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STOCK MARKET WATCH, Tuesday, November 8, 2011

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Pale Blue Dot

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Tue Nov-08-11 07:00 AM
Original message

STOCK MARKET WATCH, Tuesday, November 8, 2011

Source: du

STOCK MARKET WATCH, Tuesday, November 8, 2011

AT THE CLOSING BELL ON November 7, 2011

Dow 12,068.39 +85.15 (+0.71%)
Nasdaq 2,695.25 +9.10 (+0.34%)
S&P 500 1,261.12 +7.89 (+0.63%)
10-Yr Bond... 2.03 -.00 (-0.20%)
30-Year Bond 3.09 -0.01 (-0.19%)

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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.

Read more: du

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Pale Blue Dot

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Tue Nov-08-11 07:02 AM
Response to Original message

1. No economic reports today. Instead, a report of my absence.

I had a coil go bad in my Scion on my way into work yesterday and was left without access to the internet for most of the day. Thank you Demeter for taking the reins!

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Tansy_Gold

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Tue Nov-08-11 07:08 AM
Response to Reply #1

4. Welcome back!

You must have posted this while I was hunting for yesterday's thread to kick it for today!

We SMWers sometimes get desperate, you know. :evilgrin:

Bummer on the car stuff. I hate when that happens.

TG

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xchrom

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Tue Nov-08-11 07:08 AM
Response to Reply #1

5. well glad you are ok! and yes, thanks demeter! nt

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Hugin

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Tue Nov-08-11 08:31 AM
Response to Reply #1

23. Thank goodness you're back, PBD.

Demeter was calling up the third stringers! :scared:

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Demeter

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Tue Nov-08-11 12:16 PM
Response to Reply #1

37. Glad to see you back

What is a Scion? A car?

grumble grumble as a Motor City daughter, I have a hard time keeping up with all this new imported stuff....and you kids, get off my lawn!

If I don't see you up by 8AM Eastern, I 'll start it if I'm available...today the polls are open, and it's going well. Just don't ask about last night's committee meeting....

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Pale Blue Dot

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Tue Nov-08-11 07:03 AM
Response to Original message

2. Oil near $96, extending month-long 27 pct rally

SINGAPORE – Oil prices rose to near $96 a barrel Tuesday in Asia, extending a 27 percent rally during the last month amid signs the U.S. economy isn't slipping back into recession.

Benchmark crude for December delivery was up 41 cents at $95.93 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.26 to settle at $95.52 in New York on Monday.

Brent crude was up 20 cents at $114.76 a barrel on the ICE Futures Exchange in London.

Crude has jumped from $75 on Oct. 4 amid growing investor optimism that Europe will be able to at least temporarily contain its sovereign debt crisis. Commodities have also rebounded on signs that the U.S. economy has avoided a recession this year.

http://old.news.yahoo.com/s/ap/oil_prices

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Pale Blue Dot

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Tue Nov-08-11 07:04 AM
Response to Original message

3. U.S. Stock-Index Futures Advance as Investors Await Italian Budget Vote

U.S. stock-index futures advanced before a budget vote in Italy as policy makers sought to assuage concern the debt crisis is spreading to the euro area’s third- largest economy.

Eastman Kodak Co. (EK) rose in Germany after completing the sale of a unit. Honeywell International Inc. (HON) gained after Citigroup Inc. upgraded its recommendation on the shares.

Futures on the Standard & Poor’s 500 Index expiring in December rose 0.4 percent to 1,263 at 6:42 a.m. in New York. Dow Jones Industrial Average futures gained 59 points, or 0.5 percent, to 12,066.

The vote in Rome today will “be a key event for markets,” Jim Reid, a global strategist at Deutsche Bank AG in London, wrote in a report today. Italy’s 10-year bond yield surged to a euro-era record of 6.74 percent, as Prime Minister Silvio Berlusconi fought to remain in power. Should he fail to muster enough support in today’s vote, he may have to face a confidence vote.

http://www.bloomberg.com/news/2011-11-08/u-s-stock-index-futures-advance-as-investors-await-italian-budget-vote.html

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Pale Blue Dot

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Tue Nov-08-11 07:09 AM
Response to Original message

6. I will be stepping down as poster of the Stock Market Watch at the end of the year.

This decision has nothing to do with recent weather and car-related posting snafus, and everything to do with changes in my life and my renewed focus on teaching. I have been doing this for almost a year now, and while it's been fun, it does take some time away from the other responsibilities in my life.

