STOCK MARKET WATCH -- Wednesday, 18 September 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 18 September 2013[font color=black][/font]

SMW for 17 September 2013

AT THE CLOSING BELL ON 17 September 2013
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Dow Jones 15,529.73 +34.95 (0.23%)
S&P 500 1,704.76 +7.16 (0.42%)
Nasdaq 3,745.70 +27.85 (0.75%)


[font color=red]10 Year 2.84% +0.01 (0.35%)
[font color=green]30 Year 3.83% -0.01 (-0.26%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. Death is the price of LIfe

Death comes to all living things.

It is Senseless, Violent, Unnatural Death, commonly known as murder by those who don't split hairs, that is devoutly to be stopped, hindered, prevented, and NOT SUPPORTED BY SOCIETY OR LAW.

this means YOU, Zimmermann!

[spotbird]

4. An experienced pathologist I know assures me the mortality rate is 100%

And he went to Harvard. Those fucking liberals will say anything to scare the rest of us.

[tclambert]

31. The science magazines say medical researchers WILL cure aging . . . soon-ish.

http://www.reuters.com/article/2011/07/04/us-ageing-cure-idUSTRE7632ID20110704,
and http://health.howstuffworks.com/wellness/aging/aging-process/end-aging.htm for instance.


20, 30, 40 years from now. Today's kids will NOT face gray hair, wrinkles and failing memories. Yeah, what happens to Social Security then?

That is, if they can afford the special medications and procedures needed to counteract aging. Save the rich people first, of course. And the politically connected. And the really pretty celebrities.

Ordinary people can afford the discount version--we'll call it "Placebo" for now. It may not seem quite as effective, but dead people can't sue for malpractice.

Hmm. Good chance they won't find anything to REVERSE aging, only prevent aging for those who are still young. If you're already old, you'll be out of luck.

Oh, but some religious fundies will insist it defies God's will to eliminate death from old age and they will refuse the treatments. So, it's not all bad news.

[Demeter]

2. Well, I survived Monday

with the first rehearsal of the Choral group. Two hours of solidly aerobic exercise. (It was good)

And I survived Tuesday, with the Board meeting (although if looks could kill, I wouldn't be sitting here typing this--I'd have joined that heavenly choir, instead!)

But Wednesday!....can't we get a break in the middle of the week? Wednesday is of course, paper night. Or rather, 3 AM Thursday morning is, with the new press schedule.

In the interest of getting to the Weekend, I'm going to try getting some sleep between now and then.

Anybody got a weekend topic? I don't think I'm going to be able to think.

[Hotler]

20. Weekend topic. How about Marian McPartland?

Marian McPartland, who gave the world an intimate, insider's perspective on one of the most elusive topics in music — jazz improvisation — died of natural causes Tuesday night at her home in Long Island, N.Y. She was 95.

For more than 40 years, she hosted Marian McPartland's Piano Jazz, an NPR program pairing conversation and duet performances that reached an audience of millions, connecting with jazz fans and the curious alike. She interviewed practically every major jazz musician of the post-WWII era.

Marian McPartland & Norah Jones.

[Demeter]

32. You got it

We can salute Mr. Toyoda, dead at 100, too.

[Demeter]

3. Forget too big to fail: Some banks now too small to succeed

JUST AS GREG PALAST PREDICTED IN YESTERDAY'S POST!

http://www.latimes.com/business/la-fi-too-small-to-succeed-20130918,0,1014175.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fbusiness+%28L.A.+Times+-+Business%29&utm_content=My+Yahoo

...what about the little banks caught in the ensuing economic and regulatory backwash? Banks that wrote no dicey home loans, sold no toxic securities, never considered trading leveraged derivatives — the ones whose shareholders and customers live within an easy drive of the head office.

While the too-big banks have gotten even bigger, smaller community bankers are finding it increasingly tough to survive, in part because they must commit more of their limited resources to complying with new regulations stemming from the global near-meltdown. That has increased pressures on the owners and directors of small banks to sell out to their larger brethren, they say.

Indeed, many community banks are now too small to succeed.

"Regulatory burden is absolutely a factor for many smaller banks that are looking to exit," said Steven Gardner, president of Pacific Premier Bank in Irvine, which has acquired two failed banks and two open banks in the last two years.

"And it's absolutely going to continue," said Gardner, whose bank, with 13 offices and $1.6 billion in assets, is scouting more acquisitions....

