Gallery: Revolution in Kiev
January 26th, 2014Via: LiveJournal:
I came to Kiev. I came to see for myself what is happening here.
Bank of America Investigated for Front Running
January 25th, 2014Via: Reuters:
The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America (BAC) engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing.
The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8.
The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms, said that the FBI suspected swaps traders at an unnamed U.S. bank and an unnamed Canadian bank may have been involved in market manipulation and front running of orders from U.S. government-owned mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMCC).
Reuters has since learned that Bank of America’s trading practices regarding Fannie and Freddie are the subject of probes, and that the investigations are ongoing.
Bank of America spokesman Bill Halldin declined comment when asked abut the investigations.
The disclosure on the FINRA site doesn’t specifically accuse Bank of America of any wrongdoing.
It says: “We understand that the (U.S. Attorney’s Office) is investigating whether it was proper for the swaps desk to execute futures trades prior to the desk’s execution of block future trades on behalf of counterparties.”
Former Chief of Staff to U.S. Sen. Lamar Alexander, Charged with Possessing and Distributing Child Pornography, Found Dead in His Home
January 25th, 2014Via: Tennessean:
Ryan Loskarn, the former chief of staff to U.S. Sen. Lamar Alexander who was charged with possessing and distibuting child pornography last month, was found dead in his home in Maryland of an apparent suicide, law enforcement officials said Friday.
“At approximately 12 p.m. yesterday, Carroll County Sheriff’s Deputies responded to a private residence in the 6900 block of Kenmar Lane for a report of an unconscious male, believed to be deceased,” the sheriff’s office reported Friday morning. “Family members reported finding 35-year old Jesse Ryan Loskarn unresponsive in his basement where he’d been residing with family since this past December.
“The preliminary investigation indicates that Loskarn may have taken his own life, and his body has since been transported to the State Medical Examiner’s Office for Autopsy.”
Argentina: Peso Collapses
January 25th, 2014Via: Bloomberg:
Argentina scrapped some of its currency controls a day after devaluing the peso as policy makers sought to stem a financial crisis and restore investor confidence by reversing measures that drove foreign reserves to a seven-year low.
Bonds fell and the cost to insure the South American nation’s debt against default soared to a three-month high as traders bet the move could backfire and lead to further dollar outflows. The peso dropped 1.5 percent to 8.0014 per dollar at 3:34 p.m. in Buenos Aires, extending its plunge this week to 15 percent, the worst selloff since a devaluation that followed the country’s record sovereign default in 2001.
More: Contagion Spreads in Emerging Markets as Crises Grow
HSBC Imposes Restrictions on ‘Large’ Cash Withdrawals
January 25th, 2014Via: BBC:
Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.
Listeners have told Radio 4’s Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.
HSBC admitted it has not informed customers of the change in policy, which was implemented in November.
The bank says it has now changed its guidance to staff.
New rules
Stephen Cotton, from Worcestershire, went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.
A year before, he had withdrawn a larger sum in cash from HSBC without a problem.
But this time it was different, as he told Money Box: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”
Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ ”
He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.
Britain: Genetically-Modified Purple Tomatoes Heading for Shops
January 24th, 2014Via: BBC:
The prospect of genetically modified purple tomatoes reaching the shelves has come a step closer.
Their dark pigment is intended to give tomatoes the same potential health benefits as fruit such as blueberries.
Developed in Britain, large-scale production is now under way in Canada with the first 1,200 litres of purple tomato juice ready for shipping.
The pigment, known as anthocyanin, is an antioxidant which studies on animals show could help fight cancer.
Scientists say the new tomatoes could improve the nutritional value of everything from ketchup to pizza topping.
The tomatoes were developed at the John Innes Centre in Norwich where Prof Cathie Martin hopes the first delivery of large quantities of juice will allow researchers to investigate its potential.
Success of “The Wolf of Wall Street” a Sell Indicator?
