Global Intelligence
SAC Capital, once thought to be a world leading money manager, has plead guilty to four counts of securities fraud and one count of wire fraud. Steve Cohen’s SAC Capital Advisors hedge fund pleaded guilty to fraud charges Friday as part of a $1.2bn deal to resolve a long-running insider trading investigation. At a court […]
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Marc Faber points out the growing disconnect between the real economy, and the financial economy, referring to asset bubbles as “white elephants.” In a real economy, the debt and equity markets as a percentage of GDP are small and are principally designed to channel savings into investments. In a financial economy or “monetary-driven economy,” the […]
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Goldman Sachs is the latest Forex trading bank to be added to the list of banks being investigated for rigging of Forex rates used to price other derivatives, and for benchmarking purposes, known as the WM/Reuters rates. However the investigation against Goldman Sachs also includes commodities, options, and technology systems. Bloomberg reports: Goldman Sachs Group […]
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The U.S. House just passed a bill called H.R. 992 – the Swaps Regulatory Improvement Act – that was literally written by mega-bank lobbyists. It repeals the laws passed in 2010 to prevent another meltdown like the one that crashed our economy in 2008. The repeal was co-sponsored by a former Goldman Sachs executive and […]
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Bitcoin, an online-only currency scarcely four years old, is breaking out to new highs this week and now sports a total value of $2.8 billion. Just a few months ago, it looked like this economic experiment as the world’s first decentralized technology-based form of money would crash and burn. Since then, ConvergEx’s Nick Colas points […]
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$100 for a can of Lysol and computer monitors for $9 were offered at walmart.com due to a bug in their pricing algorithm. Customers were quick to snap up bargains, some knowingly taking advantage of mispriced items hoping that Wal-Mart would honor prices as displayed. Others purchased items for 1000% of their retail value. So […]
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According to data released by the Social Security Administration, 23 Million Americans make less than $5,000 a year, while only 166 make more than $50 Million per year. Some other data highlights: 119,400 Americans make more than $1 Million per year 81 Million Americans make less than $29,999.99 per year 92.5% of Americans make less […]
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US centric views cannot imagine a world where the US is not the dominating superpower economically, politically, and militarily. Probably, this was what many British felt like post WW1. It’s not surprising that empires rise and fall, but it’s difficult for many of those who are participating in the empire system to be objective, and […]
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President Obama issued an executive order Friday directing a government-wide effort to boost preparation in states and local communities for the impact of global warming. The action orders federal agencies to work with states to build “resilience” against major storms and other weather extremes. For example, the president’s order directs that infrastructure projects like bridges […]
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The US tax code has over 4 million words, since 2001 Congress has made over 5,000 changes to it. It’s the equivalent of 7x the words from War and Peace, and 4x the number of words in all Harry Potter books combined.Each year taxpayer advocate Nina Olsen prepares a report and delivers it to Congress, […]
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