[xchrom]

5. India raises duty on gold jewellery imports

http://www.bbc.co.uk/news/business-24140325


India has increased the duty on imports of gold jewellery to 15% from 10%, in its latest attempt to curb the demand for the precious metal.

Imports of gold jewellery rose after the government increased duties on import of raw gold, including bars and coins, three times this year.

Demand for gold in India has risen after the recent drop in prices.

However, gold imports are also one of the biggest contributors to India's widening current account deficit.

[Demeter]

17. India should raise the price (or value) of their exports

The People have needs which must be met, or the State fails.

[AnneD]

23. They can keep raising...

the import duty on gold, but Indians will not stop purchasing it. What will happen is the black market will thrive and the government will loose out on the money.

Things are so bad that hubby's brother and sister cannot afford onions or tomatoes. I just can't imagine Indian dishes without onions. That is the thing that brings on riots. Although I told hubby I don't see why they couldn't grow their own. He said THAT was the very difference between Americans and Indians. We wouldn't but up with it. Meh, maybe maybe not, but I still can't figure why they would endure that rather than grow their own. Guess I am just not that far removed from my farm roots.

[xchrom]

24. food inflation is an essential building block of revolution.

i've long thought india was a very impotent component in the global economy and i certainly realize that for many indians gold is what a savings account would be for westerners.

i don't know what good the government gets from discouraging 'saving' -- even if it isn't saving in a bank.

[AnneD]

25. The ruling party ...

was in a fit last year when onions first went sky high. Most folks cook with fuel oil and use cooking oil. Scarcity of those product will spark riots in the streets.

I have seen the poorest beggar in the street, a child on one hip and one at the knee, but she will have a gold bangle, or a gold nose ring, or a gold wedding necklace. You are truly destitute without that.

[xchrom]

6. Greek public sector workers strike over job cuts

http://www.bbc.co.uk/news/world-europe-24135114


Doctors, teachers and other workers are going on strike across Greece in protest at planned civil service cuts and forced transfers.

The main public sector union has called a 48-hour stoppage, and a partial private-sector strike is also planned.

The trigger is a plan to place 25,000 civil servants on a reduced salary before being redeployed or dismissed, with 15,000 jobs to go by 2015.

The strike comes as Greece's international creditors meet in Athens.

[xchrom]

7. Merkel's center-right could fall short of majority: poll

http://www.reuters.com/article/2013/09/18/us-germany-election-poll-idUSBRE98H07P20130918

(Reuters) - Angela Merkel's center-right coalition slipped behind Germany's combined center-left opposition parties in a poll published on Wednesday, indicating her conservatives would be unable to form a majority with their Free Democrat partners.

In an Allensbach poll for the conservative Frankfurter Allgemeine Zeitung daily, the chancellor's conservatives shed a point to 39 percent while the FDP were steady at 6 percent, giving a combined 45 percent for the center-right.

The main opposition Social Democrats (SPD) gained one point to 26 percent and their Greens partners weakened to 11 percent from 12.5. The hardline Left rose 1.5 points to 9 percent.

That would give the opposition a combined 46 percent - but the SPD and Greens both rule out a coalition with the Left, meaning one possible scenario is that Merkel could have to team up with the SPD in a repeat of the 2005-2009 'grand coalition'.

[Ghost Dog]

22. Merkel Says German Vote Is Decision Time for Euro’s Future

...Merkel, speaking at a rally of her Christian Democratic Union party in the eastern city of Magdeburg, cast the national vote on Sept. 22 as a decision between her policy of conditional bailouts for weaker euro countries and what she portrayed as plans by Germany’s opposition to pool the currency bloc’s debt...

... “As we stabilize the euro -- and that’s one thing you are deciding about on Sunday -- there are different approaches,” Merkel told the crowd of several thousand yesterday, some of whom held aloft orange “Angie” signs. “We offer aid when we get something in return.”

The Social Democrats led by Peer Steinbrueck and the Greens, which aim to unseat Merkel and form a coalition, advocate a joint debt repayment fund and other options that would “throw all of the debt into one pot,” she said. “That is why your decision is also about Europe’s future path.”...

