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
STOCK MARKET WATCH -- Monday, 11 January 2016
[font size=3]STOCK MARKET WATCH, Monday, 11 January 2016[font color=black][/font]
SMW for 8 January 2016
AT THE CLOSING BELL ON 8 January 2016
[center][font color=red]
Dow Jones 16,346.45 -167.65 (-1.02%)
S&P 500 1,922.03 -21.06 (-1.08%)
Nasdaq 4,643.63 -45.79 (-0.98%)
[font color=green]10 Year 2.12% -0.06 (-2.75%)
30 Year 2.91% -0.05 (-1.69%) [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]
[/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 - Economic Blogs:[/font][/font]
[center]
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
[/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][font color=black][font size=2]Handy Links - Videos:[/font][/font]
[center]
Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
[/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.
12/17/15 Martin Shkreli, former CEO Turing Pharmaceuticals and notorious price gouger, arrested on securities fraud charges. Posted $5M bail, resigned as CEO.
[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]
33 replies
= new reply since forum marked as read
= new reply since forum marked as read
Give your mom my regards, and tell her well done on the kid. 
.
National Brotherhood Week: Gone and Forgotten
http://www.chicagonow.com/not-for-jews-only/2013/02/national-brotherhood-week-123/
By Ed Nickow, February 20, 2013 at 10:33 am
Do you know that it's National Brotherhood Week? Well, it used to be National Brotherhood Week. In 1934, the National Conference for Christians and Jews NCCJ) came up with the idea of celebrating National Brotherhood Week during the third week of February. But it only lasted through the 1980s. Looking back on the political climate since the end of National Brotherhood Week, it seems that we could use a little more brotherhood year round. But for the past 3 decades, we haven't even been able to manage one week.
The NCCJ was founded in 1927 in response to anti-Catholic sentiment when Al Smith ran for the Democratic nomination for President. The organization was dedicated to "bringing diverse people together to address interfaith divisions." After the end of National Brotherhood Week, they kept the acronym but changed their name to The National Conference for Community and Justice. They are now "dedicated to fighting bias, bigotry and racism in America."
In the image above, FDR refers to the "spirit of brotherhood which we prize in this country" but observes that "We are fighting ... [so that it can be] ... practiced here and by free men everywhere." He was, of course, referring to WWII. But it seems that we've been at war overseas nonstop since then, and the war of words continues to wage out of control at home. We're still fighting to bring the "spirit of brotherhood" to the world while we fail to reflect that spirit at home.
There's a lot of work to be be done if the NCCJ is to have any hope of fulfilling its "new" (30+ year old) mission. The political climate has certainly deteriorated since the demise of National Brotherhood Week - although the hatred and vitriol aimed at most of the Presidents during that period has nothing to do with bias, bigotry or racism.
Most? Yes, my friends. Some (but by no means all) of the Obama hatred we see today is the result of racism. There cannot be any doubt about that. Birtherism, demands for school records, calling him and his ideas "foreign" to America - these all come from subtle (and sometimes not-so-subtle) racism. Did you think that electing our first President of color would bring us closer to the color-blind society about which Martin Luther King Jr. prophesied? Sadly, it seems to have brought us further from that dream. Further from the goals of the NCCJ and National Brotherhood Week.
One of the things I fondly remember about National Brotherhood Week is the Tom Lehrer song of the same name. Maybe if we laugh at ourselves, we'll be embarrassed enough to remember that just because someone worships differently, or loves differently, or is physically different, doesn't mean we should treat them as the "other". We are more alike than we are different.
Did you notice? It coincided with the peak DJIA!
http://www.popsci.com/article/technology/man-shoots-down-drone-lawyers-scratch-their-heads
Is it wrong to shoot a robo-trespasser?
By Kelsey D. Atherton Posted October 2, 2014
Shooting down a small drone is hard. But determining whether people should be allowed to do so may prove more difficult still. A man in New Jersey fired a shotgun at his neighbor's drone, and as the quadcopter crashed to the ground, the incident raised new legal challenges about when and if it’s okay to shoot a robot.
Police arrested the New Jersey man, charging him with “Possession of a Weapon for an Unlawful Purpose and Criminal Mischief”. In this case, courts might find that, by firing the shotgun at the drone, the man is guilty of destruction of property. The use of force is often only legally permissible to prevent a physical threat, and a wandering drone, like a trespassing cow, is inconvenient but not an imminent danger.
Courts might rule that a trespass by drone is unlike a trespass by a pet. Drones can carry cameras, so a drone flying into a backyard isn’t just trespassing, it’s a threat to privacy. It’s also possible to put a weapon on a small drone and attack someone, even if it hasn’t happened yet. If a person shot down a drone because they believed themselves to be in danger (or actually were in danger; state laws differ), and not just because it was annoying them, then it’s possible that self-defense is a valid justification.
The law is unclear here, and there isn’t a lot of direct precedent for people shooting down a flying camera robot, which means the future of drone law could hinge on one annoyed New Jersey man and a shotgun.
