STOCK MARKET WATCH, Tuesday December 8

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday December 8, 2009

Bush Administration Officials Convicted = 1
Name(s): David Safavian

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

Financial Sector Officials Convicted since 1/20/09 = 11

AT THE CLOSING BELL ON December 7, 2009

Dow... 10,390.11 +1.21 (+0.01%)
Nasdaq... 2,189.61 -4.74 (-0.22%)
S&P 500... 1,103.25 -2.73 (-0.25%)
Gold future... 1,164 -5.50 (-0.47%)
10-Yr Bond... 3.43 -0.04 (-1.24%)
30-Year Bond 4.39 -0.01 (-0.16%)

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES..............................................S&P FUTURES

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie, Silver and US$

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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

[ozymandius]

1. Market Observation

Gold Correction, Courtesy of China and Weak Hands
BY RYAN J. PUPLAVA

In November, gold investors were encouraged by the Federal Reserve's openness about its intention to keep the printing presses running at full capacity. The Federal Reserve Bank of Dallas President Richard Fisher went so far as to say that their current interest rate stance may be appropriate until 2011.

"Looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued," Fisher said in a speech today in Austin, Texas. "Our current policy is appropriate." Responding to audience questions, he said the dollar is undergoing a "rather orderly depreciation."

Fed officials after a meeting last week reiterated a pledge to keep the benchmark interest rate near zero for an "extended period." The unemployment rate exceeded 10 percent in October for the first time since 1983, and U.S. banks kept tightening lending standards for companies and consumers last quarter."

Scott Lanman and Steve Matthews, "Fed's Fisher Says Growth May Be Suboptimal Into 2011 (Update 1)," Bloomberg, 10 November 2009

Additionally, European Central Bank President Jean-Claude Trichet has been signaling a withdrawal of stimulus measures faster than anticipated—helping to strengthen the Euro.

All of these measures have helped propel Gold up nearly 23% since it broke above $1,000 per oz. in early September. Gold was hitting a new high almost on a daily basis in November. Even the junior mining gold stocks awoke from their year-long slumber to jump 40-50% in November. The Market Vectors Gold Mining Index (GDX) was up 37.5% at its high since the September breakout in metals—in two months! It's time for a break.
.....

In a market where investors are anticipating which stock the next competitor will fancy, that group-think is easily shifted based on news. The Chinese have told investors that gold is in a bubble and that they wouldn't be a buyer here. Technically, the Chinese are making the right call. I wouldn't buy gold after a relentless rise of 23%. When everybody's bullish, there's nobody left to buy. When the wind shifts like it did last week, everybody jumps for the exit and crowds it.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. no goobermental reports today n/t

[ozymandius]

3. Oil drops below $74 as traders watch US dollar

SINGAPORE – Oil prices dropped below $74 a barrel Tuesday in Asia after a strengthening U.S. dollar extended a four day sell-off in crude to two-month lows.
.....

The dollar, boosted by a better than expected U.S. jobs report last week, helped push oil prices out of a two-month range of between $75 and $82.

Investors have been buying crude as a hedge against inflation as the dollar has slid this year amid massive government stimulus spending and low interest rates. When the dollar rises, traders tend to sell their positions in oil.
.....

In other Nymex trading in January contracts, heating oil was steady at $2.01 while gasoline rose 0.54 cent to $1.94. Natural gas jumped 7.0 cents to $5.04 per 1,000 cubic feet.

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

[ozymandius]

4. Obama to lay out jobs push in speech

.....

Obama will give a major speech on the economy at the Brookings Institution in Washington, encouraged by data showing growth returning, and the rise in job losses slowing to a crawl.
.....

But saddled with a huge budget deficit, Obama is also warning that those hoping for a second stimulus-style plan, or costly government spending to create jobs, will be disappointed.

At a White House jobs summit last week, Obama made clear that the private sector would have to be the engine for job creation, though he promised a set of limited government measures to promote job growth.
.....

Using TARP might also be an elegant way of defusing some of the popular outrage over finance firms bailed out by the government which now appear set to award top executives huge bonuses, while ordinary Americans suffer.

http://news.yahoo.com/s/afp/20091208/pl_afp/useconomyfinanceobama

[Demeter]

12. Barack (I can call you Barack, can't I?) Still Doesn't Get It

We are running out of one syllable words to explain it:

No manufacturing, no jobs, no profits, no wealth creation, no tax revenues, no re-election.

Got it?