... Steinbrueck, Merkel’s first-term finance minister turned main election challenger, says her austerity push has divided Europe and advocates more emphasis on growth. At home, she has neglected Europe’s biggest economy, showing “guidelines but no direction,” he said yesterday at a separate rally in Wuppertal, in the SPD-controlled state of North Rhine-Westphalia. “The gap between rich and poor has clearly grown in Germany,” Steinbrueck said, defending SPD plans to raise the top rate of income tax to 49 percent from 42 percent and to impose a “wealth tax.” Banks must “finally’ be called upon to pay for the crisis they spawned, and his party would ban “speculative trades” on commodities and foodstuffs, he said...

/... http://www.bloomberg.com/news/2013-09-17/merkel-says-german-election-is-decision-time-for-euro-s-future.html

[xchrom]

8. Analysis: Ageing could weaken central banks, spur rate volatility

http://www.reuters.com/article/2013/09/18/us-demographics-policy-analysis-idUSBRE98H05020130918

(Reuters) - Not unlike the ageing public - central banks will have to work harder as their economies grey and greater interest rate volatility over time may well be the outcome.

Monetary policymakers around the globe are already preparing households and businesses for the likely end of the present super-low interest rate era over the years ahead.

Yet despite five years of crisis-management in which central banks were the dominant and most powerful forces, some economists reckon they have been steadily losing their influence on the real economy in recent decades.

The success of inflation targetting in managing long-term expectations has in itself lessened the reverberations of interest rate moves, as did developments in housing finance and extensive credit deregulation.

[xchrom]

9. U.S. must cut $2 trillion over 10 yrs to stabilize debt: CBO

http://www.reuters.com/article/2013/09/17/us-usa-debt-cbo-idUSBRE98G0PA20130917

(Reuters) - U.S. lawmakers are far from finished with the job of deficit-cutting, the Congressional Budget Office warned on Tuesday, saying that $2 trillion in additional savings is needed over the next 10 years just to stabilize long-term U.S. debt.

In new long-term forecasts that will intensify the fiscal debate in Washington as critical deadlines loom, the CBO said U.S. public debt will balloon to 100 percent of the nation's economic output in 25 years if no action is taken, increasing the risk of another financial crisis.

That's up from about 73 percent this year and a 40-year historical average of about 38 percent. And the picture looks worse if Congress does away with the "sequester" across-the-board spending cuts now in place, the non-partisan CBO said.

Revenue growth from a recovering U.S. economy and a January tax increase on the wealthy are helping to shrink near-term deficits, but this is not enough to overcome the rising pension and health care costs associated with the aging Baby Boom generation, CBO director Doug Elmendorf said.

[Demeter]

33. I call BS

If we had people earning enough money to pay taxes, there would be no problem.

[Fuddnik]

34. Bingo!!!!

[xchrom]

10. Don't expect yen carry-trade surge after Fed tapering: analysts

http://www.reuters.com/article/2013/09/18/us-markets-forex-yen-idUSBRE98H03B20130918

(Reuters) - As the U.S. Federal Reserve looks set to begin whittling away at its stimulus in a first step towards eventual rate increases, the yen could see renewed interest as a funding currency for investments in higher-yielding currencies.

But any pressure on the yen from so-called carry trades is likely to be moderate compared with in the mid-2000s, when the Japanese currency weakened persistently on such trading, because current yield gaps between the yen and other major currencies remain too small, analysts say.

"Back in 2005-2007, only the yen had exceptionally low interest rates, making it a funding currency of choice," said Tohru Sasaki, head of Japan rates and forex research at JPMorgan Chase Bank. "But now there are other currencies that have low rates, so funding is likely to be more spread out among those currencies."

Analysts expect the Fed to trim its bond buying and forecast U.S. interest rates to rise substantially by the end of 2016 from current near-zero levels after its two-day policy meeting ending on Wednesday.

[xchrom]

11. EU and IMF warn of risks for Cyprus program

http://www.reuters.com/article/2013/09/18/us-eurozone-cyprus-idUSBRE98H0GQ20130918

(Reuters) - Cyprus has made progress with overhauling its banking sector and pushing through structural reforms to the economy but significant risks remain for the island, a report by the country's international lenders said on Wednesday.

Cyprus became the fifth euro zone country to receive international assistance in March, when it secured a 10 billion euro package of loans in return for reforms and an unprecedented one-off levy on large bank deposits.

Experts from the European Commission, the European Central Bank and the International Monetary Fund - together known as the troika - said in their first review of the rescue program that Nicosia had taken decisive steps to stabilize its financial sector and was gradually relaxing capital controls.