?itok=Q6XDTlar
A still from "Johnny Dronehunter," an ad for shotgun silencer maker SilencerCo. In the ad, the protagonist shoots down a bunch of drones with a shotgun like so many clay pigeons.
goodness! that certainly relieves the tensions!
Is it wrong to shoot a robo-trespasser?
By Kelsey D. Atherton Posted October 2, 2014
Shooting down a small drone is hard. But determining whether people should be allowed to do so may prove more difficult still. A man in New Jersey fired a shotgun at his neighbor's drone, and as the quadcopter crashed to the ground, the incident raised new legal challenges about when and if it’s okay to shoot a robot.
Police arrested the New Jersey man, charging him with “Possession of a Weapon for an Unlawful Purpose and Criminal Mischief”. In this case, courts might find that, by firing the shotgun at the drone, the man is guilty of destruction of property. The use of force is often only legally permissible to prevent a physical threat, and a wandering drone, like a trespassing cow, is inconvenient but not an imminent danger.
Courts might rule that a trespass by drone is unlike a trespass by a pet. Drones can carry cameras, so a drone flying into a backyard isn’t just trespassing, it’s a threat to privacy. It’s also possible to put a weapon on a small drone and attack someone, even if it hasn’t happened yet. If a person shot down a drone because they believed themselves to be in danger (or actually were in danger; state laws differ), and not just because it was annoying them, then it’s possible that self-defense is a valid justification.
The law is unclear here, and there isn’t a lot of direct precedent for people shooting down a flying camera robot, which means the future of drone law could hinge on one annoyed New Jersey man and a shotgun.
?itok=Q6XDTlar
A still from "Johnny Dronehunter," an ad for shotgun silencer maker SilencerCo. In the ad, the protagonist shoots down a bunch of drones with a shotgun like so many clay pigeons.
goodness! that certainly relieves the tensions!
Read more at http://globaleconomicanalysis.blogspot.com/2016/01/multiple-jobholders-artificially-boost.html#3xqGsfvLQdMweZqw.99
The ECRI has an interesting study out today that pretty much confirms what I have said about Obamacare boosting part-time employment at the expense of full time jobs.
Please consider Multiple Jobholders Boost “Full-Time” Employment.
The latest jobs report far exceeded consensus expectations as the economy added 292,000 nonfarm payroll jobs.
But a closer look at the details reveals why concerns remain about the health of the labor market.
image:
In December, year-over-year (yoy) growth in multiple jobholders rose to an 11-month high, while yoy growth in single jobholders eased to a three-month low. Specifically, since May the number of multiple jobholders has increased by 752,000, while single jobholders have increased by 429,000. In other words, multiple jobholders have been responsible for 64% of the net job gains since last spring. The disproportionate importance of multiple jobholders – forced to cobble together a living – shows why the labor market is weaker than it seems.
Notably, as long as these multiple jobholders log 35 hours of work per week — no matter how many part-time jobs that takes — they are considered full-time.
But a closer look at the details reveals why concerns remain about the health of the labor market.
image:
In December, year-over-year (yoy) growth in multiple jobholders rose to an 11-month high, while yoy growth in single jobholders eased to a three-month low. Specifically, since May the number of multiple jobholders has increased by 752,000, while single jobholders have increased by 429,000. In other words, multiple jobholders have been responsible for 64% of the net job gains since last spring. The disproportionate importance of multiple jobholders – forced to cobble together a living – shows why the labor market is weaker than it seems.
Notably, as long as these multiple jobholders log 35 hours of work per week — no matter how many part-time jobs that takes — they are considered full-time.
Does the Sum of the Parts Equal the Whole?
I confirmed the ECRI's statement about combining multiple hours from multiple part-time jobs into one allegedly full-time job with the BLS a long time ago. Moreover, the discrepancies go far beyond what the ECRI reports to the point of double-counting in the reported payroll numbers. I commented on this possibility on October 21, 2015 in Does the Sum of the Parts Equal the Whole?
Double Counting Part-Time Jobs?
I remain firmly convinced the BLS is double counting part-time jobs. And in a recent phone conversation, a BLS analyst admitted it was possible.
I asked a simple question: Why don't you sort out duplicate social security numbers?
The answer I received was "we would like to but we do not have access to the data for privacy reasons".
A decent sort-merge algorithm could hash this out easily, but only if the BLS had access to Social Security numbers.
So here we are wondering why the sum of the parts exceeds the whole overall, while we frequently see the opposite effect month over month.
The much-maligned BLS is in the spotlight, but in actuality it appears as if the BLS does not have access to the data they need to produce valid numbers.
Are major discrepancies like these better than no numbers at all?
I remain firmly convinced the BLS is double counting part-time jobs. And in a recent phone conversation, a BLS analyst admitted it was possible.
I asked a simple question: Why don't you sort out duplicate social security numbers?
