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  • Las Vegas Sands (LVS) acknowledges it probably broke the law against bribing foreign officials, according to its 10-K filed yesterday. The WSJ ties the admission to dealings in mainland China by people no longer with the firm. The SEC subpoenaed the company Feb. 9, 2011, at which time the LVS board's audit committee opened a probe; LVS doesn't expect any material impact or restatement of past results.  [View news story]
    Yawn is right, gee bribes. Better known as what 99 percent of our politicians and our corrupt lobbyists do everyday. I guess we are different than foreign countries by calling them contributions with no strings attached lol. At least other countries accept this is a part of business.
    Mar 2, 2013. 10:20 PM | 2 Likes Like |Link to Comment
  • Is Sheryl Sandberg plotting a departure from Facebook (FB)? In a column discussing Lean In, the COO's upcoming book on women in the workplace, the NYT's Jodi Kantor notes speculation about "whether Lean In is the first step toward a new career for [Sandberg], perhaps in politics." New York's Kevin Roose, observing Sandberg has succeeded in her goal of turning Facebook from a hot startup into an online ad giant: "I predict she will leave Facebook within the next year. In fact, I think she would be crazy not to."  [View news story]
    Great, just what our country needs another progressive hack.
    Feb 24, 2013. 05:58 PM | 10 Likes Like |Link to Comment
  • The pace and magnitude of flows into equity funds is flashing a contrarian sell signal says BAML. $8.6B flowed into equity funds last week, the 13th consecutive week of positive reads - the longest streak in 13 years. Also seen are $3.7B of flows into bond funds and $32B of redemptions from money market funds.  [View news story]
    Must be close to a top.
    Feb 22, 2013. 11:44 AM | 1 Like Like |Link to Comment
  • St. Louis Fed chief Jim Bullard appears to be back on the reservation, leading off his CNBC appearance by telling the gang Fed policy is very easy and going to remain so for a long time. Bullard made a few headlines (he likes them) yesterday, saying one model suggests a rate hike could come this summer.  [View news story]
    Ponzi scheme!
    Feb 22, 2013. 10:27 AM | Likes Like |Link to Comment
  • Two days of losses is apparently enough: Ben Bernanke shrugged off concerns the Fed's policies are fueling asset bubbles at a meeting earlier this month, reports Bloomberg, citing anonymous sources. Does Jon Hilsenrath have the day off?  [View news story]
    Bernanke should be prosecuted and charged with financial market terrorism and casino rigging.
    Feb 22, 2013. 08:47 AM | 2 Likes Like |Link to Comment
  • The selloff begun in the U.S. yesterday accelerates across the globe, with China -3% , Japan -1.4% , Europe -2% . S&P 500 futures -0.2% , Nasdaq 100 -0.4% . Apple off another 0.7% premarket.  [View news story]
    Fed needs more people to buy period!
    Feb 21, 2013. 08:52 AM | Likes Like |Link to Comment
  • Goldman's Jan Hatzius backs away from his worry about a 2013 recession, saying congressional Republicans have given up on the idea of using the debt ceiling as a way to force spending cuts. No worries on the deficit, which shrunk to 7% of GDP last year on its way to 3% by 2015, says Hatzius.  [View news story]
    No worries on the deficit? That is rich!
    Feb 19, 2013. 10:08 AM | 2 Likes Like |Link to Comment
  • President Obama will lay out yet another plan for trying to spark some life back into the economy when he gives his State of the Union address on Tuesday. The program includes investments in infrastructure, manufacturing, clean energy and education. But as with countless proposals in the past, any new spending plans are likely to hit strong opposition from Republicans, who would probably prefer to hear about cuts and deficit reduction.  [View news story]
    Someone needs to tell Obama it isn't his money, he has been living and using OPM his whole existence.
    Feb 10, 2013. 10:27 AM | 12 Likes Like |Link to Comment
  • Despite nearly 11M borrowers being underwater on their mortgages, home equity lines of credit are suddenly on the rise again. During the housing boom, Americans used their homes like an ATM, withdrawing over $1T in home equity before the bubble burst. JPMorgan Chase says they've already seen a 31% jump in HELOC's over last year, and with home prices up another 8% year-over-year in December, the trend appears likely to continue unabated.  [View news story]
    This cannot end well for the homeowner, smart homeowners will not engage in such practices. Unfortunately many are so desperate they are just surviving. Homeowners need to get out of debt not add more, but when your govt spends recklessly I guess it is in the water.
    Feb 9, 2013. 11:17 AM | 2 Likes Like |Link to Comment
  • OPKO Health (OPK -4.7%) finished the day markedly lower, but off its lows after responding to statements regarding the sale of company stock by Adam Logal, it's vice president, chief accounting officer and treasurer. The company notes that no other officer has exercised options or sold any shares of company stock during the last 12 months and that the sale by Logal was done to address pressing family circumstances. No other sales by insiders are being contemplated.  [View news story]
    Read it again.
    Feb 8, 2013. 07:55 PM | Likes Like |Link to Comment
  • According to a congressional official, Democrats on the supercommittee have rejected a last-ditch offer by the Republicans aimed at slashing $545B from deficits over the next decade, putting in question whether an agreement can be reached by the Wednesday deadline. Remember, the panel's mandate calls for $1.2T in savings over the next 10 years.   [View news story]
    I am in.
    Nov 19, 2011. 07:26 PM | Likes Like |Link to Comment
  • Does one hand know what the other is doing at Morgan Stanley (MS)? On Monday, the firm issued this call: Get Long Emerging Markets for the 39% Rally, China's Soft Landing Will Be Dandy. On the same day, it said this: Recession Likely, Sell Stocks and Risk Assets, Overweight Cash and Bonds. Which Morgan Stanley should we listen to?   [View news story]
    MS=House of cards.
    Nov 16, 2011. 12:05 PM | Likes Like |Link to Comment
  • The Fed's last bullet: A blog post on the New York Fed's website explains why a "zero lower bound" on interest rates exists even though - in theory - the Fed could actually drop rates below 0%. The problem with a move below 0% is that it has the potential to further disrupt markets because many current institutional arrangements were not designed with near-zero or negative interest rates in mind - leaving the FOMC stuck for all practical purposes with the lower bound.   [View news story]
    Stupid Idea.
    Nov 16, 2011. 07:30 AM | Likes Like |Link to Comment
  • The Pension Benefit Guarantee Corporation (PBGC) reports a record deficit of $26B for the year ended September 30 as the economy leaves the insurance fund with growing exposure to weak companies. The agency plans to make up the shortfall over a period of years by raising premiums and through better investment returns.   [View news story]
    The Ponzi scheme lives.
    Nov 15, 2011. 06:54 PM | 1 Like Like |Link to Comment
  • After a long journey (and a buzzy week), Groupon (GRPN) prices its IPO at $20, above the expected range of $16-$18 - valuing the company at $12.65B. Next up: Nasdaq trading tomorrow, where flying high or fizzling could have implications for the sector.   [View news story]
    12 Billion for this junk? I can't be reading that right.
    Nov 3, 2011. 07:45 PM | 2 Likes Like |Link to Comment