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Tansy_Gold

(17,861 posts)
Tue Apr 26, 2016, 05:37 PM Apr 2016

STOCK MARKET WATCH -- Wednesday, 27 April 2016

[font size=3]STOCK MARKET WATCH, Wednesday, 27 April 2016[font color=black][/font]


SMW for 26 April 2016

AT THE CLOSING BELL ON 26 April 2016
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Dow Jones 17,990.32 +13.08 (0.07%)
S&P 500 2,091.70 +3.91 (0.19%)
[font color=red]Nasdaq 4,888.28 -7.50 (-0.15%)


[font color=red]10 Year 1.93% +0.02 (1.05%)
30 Year 2.75% +0.02 (0.73%) [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 - 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=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]


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Gungnir

(242 posts)
1. The ‘citizen budgets’ of Africa make governments more transparent
Wed Apr 27, 2016, 12:22 AM
Apr 2016
https://theconversation.com/the-citizen-budgets-of-africa-make-governments-more-transparent-58275?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20April%2027%202016%20-%204747&utm_content=Latest%20from%20The%20Conversation%20for%20April%2027%202016%20-%204747+CID_a61b62b7c232cba6550fafc8cea36575&utm_source=campaign_monitor&utm_term=The%20citizen%20budgets%20of%20Africa%20make%20governments%20more%20transparent

Some of the least developed African nations are leading the way with budget transparency using what is known as “citizens budgets”. These documents, while not the official papers of government, help to translate government fiscal policy into a simple and digestible format that ordinary citizens can engage with.

“Citizen budgets” are often created as a collaboration between civil society groups and government departments. One example of this is in Ghana, where the fiscal process is made more understandable to the general public by producing abridged and user-friendly versions of the budget.

According to the Open Budget Index,the most comprehensive international budget transparency survey, some of the best improvements in budget transparency reform are happening in the weakest ranking countries such as Benin, Burkina Faso, Cameroon, and the Democratic Republic of Congo.

A small amount of improvement in budget transparency can create very large positive impacts for developing nations, in terms of reducing the misuse of money by powerful interests, enhancing the level of trust in government, labelling government priorities and persuading citizens to contribute to the tax base.

More

Gungnir

(242 posts)
2. Open Budget Index
Wed Apr 27, 2016, 12:26 AM
Apr 2016
http://www.internationalbudget.org/opening-budgets/open-budget-initiative/open-budget-survey/publications-2/full-report/

The International Budget Partnership collaborates with civil society around the world to use budget analysis and advocacy as a tool to improve effective governance and reduce poverty.

Why Budgets?

The International Budget Partnership (IBP) focuses on government budgets because they are at the core of development. Budgets are the government’s most powerful tool to meet the needs of its people, especially those who are poor and marginalized. Whether it’s about health, education, or pensions, the most well-meaning public policy has little impact on poverty until it is matched with sufficient public resources, and those resources are used effectively to provide public services.

Our experience shows that when ordinary people have access to comprehensive and timely budget information, skills, and opportunities to participate, broader public engagement in government budget processes can promote substantive improvements in governance and poverty.

But in too many countries, budgetary decisions are made behind closed doors with little or no regard for the public interest. The results are poor policy choices and squandering of scarce public resources.

In order to foster more open, participatory, and accountable public budgeting, IBP partners with civil society organizations around the world, leveraging their knowledge of their country’s political context, their experience navigating policy processes for social change, and their relationships with the public in order to transform their country’s budget system.

Gungnir

(242 posts)
3. A cheat sheet for reading the federal budget (for AU, anyone got one for the US?)
Wed Apr 27, 2016, 12:31 AM
Apr 2016
https://theconversation.com/a-cheat-sheet-for-reading-the-federal-budget-57640?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20April%2027%202016%20-%204747&utm_content=Latest%20from%20The%20Conversation%20for%20April%2027%202016%20-%204747+CID_a61b62b7c232cba6550fafc8cea36575&utm_source=campaign_monitor&utm_term=A%20cheat%20sheet%20for%20reading%20the%20federal%20budget

The federal budget rolls around, usually on the second week of May, every year. Last year there was over 600 pages of budget papers, pored over by politicians, journalists and lobbyists alike.
...
Is there a budget deficit, how much is it and how long until we balance the books?

The place to look is Budget Paper No. 1: Budget Strategy and Outlook,
...

more

Gungnir

(242 posts)
4. Study finds relationship between trade-related U.S. job losses and political polarization in Congres
Wed Apr 27, 2016, 10:39 AM
Apr 2016
http://phys.org/news/2016-04-relationship-trade-related-job-losses-political.html

In recent years economic studies have illuminated the extent to which global trade agreements, while benefitting many consumers, have also led to significant job losses in the U.S.—particularly due to jobs moving to China after 2001. Now a new study co-authored by MIT economist David Autor (along with non-MIT colleagues David Dorn, Gordon Hanson, and Kaveh Majlesi) identifies a political effect from this economic process. From 2002 through 2010, in U.S. congressional districts particularly affected by job losses due to trade, elected members of the House of Representatives becamemore ideologically extreme, with moderates consistently losing out in both parties. Autor spoke to MIT News this week about the headline-grabbing results.

Q. Your new working paper establishes a strong relationship between job losses in the U.S. due to global trade, and political changes in the U.S. Congress—but the phenomenon at work is not what many people might guess. What did you find?

A. There's been a 30-year trend of rising polarization in the U.S. Congress. A lot of areas economically affected by rising trade exposure, especially in the South, have also been moving politically to the right. We wondered if these economic shocks might be contributing to the political factionalization. There are multiple ways this could work. One would be an anti-incumbent effect: It's well established that politicians are punished for bad economic outcomes. But we don't find that. Another possibility might be that the effects of trade shocks would just strongly favor one party over another. But the answer there is also no, not really.

However, if you look at ideology rather than party, you do see very sharp movements. But they're movements across ideological space. So moderate Democrats and moderate Republicans are being voted out of office in trade-exposed areas and being replaced with much more ideologically ardent substitutes. A lot of these gains are on the right. But that's not entirely the case. If you look at initially Democratic voting districts, you see a very sharp movement to the left—as well as, to some degree, gains for Republicans in some of those districts. So you see this polarization occurring where moderates of both parties are being removed in trade-affected areas, and are being replaced by candidates who win by smaller margins and have more ideological views.

Q. Is it fair to say this also corresponds to the ethnic composition of the voters in these congressional districts? And what accounts for this subtle wrinkle in the findings, in which a few of these districts do flip from the Democrats to the Republicans?

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