[Tansy_Gold]

22. ^^^^^^^^ What she said

He doesn't get it. He's in love with the sound of his own voice but pays no attention to the words. He's also in love with everyone else's words, or at least two of them: "Mr. President." After that, it's all static.

For a smart guy, he turned into a real idiot.

[DemReadingDU]

23. But there is always money to go to war

and money for the banksters. There are always ways to use our taxpayer money to benefit the wealthy, the banks, the defense corporations. When do we the people benefit? All we want our jobs. No jobs, no taxes to fund their wars and bailouts.

[tclambert]

25. Count me among the disappointed, then.

Creating jobs, millions of them, is the way to prosperity. If you want to see real wages go up and real benefits increased, you need serious competition amongst employers for workers. That means an unemployment rate less than 5%.

[ozymandius]

5. Consumer borrowing falls for 9th straight month

WASHINGTON – Americans borrowed less for a record ninth straight month in October, another sign that consumer spending will remain weak, making it harder for the economy to mount a sustained rebound.

Consumer credit fell at an annual rate of $3.51 billion in October, the Federal Reserve said Monday. Economists expected a $9.3 billion decline.

Demand for revolving credit, the category that includes credit cards, fell 9.3 percent, while borrowing in the category that includes auto loans rose at an annual rate of 2.6 percent.
.....

The 2.6 percent rise in the category that includes car loans reflected a rebound in auto sales in October after a sharp September drop. That decline followed a surge in August auto sales as consumers rushed to take advantage of the government's Cash for Clunkers incentives before they expired.

http://news.yahoo.com/s/ap/20091207/ap_on_bi_go_ec_fi/us_economy

[Tansy_Gold]

24. Let's see, how does that work now?

Less borrowing = less spending.

Fewer jobs = less earning = less spending.


And we've got an economy that's based on consumer spending????


We is in deep doo-doo.




Tansy Gold

[ozymandius]

6. SEC sues 3 former officers of Irvine subprime lender New Century Financial

Almost three years after New Century Financial Corp. collapsed in the first phase of the mortgage meltdown, three former executives of the Irvine company were accused by regulators Monday of misleading investors as its subprime loan business came unglued.
.....

In a lawsuit filed in U.S. District Court in Los Angeles, the Securities and Exchange Commission accused Brad Morrice, a co-founder and former chief executive of New Century; Patti M. Dodge, its former chief financial officer; and David N. Kenneally, its ex-controller, of securities fraud. Through their attorneys, all three denied wrongdoing and said they would contest the suit.

The SEC complaint alleges that the executives failed to disclose dramatic increases in the rate of borrowers who were defaulting almost immediately on their loans. The defendants also didn't disclose that investors who bought mortgages from New Century were increasingly demanding that the company buy back problem loans, the suit says.
.....

Because New Century worked mainly through independent loan brokers, it was less familiar to the public than were other California exotic mortgage specialists that helped trigger the financial meltdown, such as Ameriquest, Countrywide and IndyMac. Still, New Century eventually built an empire with offices in 35 states and more than 7,000 employees.

http://www.latimes.com/business/la-fi-new-century8-2009dec08,0,6820399.story

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Changes look to be possible on the number count.

[ozymandius]

7. High court weighs constitutionality of corporate audit board

Supreme Court justices tangled Monday over whether an accounting oversight board established by Congress to make sure there were "no more Enrons" violates the president's executive power.
.....

It is not the chief executive who is complaining -- both President Obama and his predecessor George W. Bush approved of the creation of the board, even without the ability to appoint or dismiss its members.

But the Public Company Accounting Oversight Board, sometimes called "peek-a-boo," is at the heart of a constitutional question about the separation of powers.
.....

The board is appointed and supervised by the Securities and Exchange Commission, which must approve its subpoenas and can rescind its enforcement actions.
.....

But Solicitor General Elena Kagan, defending the law, said it fits securely within the constitutional parameters the court has set for executive branch agencies. There is a "simple syllogism," she said: "The president has constitutionally sufficient control over the SEC. The SEC has comprehensive control over the accounting board, therefore the president has constitutionally sufficient control over the accounting board."

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/07/AR2009120703720.html

[ozymandius]

8. Pimco hires former TARP chief Kashkari

Neel Kashkari, the first head of the government's $700 billion financial rescue program, will join Pacific Investment Management Co. as a managing director and head of new investment initiatives, the company said Monday.
.....

