The Geithner-led NY Fed didn't do enough in 2008 to investigate big-bank efforts to manipulate global interest rates, former FDIC chair Sheila Bair tells CNBC: "Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don't understand why they didn't investigate." [View news story]
Any wonder why the corrupt treasury, banks & their congressmen fought so hard to keep her from getting hired as FDIC chair? I believe Obama had to do some recess appointment or something like that. One of the few good things that Obama has stood up for.
Former Treasury secretaries (and Goldman co-heads) Henry Paulson and Robert Rubin may have served under separate political parties, but they both agree on one thing: Politicians have to, and likely will, avoid the fiscal cliff. If not, the consequences will be dire. Economists estimate damage to the U.S. economy would exceed more than $500T and shave several points off domestic GDP if nothing gets done. This is a fiscal crisis this time, not a financial one, says Rubin, and it needs a policy response. [View news story]
Yup. That's why of course these people seek power. So they can take care of business for themselves and their friends. The losers like the rest of us can keep spouting about principles and integrity till the cows come home. Makes no difference except increase blood pressure. So either we emulate them or just move on - business as usual.
Why is Section 531 so rarely enforced? A business holding more cash than its operations reasonably require can be hit with a 15% levy under this part of the tax code, on top of the 35% corporate income tax. U.S. companies today hold ~$5T in cash, vastly more than they need to finance their operations. It's slowing the economy and hurting shareholders, David Cay Johnston writes. [View news story]
Rubbish! If it comes to pass now, what will stop them from going after the after-tax savings in the bank?
Congress is exploring whether companies holding standards-essential patents should be prohibited from trying to use them to obtain bans on infringing products. Microsoft (MSFT), Apple (AAPL), and Qualcomm (QCOM) have reportedly lobbied lawmakers on the issue. The FTC, ITC, and EU are already exploring the matter, as Google (GOOG) and various Android partners try to use standards-essential IP to counter Microsoft and Apple's infringement suits. [View news story]
You can have a patent on an essential standard/technique vital for a technology. But you should agree to license it at reasonable terms... Not use it to ban others from using it altogether. Long time coming...
Wal-Mart (WMT) continues to stay stuck in neutral in India as politicians play to the masses by holding up the ability for foreign companies to jump into retail markets full force. Though the populist theme in the nation is that small shop owners are being saved from the Wal-Mart Effect, in reality it's the Indian billionaires that are benefiting from the stall as they open up new outlets and expand their conglomerates. [View news story]
Yup. Walmart can lower the cost of living for the masses. Can't have that, can we?
A U.S. tax court judge rules against H-P (HPQ) in its efforts to retrieve $190M in tax refunds related to a Dutch tax shelter set up by AIG's derivatives arm. H-P had sued the IRS in 2009 for the refunds, which relate to a complex attempt to create capital losses and foreign tax credits that could be used to lower U.S. tax payments. [View news story]
This is what AIG does - and Uncle Sam runs in to bail them out. If you or I miss reporting a measly dividend or interest, IRS swoops in sending us compliance letters.
Dimon on CIO activities: JPM has suffered a $2B loss in the synthetic credit portfolio. "The strategy was flawed ... There were many errors, sloppiness, and bad judgment ... risk managers are fully engaged in helping to monitor the current portfolio." He goes on to say volatility could remain high over coming quarters and could cost the bank another $1B. [View news story]
Can I get some synthetic credit too? Or better, can I synthesize some credit for myself and wipe out all debt?
Dimon on CIO activities: JPM has suffered a $2B loss in the synthetic credit portfolio. "The strategy was flawed ... There were many errors, sloppiness, and bad judgment ... risk managers are fully engaged in helping to monitor the current portfolio." He goes on to say volatility could remain high over coming quarters and could cost the bank another $1B. [View news story]
Round up all those analysts singing praises of JPM and hold their feet to fire. This market seems worse than Russian Roulette.
