Posted by admin! / Under Trading Strategy
JPMorgan Chase chief executive Jamie Dimon has shocked Wall Street by disclosing the bank racked up $2bn (£1.2bn) of trading losses in the past six weeks and warned they could get worse. “It puts egg on our face and we deserve any criticism we get,” Mr Dimon told analysts in a hastily arranged call after stock markets closed in New York on Thursday night. America’s second-biggest bank said that the losses stemmed from a series of complex trades that were designed to hedge the bank's overall risk. Some of the losses have been offet by gains of about $1bn from...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
JP Morgan Chase & Co. is rocking the financial markets with the disclosure that its in-house trading operating lost $2 billion in the past six weeks, raising new questions about whether the big banks that caused the financial meltdown have sufficiently changed their ways. Chief Executive Officer Jamie Dimon said the trading loss was an "egregious" failure in a unit managing risks, but he added in a call with analysts after the markets closed Thursday that just because the bank did something "stupid" that doesn't mean other firms are having such trouble. "There were many errors, sloppiness and bad judgment,"...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
The United States has shown itself for what it really is – a cesspool of corruption. This MF Global debacle is so serious, that it truly threatens to destroy the United States as a fair and honest place to invest. With $1.6 billion now missing and Judge Martin Glenn protecting the NY Banking lot, real capital is turning elsewhere for security. Equities are rising and the commodity sector is floundering. Support in the Dow lies at 11650-11960 while resistance stands at 13500. The Dow has exceeded the 2011 high. Gold has been unable to exceed the December high. While much...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
NEW YORK (AP) — On a normal day, 4 billion shares of stock change hands on the New York Stock Exchange. One in 10 belongs to a single company. It's not McDonald's or IBM, both of which have been on a tear. It's Bank of America — bailed out by the government three years ago, reviled for being part of the mortgage frenzy that helped wreck the economy and selling for not much more than an ATM fee. When the market goes up because of positive news about the economy, Bank of America stock shoots up past the stocks of...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
Congress has a penchant for passing toothless legislation, especially as it affects them. The STOCK Act is no exception. STOCK stands for Stop Trading on Congressional Knowledge. There is enthusiasm for such a law. Fervor over insider trading on Capitol Hill reached a peak last fall following the airing of a "60 Minutes" segment questioning whether lawmakers including House Minority Leader Nancy Pelosi (D-CA) and Speaker John Boehner (R-OH) made investments based on their knowledge of legislative activity to which they would be privy. Pelosi and other lawmakers named in the piece disputed any allegation of impropriety, but a number...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
The STOCK Act to ban insider trading by members of Congress has sailed through the Senate, 96-3, and many members of the U.S. Senate were no doubt kicking and screaming as they voted for it. Heck, some of the most prominent cosponsors were people that I identified in my book, Throw Them All Out: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison, as having stock-trading activities that correlated nicely with their legislative work.
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
Last Thursday, the US Senate passed the STOCK Act, legislation that would ban members of congress from insider trading. From CBS News: Members of Congress are already subject to insider trading laws. But it is currently within the law for a lawmaker to buy a company’s stock after learning, for example, that an upcoming bill will grant that company a large government contract. The ultimate fate of the STOCK (Stop Trading On Congressional Knowledge) Act, which comes in the wake of a “60 Minutes” story on potential congressional insider trading, remains unclear – though its prospects are relatively good. Passage...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
In a State of the Union speech devoid of clarity or specifics, President Barack Obama offered but one shining exception: a direct call for members of Congress to send him a bill to ban congressional insider trading.
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
"...Bale, who plays crime-fighting superhero Batman, and a camera crew from CNN were jostled by men in plainclothes in Dongshigu village in eastern Shandong province, where activist Chen Guangcheng has been under house arrest for 15 months, according to a video released by CNN on its website. "Why can I not visit this man?" Bale asked several security officers, while they were pushing him. "You know, I'm not being brave doing this," Bale told CNN. "The local people who are standing up to the authorities and insisting on going to visit Chen and his family and getting beaten up for...
Published on Monday 21st of May 2012 06:11:36 AM
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Posted by admin! / Under Trading Strategy
Newt Gingrich made headlines in October because he suggested that Barney Frank and Chris Dodd should go to jail for authoring the so-called Dodd-Frank banking reforms. Taken together the “landmark” reforms look a lot like an Obama speech: very wordy, very partisan, but full of inaction, cross-purposes and the typical liberal confusion about economics, society and man. The legislation crafted by Dodd and Frank has reformed none of the systemic failures in our banking system, but it sure has made it harder for banks to loan money, or for you and me to buy a house. Much of the failure...
Published on Monday 21st of May 2012 06:11:36 AM
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