I'm announcing this now so that we have the maximum amount of time to find a potential replacement. Please send me a PM if you're interested.

I love you all, and I will continue to watch with you as things go down.

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xchrom

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Tue Nov-08-11 07:19 AM
Response to Reply #6

11. awww...

:(

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Roland99

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Tue Nov-08-11 07:25 AM
Response to Reply #6

14. You've filled the job very well!

Enjoy the changes! :)

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xchrom

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Tue Nov-08-11 07:09 AM
Response to Original message

7. morning...

:donut:

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xchrom

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Tue Nov-08-11 07:12 AM
Response to Original message

8. wall street traders have profited more under obama than in eight years under bush

http://www.nationofchange.org/wall-street-traders-have-profited-more-under-obama-eight-years-under-bush-1320684558

As protesters around the country take to the streets to protest the excesses of Wall Street banks that benefited from a federal bailout and quickly returned to profitability, new data from the financial industry has shed light on just how profitable those banks have been since the financial crisis brought the American economy to its knees three years ago.

Wall Street banks experienced years of unprecedented growth under President Bush, at least until the crisis of 2008. But in the two-and-a-half years since President Obama took office, the largest Wall Street banks have grown even larger, and profits at banks and trading firms have risen even faster than they did under Bush, the Washington Post’s Zachary Goldfarb reports:

Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show. <...>

The largest banks, including Bank of America, Citigroup and Wells Fargo, earned $34 billion in profit in the first half of the year, nearly matching what they earned in the same period in 2007 and more than in the same period of any other year.

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Po_d Mainiac

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Tue Nov-08-11 07:29 AM
Response to Reply #8

15. More from Taibbi..........Wall Street Isn't Winning – It's Cheating

http://www.rollingstone.com/politics/blogs/taibblog/owss-beef-wall-street-isnt-winning-its-cheating-20111025

Ayuh

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Tansy_Gold

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Tue Nov-08-11 07:39 AM
Response to Reply #15

16. .

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xchrom

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Tue Nov-08-11 07:56 AM
Response to Reply #15

18. ...

:thumbsup:

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Turbineguy

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Tue Nov-08-11 07:46 AM
Response to Reply #8

17. And the risks have been pushed off onto the taxpayers.

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xchrom

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Tue Nov-08-11 07:15 AM
Response to Original message

9. europe: Italy: Umberto Bossi urges Silvio Berlusconi to quit

http://www.bbc.co.uk/news/world-europe-15638773

Italian Prime Minister Silvio Berlusconi's key coalition partner has urged him to step aside ahead of a crucial budget vote.

Northern League leader Umberto Bossi said he should be replaced by former Justice Minister Angelino Alfano.

Mr Berlusconi's majority has crumbled ahead of the vote, with several MPs defecting or saying they will rebel.

Until now he has insisted he has enough support to be able to continue to govern and has denied he will resign.

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xchrom

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Tue Nov-08-11 07:17 AM
Response to Reply #9

10. UK manufacturing output increases more than expected

http://www.bbc.co.uk/news/business-15636143

The UK's manufacturing output rose more than expected in September, official figures have revealed.

Factory output increased by 0.2% compared with August. From a year earlier, it added 2%.

The latest data from the Office for National Statistics follows a 0.3% month-on-month decline in August, and is the first rise in four months.

The wider measure of industrial output, which includes oil and gas extraction, saw no change in September.

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xchrom

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Tue Nov-08-11 07:22 AM
Response to Reply #9

13. Eurozone retail sales fall sharply amid recession fears

http://www.bbc.co.uk/news/business-15619837

Retail sales in the 17 countries that share the euro fell sharply in September, reigniting recession fears.

In the first negative reading since May, sales slipped 0.7% in September versus August, leaving them 1.5% lower than a year earlier.

While Spain and France both saw falling sales, Germany bucked the trend, recording a 0.4% rise in sales during the month, according to Eurostat data.

Sales in the 27-nation EU fell 0.3% as a whole in the month.

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xchrom

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Tue Nov-08-11 08:33 AM
Response to Reply #9

24. European stocks rise, led by Vodafone, SocGen

http://www.marketwatch.com/story/european-stocks-rise-led-by-vodafone-socgen-2011-11-08?dist=markets

MADRID (MarketWatch) — European stock markets marched higher on Tuesday following well-received corporate earnings reports, while investors awaited a budget vote in Italy.

