White Shoe Boys

No criminal charges for Jon Corzine in MF Global probe

"It’s official. Jon Corzine will not be cuffed over MF Global’s improper handling of customers’ funds leading up to the commodity brokerage firm’s spectacular collapse in late 2011, The Post has learned. Federal investigators have found no evidence that the disgraced Wall Street titan broke the law. The Justice Department’s decision to drop the case is sure to come as a relief to Corzine, who has been widely blamed for MFG’s bankruptcy — as well as the misuse of some $1.6 billion in customers’ funds." Continue reading →

Continue ReadingNo criminal charges for Jon Corzine in MF Global probe

Irish ‘rage’ after bank cheated on multi-billion bailout

"The taped conversations, obtained by the Irish Independent newspaper, between John Bowe and Peter Fitzgerald, who led Anglo-Irish's capital markets and retail banking arms, respectively, indicate the Irish government was duped into pumping €7 billion of emergency cash into the bank on the assumption that it would plug the lender's funding crisis. But the €7 billion figure was just a ruse to get the government to put 'some skin in the game,' with the bankers assuming that politicians would have no choice but to provide further emergency funding once they had been 'pulled in'." Continue reading →

Continue ReadingIrish ‘rage’ after bank cheated on multi-billion bailout

Book Review: Damn Right! Biography of Charlie Munger

"There are huge advantages for an individual to get into a position where you make a few great investments and just sit back and wait: You’re paying less to brokers. You’re listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded. And you think that most of you are going to get that much advantage by hiring investment counselors and paying them 1% to run around, incurring a lot of taxes on your behalf? Lots of luck." Continue reading →

Continue ReadingBook Review: Damn Right! Biography of Charlie Munger

Peter Schiff on Bullion Banks, and the Hidden Trove of QE Money

"Perianne talks about the Fed and gold with Peter Schiff. Justine Underhill presents a chart to explain just exactly what the Fed has been doing vis a vis QE. Also, in the US, the big banks have had to submit 'living wills' to regulators -- basically, a blueprint for their wind-down should they become insolvent -- or, more insolvent, we guess. But the central bank of central banks, which is the Bank for International Settlements, just came out with its own plan for how to deal with too-big-to-fail. It's 'simple,' they say. Just let the creditors and depositors take losses -- a la Cyprus -- and force the creditors to recapitalize a new banking entity." Continue reading →

Continue ReadingPeter Schiff on Bullion Banks, and the Hidden Trove of QE Money

Top Ten Cities With the Most Multi-Millionaires

"London is the home to more multimillionaires, 4,296, than anywhere else in the world, but is facing tough competition from Hong Kong, 2,560, and Singapore, 3,154, to keep that title, according to a new study, writes MarketWatch. The WealthInsight Intelligence Center Database, which tracks wealth and liquidity events, found Singapore and Hong Kong have the fastest growth rate for multimillionaires and could overtake London by 2020 if the trend continues. The report defines a multimillionaire as someone with $30 million or more." Continue reading →

Continue ReadingTop Ten Cities With the Most Multi-Millionaires

Bill Bonner: Are We Approaching a “Second Coming” For Gold?

"There are no moms or pops left in the gold market. Even serious, knowledgeable investors have gotten out. From what we read, it seems more like a bottom than a top. The public is not interested. And the professionals hate gold. If we were speculating – and we are not – we would bet that gold is a better buy than a sell. The price could go anywhere. But unlike the Fed's paper, gold won't go away. And, at $1,100 an ounce, gold is likely to be one of those few investments you don't mind telling your children and grandchildren about. If you buy, wait five years. Then let us know how it worked out." Continue reading →

Continue ReadingBill Bonner: Are We Approaching a “Second Coming” For Gold?

JPMorgan Comes Out With First “Overweight” Call On Commodities Since September 2010

"Metals prices have reached levels that are demonstrably forcing involuntary production cuts and fresh demand. Against one-sided sentiment and following 15 months of destocking, Chinese buyers are going to realize very soon this is the opportune moment to back up the truck and to restock supply channels where China is import dependent. A surge in Chinese buying of a metal at a lower price has already been observed in gold. We expect renewed vigor in imports of copper and oil. It is quite obvious what the Chinese should do here in physical markets, in pursuit of China’s long-run economic and social self-interest." Continue reading →

Continue ReadingJPMorgan Comes Out With First “Overweight” Call On Commodities Since September 2010

Gold price falls fuel ‘record’ bullion sales at UK’s biggest internet gold dealer

"BullionByPost said its sales hit £87m in the year to April, presenting a rise of 58pc on the previous year. Founder Rob Halliday-Stein said the plunge in the price had increased enthusiasm, describing Friday as a 'record' day with over £1m sales. 'For every seller, there’s a buyer,' he said. 'The sellers tend to be big and fast and the buyers smaller and slower. The reason they are buying has not changed - it is because they are worried about the medium to long term outlook for the economy, and QE.' He set up the internet delivery business in 2008 after he found it difficult to buy physical gold after inheriting money following the death of his mother." Continue reading →

Continue ReadingGold price falls fuel ‘record’ bullion sales at UK’s biggest internet gold dealer

Hospital investors ‘sold’ on Obamacare

"Shares of U.S. hospital operators have been on a tear this year, on average posting triple the gains of the broader stock market, as investors tallied up the benefits of President Barack Obama’s healthcare reform. They expect company earnings to strengthen as more Americans gain insurance coverage and hospitals lose less money treating the uninsured. The reform law has spurred consolidation among hospitals, and further merger activity could lift valuations. The biggest benefit from health reform is expected to be an influx of patients whose treatment will be paid for either through expanded Medicaid programs or from state-based exchanges." Continue reading →

Continue ReadingHospital investors ‘sold’ on Obamacare

LBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions

"The amount of gold transferred between accounts of London Bullion Market Association members rose sharply in May, the organization reported Friday. Total gold transfers rose by 17.2% to a daily average of 28.2 million ounces, the most in 12 years. Despite continued offloading of gold by exchange-traded funds in the Western economies, strong physical demand for gold on falling prices -- particularly from India and China -- led to a significant increase in demand, the LBMA said, The value of gold ounces transferred increased by 11.2% to a daily average of $39.8 billion, the highest level since August 2011." Continue reading →

Continue ReadingLBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions