. until Congress gives them an incentive or a mandate.
It just makes no sense to repatriate, pay a substantial tax on it, said Joseph Kennedy, a senior fellow at the Information Technology and Innovation Foundation, a policy-research group whose board of directors includes executives from Microsoft and Oracle Corp. Computing and IT companies especially have a lot of flexibility in where they declare their profits.
NO SENSE AT ALL, EXCEPT FOR THE FACT THAT THE US PEOPLE PROVIDED YOU WITH THE INFRASTRUCTURE, CUSTOMERS, TAX CREDITS, AND EMPLOYEES TRAINED AT PUBLICLY SUPPORTED INSTITUTIONS OF LEARNING, YOU FKWIT.
Demeter
(85,373 posts)3. Europe, The Morally Bankrupt Union
http://www.theautomaticearth.com/2015/03/europe-the-morally-bankrupt-union/
The European Union is busy accomplishing something truly extraordinary: it is fast becoming such a spectacular failure that people dont even recognize it as one. People have no idea, they just think: this cant possibly be true, and they continue with their day. They should think again. Because the Grand European Failure is bound to lead to real life consequences soon, and theyll be devastating. The union that was supposed to put an end to all fighting across the continent, is about to be the fuse that sets off a range of battles.
To its east, the EU is involved in a brain-dead attempt at further expansion it has only one idea when it comes to size: bigger is always better -, an attempt that is proving to be such a disaster that heads will roll in the Brussels corridors no matter what. Europe has joined the US and NATO very enthusiastically in creating not just a failed state, but a veritable imitation of Hiroshima, in Ukraine, right on its own borders. The consequences of this will haunt the EU (or if it doesnt last, which is highly plausible, its former members) not just for weeks or months or years, but for many decades.
The carefully re-crafted relationship with Russia, which took 25 years to build, was destroyed again in hardly over a year, something for which Angela Merkel deserves so much blame it may well end up being her main political legacy. Vladimir Putin, and Russia as a nation, will not easily forget the humiliation the west has thrown at them, the accusations, the innuendo, the attempts to draw them into a war they never wanted and in which they see no advantage for any party involved.
That US warmongers would try and set this up, is something Moscow has long known and expected; that Merkel would stand side by side with the likes of John McCain and Victoria Nuland is seen as a deep if not ultimate betrayal between neighbors and friends. Russia will present Germany with the bill when it feels the time is right. Obviously, all other EU countries that have behaved in the insane ways they have over the past year will receive that same bill, or worse. To be sure, this week weve seen the first protest voices from Germany regarding NATOs vacuous attempts to draw Russia into the battlefields of Ukraine. But those voices are years too late. They cant undo the damage already done. They may keep American weapons from reaching Kiev and even thats a big maybe -, but they cant bring back either the lives of the victims, the Ukrainian economy or the trust lost between east and west.
To its south, the EU faces perhaps its most shameful -or should that be shameless? problem, because it doesnt do anything about it: the thousands of migrants who try to cross the Mediterranean to get to Europe but far too often perish in the process. The Italians spend themselves poor, trying to save as many migrants as they can (170,000 last year!), and there are private citizens Americans even pouring in millions of dollars, but the EU itself has zero comprehensive policy as people keep dying on its doorstep all the time. The official line out of Brussels is that the EU polices only the European coastline, but the drownings mostly take place off the Lybian coast. At least Italy and others do sail there to alleviate the human misery. And now the problem threatens to expand into a whole new and additional dimension, with Muslim extremists like ISIS set to travel alongside the migrants to gain entry into Europe with the aim of launching terror attacks. Having turned a blind eye to the issue for years, Europe will now find itself woefully unprepared for this new development. Still, expect more bluster and brute force where there was never any reason or need for it. That the EUs MO today.
Its not just in the south either that migrant problems are rampant: the Ukraine is a hotbed migrant route that Europe has lost control over for obvious reasons, and there have for example been thousands of African refugees camping out in the French port of Calais for what feels like forever, desperate to make it to Britain (I know, God knows why..).
To its west, the EU has Britain, which by the time it gets to vote on Europe may well have its belly so full of Brussels that no scare campaign helps anymore. Then Britain will make a sharp turn right, as many other countries will. Which is exclusively due to the EU, and to all the domestic politicians across the entire spectrum who are so blind to the failings of the Union that the only option voters have if they want out is to choose right extremism.
To its north, the EU doesnt seem to have much to worry about right now, but dont you worry: theyll think of something. Count for instance on Brussels to join Denmark in its Arctic land claims, and offend Moscow some more while theyre at it.
