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California cops defend seizing video depicting fatal beating case

“Authorities in Kern County, California are defending themselves against criticism for confiscating cell phone video of seven sheriff’s deputies’ fatal encounter with a 33-year-old man. But witnesses to the May 8 incident involving the deputies and 33-year-old David Silva said deputies overstepped their bounds in gathering that evidence. A witness told the Bakersfield Californian that two detectives entered her apartment to seize video taken by her boyfriend and blocked the entrance, then demanded her mother’s phone. Another witness gave the family surveillance footage taken near the site of the encounter that shows deputies hitting Silva with their nightsticks.” Continue reading →

Eric Holder defends seizure of AP phone logs to track down ‘the most serious’ CIA leak

“The US administration pushed back Tuesday after being accused of undermining press freedom by seizing reporters’ phone records, claiming officials took the drastic steps to protect American lives. Amid a barrage of criticism, Attorney General Eric Holder said telephone logs were secretly taken from US news agency the Associated Press as part of a probe into a security breach which had put the American people at risk. The comments came as President Barack Obama’s administration faced heavy criticism over the Justice Department’s decision to seize two months of phone records from the news operations of the Associated Press.” Continue reading →

IRS office under scrutiny for targeting tea party groups also disclosed confidential info

“The same IRS office that deliberately targeted conservative groups applying for tax-exempt status in the run-up to the 2012 election released nine pending confidential applications of conservative groups to ProPublica late last year. In response to a request for the applications for 67 different nonprofits last November, the Cincinnati office of the IRS sent ProPublica applications or documentation for 31 groups. Nine of those applications had not yet been approved – meaning they were not supposed to be made public.” Continue reading →

Let’s Thank President Obama for Reminding Americans that They Should Distrust the IRS

“Last week, while writing about the latest IRS scandal, I noted that the IRS has a long record of abusive actions. It has thieving employees. It has incompetent employees. It has thuggish employees. It has brainless employees. And it has victimizing employees. So I wasn’t surprised to learn that it also has politically biased employees. But some Americans probably are shocked. Why am I thanking Obama? For the simple reason that this scandal means that more Americans now understand that the IRS is a venal agency.” Continue reading →

Youth Without Hope: 60% Unemployment

“Greece has a 60% unemployment rate for people in the 18-25 age bracket. Think of this. This is a generation that is unlikely ever to save their career plans out of the recession that has overtaken Greece and is getting worse. It will mar them for the rest of their lives. The experts said this was impossible in 2007. The bankers in northern Europe believed the hype. They lent money to Greece’s government and businesses. Now they need bailouts from the European Union — the government — and the central bank, and the IMF. They care nothing about Greece. They just want someone to pay interest on their loans. They are getting what they ask for. Greece isn’t.” Continue reading →

CEO of World’s Biggest Bond Fund: Government Has Rigged the Game Against Investors

“Investors are being haircutted by at least 200 basis points judged by historical standards, which in the past offered no QE and priced Fed Funds close to the level of inflation. Large holders of U.S. government bonds, including China and Japan, will be repaid, but in the interim they will be implicitly defaulted on or haircutted via negative real interest rates. . . . Future haircuts might even include a wealth tax. Are gold and/or AA+ sovereign bonds good as money? Usually, but capital controls can clip you if you’re not careful.” Continue reading →

Investors can’t beat the machines: Computer-dominated trading takes over

“The implication of all this for individual investors is straightforward: Don’t trade. Short-term trading has become so dominated by Wall Street’s computers that individuals—and professional managers—almost certainly will lose out to them over time. The obvious alternative, experts say, is to buy and hold diversified index funds with very low expenses. Odean says some of the poorest performances in his studies were turned in by traders who were the most confident of their abilities. This led them to trade even more often and incur even more risk.” Continue reading →

Gold Bears Pull $20.8 Billion as BlackRock Says Buy

“Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc. (BLK), the world’s biggest money manager, said it’s still bullish. Speculators held 67,374 so-called short contracts on May 7, 6.4 percent more than a week earlier, U.S. Commodity Futures Trading Commission data show. The net-long position dropped 10 percent to 49,260 futures and options. BlackRock’s President Robert Kapito said May 9 he would still buy the metal, echoing billionaire John Paulson, who’s sticking with a bullish view even after losing 27 percent in his Gold Fund last month.” Continue reading →