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QUICK CHAT # 16- 11/10/09 after Market Close/ Update of Insta 101 comments
www.opensecrets.org/news/
=================================================================
I won't be buying this:
www.bloomberg.com/apps/news?pid=20601087...
*************************************************************************************************
NYS will be out of cash in 4.5 weeks. Now Patterson suggests budget cuts! Could he have waited any longer?
wcbstv.com/cbs2crew/david.paterson.speci...
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
By Ian Katz and Jesse Westbrook
Nov. 10 (Bloomberg) -- U.S. Senate Banking Committee Chairman Christopher Dodd’s proposals may do little to rein in compensation as Wall Street firms including Goldman Sachs Group Inc. and Morgan Stanley pay record bonuses this year.
A bill introduced today by the Connecticut Democrat would rewrite financial-industry rules. It includes a non-binding shareholder vote on executive pay, gives investors more power to elect directors and requires that publicly traded companies allow pay to be clawed back, or recouped, if it was based on inaccurate financial statements.
“For the most part it’s pretty hollow, a toothless tiger,” said Paul Dorf, managing director of Compensation Resources Inc., a pay consultant based in Upper Saddle River, New Jersey. The legislation needs more penalties if the rules aren’t followed, Dorf said today in a telephone interview.
Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co.’s investment bank will hand out $29.7 billion in bonuses, according to analysts’ estimates. That’s up 60 percent from last year and more than the previous high of $26.8 billion in 2007. The companies are the biggest banks to exit the U.S. Troubled Asset Relief Program.
The Federal Reserve said last month it will review the 28 largest banks to ensure that compensation doesn’t create incentives for the kinds of risky investments that brought the global financial system to the edge of collapse, prompting bailouts of firms including Bank of America Corp. and Citigroup Inc. It offered guidelines on tying pay to risk management.
Payouts for Managers
Under Dodd’s proposals, shareholders would vote on so- called golden parachutes, in which managers receive payouts when a company is acquired. The non-binding vote on compensation, or say-on-pay, has been endorsed by the Obama administration and approved by the U.S. House.
Dodd’s proposals “leave shareholders in their advisory role,” said James Post, a professor of corporate governance and ethics at the Boston University School of Management. “Management is not obliged to follow them.”
Dodd would give the Securities and Exchange Commission authority to prohibit corporations from selling shares to the public if any directors sitting on their compensation committees work for the company. The SEC would have power to exempt smaller companies from the requirement that the committee members be independent.
The measure stipulates that firms providing advice on executive pay must be hired by the board’s compensation committee, not the company.
Conflicts
Some shareholder advocates have said pay consultants are conflicted because the firms want to win business structuring corporations’ employee-benefits plans. That makes it more likely they will recommend lucrative pay packages for top executives, according to investor groups.
The Dodd legislation requires companies to disclose in their annual proxy statements how pay affects “financial performance.” It also mandates that corporations publish a chart that compares compensation against earnings over a five- year period.
Banking regulators would be required to ban “excessive” pay to any executive, director or employee. Bank regulators would prohibit any compensation that “could lead to a material financial loss.”
The clawback provision in Dodd’s draft legislation is significant because it would require companies to recover money from executives after an accounting restatement, said Mark Poerio, a compensation attorney with Paul, Hastings, Janofsky & Walker LLP in Washington.
To contact the reporters on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Jesse Westbrook in Washington at jwestbrook1@bloomberg.net.
Last Updated: November 10, 2009 15:28 ESTInstablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
This post has 101 comments:
On Nov 10 04:30 PM robert.b.ferguson wrote:
> Here we go again. Mortgage backed securities. Haven't we seen how
> this play ends already?
On Nov 10 04:18 PM tripleblack wrote:
> Ouch. Even the name makes my head hurt... Could be all the research
> reading I did today, though.
What should we call this one? I mean, it's scarier than Friday the 13th, right?
March 9th, the sequel
Dollars In, Pennies Out
Taxed 'til You Drop
Revenge of the Banksters
The Tim and Bennie Show
Down the Drain II
I still haven't found the right one. Where is YH when you need him?
They are still trying to take control of the entire Banking system. I view this attempt as an "End Around". Achieving the desired end by going around everything else.
Bernanke may have been reappointed but that doesn't mean he would have passed Congressional review.
nvestors Yanking Money Out of Stocks
Tuesday, November 10, 2009 9:13 AM
By: Dan Weil Article Font Size
Investors are pulling money out of stock mutual funds, an ominous sign for the recent market rally, says financial newsletter publisher Mark Hulbert
“They (investors) typically add money to stock mutual funds as the market rises and withdraw money as it declines,” he wrote in The New York Times.
“During the bull market of 2002 to 2007, for example, there was a net inflow of more than $250 billion into domestic equity funds, according to the Investment Company Institute.”
But during the last eight months, when stocks soared more than 60 percent, domestic equity funds have seen an inflow of only $7.8 billion into domestic equity funds, according to TrimTabs Investment Research.
“If this had been a normal market environment, we would have expected a net inflow of at least $150 billion,” TrimTabs President Conrad Gann told Hulbert.
And the news got worse as the rally peaked.
Investors yanked out a net $11 billion from domestic equity funds in September, and another $3 billion in the first 19 days of October.
“If the money flow isn’t reversed soon, it would suggest that we are witnessing a so-called cyclical rally within a long-term bear market in stocks, not the start of a major bull market.”
Olivier Garrett, CEO of Casey Research, shares Hulbert’s bearishness.
The Dow Jones Industrial Average is vastly overvalued, he told Moneynews.com.
“We wouldn’t be surprised to see it back under 8,000 before too long.”
© 2009 Newsmax. All rights reserved.
On Nov 10 06:02 PM User 283977 wrote:
> OG, is there some way for us to track the flow of money in and out
> of mutuals?
On Nov 10 04:55 PM Mark Bern wrote:
> Here we go again. Mortgage backed securities. Haven't we seen how
> this play ends already?
>
> What should we call this one? I mean, it's scarier than Friday the
> 13th, right?
>
> March 9th, the sequel
> Dollars In, Pennies Out
> Taxed 'til You Drop
> Revenge of the Banksters
> The Tim and Bennie Show
> Down the Drain II
>
> I still haven't found the right one. Where is YH when you need him?
OG: Thanks for posting that article. Related: Cramer, tonight, started his show off talking sector rotation into "safe" stocks. Looks like it's time to lighten up, or set some tight stops. AGAIN.
On Nov 10 06:54 PM Mayascribe wrote:
> Unbelievable! After hours tanks JAG by 52 cents on only 2000 shares
> after almost 1M shares traded today. I'm not worried, though. This
> happens. By the close of after hours it will be back up. Bumbs me
> out, though, that some hedgey can pull this off and get 2000 shares
> so cheap. Trading time was 4:03:03.
>
> OG: Thanks for posting that article. Related: Cramer, tonight, started
> his show off talking sector rotation into "safe" stocks. Looks like
> it's time to lighten up, or set some tight stops. AGAIN.
That link is on Quick Chat #15.
Cramer panned JNJ, said buy Abbott.
On Nov 10 07:08 PM Mayascribe wrote:
> OG: Jag down after hours is just a quirky thing I've noticed from
> time to time.
>
> Cramer panned JNJ, said buy Abbott.
www.marketwatch.com/st...
I went on Marketwatch but didn't see anything about the mutual fund draw downs. Hulbert's other services are all paid ones.
Its by no means over. In fact it has just begun. I have no idea what this road is like but please bear with me. I am in uncharted waters, angry, scared and lost but I have a family member in worse shape than me. They are now lost, scared and suffering a nightmare of untold proportions, having been taken away from everything they have had as a support structure. I feel guilty, a failure and like a Bennedict Arnold. Hopefully today is the beginning of a healing process.
Do me a favor Please pray for David.
Anything I can do from afar, I will.
Well-wishes for both you, David and your family.
My wife takes care of her 93-year old mother now. It took some adjustment for her to watch her mother deteriorate mentally, but she has now accepted the fact that this is just a natural part of aging. Her mother didn't retire until she was 80. She enjoyed being needed. I still can't keep out of our kitchen when she comes over. After she's gone I have to put everything back where I can find it again, but that's okay because she needs to feel useful. I'm not saying that it doesn't get on my nerves; it does. But I just keep reminding myself that we'll all need some understanding and help at some time. I may be even worse.