Adding to earlier gains, the Stoxx Europe 600 index /quotes/zigman/2380150 XX:SXXP +1.75% rose 1.4% to 241.72, after closing down 0.6% in the prior session.

In Italy, Prime Minister Silvio Berlusconi faces a budget vote amid defections from his own ruling coalition. The vote will be a key test of how much support Berlusconi has and whether he can remain in office. He denied resignation rumors on his own Facebook page Monday.

The yield on 10-year Italian government bonds /quotes/zigman/4869096 IT:10YR_ITA +0.43% hovered below euro-area highs on Tuesday. The FTSE MIB index /quotes/zigman/1482176 XX:FTSEMIB +2.35% rose 1.6%, with banks such as Intesa Sanpaolo SpA /quotes/zigman/172768 IT:ISP +5.70% gaining over 4%.

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xchrom

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Tue Nov-08-11 09:45 AM
Response to Reply #9

28. Italy, Greece on the brink, markets hold breath

http://uk.reuters.com/article/2011/11/08/uk-eurozone-idUKTRE7A72R120111108

(Reuters) - Financial markets held their breath on Tuesday as Italian Prime Minister Silvio Berlusconi's reform-shy government teetered on the brink and debt-crippled Greece's leaders struggled to put together a national unity government.

Rome has displaced Athens as the epicentre of the euro zone's sovereign debt crisis, with government bond yields nearing unsustainable levels that could force the bloc's third largest economy to seek a bailout that Europe cannot afford.

Italian 10-year borrowing costs touched a new record of 6.71 percent on Tuesday, raising the risk that Rome's massive debt -- the second highest in Europe at 120 percent of gross domestic product -- could spiral out of control.

"Now we are really reaching very dangerous levels ... We are above yield levels in the 10-year where Portugal and Greece and Ireland issued their last bonds," said Alessandro Giansanti, a rate strategist at ING.

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xchrom

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Tue Nov-08-11 09:49 AM
Response to Reply #9

31. Stagnant industry, weak retail sales point to grim Q4

http://uk.reuters.com/article/2011/11/08/uk-britain-manufacturing-idUKTRE7A722R20111108

(Reuters) - Industrial output in Britain flatlined in September and retailers saw sales dwindle in October, data showed on Tuesday, fuelling concerns that the economy may contract in the final quarter of the year.

The slew of dire economic news will keep pressure on the government to find ways to boost growth without compromising its goal of erasing the country's huge budget deficit, while the risk of another recession raises the prospect of even more quantitative easing by the Bank of England.

Manufacturing output ticked up 0.2 percent in September, slightly more than analysts had expected but failing to reverse a 0.3 percent decline in August.

"Lets not get carried away ... Surveys are already telling us that output is likely to have fallen in October," said Brian Hilliard at Societe Generale.

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Roland99

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Tue Nov-08-11 10:01 AM
Response to Reply #9

34. Austerity or Bust?

Edited on Tue Nov-08-11 10:13 AM by Roland99

Austerity or Bust (Part 1)
http://www.france24.com/en/20111107-debate-Austerity-or-Bust-Fresh-fears-of-recession-threaten-Euro

Part 2
http://www.france24.com/en/20111107-debate-Austerity-or-Bust-Fresh-fears-of-recession-threaten-Euro-part2

Was watching this last night. My favorite part was when they called the EFSF a "fiction" :)

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xchrom

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Tue Nov-08-11 07:20 AM
Response to Original message

12. asia: Japan buys 10% of eurozone bailout fund's bond issue

http://www.bbc.co.uk/news/business-15632167

Japan's Ministry of Finance has confirmed that it bought 10% of the latest bonds issued by the eurozone's rescue fund.

The ministry said it purchased 300m euros ($413m; £257m) of bonds issued by the European Financial Stability Facility (EFSF).

Japan's purchase is the smallest amount it has bought so far from the fund.

Eurozone leaders have been seeking increased investment in the fund to help finance debt-laden economies.

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xchrom

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Tue Nov-08-11 08:12 AM
Response to Reply #12

19. Olympus admits hiding losses since 1990s

http://www.japantimes.co.jp/text/nn20111108x1.html

Olympus Corp. President Shuichi Takayama said Tuesday the company concealed huge losses on securities investments since the 1990s and used recent acquisitions of Gyrus Group PLC and three Japanese companies to cover the off-the-book losses.