But the economy is expected to contract by a total of 13 percent in 2013 and 2014, before returning to marginal growth in 2015. Unemployment continues to rise and there is hard work to do to ensure the economic reforms are fully enforced.

[xchrom]

12. India's cenbank chief seen hawkish on debut, may roll back some FX steps

http://www.reuters.com/article/2013/09/18/us-india-centralbank-idUSBRE98H0GU20130918

(Reuters) - New Indian central bank chief Raghuram Rajan makes his first monetary policy statement on Friday with expectations he may scale back some of the emergency measures that have helped the rupee bounce from a record low.

But in a reflection of the policy challenges faced by the former IMF chief economist who has been dubbed "The Guv" by the Indian media, Rajan is likely to strike a hawkish tone on inflation.

With price pressures rising but economic growth running at a decade low, Rajan must find a fine balance in central bank policies to support economic activity without adding fuel to inflation and giving investors fresh reason to sell the currency.

"There is a change of guard, so we don't know what the flavor will be, but Rajan is likely to be hawkish and reiterate the importance of low and stable inflation for sustained economic recovery," said Rajeev Malik, senior economist at CLSA in Singapore.

[DemReadingDU]

13. video: Introducing the new iPhone nSa

9/17/13
Introducing the new iPhone nSa, the best surveillance device to date. It aims to put your freedom... in the crosshairs.

Reminds me of this famous quote... "Is it real or is it Memorex!"

[xchrom]

14. FEDEX: Global Economic Growth Is 'Tepid'

http://www.businessinsider.com/fedex-q1-earnings-2013-9

FedEx just released its fiscal first quarter financial results.
Earnings per share climbed to $1.53, up from $1.45 a year ago.

This was stronger than the $1.50 expected by analysts.

Freight shipping revenue climbed 2% while ground shipping revenue jumped 11%.



Read more: http://www.businessinsider.com/fedex-q1-earnings-2013-9#ixzz2fFUnJx9B

[xchrom]

15. Housing Starts Miss Expectations

http://www.businessinsider.com/august-housing-starts-2013-9

Housing starts climbed 0.9% month-over-month (MoM) in August, to an annualized pace of 891,000.
This missed expectations for a 2.3% rise to 917,000. Meanwhile, July's number was revised down to reflect a 5.7% rise to 883,000.

Building permits fell 3.8% to 918,000 in August. This missed expectations for a 0.4% decline to 950,000.

July's numbers were revised up to reflect a 3.9% rise to 954,000.



Read more: http://www.businessinsider.com/august-housing-starts-2013-9#ixzz2fFVVG1me

[xchrom]

16. Greece's Societal Crisis Hits Its 'Red Line'

http://www.businessinsider.com/murder-of-activist-in-greece-seen-as-countrys-red-line-2013-9



Writing in Greek newspaper Ekathimerini, Nikos Xydakis argues that Greece has hit its "Red Line," as a young activist/rapper by the name of Pavlos Fyssas was murdered allegedly at the hands of a member of Greece's Neo-Nazi Golden Dawn party.

September 18, 2013, must be seen as a wake-up call for Greek democracy, the country’s institutions and its citizens.

The murder of 34-year-old musician Pavlos Fyssas in Keratsini by extremists is the culmination in a wave of violent activities over the past few days which began with attacks on Greek Communist Party members in Perama carried out by alleged supporters of Golden Dawn.

This is not about the display of power and leadership on the streets of symbolically working class neighborhoods; this is not a war between hooligans. This is a case of destabilizing the rule of law, a practical denial of democracy, a logical extension of the political practices of those who deny the Holocaust and that people were killed at the Athens Polytechnic uprising against the junta in 1973.



Read more: http://www.businessinsider.com/murder-of-activist-in-greece-seen-as-countrys-red-line-2013-9#ixzz2fFWJhImo

[xchrom]

18. CEO-to-Worker Pay Ratio Disclosure Proposal to Be Issued by SEC

http://www.bloomberg.com/news/2013-09-17/ceo-to-worker-pay-ratio-disclosure-proposal-to-be-issued-by-sec.html

A divided U.S. Securities and Exchange Commission will propose that public companies disclose how much more their chief executives earn than rank-and-file workers.