But the biggest failure is not even in politics outside of its own territory. The union rots from within. Which starts with its moral bankruptcy, obviously. If you allow yourself to be an active accomplice in the death of over 6000 East Ukrainians, and you simply look away as thousands of migrants die in the seas off your shores, it should not be surprising that you just as easily allow for a humanitarian crisis, like the one in Greece, to develop within your own borders. It comes with the territory, so to speak. And make no mistake: this absence of moral values is something Europe in its present form will never be able to claim back. Never. The EU has shown itself to be a gross moral failure, and thats it: the experiment is over. They cant come back in 10 or 20 years and say: now we want it back, were different now. Youd need to have a whole new union, new rules and principles, and new leadership. Its like the US, which once (post WW) had an enormous moral high ground in the world to walk on, and its completely gone. Nobody trusts anything America says anymore. America has lost its place in the world as guardian of freedom and democracy, and so has Europe. All they can do now to exert influence is to engage in political scheming and military sabre rattling. Everything else is gone.
What will undo Europe from within is its economic policies. Which are strongly linked to the same moral values issue: inside a union, you cannot let thousands of people go without food and health care while others, a few hundred miles away, drive new Mercs and Beamers over a brand new Autobahn. Thats not a union. Thats a feudal society...MORE
ILARGI GIVES THEM BOTH BARRELS AND LAYS IT AT THE BANKSTERS FEET AND THEIR PET ECONOMISTS AND EUROCRATS
The European Union is busy accomplishing something truly extraordinary: it is fast becoming such a spectacular failure that people dont even recognize it as one. People have no idea, they just think: this cant possibly be true, and they continue with their day. They should think again. Because the Grand European Failure is bound to lead to real life consequences soon, and theyll be devastating. The union that was supposed to put an end to all fighting across the continent, is about to be the fuse that sets off a range of battles.
But the biggest failure is not even in politics outside of its own territory. The union rots from within. Which starts with its moral bankruptcy, obviously. If you allow yourself to be an active accomplice in the death of over 6000 East Ukrainians, and you simply look away as thousands of migrants die in the seas off your shores, it should not be surprising that you just as easily allow for a humanitarian crisis, like the one in Greece, to develop within your own borders. It comes with the territory, so to speak. And make no mistake: this absence of moral values is something Europe in its present form will never be able to claim back. Never. The EU has shown itself to be a gross moral failure, and thats it: the experiment is over. They cant come back in 10 or 20 years and say: now we want it back, were different now. Youd need to have a whole new union, new rules and principles, and new leadership. Its like the US, which once (post WW) had an enormous moral high ground in the world to walk on, and its completely gone. Nobody trusts anything America says anymore. America has lost its place in the world as guardian of freedom and democracy, and so has Europe. All they can do now to exert influence is to engage in political scheming and military sabre rattling. Everything else is gone.
What will undo Europe from within is its economic policies. Which are strongly linked to the same moral values issue: inside a union, you cannot let thousands of people go without food and health care while others, a few hundred miles away, drive new Mercs and Beamers over a brand new Autobahn. Thats not a union. Thats a feudal society...MORE
ILARGI GIVES THEM BOTH BARRELS AND LAYS IT AT THE BANKSTERS FEET AND THEIR PET ECONOMISTS AND EUROCRATS
Demeter
(85,373 posts)4. Heta Damage Spreads in Austrian Downgrades, German Losses
http://www.bloomberg.com/news/articles/2015-03-07/heta-damage-spreads-in-austrian-downgrades-german-losses
Austrias decision to wind down Heta Asset Resolution AG sent ripples through the financial system, causing credit rating downgrades in Austria and bank losses in Germany. Moodys Investors Service cut the rating of Carinthia province, which guarantees 10.2 billion euros ($11.1 billion) of Hetas debt, by four levels to Baa3 from A2, and said it may lower the ratings of three state-owned Austrian banks exposed to it. Dexia SAs German unit, Deutsche Pfandbriefbank AG and NRW.Bank said yesterday they own Heta bonds that may suffer losses.
Austria paved the way for imposing losses on Hetas bondholders when it ruled out further support for the bad bank of Hypo Alpe-Adria-Bank International AG March 1. Using powers set out in European Union and Austrian bank laws covering debt reorganization, the Finanzmarktaufsicht regulator ordered a 15-month debt moratorium while it plans resolution of Hetas 18 billion euros of assets. Carinthias guarantees, which peaked at 25 billion euros in 2006, were the main justification for Hypo Alpes public rescue in 2009 and the biggest conundrum in its wind-down.