The revelation means that the Tokyo-based camera and medical equipment maker may have falsified financial documents for years.

The Tokyo Stock Exchange is investigating to determine if the firm should be delisted.

Olympus had repeatedly denied any wrongdoing over the shady acquisitions.

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xchrom

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Tue Nov-08-11 08:14 AM
Response to Reply #12

20. Thai floods to hurt food supply here { japan }

http://www.japantimes.co.jp/text/nb20111108a1.html

The massive floods in Thailand are expected to affect food supplies in Japan, which imports large quantities of chicken and shrimp, as well as food packaging materials, from the Southeast Asian country.

Japanese food companies may be required to take countermeasures or prepare for supply shortages and price hikes toward the peak yearend shopping season, industry sources said.

Nippon Meat Packers Inc. and Ajinomoto Co. said they have already suspended their Thai chicken processing facilities due to the floods and plan to cover immediate supply shortages with domestic inventories and production at other facilities.

Little damage has reportedly been seen to shrimp breeding facilities in southern Thailand, but firms are rather facing shortages of transport packing.

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xchrom

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Tue Nov-08-11 09:51 AM
Response to Reply #12

32. Nikkei falls before Italian vote, Olympus plunges

http://uk.reuters.com/article/2011/11/08/markets-japan-stocks-idUKL4E7M817B20111108

TOKYO, Nov 8 (Reuters) - The Nikkei share average dropped
more than 1 percent on Tuesday, with investors fearful about
Europe's debt situation ahead of an Italian parliamentary vote
on budget reforms, and as scandal-hit Olympus plunged
after saying M&A funds were used to cover securities losses.

Italian woes pressured some stocks exposed to the debt-laden
country, with Nomura Holdings Inc dropping almost 15
percent to its lowest since at least 1974.

In Rome, Prime Minister Silvio Berlusconi defied huge
pressure to resign as he struggled to hold a crumbling
centre-right coalition together after being forced to accept
intrusive IMF surveillance of his economic reforms.

Toyota Motor Corp fell 1.7 percent. After the
market close, it posted a 32.4 percent drop in quarterly
operating profit and withdrew its full-year profit forecasts as
Thai floods pose a fresh threat to production while supply
shortages from the March earthquake kept output low.

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Fuddnik

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Tue Nov-08-11 08:21 AM
Response to Original message

21. Good morning folks!

I've about recovered from my trip. Everything is about back to normal. I have two dogs chewing on my face, and one keeps shoving a ball at me, and saying, "C'mon dammit! Throw this"!

Now, I can catch up with all the news I missed over the last week.

I think I converted at least one Republican on the ship to an occupier. One morning we went down to the main dining room for breakfast, instead of one of the other restaurants. They seated us with a younger couple from Tennessee, and the husband started talking about how the stock market was tanking over the last few days over Greece. I hadn't seen any news for about 5 days at that point.

At that point, I went into about a 30 minute dissertation (between bites of Eggs Benedict and waffles)that the problem wasn't Greece, but a systemic problem with capitalism, the IMF, World Bank, Wall Street, Banks, corruption, tax policy, and wealth disparity. The poor guys jaw dropped into his hash browns. He muttered something about he kind of liked Harold Ford. I told him that as a former congressional candidate, and a former senior staffer on Kerry's Florida campaign, I'd met Harold Ford several times, and that he was a no-good piece of back-stabbing Republican shit, and actually I was even ashamed to have worked for John Kerry.

After I explained to him, how the world really works, I was headed back to the Occupy movement after my vacation, he said, "I think I'll go down and join the one in Nashville".

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DemReadingDU

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Tue Nov-08-11 08:35 AM
Response to Reply #21

25. Amazing he even listened

Everyone I know, rolls their eyes and change the subject.

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xchrom

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Tue Nov-08-11 08:35 AM
Response to Reply #21

26. you are awesome -- converting over eggs benedict & waffles!

now i want waffles.

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Demeter

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Tue Nov-08-11 12:18 PM
Response to Reply #26

38. Eggs benedict, please

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xchrom

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Tue Nov-08-11 01:40 PM
Response to Reply #38

40. Yum! Nt

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bread_and_roses

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Tue Nov-08-11 09:52 AM
Response to Reply #21

33. "We are not broke!" ("The story of broke")

http://www.commondreams.org/video/2011/11/08

Good vid - explains a good deal in terms a kindergardner could understand.

