STOCK MARKET WATCH -- Thursday, 7 April 2016

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Thursday, 7 April 2016[font color=black][/font]

SMW for 6 April 2016

AT THE CLOSING BELL ON 6 April 2016
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Dow Jones 17,716.05 +112.73 (0.64%)
S&P 500 2,066.66 +21.49 (1.05%)
Nasdaq 4,920.71 +76.78 (1.59%)


[font color=red]10 Year 1.76% +0.02 (1.15%)
30 Year 2.58% +0.01 (0.39%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
Market Updates
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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.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.
12/17/15 Martin Shkreli, former CEO Turing Pharmaceuticals and notorious price gouger, arrested on securities fraud charges. Posted $5M bail, resigned as CEO.
2/25/16 Jason Keryc sentenced to 9 years in prison, 3 years supervised release and to pay back $180MM to investors he bilked in a Ponzi scheme while an acct. mgr at Agape World.
03/24/16 Three TierOne Bank (Omaha) execs sentenced on criminal charges related to covering up losses on mortgages. CEO Gilbert Lundstrom -- 11 years federal prison, $1.2 million fine; James Laphen, 34 months; Don Langford, 21 months. SO FAR THE ONLY CRIMINAL CONVICTIONS OBTAINED BY DOJ related to 2008 financial collapse.
04/05/16 Prime Minister of Iceland, Sigmundur David Gunnlaugsson, forced to resign (at least temporarily) following release of "Panama papers"


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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]

[Hotler]

1. We here at SMW have known for awhile that HSBC is dirty.

This Bank Got Caught In The Middle Of Two Massive Corporate Scandals In One Week.

When leaked documents expose dirty money or hidden wealth, international lender HSBC has an unfortunate knack for being involved.
" Unfortunate" Should read "international lender HSBC is always there."

In the last five days, the bank has been linked to two massive global corruption scandals: first, the Unaoil leak , which exposed how middlemen paid officials to help huge corporations obtain contracts -- and then, the leaked trove of documents known as the Panama Papers , which revealed in astonishing detail the offshore financial holdings of the world's rich and powerful.

Okay so HSBC is a given. The gem in this story I think is this.

Documents from the Unaoil leak showed that HSBC helped American energy giant KBR and British oil company Petrofac get work on one of the biggest new oil fields in the world by routing their money to the Monaco-based firm Unaoil. The Huffington Post’s Zach Carter reported that the money then made its way to a consultant working for Kazakhstan’s state-owned oil company.

KBR is just as dirty as HSBC. I wonder why Halliburton is not in there because they are dirty also. KBR and Halliburton are cut from the same cloth.

http://www.msn.com/en-us/money/companies/this-bank-got-caught-in-the-middle-of-two-massive-corporate-scandals-in-one-week/ar-BBrrSiX?li=BBnbfcN&ocid=iehp

Click on some of the links in this story for more juicy reading.

[Hotler]

2. I learned about "The Book" today.

Last edited Thu Apr 7, 2016, 09:10 PM - Edit history (1)

Something I did not know about. Just show how little about economics I know.

Secrets of the Yahoo Sale ‘Book’ Reveal Financial Meltdown and Big Bet on Mobile Voice Search.

According to some pages from the “book” that Yahoo bankers have given out to prospective buyers, the financial situation at the Silicon Valley Internet giant is becoming increasingly dire.

While I cannot show the documents I have obtained, Re/code has gotten access to them. The book, for those not familiar, is made up of disclosure documents that sellers give to buyers to allow them to intelligently prepare a bid. In addition, those interested also have access to a protected data room, with more detailed information.
<snip>

"It’s like a a dilapidated house in Silicon Valley — you walk in and are overwhelmed by the work that needs to be done and how bad it has gotten,” said one potential buyer. “But then it’s in a good neighborhood, the market is nuts and there’s not many like it anymore, so you have to hope you can fix it.”