Tomorrow will be a better day. Of course, I'll probably need to remind myself of that again tomorrow.
On Oct 9 we got our last order filled at Rio Grande, and paid $20.42 per troy ounce for sheet silver about 1/8" thick. They also have various "blank" shapes (these are circles, squares, hearts, etc). I have always thought that the circles would make good trade tokens, working like coins.
The most expensive grade was a very fine wire that went to $21.90, demonstrating the range involved. This was a large order, but NOT in the "negotiate" category, which will get you just a tiny bit cheaper, but require a relatively big order quantity. We shop the orders to at least 3 suppliers before making our buy, and sometimes the local folks are the cheapest, and sometimes not. Rio day in day out has good prices, so long as you are ordering quantity.
They will cut lengths for wire or sheet precisely to your order as part of the cost.
For giggles you might look at Argentium, which is a silver alloy which hardly tarnishes at all. I think it contains rhodium or some other unusual metals to give it this property. It lies in price between Sterling silver and 14k Gold Filled.
On Nov 10 10:07 PM doubleguns wrote:
> Folks sorry that I have not been participating much lately but some
> personal family business has finally come to a head. I have been
> dealing with IT, work and life in general. I have had to have a family
> member commited for possible mental issues. It has been a very, very
> horrible 3 months and today it hopefully starts down the road of
> getting better.
>
> Its by no means over. In fact it has just begun. I have no idea what
> this road is like but please bear with me. I am in uncharted waters,
> angry, scared and lost but I have a family member in worse shape
> than me. They are now lost, scared and suffering a nightmare of untold
> proportions, having been taken away from everything they have had
> as a support structure. I feel guilty, a failure and like a Bennedict
> Arnold. Hopefully today is the beginning of a healing process.<br/>
>
> Do me a favor Please pray for David.
www.riogrande.com/Memb...
I believe they have conversion tables on the site for the various gauges/ounces.
On Nov 10 10:07 PM doubleguns wrote:
> as a support structure. I feel guilty, a failure and like a Bennedict
> Arnold. Hopefully today is the beginning of a healing process.<br/>
>
> Folks sorry that I have not been participating much lately but some
> personal family business has finally come to a head.
Your priorities are right. No apologies are due here.
> I have been
> dealing with IT, work and life in general. I have had to have a
> family member commited for possible mental issues. It has been a
> very, very horrible 3 months and today it hopefully starts down the
> road of getting better.
Have faith that it *will* get better. It is the only possible constructive view. If you can buy into that 100%, it will be an invaluable aid to you.
>
> Its by no means over. In fact it has just begun. I have no idea what
> this road is like but please bear with me. I am in uncharted waters,
> angry, scared and lost but I have a family member in worse shape
> than me. They are now lost, scared and suffering a nightmare of untold
> proportions, having been taken away from everything they have had
> as a support structure. I feel guilty, a failure and like a Bennedict
> Arnold.
You do realize that these feelings are normal? And that likely any blame you assign is likely overblown or even misplaced? We all "could've, would've, should've" ourselves when things go badly.
Since none have a crystal ball, these self-critical assessments are usually wrong, being made during times of great stress and emotion.
> Hopefully today is the beginning of a healing process.<br/>
>
> Do me a favor Please pray for David.
I know the words I post don't *help* much. But we know that prayers are never a waste. My thoughts and prayers will encompass both of you.
HardToLove
Remember that Regardless of Views, we stick together. I feel like a Real Ass myself, this very minute. I Ranted about something miniscule compared to what you are going through. I feel guilty as well.
I will pray for you and your family.
Go with God.
Nice Avatar Freya, cute.
I am still looking for a big pull back in the PM especially silver in the coming weeks or months for an opportunity to load up. I am hoping we are going to get that chance one more time. If it occurs I intend to get on board big.
I have been stopped out of my paper silver and I sold my Monex silver when that happened. I use my paper silver as a tell to indicate when to get out of Monex silver.