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xchrom

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Tue Nov-08-11 12:09 PM
Response to Reply #33

36. i totally enjoyed that.

i was surprised by the comment that getting household recycling up to 75% would create so many jobs.

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xchrom

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Tue Nov-08-11 08:27 AM
Response to Original message

22. Europe's Impact on U.S. Stocks {video }

http://www.marketwatch.com/video/asset/europes-impact-on-us-stocks-2011-11-07/0F5C104D-4734-404D-BED8-E6A1618F8A1E?dist=beforebell#!0F5C104D-4734-404D-BED8-E6A1618F8A1E

Barrons.com Stocks Editor Bob O'Brien makes a stop on Mean Street to discuss the relationship between the European debt crisis and the U.S. economy.

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Pale Blue Dot

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Tue Nov-08-11 09:44 AM
Response to Original message

27. Nearly 29% of mortgaged homes underwater, report finds

A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That's up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from the second quarter but were down 4.4 percent year over year.

The rising percentage of homes with "negative equity" or "underwater" status is due largely to how long the foreclosure sale process takes rather than home value fluctuations, said Zillow chief economist Stan Humphries. Prior to the "robo-signing" scandal around foreclosures that came to light in 2010, the negative equity rate hovered in the 21 to 23 percent range, but has been in the 26 to 28 range since due to added delays in foreclosure sales. While the rate of foreclosures is dropping, the time required for foreclosures to sell has lengthened.

"We're in uncharted waters," Humphries said in an interview. "More than one in four homes underwater and about 9 percent unemployment is a recipe for more foreclosures."

Homes with underwater status are often considered risks for future foreclosure, since owners could have trouble refinancing or selling and may opt for a foreclosure via "strategic default" if they feel they will never regain their lost equity.

http://bottomline.msnbc.msn.com/_news/2011/11/08/8687925-nearly-29-of-mortgaged-homes-underwater-report-finds

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AnneD

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Tue Nov-08-11 12:38 PM
Response to Reply #27

39. It is like pulling....

hens teeth getting these banks to negotiate on these home loans. They just aren't budging. I don't know who they expect to buy them at those inflated prices. I guess because Houston is suppose to have a better economy, but frankly, we are hanging on by our fingernails at this point.

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xchrom

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Tue Nov-08-11 09:47 AM
Response to Original message

29. PRECIOUS-Gold steady on mounting Italy debt worry

http://uk.reuters.com/article/2011/11/08/markets-precious-idUKL4E7M807E20111108

SINGAPORE, Nov 8 (Reuters) - Gold prices hovered above
$1,790 on Tuesday, after soaring more than 2 percent in the
previous session, supported by safe haven demand as Italy took
centre stage in the euro zone debt crisis.

Italian government bond yields soared to near
15-year highs, putting the euro zone's third largest economy
front and centre of the region's debt crisis, despite efforts by
policymakers scrambling to stem growing contagion.

"Gold will continue to trend higher due to the euro zone
situation and should have no problem rising above $1,800 in the
short term," said Hou Xinqiang, an analyst at Jinrui Futures.

Although he cautioned that prices could correct after it
pierces through that level under pressure of profit-taking
trades.

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Roland99

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Tue Nov-08-11 09:49 AM
Response to Original message

30. How to Trade This Headline Driven Stock Market

http://www.zerohedge.com/contributed/how-trade-headline-driven-stock-market

With all eyes on the unemployment report and Europe, the CME Group’s PR Department nearly created an all out panic with their announcement after the market close on Friday relating to futures maintenance margin. The original statement was vague and I was quite concerned until I checked out the CME Group’s web-page and the PR Department sent an update clarifying their position. At this point I think the crisis has been averted, but this is just another reminder that we live in “interesting times.”

Keep in mind that if the CME starts raising margin rates across the board for futures contracts in order to protect themselves stocks and commodities could collapse. Silver recently has is margin rates increased and silver since then dropped 25% in value. So imagine if they raised the rates for more commodities…

The current price action in the marketplace pales in comparison to the world’s geopolitical tensions and deteriorating social mood. In my trading career, I have never seen the price action in the indices react so violently to intraday headlines and rumors. Risk is high and the types of traders profiting from this market are day traders and very short term traders with trades lasting just a couple hours to 24 hours in length. Aggressive trading which small position sizes is all that can be done right now. This is not meant to be investment advice, but more as a function of the market environment in which we find ourselves currently trading within.