Kashkari stayed on in the early months of the Obama administration to run the Troubled Assets Relief Program. He was replaced in the spring by Herbert M. Allison Jr., who now serves as assistant Treasury secretary for financial stability.

The hire will help cement Pimco's status as one of the firms closest to the Treasury Department and Secretary Timothy F. Geithner. Geithner's calendars from the early months of the Obama administration show multiple contacts with Pimco founder and co-chief investment officer Bill Gross.

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/07/AR2009120704444.html

---

The revolving door never rests.

[Demeter]

11. Surely This Is a Charity Hire

Not that the man is incompetent, but he was way over his head. It's not like he distinguished himself.

So Neil must be connected--not a good thing, these days, IMO. Because all those chickens coming home to roost are going to have to shit somewhere....

[Tansy_Gold]

18. And he looked so happy and contented out there in the woods

WHAT A FUCKING PHONEY.



Tansy Gold, who overslept on a cold windy night and now really has to hustle

[54anickel]

21. It was a great pad on his resume! And he's landed another position partially

based on the "success" of the TARP. Best to land a new position before the proof comes out in the pudding.

I've watched execs move from company to company doing that. Gut a company so it's running lean and mean, though no longer on all cylinders, take credit for the increase in productivity and profit to pad the resume, then get the hell out before she blows! Get a huge signing bonus with the new company that's impressed by their newly padded resume, bring their you buddies from the (now failing) past company....lather, rinse, repeat.

Edit to add for GhostDog: Yes, his wife is "hot" - no it's not that he's a bad guy - it's just the way the system works. This is the "nature of my game".

[tclambert]

31. So . . . I heard a defense of TARP that kinda makes sense.

Though I cringe to repeat it. Let me just get my flame-proof suit on . . .

A lot of us here wanted to put the stimulus in at the other end--give it to people so they could pay their mortgages. Then you don't have failed mortgages creating toxic assets, homeowners don't lose their homes, and the housing market doesn't have a glut of foreclosed homes to force prices lower.

The rationale I heard for why they went the other way was that our way was more complicated and would take longer to implement. What they said we needed was immediate action or the banks might fail before the "better" plan could take effect. It calls to mind an old Heinlein quote he attributed to the military: "I don't need it perfect. I need it Thursday."

That kind of makes sense to me. Of course, the right thing to have done would have been for the Bush administration to get off their asses and do something about the foreclosure crisis a year or two earlier, when many were clamoring for action. Then a good plan could have time to work and we wouldn't have had to go into emergency panic mode at all. However, "good planning" and "Bush administration" were phrases never introduced to each other.

[54anickel]

34. Love that one-liner - "I don't need it perfect. I need it Thursday."

No need for flame-proofing - sure it made sense in light of how f'd up previous administrations and the Greenspin worshippers got us. Just keep piling up f*-ups sooner or later something's gonna give. Maybe this will make the fall a little less painful, or maybe not.

[mullard12ax7]

39. Wrong and extremely short-sited

Obama should have let the banks collapse as they are a corrupt system of failure. Then, he should have propped a few up to calm the people and simultaneously institute new banking rules similar to the 1930s. Then, any person with a conscience and a modicum of courage would have investigated and arrested the criminals.

Obama did none of that and is perpetuating a failed and criminal system and used "we have to do it now" as an excuse.

[Ghost Dog]

32. As long as such behaviour is considered to be meritorious by the plutocrats

then we may be looking at signs of meritocratic plutocracy or plutarchy.

Maybe there's no way to get around the power of social networking. The article points out the value to Pimco of Kashkari's connections.

The same is pointed out by the likes of Carlyle when they hire ex-politicians.

And, for example, by my socially-mobile Oxford-educated niece.

[Demeter]

9. Gee! I'm Only #3!!

That cartoon cracks me up. Who dat stuck in da chimbley?

Is it Timmy?
Is it Bernanke?
Is it Erik Prince?
Is it Hank Paulson?
Is it Obama?

Man, that chimney is getting crowded!

[Po_d Mainiac]

17. Anyone got a match? n/t

[Demeter]

19. That Was Positively Evil

I needed a chuckle!

[Tansy_Gold]

29. Please note that this jerk is going head first

That suggests he's not too bright.

Also consider that there is no one on the roof with him. That suggests others went in front of him, so that chimney is probably STUFFED with Clauses.

No doubt they all thought they could sneak in, take the presents out from under the tree, apply a formula to them that would make them LOOK LIKE 400 times as many presents, then they'd seel that illusion to the neighbors, and take the real presents home with them.