The answer I received was "we would like to but we do not have access to the data for privacy reasons".
A decent sort-merge algorithm could hash this out easily, but only if the BLS had access to Social Security numbers.
So here we are wondering why the sum of the parts exceeds the whole overall, while we frequently see the opposite effect month over month.
The much-maligned BLS is in the spotlight, but in actuality it appears as if the BLS does not have access to the data they need to produce valid numbers.
Are major discrepancies like these better than no numbers at all?
Strong Jobs Report?
When I commented today on the "Third Strong Jobs Report", please make a note that strength is relative to what was discussed above. I cannot accurately measure jobs, nor apparently can the BLS. ADP could do this easily, with a social security merge program, but ADP has not responded to multiple inquires by me.
Finally, please bear in mind that if you worked as little as 1 hour, including selling trinkets on EBay, you are considered "employed".
I would like to see a breakdown of how many hours people are actually working in these part-time jobs, but that data is not available either.
Strength is Relative
It's important to put the strength of some of the jobs numbers into proper perspective.
In the household survey, if you work as little as 1 hour a week, at virtually anything, you are considered employed.
In the household survey, if you work three part-time jobs, 12 hours each, the BLS considers you a full-time employee.
In the payroll survey, three part-time jobs count as three jobs. The BLS attempts to factor this in, but they do not weed out duplicate Social Security numbers. The potential for double-counting jobs in the payroll survey is large.
Household Survey vs. Payroll Survey
The payroll survey (sometimes called the establishment survey) is the headline jobs number, generally released the first Friday of every month. It is based on employer reporting.
The household survey is a phone survey conducted by the BLS. It measures unemployment and many other factors.
The payroll survey (sometimes called the establishment survey) is the headline jobs number, generally released the first Friday of every month. It is based on employer reporting.
The household survey is a phone survey conducted by the BLS. It measures unemployment and many other factors.
If you work one hour, you are employed. If you don't have a job and fail to look for one and you are not considered unemployed, rather, you drop out of the labor force. Looking for jobs on Monster does not count as "looking for a job". You need an actual interview or send out a resume. These distortions artificially lower the unemployment rate, artificially boost full-time employment, and artificially increase the payroll jobs report every month.
Mike "Mish" Shedlock
I stayed in all weekend, how about we go for 3 in a row...after all, what have we got to look forward to?
honor among thieves? I wouldn't bet on it
http://www.sfchronicle.com/business/article/PayPal-others-buy-stolen-data-from-criminals-to-6744699.php?t=0b151ea3aa
In early 2014, hackers gained control of a small number of eBay employee log-ins and breached a company database containing customer information. Inside it were phone numbers, home addresses and dates of birth, among other details that users entrusted the online auctioneer to protect. The breach would prove so vast that eBay was forced to ask more than 100 million people to reset their passwords.
PayPal, then the digital-commerce arm of eBay, sought to ensure it wouldn’t have to ask its users to do the same.
So, PayPal did something it acknowledges is a “regular course of business.” It tasked a middleman to buy data from criminals: a small sample of 32 accounts offered online for about $100...Companies that engage in the practice include top technology firms and banks, which reportedly bought back stolen credit and debit card numbers in the wake of the breach at Target in 2013. According to insiders, the tactic requires companies and intelligence vendors to infiltrate a complex criminal ecosystem of chat rooms and forums where stolen data are bought and sold, and participants are often vetted for their underworld bona fides.
The payments are often so small — or so well hidden — that there’s little evidence they ever took place.
At PayPal, a company spokeswoman said, the practice helps “identify larger sets of compromised accounts that can be used to support law enforcement investigations and to protect customer accounts.”
much more to read--very complex
http://www.sfchronicle.com/business/article/PayPal-others-buy-stolen-data-from-criminals-to-6744699.php?t=0b151ea3aa
In early 2014, hackers gained control of a small number of eBay employee log-ins and breached a company database containing customer information. Inside it were phone numbers, home addresses and dates of birth, among other details that users entrusted the online auctioneer to protect. The breach would prove so vast that eBay was forced to ask more than 100 million people to reset their passwords.
PayPal, then the digital-commerce arm of eBay, sought to ensure it wouldn’t have to ask its users to do the same.
So, PayPal did something it acknowledges is a “regular course of business.” It tasked a middleman to buy data from criminals: a small sample of 32 accounts offered online for about $100...Companies that engage in the practice include top technology firms and banks, which reportedly bought back stolen credit and debit card numbers in the wake of the breach at Target in 2013. According to insiders, the tactic requires companies and intelligence vendors to infiltrate a complex criminal ecosystem of chat rooms and forums where stolen data are bought and sold, and participants are often vetted for their underworld bona fides.
The payments are often so small — or so well hidden — that there’s little evidence they ever took place.
At PayPal, a company spokeswoman said, the practice helps “identify larger sets of compromised accounts that can be used to support law enforcement investigations and to protect customer accounts.”
much more to read--very complex