Right now it is hard to say where price action in the broader indices heads in the short-run. One headline out of Greece or Italy could dramatically alter economic history. In the intermediate term I remain neutral to bearish for a number of reasons. One indicator I follow is the bullish percent index on the S&P 500 which at this point is arguing for lower prices.

Charts and more at the link....

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Hotler

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Tue Nov-08-11 11:05 AM
Response to Original message

35. k&r n/t

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Fuddnik

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Tue Nov-08-11 02:04 PM
Response to Original message

41. Holy crap! Man finds 50 different people using his SS#.

http://redtape.msnbc.msn.com/_news/2011/11/07/8687299-whats-it-like-to-share-your-ssn-with-50-people-follow-a-victims-struggle

What's it like to share your SSN with 50 people? Follow a victim's struggle

By Bob Sullivan

Jonathan Barnett is also Jose Cruz. And Jesus Ramirez. And Pilar Terrones, Pilar Sanchez, Esmeralda Gonzalez and dozens of other people, at least according to the nation’s identity system.

Barnett unintentionally shares his Social Security number with all those people – and probably many more – yet his credit report and Social Security earnings records are completely clean. That seeming contradiction is a big part of his harrowing identity nightmare.

Barnett’s predilection for assiduous recordkeeping offers a rare glimpse into the deeply flawed identity system used by the nation’s creditors and employers. It relies on the secrecy of SSNs. But Barnett’s number is hardly a secret; it’s the fraud connected to his identity that remains off limits, even to the victim.

“It's like I have a ghost out there,” he said. “Lots of ghosts.”

The canary in Barnett's identity coal mine was an innocent-looking email from Wells Fargo Bank. It arrived in August, soon after he opened an account there, offering savings tips.

(snip) much more

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Tansy_Gold

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Tue Nov-08-11 09:25 PM
Response to Reply #41

47. This story raises red flags with me.

If this guy's SSN is being used for employment, the employers should be reporting earnings for those people and making deposits to the OASDI and Medicare account associated with that SSN. Yet he claims the balance is clean? I'm not buying it.

I can understand the SSN being used to open bank accounts or even obtain credit cards and get utilities turned on, but I find it very difficult to believe that not a single one of those 50 people, who are obviously not above breaking the law to obtain the number, hasn't skipped out on a utility bill or credit card balance or written a bad check.

When I processed payroll back in the early 90s for a specialty construction company that hired a lot of local temporary workers for 9-24 month jobs, checking of SSNs and other ID information was extremely lax. Many of the laborers were Hispanic and it's likely given that most of the job sites were in Arizona, southern California, New Mexico, Nevada, and Colorado, that many of those laborers were undocumented. It would have been very simple for them to have swapped SS cards (which have no picture) and driver's licenses (which often have crappy pictures) and put several people on a single SSN, providing they didn't all work at the same place.

But I had to file those quarterly reports, by name and SSN, of contributions to those accounts. So if nothing's been added to Barnett's SS account for someone else's earnings, those people are probably being paid in unreported cash, and no contributions are being made to SS. And it wouldn't surprise me if the employers are deducting FICA taxes from their wages and, of course, pocketing it.

FUCKERS!

TG

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RUMMYisFROSTED

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Tue Nov-08-11 03:33 PM
Response to Original message

42. k

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RUMMYisFROSTED

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Tue Nov-08-11 03:45 PM
Response to Original message

43. Sarkozy is a genius!

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Demeter

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Tue Nov-08-11 04:22 PM
Response to Reply #43

44. How so?

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RUMMYisFROSTED

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Wed Nov-09-11 09:22 AM
Response to Reply #44

49. Austerity measures, of course.

:sarcasm:

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Demeter

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Tue Nov-08-11 04:49 PM
Response to Original message

45. Wall Street Bonuses Will Decline 20 To 30 Percent This Year

http://www.npr.org/blogs/thetwo-way/2011/11/08/142144493/report-wall-street-bonuses-will-decline-20-to-30-percent-this-year?ft=1&f=1001

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wordpix

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Tue Nov-08-11 09:02 PM
Response to Reply #45

46. cry me a river --- someone making $3 million less 20% still gets $2.4 million

:nopity:

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Tansy_Gold

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Tue Nov-08-11 09:26 PM
Response to Reply #46

48. How do you expect them to get by on only $2.4 million???

You're cruel and heartless, wordpix, cruel and heartless.

:evilgrin:

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