Honey, I not only got a match but I got a gallon of gasoline to set in the fireplace right underneath it.



TG, unapologetic

[Festivito]

10. Debt: 12/04/2009 12,087,444,121,549.05 (UP 82,446,534.30) (Fri)

(Debt seems to jump up then drops slowly maybe up a little and down for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,709,911,899,968.76 + 4,377,532,221,580.29
UP 210,551,232.36 + DOWN 128,104,698.06

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.25 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.74, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,115,678 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,230.21.
A family of three owes $117,690.64. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 days.
The average for the last 21 reports is 5,166,209,463.00.
The average for the last 30 days would be 3,616,346,624.10.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 45 reports in 65 days of FY2010 averaging 3.95B$ per report, 2.73B$/day.
Above line should be okay

PROJECTION:
There are 1,143 days remaining in this Obama 1st term.
By that time the debt could be between 13.7 and 18.0T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/04/2009 12,087,444,121,549.05 BHO (UP 1,460,567,072,635.97 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,177,615,118,037.30 ------------* * * * BHO
Endof10 +0,997,377,201,286.38 ------------* * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/13/2009 -000,263,776,071.91 ---
11/16/2009 +038,287,630,031.50 ------------********** Mon
11/17/2009 +000,263,245,360.02 ------------********
11/18/2009 -000,023,369,864.09 ----
11/19/2009 -021,100,228,230.36 -
11/20/2009 -000,090,793,748.95 ----
11/23/2009 -000,049,087,609.27 ---- Mon
11/24/2009 +000,322,336,139.24 ------------********
11/25/2009 +000,525,986,426.45 ------------********
11/27/2009 +003,712,180,392.83 ------------*********
11/30/2009 +096,793,151,824.92 ------------********** Mon
12/01/2009 -005,135,833,471.71 --
12/02/2009 -000,337,841,945.81 ---
12/03/2009 +002,787,837,042.67 ------------*********
12/04/2009 +000,210,551,232.36 ------------********

115,901,987,507.89 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4173839&mesg_id=4173871

[Festivito]

49. Debt: 12/07/2009 12,086,172,114,368.23 (DOWN 1,272,007,180.82) (Mon)

(Debt seems to jump up then drop slowly maybe up a little and down for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,709,786,826,316.90 + 4,376,385,288,051.33
DOWN 125,073,651.86 + DOWN 1,146,933,528.96

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.25 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.74, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,141,598 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,222.79.
A family of three owes $117,668.36. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 31 days.
The average for the last 20 reports is 4,864,665,633.85.
The average for the last 30 days would be 3,243,110,422.57.
The average for the last 31 days would be 3,138,493,957.33.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 46 reports in 68 days of FY2010 averaging 3.83B$ per report, 2.59B$/day.
Above line should be okay

PROJECTION:
There are 1,140 days remaining in this Obama 1st term.
By that time the debt could be between 13.6 and 18.0T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/07/2009 12,086,172,114,368.23 BHO (UP 1,459,295,065,455.15 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,176,343,110,856.50 ------------* * * * BHO
Endof10 +0,946,547,580,332.68 ------------* * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/16/2009 +038,287,630,031.50 ------------********** Mon
11/17/2009 +000,263,245,360.02 ------------********
11/18/2009 -000,023,369,864.09 ----
11/19/2009 -021,100,228,230.36 -
11/20/2009 -000,090,793,748.95 ----
11/23/2009 -000,049,087,609.27 ---- Mon
11/24/2009 +000,322,336,139.24 ------------********
11/25/2009 +000,525,986,426.45 ------------********
11/27/2009 +003,712,180,392.83 ------------*********
11/30/2009 +096,793,151,824.92 ------------********** Mon
12/01/2009 -005,135,833,471.71 --
12/02/2009 -000,337,841,945.81 ---
12/03/2009 +002,787,837,042.67 ------------*********
12/04/2009 +000,210,551,232.36 ------------********
12/07/2009 -000,125,073,651.86 --- Mon

116,040,689,927.94 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4175530&mesg_id=4175552

[ozymandius]

13. No Escape From TARP for U.S. Banks Choking on Real Estate Loans

Dec. 7 (Bloomberg) -- As the U.S. economy pulls out of a recession and the biggest banks return to profitability, mounting defaults on commercial property may keep regional lenders from repaying bailout funds until at least 2011.