Cisco Becomes The Dell Of Networking [View article]
They can try going big on something/anything 'Social' or 'Cloud' :). Networking is for geeks now. You got to come across as 'Cool' and as Agassi says 'Image is Every Thing!' :)
Principal Reductions Begin In Earnest [View article]
Why should only some people get this reduction? If the govt is going to push this, they should do it for all outstanding mortgages. Else, it is a joke on all those who made hard choices, were prudent with their budget and basically lived within their means. But given all the bailouts to all their favored constituents, whether unions or banks or homebuilders, or house flippers ... I guess I will not hold my breath waiting for them to do the 'right' thing
Morgan Stanley (MS) says a credit rating downgrade (currently being considered by Moody's on a number of large U.S. financials) could trigger a margin call of up to $7.2B on derivatives contracts. "CEO James Gorman has met with the ratings firm more often than usual in the past quarter." Indeed. (10-Q) [View news story]
They are all thieves, but only an 'unfortunate' few get caught.
The Amazon Economy [View article]
The Geithner-led NY Fed didn't do enough in 2008 to investigate big-bank efforts to manipulate global interest rates, former FDIC chair Sheila Bair tells CNBC: "Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don't understand why they didn't investigate." [View news story]
Former Treasury secretaries (and Goldman co-heads) Henry Paulson and Robert Rubin may have served under separate political parties, but they both agree on one thing: Politicians have to, and likely will, avoid the fiscal cliff. If not, the consequences will be dire. Economists estimate damage to the U.S. economy would exceed more than $500T and shave several points off domestic GDP if nothing gets done. This is a fiscal crisis this time, not a financial one, says Rubin, and it needs a policy response. [View news story]
Why is Section 531 so rarely enforced? A business holding more cash than its operations reasonably require can be hit with a 15% levy under this part of the tax code, on top of the 35% corporate income tax. U.S. companies today hold ~$5T in cash, vastly more than they need to finance their operations. It's slowing the economy and hurting shareholders, David Cay Johnston writes. [View news story]
Congress is exploring whether companies holding standards-essential patents should be prohibited from trying to use them to obtain bans on infringing products. Microsoft (MSFT), Apple (AAPL), and Qualcomm (QCOM) have reportedly lobbied lawmakers on the issue. The FTC, ITC, and EU are already exploring the matter, as Google (GOOG) and various Android partners try to use standards-essential IP to counter Microsoft and Apple's infringement suits. [View news story]
Wal-Mart (WMT) continues to stay stuck in neutral in India as politicians play to the masses by holding up the ability for foreign companies to jump into retail markets full force. Though the populist theme in the nation is that small shop owners are being saved from the Wal-Mart Effect, in reality it's the Indian billionaires that are benefiting from the stall as they open up new outlets and expand their conglomerates. [View news story]
A cool look at California's revenue sources shows personal income taxes - part of the crowd 40 years ago - now dominates as the state's income provider. [View news story]
Another Month Of Slow Job Growth In May [View article]
11 More Hard Facts About The Housing Recovery [View article]
A U.S. tax court judge rules against H-P (HPQ) in its efforts to retrieve $190M in tax refunds related to a Dutch tax shelter set up by AIG's derivatives arm. H-P had sued the IRS in 2009 for the refunds, which relate to a complex attempt to create capital losses and foreign tax credits that could be used to lower U.S. tax payments. [View news story]
Dimon on CIO activities: JPM has suffered a $2B loss in the synthetic credit portfolio. "The strategy was flawed ... There were many errors, sloppiness, and bad judgment ... risk managers are fully engaged in helping to monitor the current portfolio." He goes on to say volatility could remain high over coming quarters and could cost the bank another $1B. [View news story]
Dimon on CIO activities: JPM has suffered a $2B loss in the synthetic credit portfolio. "The strategy was flawed ... There were many errors, sloppiness, and bad judgment ... risk managers are fully engaged in helping to monitor the current portfolio." He goes on to say volatility could remain high over coming quarters and could cost the bank another $1B. [View news story]
Cisco Becomes The Dell Of Networking [View article]
Principal Reductions Begin In Earnest [View article]
Morgan Stanley (MS) says a credit rating downgrade (currently being considered by Moody's on a number of large U.S. financials) could trigger a margin call of up to $7.2B on derivatives contracts. "CEO James Gorman has met with the ratings firm more often than usual in the past quarter." Indeed. (10-Q) [View news story]