Cant Pay
With budgeted revenue of 2.36 billion euros this year, the southern province of 556,000 people would be unable to honor the guarantees if they came due now or in a years time, Governor Peter Kaiser told Austrian radio ORF on Tuesday. The guarantees could exceed Carinthias liquidity resources, lead to increased financial leverage and could require some form of extraordinary central government support, Moodys said.
Finance Minister Hans Joerg Schelling has said repeatedly that the Austrian government isnt liable to cover Carinthias guarantees. Among Hetas liabilities affected by the moratorium and a future bail-in are 1.24 billion euros Heta owes to Pfandbriefbank Oesterreich AG, which issues bonds on behalf of Austrian provincial banks...
MORE
Austrias decision to wind down Heta Asset Resolution AG sent ripples through the financial system, causing credit rating downgrades in Austria and bank losses in Germany. Moodys Investors Service cut the rating of Carinthia province, which guarantees 10.2 billion euros ($11.1 billion) of Hetas debt, by four levels to Baa3 from A2, and said it may lower the ratings of three state-owned Austrian banks exposed to it. Dexia SAs German unit, Deutsche Pfandbriefbank AG and NRW.Bank said yesterday they own Heta bonds that may suffer losses.
Notwithstanding the intention of the central government to protect taxpayers under the new banking resolution regime, Moodys sees the steps taken so far as adding higher uncertainty to developments, the ratings company said late Friday in a statement on the Carinthia downgrade. Susceptibility to an adverse scenario has increased as a result.
Austria paved the way for imposing losses on Hetas bondholders when it ruled out further support for the bad bank of Hypo Alpe-Adria-Bank International AG March 1. Using powers set out in European Union and Austrian bank laws covering debt reorganization, the Finanzmarktaufsicht regulator ordered a 15-month debt moratorium while it plans resolution of Hetas 18 billion euros of assets. Carinthias guarantees, which peaked at 25 billion euros in 2006, were the main justification for Hypo Alpes public rescue in 2009 and the biggest conundrum in its wind-down.
Cant Pay
With budgeted revenue of 2.36 billion euros this year, the southern province of 556,000 people would be unable to honor the guarantees if they came due now or in a years time, Governor Peter Kaiser told Austrian radio ORF on Tuesday. The guarantees could exceed Carinthias liquidity resources, lead to increased financial leverage and could require some form of extraordinary central government support, Moodys said.
Finance Minister Hans Joerg Schelling has said repeatedly that the Austrian government isnt liable to cover Carinthias guarantees. Among Hetas liabilities affected by the moratorium and a future bail-in are 1.24 billion euros Heta owes to Pfandbriefbank Oesterreich AG, which issues bonds on behalf of Austrian provincial banks...
MORE
MattSh
(3,714 posts)5. Is it possible for WaPo to be this clueless?
That's a rhetorical question, of course.
The USA, NATO, and the EU (informally) declare war on Russia in more ways than one, everything short of this...
and Russians are not supposed to be the slightest bit upset about that?
Russias anti-American fever goes beyond the Soviet eras - The Washington Post
MOSCOW Thought the Soviet Union was anti-American? Try todays Russia.
After a year in which furious rhetoric has been pumped across Russian airwaves, anger toward the United States is at its worst since opinion polls began tracking it. From ordinary street vendors all the way up to the Kremlin, a wave of anti-U.S. bile has swept the country, surpassing any time since the Stalin era, observers say.
The indignation peaked after the assassination of Kremlin critic Boris Nemtsov, as conspiracy theories started to swirl just a few hours after he was killed that his death was a CIA plot to discredit Russia. (On Sunday, Russia charged two men from Chechnya, and detained three others, in connection with Nemtsovs killing.)
There are drives to exchange Western-branded clothing for Russias red, blue and white. Efforts to replace Coke with Russian-made soft drinks. Fury over U.S. sanctions. And a passionate, conspiracy-laden fascination with the methods that Washington is supposedly using to foment unrest in Ukraine and Russia.
Complete story at - http://www.washingtonpost.com/world/europe/russias-anti-us-sentiment-now-is-even-worse-than-it-was-in-soviet-union/2015/03/08/b7d534c4-c357-11e4-a188-8e4971d37a8d_story.html
1StrongBlackMan
(31,849 posts)6. I asked before, but didn't get an answer ...
What do the red parallel, horizontal lines represent? Anyone know?
Tansy_Gold
(17,815 posts)7. I have no idea
I post the link; I have no idea what it means. I expected the downward line to be countered with an upward one several weeks ago, but that hasn't happened either.