January 24th, 2014Via: CNBC:
Could the success of “The Wolf of Wall Street” signal that the market is near a top?
Carter Worth, chief market technician at Oppenheimer, argues that the Oscar-nominated movie should indeed give bulls pause. After all, he said, interest in the film shows that interest in the market has gone mainstream—an observation bolstered by measures of participation in the stock market.
“When mass media or broad media picks up on something, typically that thing is reaching an end stage,” Worth said.
For him, looking at movies is a modern-day version of the classic magazine cover indicator, which holds that the market tends to do the opposite of what a cover states about it. For instance, a technical analyst who believes in the magazine cover indicator would take a bear on the cover of Forbes as a bullish sign for equities.
Today, with more eyes on films than on magazines, what might be called the “Hollywood indicator” could prove to be a better tell.
Worth points out that the track record for stocks around the release of a major movie about Wall Street has not been good. In 1987, the market crashed suddenly in October, two months before the release of “Wall Street.” In 2000, “Boiler Room” was released as the market was peaking.
The most damning piece of evidence may be the timing of the first “The Wolf of Wall Street.” An otherwise unrelated film by the same name, it was released in February 1929 (and was produced by Paramount, which distributed the 2013 film)—months before the horrific crash of that year.
“There is some rhythm here, some rhyme,” Worth said.
Dr. Strangelove More of a Documentary Than a Black Comedy
January 24th, 2014Via: The New Yorker:
The first casualty of every war is the truth—and the Cold War was no exception to that dictum. Half a century after Kubrick’s mad general, Jack D. Ripper, launched a nuclear strike on the Soviets to defend the purity of “our precious bodily fluids” from Communist subversion, we now know that American officers did indeed have the ability to start a Third World War on their own. And despite the introduction of rigorous safeguards in the years since then, the risk of an accidental or unauthorized nuclear detonation hasn’t been completely eliminated.
Covert Action in Colombia
January 24th, 2014Via: Washington Post:
The 50-year-old Revolutionary Armed Forces of Colombia (FARC), once considered the best-funded insurgency in the world, is at its smallest and most vulnerable state in decades, due in part to a CIA covert action program that has helped Colombian forces kill at least two dozen rebel leaders, according to interviews with more than 30 former and current U.S. and Colombian officials.
The secret assistance, which also includes substantial eavesdropping help from the National Security Agency, is funded through a multibillion-dollar black budget. It is not a part of the public $9 billion package of mostly U.S. military aid called Plan Colombia, which began in 2000.
The previously undisclosed CIA program was authorized by President George W. Bush in the early 2000s and has continued under President Obama, according to U.S. military, intelligence and diplomatic officials. Most of those interviewed spoke on the condition of anonymity because the program is classified and ongoing.
The covert program in Colombia provides two essential services to the nation’s battle against the FARC and a smaller insurgent group, the National Liberation Army (ELN): Real-time intelligence that allows Colombian forces to hunt down individual FARC leaders and, beginning in 2006, one particularly effective tool with which to kill them.
That weapon is a $30,000 GPS guidance kit that transforms a less-than-accurate 500-pound gravity bomb into a highly accurate smart bomb. Smart bombs, also called precision-guided munitions or PGMs, are capable of killing an individual in triple-canopy jungle if his exact location can be determined and geo-coordinates are programmed into the bomb’s small computer brain.
Research Credit: conceptualdecay
Watchdog Report Says NSA Program Is Illegal and Should End
January 23rd, 2014Captain Obvious checking in on Cryptogon this morning.
Via: New York Times:
An independent federal privacy watchdog has concluded that the National Security Agency’s program to collect bulk phone call records has provided only “minimal” benefits in counterterrorism efforts, is illegal and should be shut down.
The findings are laid out in a 238-page report, scheduled for release by Thursday and obtained by The New York Times, that represent the first major public statement by the Privacy and Civil Liberties Oversight Board, which Congress made an independent agency in 2007 and only recently became fully operational.


