Archive for the 'Economy' Category
Fed Rate Cut to Record Low
December 17th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. On gold, I expected more of an initial move above $850 than what actually materialized (spot hit $860.70). However, if the move is going to be sustained, it will go in waves. There’s a surge and then consolidation, surge, consolidation, etc. […]
Madoff’s “Auditing” Firm: Friehling & Horowitz, One Room Office, Three Employees
December 16th, 2008Via: Bloomberg: The auditor for Bernard L. Madoff Investment Securities LLC, whose namesake was charged in a $50 billion Ponzi scheme last week, is under investigation by the district attorney in New York’s Rockland County, a northern suburb of New York City. The New City, New York, auditing firm Friehling & Horowitz signed off on […]
SEC Didn’t Act on Madoff Tips
December 16th, 2008Imagine my shock. Friehling and Horowitz… Just where is that rabbit hole going to lead? Via: Washington Post: The Securities and Exchange Commission learned about what it describes as one of the largest securities frauds in history when Bernard L. Madoff volunteered his confession, raising questions about the agency’s ability to police the financial marketplace. […]
The Desperate Final Hours of the World’s Biggest Ever Financial Fraud
December 15th, 2008UPDATE: Madoff Claims to Have Acted Alone Impossible. It’s like I said when the news first broke. He’s trying to stay alive. This one goes all the way up the ladder. One wrong word and he’s dead, his family is dead, etc. He knows it. He’s sticking to a script. For the first time, I’m […]
Americans From All Social Classes Are Pawning Their Possessions
December 15th, 2008Via: Reuters: Whether it’s a Tiffany diamond or a three-year-old lawnmower, more and more Americans from all social classes are pawning their possessions to make ends meet. Pawn shop owners see strong business across the country, even in unexpected locales like Beverly Hills, the mecca of luxury living and shopping. “Banks aren’t lending so people […]
Fannie to Let Renters Remain in Foreclosures
December 15th, 2008Via: Washington Post: Fannie Mae has agreed to let renters stay in their homes even if the owners of the properties have been foreclosed on, according to an announcement from the company yesterday. About 4,000 renters live in properties foreclosed on by Fannie Mae. The move comes after the mortgage-finance giant came under pressure from […]
DOLLAR SHARPLY LOWER
December 15th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Ok, the number to watch on gold is $850. Seriously, if it can make it over $850, you might want to have your popcorn ready to enjoy the show. Via: Reuters: The dollar hit a two-month low against the euro and […]
Fears of Unrest Spreading Across Europe
December 15th, 2008Via: Scotsman: THE unrest that has gripped Greece this week is spilling into the rest of Europe, raising concerns that it could be a trigger for opponents of globalisation, disaffected youth and others outraged by economic turmoil. Protesters in Spain, Denmark and Italy smashed shop windows, pelted police with bottles and attacked banks this week, […]
Third of Hedge Funds Face ‘Wipe Out’
December 15th, 2008Via: Bloomberg: Almost a third of hedge funds will shut or merge after the $1.5 trillion industry posted its worst ever performance this year, according to IGS Group, which advises hedge funds on raising money. “The failure rate is going to go up, the closure rate is going up, and the merger rate is going […]
Comex Said Warning Brokers About December Gold Squeeze
December 15th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Here’s an email that I wrote to a reader about the various gold backwardation and shortage stories that are floating around: I’m keeping a close eye on this chart: Comex Gold Deliveries/Warehouse Supplies The band plays on as long as the […]
