Archive for the 'Economy' Category
HSBC Warns of Hot Money Exodus from Britain Under ‘Siege’
October 6th, 2007“Sterling holders, consider reducing or eliminating your exposure to GBP denominated assets immediately.” —Cryptogon, September 18th, 2007 Via: Telegraph: HSBC, Britain’s biggest bank, has warned that Britain faces a stark “de-rating” by investors in coming months as growth slows and funds begin to lose confidence in the country’s economic management, triggering a mass exodus of […]
Bear Stearns Target of Criminal Investigation
October 6th, 2007Imagine my shock. Via: Reuters: U.S. prosecutors launched a criminal investigation into two mortgage-related hedge funds at Bear Stearns Cos. that collapsed during the summer, a person familiar with the investigation said on Friday. The U.S. attorney in Brooklyn, New York and the U.S. Federal Bureau of Investigation have begun the probe, which is in […]
Slain Soldier Told Family to Investigate if She Died; She Was Found Dead on Bagram Airbase in Afghanistan
October 5th, 2007Massachusetts National Guard Spc. Ciara Durkin told her family that something might happen to her after discovering, “something she didn’t like,” and she, “had raised concerns that had annoyed some people.” She was in a finance related unit. Afghanistan produces 95% of the world’s opium. Coincidence? I wonder if she connected the information to a […]
Industry Wouldn’t Fund Cancer Drug Research, So Alberta Town Rode to the Rescue
October 5th, 2007Via: CBC News: Even though the drug shrinks cancerous tumours, no pharmaceutical companies wanted to fund human trials because they couldn’t make enough money selling it. And that’s when Peace River stepped in. To date, the town in northwestern Alberta has collected $250,000 — a large chunk of the $800,000 in grants and donations generated […]
Another U.S. Bank Fails
October 5th, 2007Note the part about the depositors who became “creditors” to the bank? That’s a pleasant way of saying that clueless elderly people lost any portion of their deposits above the FDIC limit of $100,000. Via: Reuters: Miami Valley Bank, with $86.7 million in assets, became the third failed insured bank this year when Ohio’s industry […]
Attempt to Shake Gold Bugs Runs Into Wall of Buyers
October 5th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. We need to talk about stops and cranks. Cranks are an attempt by large players to shake valuable fruit from the tree around strategic support and resistance levels. In Insider Crimes, Funny Money and Options Rackets, I wrote: Market makers will […]
Big Traders Dive Into Dark Pools
October 4th, 2007It’s absolutely fascinating that these institutional players have had to form private networks to run their rackets. How this is allowed is a mystery to me. It makes no sense from a simple supply and demand standpoint! You know, the basic principal of a “free market.” These guys are essentially able to hide their real […]
Lehman Brothers Will Face Former Employees in Court Over Allegations of Fraudulent Mortgage Lending Practices
October 4th, 2007Via: Press Release: BNC Mortgage, Inc. was in the business of selling sub-prime home loans to buyers who could not financially qualify for conventional loans. Last month, Lehman Brothers was forced to shut down BNC Mortgage, Inc., and its sub-prime lending business because the volatile market had made it so unprofitable. Before the bottom fell […]
Europe Urges U.S. to Curb Fall of Dollar
October 3rd, 2007Via: International Herald Tribune: The chief political spokesman for the euro has added his voice to demands for the United States to make a greater effort to curb the dollar’s strong fall – presaging tense times at the Group of 7 meeting this month in Washington. Jean-Claude Juncker, who heads the group of finance ministers […]
Catch a Falling Knife: Weak Dollar Prompts Record Foreign Buyouts of U.S. Companies
October 3rd, 2007As long as greater fools keep showing up to the party, the band will play on. Via: International Herald Tribune: European, Asian and Canadian companies are taking advantage of the weaker dollar to buy their U.S. counterparts at a record pace, increasing investment in the United States but also raising fears about a potential loss […]