Bought some more physical with some of the profits but delivery could take a few weeks. That is the issue with physical when you buy from Monex or Northwest territory etc..... If we get into a position to buy at cheaper prices later, physical may be very hard to come by if the shorts are having to cover and suck up all the physical to settle accounts.
Comex presently has a lot of demand for delivery and it could see a lot more demand for delivery instead of contract settlement in cash. See my latest insta on stage coach silver for an article on that. I think that is where I put it.
NICE avatar, Freya, my favorite color combo.
DG, if you need to email me for any reason my site has a Contact function. I talk a lot on this site, but I listen pretty good, too. Its a day for Veterans to stick together.
On Nov 11 09:26 AM Mayascribe wrote:
> DG: I thought of you as I put up the Stars and Stripes today.
AMLM letter from the pres.
finance.yahoo.com/news...
Discusses plans, pumps the co, maybe another opportunity? Down today 09:52
HardToLove
Not jumping on that horse until after they do a huge dillution. Not going to touch it even with a day trade.
Should have started, "Hi. My name is Hugh Aird. I need $200,000,000 so that I can help solve the America's energy problem."
On Nov 11 10:13 AM Mark Bern wrote:
> I must say that I am very happy to be included in this group. This
> is one of the best distance support groups I have ever witnessed.
> We should plan a reunion in five years somewhere. Maybe reunion isn't
> really the right word, but you get the idea.
The EW? where are you?
I love my Pic.
Freya, glad you like the pic. And yes, the Mayan date is 21, LOL, though there are some crazed satanists and more than a few end-timer Christians who are focused on the 12-12-12 (two times 6-6-6 of course). Numbers like this fascinate many...
EW means? "End of the World"? I live north of Atlanta. Philosophically I am with Maya on his take that the Mayans are predicting a new cycle, not the end of the planet.
On Nov 11 10:39 AM User 283977 wrote:
> I tried to buy some of that new Jr Gold Mining ETF (GDXJ) this morning...
> but apparently its so new that my trading platform (Wells) does not
> recognize it yet. The start of another morning in ratville....
On Nov 11 11:02 AM tripleblack wrote:
> My thinking is that GDXJ will pull some money from the juniors in general
> today. Might be a day trade opp there, but I will stand pat with
> SVM, GWM, etc.
>
> Freya, glad you like the pic. And yes, the Mayan date is 21, LOL,
> though there are some crazed satanists and more than a few end-timer
> Christians who are focused on the 12-12-12 (two times 6-6-6 of course).
> Numbers like this fascinate many...
>
> EW means? "End of the World"? I live north of Atlanta. Philosophically
> I am with Maya on his take that the Mayans are predicting a new cycle,
> not the end of the planet.
i want to put something out there- luckily only OG knows my true identity and i trust her confidentiality.
david will be ok. i am 25 and i was institutionalized. not only that, i was institutionalized by my family. i was 18 and had been suffering for MANY years. it came to a head and there was nothing anyone could. sometimes we are wired differently. no better. no worse. just different. i was too proud. i was too proud as a man. i could handle anything that came at me because that is what being a man is all about.
i could not have been more wrong. i needed help...and i admitted it...i became a man. i was institutionalized by my loving mother/father/family. i resented them. i resented them so much...until i didn't. make sense?
i got the help i needed. went back to college. played division I college football. got a dual degree. got a masters. started my own hedge fund.
i don't say this to get on a pedestal- i say this to commend you. YOU made the hard decision. YOU made the hurtful decision. YOU made the RIGHT decision. david needs your help and your strength and the strength of all of those around him. be strong and be his rock. he will be a better person, i know it.
i thank god my family had the strength to give me a swift kick in the nuts...because i might not be here if they didn't. i thank god you had the strength to do it.
he will be fine
Further, Chavez is now in ownership of Russian-made bombs that can travel, I forget, 80 or 130 miles. He said that he is willing to go to war to protect his borders. What's going on is comparable to Afganistan and Pakistan. Just as the Taliban are skirting the borders back and forth, so are the Columbian drug lords.
This, and the very divided leadership and population in Honduras, I'm beginning to see inklings of growing concern in the Middle Americas.
But, if all goes well, maybe we can all meet where the world will end first on 12/21/12!