SEC commissioners meeting in Washington today will vote to propose and seek comment on a requirement that has been opposed by the agency’s two Republican members and more than 20 large business lobbying groups, which say the data will be costly to compile and won’t help investors. The disclosure rule, championed by unions and some congressional Democrats, must be issued under the 2010 Dodd-Frank law.

The SEC will propose that companies can use sampling and estimation methods to determine the median pay of workers, according to two people familiar with the matter, who asked to not be named because the rule isn’t public. The plan won’t allow companies to exclude employees based in foreign countries from the calculation, the two people said.

“To get a precise calculation is going to have lots of obstacles,” said Marc Trevino, managing partner of the executive compensation group at Sullivan & Cromwell LLP. “Part of the reason for the delay has been their recognition this process will be potentially expensive, and my hope is they are using their flexibility.”

[xchrom]

19. Home-Loan Drop Pushes Fed Away From Mortgage Bond Taper

http://www.bloomberg.com/news/2013-09-18/fall-in-home-loans-pushing-fed-away-from-taper-in-mortgage-bonds.html

Federal Reserve policy makers, while considering today whether to taper $85 billion in monthly bond buying, confront a drop in demand for home loans that argues against a cut to their mortgage bond purchases.

A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year.

The Fed today would limit the impact from tapering by reducing Treasury purchases rather than mortgage-backed securities, said Michael Gapen, a senior U.S. economist at Barclays Plc in New York. Buying mortgage bonds reduces home loan rates, increases house prices, and pushes up consumer confidence and spending, said Gapen, a former researcher in the Fed’s Division of Monetary Affairs.

“There’s a fair degree of consensus that MBS purchases are more effective than Treasuries in terms of stimulating activity,” said Gapen, who expects the Fed to reduce monthly purchases by $10 billion in Treasuries and $5 billion in mortgage bonds. “It’s a more direct route to housing and household balance sheets.”

[Demeter]

21. Calvin and Hobbes are named after philosophers, of course

http://assets.amuniversal.com/5ff75950807d01302581001dd8b71c47?width=900

[DemReadingDU]

26. Beanie Babies Creator To Plead Guilty To Tax Evasion

9/18/13 Beanie Babies Creator To Plead Guilty To Tax Evasion

The man behind Beanie Babies, the toy animals that saw their heyday in the mid-90s, has agreed to plead guilty to tax evasion for failing to report income held in Swiss bank accounts.

H. Ty Warner, 69, has been charged in U.S. District Court with felony tax evasion. The indictment alleges that in 1996, Warner traveled to Zurich to open an account with Union Bank of Switzerland (UBS) with the intent to "evade and defeat" taxes on $3.1 million in foreign income.

It details accusations that Warner shuffled the money between banks and failed to report or otherwise misreported his income.

"Regardless of wealth, everyone must pay taxes on all of their income, not just the amount they choose to report," said Gary S. Shapiro, United States Attorney for the Northern District of Illinois. "The charge alleges that Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in a secret Swiss account. Such conduct invites federal prosecution."

more...
http://www.npr.org/blogs/thetwo-way/2013/09/18/223740621/beanie-babies-creator-to-plead-guilty-to-tax-evasion

[Roland99]

27. FED keeps $85B asset purchase plan in place. Bond yields drop. Stocks rise.

KC Fed president George dissents from Fed policy
2:00p

Fed vote 9 to 1
2:00p

Fed: Need more evidence growth sustainable
2:00p

Fed cites tighter financial conditions for no move
2:00p

Fed keeps $85 billion asset purchases, no taper

Fed sees slower 2013 growth, higher rates in 2015
2:00p

Fed keeps $85 billion asset-purchase plan in place
2:00p

Fed expects jobless rate to fall under 6% by 2016
2:00p

Fed sees inflation below 2% until end of 2016

Fed predicts 2016 growth rate of 2.5% to 3.3%
2:00p

Fed cuts 2013 growth forecast to 2.0% to 2.3%
2:00p

Fed sees short-term rates at 2.25% by 2016
2:00p

Fed expects to raise interest rates in 2015

[DemReadingDU]

28. wow!

[Demeter]

29. Double Wow

I wondered who spit in the cornflakes....


Dollar dropped like a stone, gold, silver shot to the moon, market jumped 122 pts.

[DemReadingDU]

30. QE4Ever

The longer the Ponzis continue, the bigger the boom when they collapse.
Party on!