Looks like Yahoo is hurting and there are some with tons of cash thinking about buying it. The world of finance is a crazy place.

http://www.msn.com/en-us/money/companies/secrets-of-the-yahoo-sale-%e2%80%98book%e2%80%99-reveal-financial-meltdown-and-big-bet-on-mobile-voice-search/ar-BBrrsI2?li=BBnbfcN&ocid=iehp

[Hotler]

3. What if????

Panama Tax Haven Scandal: The Bigger Picture.
A Huge Leak
The “Panama Papers” tax haven leak is big …
After all, the Prime Minister of Iceland resigned over the leak, and investigations are taking place worldwide over the leak.
But Why Is It Mainly Focusing On Enemies of the West?
The Panama Papers reporting mainly focuses on friends of Russia’s Putin, Assad’s Syria and others disfavored by the West.

Whoever leaked the Mossack Fonseca papers appears motivated by a genuine desire to expose the system that enables the ultra wealthy to hide their massive stashes, often corruptly obtained and all involved in tax avoidance. These Panamanian lawyers hide the wealth of a significant proportion of the 1%, and the massive leak of their documents ought to be a wonderful thing.

Unfortunately the leaker has made the dreadful mistake of turning to the western corporate media to publicize the results. In consequence the first major story, published today by the Guardian, is all about Vladimir Putin and a cellist on the fiddle. As it happens I believe the story and have no doubt Putin is bent.
<snip>
The corporate media – the Guardian and BBC in the UK – have exclusive access to the database which you and I cannot see.
They are protecting themselves from even seeing western corporations’ sensitive information by only looking at those documents which are brought up by specific searches such as UN sanctions busters. Never forget the Guardian smashed its copies of the Snowden files on the instruction of MI6.

What if they did Mossack Fonseca database searches on the owners of all the corporate media and their companies, and all the editors and senior corporate media journalists? What if they did Mossack Fonseca searches on all the most senior people at the BBC? What if they did Mossack Fonseca searches on every donor to the Center for Public Integrity and their companies?

What if they did Mossack Fonseca searches on every listed company in the western stock exchanges, and on every western millionaire they could trace?

That would be much more interesting. I know Russia and China are corrupt, you don’t have to tell me that. What if you look at things that we might, here in the west, be able to rise up and do something about?

http://www.zerohedge.com/news/2016-04-06/panama-tax-haven-leak-bigger-picture

[antigop]

4. Oh, my! Investor's Business Daily editorial critical of HRC

http://www.investors.com/politics/editorials/clinton-email-scandal-hillarys-documents-flowed-openly-across-web/

Corruption: It’s been known for some time that Hillary Clinton’s personal email contained top-secret government material. We’re also learning just how vulnerable her system was. She might as well have posted documents on an open blog.

While secretary of state, Clinton conducted State Department business through a personal email account handled by a private server that did not meet the government’s security standards. The homebrew system was probably the most susceptible to hackers during its first two months of existence when emails passed through it without encryption.
...
The security risks posed by Clinton’s email arrangement went beyond just the first months of her tenure, though. Remember, it was never a secure government system and it was used by someone who has a “frighteningly outdated view of email security,” Computer World said last year, and who tried to argue that it was secure because the server was on property guarded by the Secret Service.

But all can’t be blamed on naivete, or an antiquated understanding of technology security. Clinton’s choice to use a nonsecure personal email account rather than a secure government account was made consciously and deliberately. She wanted to conduct government business outside of the sterilizing effects of sunlight. That she might endanger national security didn’t matter to her. The public would do well to remember this as she gets closer to the Democratic nomination.

Link to Computer World article mentioned:
http://www.computerworld.com/article/2895892/hillary-clintons-email-system-was-insecure-for-two-months.html

How interesting...

[Fuddnik]

5. This belongs out on the front page.

I said this from the start. The whole idea of a private server was to keep it from public eyes. She hoped there would be no official government records of her dealings.

The Bush White House, and especially Karl Rove's team used their personal computers to conduct personal and government business that they didn't want seeing the light of day.

[antigop]

6. I'll post in GD-P. nt