####
I've been selling off some today, while responding to Jack Lifton's email he sent me this morning. I forwarded the email to all whom I have email addresses on this site. If you want for me to forward my response, I will.
militarynuts.com/index...
One thing the Israelis know is how to operate a tough, winning military surrounded by enemies possessing a lot more resources and money. Chavez, like all oil dictators, has a large strategic weakness - total dependence on oil income, and the fragility of the oil infrastructure.
Note the combination of Columbia purchasing Israeli fighter-bombers, Israeli training, AND a tanker to greatly extend their potential range.
But I hope and pray nothing comes of this except more Chavez grandstanding. I would hate the moron even more if he ruined a great party!
On Nov 11 11:15 AM Mayascribe wrote:
> All are invited. I will be in Copan, Honduras 12/21/12. Though, by
> then things could be worse than they are now. During the Main Event
> last night I read where Hugo Chavez is threatening (posturing) to
> invade Columbia, all because the USA has set up a couple of military
> bases to fight the drug lords.
>
> Further, Chavez is now in ownership of Russian-made bombs that can
> travel, I forget, 80 or 130 miles. He said that he is willing to
> go to war to protect his borders. What's going on is comparable to
> Afganistan and Pakistan. Just as the Taliban are skirting the borders
> back and forth, so are the Columbian drug lords.
>
> This, and the very divided leadership and population in Honduras,
> I'm beginning to see inklings of growing concern in the Middle Americas.
>
>
> But, if all goes well, maybe we can all meet where the world will
> end first on 12/21/12!
>
> ####
>
> I've been selling off some today, while responding to Jack Lifton's
> email he sent me this morning. I forwarded the email to all whom
> I have email addresses on this site. If you want for me to forward
> my response, I will.
app.quotemedia.com/str...;;topic=JAG
Mark: B&B DOWN the mountain? Cool!
Well done!
LOL, I must be as long-winded as folks tell me I am, then! I just went and looked, so its obvious this is really all you folks being kind to the noobie here, so thanks to all of you for tolerating my stumbling around here in your virtual SA home!
Good luck with the novel, Maya. I wrote one once, most painful process for anything I have ever done, ranks up there with highschool and basic training (which I completed with strep throat, lost from 160 pounds down to 134, looked like I had just crawled out of Buchenwald).
On Nov 11 05:21 PM Mayascribe wrote:
> TrpleBlack: Let me be the first to congratulate you about getting
> your top 20 badge. You'll probably get it while I'm off of here working
> on my novel tonight.
>
> Well done!
My prayers are with you and David. Not sure what your going through exactly but I had an Uncle who had schizophrenia. He's in heaven now but I remember some challenging days for my Grandparents and the family as whole especially we he didn't take his meds.
And Thanks for your Service to our Country!!
On Nov 11 05:17 PM doubleguns wrote:
> USER, David is the one that is sick. That is not my name. Just wanted
> to clear that up. Could confuse some here, maybe me with the way
> things have been going ;-)
On Nov 11 10:39 AM User 283977 wrote:
> I tried to buy some of that new Jr Gold Mining ETF (GDXJ) this morning...
> but apparently its so new that my trading platform (Wells) does not
> recognize it yet. The start of another morning in ratville....
www.mbendi.com/mcclosk...
www.eweek.com/c/a/Mess.../
18 minutes... Out $1100. Bought ATPG @ $17.07 this AM.
I am set up to do something similar with CVM. If it bags because of the news, I stop out at $1.18, bank my profits, and look to buy back in somewhere under a dollar.
On Nov 12 09:42 AM User 283977 wrote:
> I took some profits on SVA today at $9.16. Will go back in on the
> dips.
It should be a piece of cake Maya.... no eating peanut butter with the temp cap.
www.irisinn.com/
Could another whale be looking to keep their toe in the network biz? Running out of room to consolidate in that space...
Good hunting, User.
On Nov 12 10:54 AM User 283977 wrote:
> I am re-entering some networking companies today. HPQ, VMW, CSCO.
> I am lurking in the shadows and eying BRCD.... if it drops to 8.1,
> I pounce.
I am also lurking on some BP and more Cisco today.
Mark: The Inn looks terrific!
Grey - I know you've been higher in a past life, but congrats to you for your consistency and persistence! You'll be an Alpha Dog again before long!
On Nov 12 09:46 AM tripleblack wrote:
> Congrats, User "RIC" (rat-in-charge).
>
> I am set up to do something similar with CVM. If it bags because
> of the news, I stop out at $1.18, bank my profits, and look to buy
> back in somewhere under a dollar.
Right now it has just gone up since the news this morning, which is being interpreted positively I think (I also think that had they done the same thing, expand the deal to $40mil, on a slow news day, rather than after a big day at the conference, the read by the markets would be going the opposite way).
On Nov 12 02:01 PM Mark Bern wrote:
> TB - If CVM get down to $1 I'll jump in with you. I really like to
> possibilities on this one for the long term. I just would like to
> establish a low entry point starting out. I know, I'm probably being
> cheap or greedy, but I like to call it patient. Unfortunately I miss
> a few, but It lets me sleep better.
Tomorrow will be another day.
On Nov 12 03:51 PM User 283977 wrote:
> bought some rby on the dip
Of course knowing my penchant for strange words, I looked up what a
' doodah' means...
Noun: doodah doo-daa
Usage: Brit (=doodad)
Something unspecified whose name is either forgotten or not known
doodad [N. Amer], doohickey [N. Amer], dojigger [N. Amer], gimmick, gizmo, gismo, gubbins [Brit], thingamabob, thingumabob, thingmabob, thingamajig, thingumajig, thingmajig, thingummy, whatchamacallit, whatchamacallum, whatsis, widget, doobry [Brit], doobrie [Brit], thingy, thingo [Austral], dingus [N. Amer], doover [Austral], doofer [Brit], whatsit
So the stinking stocks kept dipping because the doohickey on the thingmabob was watchamacallit… Sounds a lot like FED speak.
Sigh….
On Nov 12 01:50 PM Mark Bern wrote:
> BTW, I noticed that Freya made it back to the top 20 recently, too.
> About the time she adopted the new avatar.
>
> Grey - I know you've been higher in a past life, but congrats to
> you for your consistency and persistence! You'll be an Alpha Dog
> again before long!
media.abum.com/image/4...
static.seekingalpha.co...
Thanks for the encouragement.
www.reuters.com/articl...
"The Commodity Futures Trading Commission is moving toward adopting a proposal in early DECEMBER to rein in excessive speculation...."
"......I believe that there will be hard position limits ... for energy commodities and for other physical commodities" such as metals, he said."
Emphasis on December is mine. About one month away!!!
This could cause a lot of chaos in the price of those commodities. I believe UP!!! Any comment from anyone on this would be greatly appreciated.
YH whats your take on this?
they're not going to control the market makers, just the small retail investor. I'm always suspicious of the CFTC. GS and JPM and DB and those wholesale guys with huge short positions will be supported. That would be consistent with CFTC in the past, wouldn't it? I think they are whittling away at our access to commodities in stock trading accounts. But I sure hope I'm wrong and you are right.
On Nov 13 02:06 PM User 283977 wrote:
> I have been looking at coal... For those of us that are more familiar
> with technical analysis, is that a head and shoulders pattern forming
> on CNX?
Nope pot is not harmless.
Not gonna take a loss if I can help it. I can tell you exactly where the woodshed is however. Been there several times with UNG.
The metals I am worried about are not in the ETF's. Since buying from the CFTC will be harder and the ETF's will get pounded the physicals (I think) will do well but we will just have to see.
Damn crystal corona bottle is still not working, cant seem to keep it filled. Especially this week.
On Nov 13 02:07 PM optionsgirl wrote:
> DG, I view it the way they have reacted to UNG and DBA.
> they're not going to control the market makers, just the small retail
> investor. I'm always suspicious of the CFTC. GS and JPM and DB and
> those wholesale guys with huge short positions will be supported.
> That would be consistent with CFTC in the past, wouldn't it? I think
> they are whittling away at our access to commodities in stock trading
> accounts. But I sure hope I'm wrong and you are right.
It's poison to watch. I'm not capitulating either, but it sure seems like a waste of time just to get back to even, especially with how piddly the options have been against the position.
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