Unpaid loans on malls, hotels, apartments and home developments stood at a 16-year high of 3.4 percent in the third quarter and may reach 5.3 percent in two years, according to Real Estate Econometrics LLC, a property research firm in New York. That’s a bigger threat to regional banks, which are almost four times more concentrated in commercial property loans than the nation’s biggest lenders, according to data compiled by Bloomberg on bailout recipients.

The concentration makes regulators less likely to let regional lenders like Synovus Financial Corp. and Zions Bancorporation leave the Troubled Asset Relief Program, analysts said. Smaller banks would remain stuck in TARP, while bigger lenders, including Bank of America Corp., repay the government and free themselves to set their own policies on executive pay.

.....

The stakes for taxpayers include whether they’ll get back $36.6 billion held by 35 of the largest regional lenders that received TARP money. Souring commercial real estate loans pose the biggest threat to the U.S. banking industry, according to October testimony to Congress by Sheila Bair, chairman of the Federal Deposit Insurance Corp., and Comptroller of the Currency John Dugan.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aaoaOoxV9AmU&pos=10

[ozymandius]

14. Shock: American Bankers Association Comes Out Against Bank Reform

The American Bankers Association is glad that the House Financial Services Committee made a number of changes to a financial reform package that it requested, but, regretfully, will have to oppose the bill on the floor, the lobby said in a letter to House members Monday.

The interest group first thanks the committee for including "a very important" bank-backed change to the way accounting is done -- or, more accurately, not done. The amendment the bankers are so grateful for would allow traditional accounting rules to be defenestrated when a crisis could threaten the financial system.

The lobby's principal objection, however, is the creation of a Consumer Financial Protection Agency. The banks argue that consumers protections must be considered at the same time the "safety and soundness" of the financial industry is taken into account. Preventing banks from ripping people off, apparently, could hurt their ability to be profitable.

http://www.huffingtonpost.com/2009/12/07/aba-bank-reform_n_383389.html?

---

Go read the banks' letter. I urge you to try not to throw something.

[tclambert]

26. Bankers are all 2-year-olds, aren't they?

"I don't wanna go to bed! I'm not slee-z-z-zzzz."

[ozymandius]

15. Who is Blythe Masters?

I've chopped and re-sorted this post at Naked Capitalism about the inventor of Credit Default Swaps, Blythe Masters. - ozymandius

Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade

She is the JP Morgan employee who invented credit default swaps, and is now heading JPM’s carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article):

Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities…
As a young London banker in the early 1990s, Masters was part of JPMorgan’s team developing ideas for transferring risk to third parties. She went on to manage credit risk for JPMorgan’s investment bank.

Among the credit derivatives that grew from the bank’s early efforts was the credit-default swap.

.....

Round Two: Carbon Derivatives

Now, Bloomberg notes that the carbon trading scheme will be largely centered around derivatives:

The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors.

Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity — in this case, CO2 and other greenhouse gases…

However, Congress may cave in to industry pressure to let carbon derivatives trade over-the-counter:

The House cap-and-trade bill bans OTC derivatives, requiring that all carbon trading be done on exchanges…The bankers say such a ban would be a mistake…The banks and companies may get their way on carbon derivatives in separate legislation now being worked out in Congress…

Financial experts are also opposed to cap and trade:

Even George Soros, the billionaire hedge fund operator, says money managers would find ways to manipulate cap-and-trade markets. “The system can be gamed,” Soros, 79, remarked at a London School of Economics seminar in July. “That’s why financial types like me like it — because there are financial opportunities”…

How the Movie Ends

Yes, they’ll get “creative”, and we have seen this movie before …an inadequately-regulated carbon derivatives boom will destabilize the economy and lead to another crash.

Much more to read at the link and in its original form...

[Demeter]

16. That's It. Kill the Bill

It's tainted by failure and fraud and folly before it ever goes into effect.

I knew there was a reason why I didn't like it in my gut.

[54anickel]

20. Gotta love Soros for his honesty on this one. Greenspin created the environment for

this sort of shit to thrive. Thanks to him we have an entire economy based on an industry that functions like a casino relying on the disease of addiction to "financial opportunities". It's systemic and reaches every single member of society with it's putrid stench.

[MilesColtrane]

35. So....the next bubble may ACTUALLY be filled with hot air?

[Joe Chi Minh]

38. I wonder how businesss managed before they were able to insure

against credit defaults?

[amandabeech]

47. Jesus H. You-know-what.

The G-D same people are making the same stupid G-D mistakes.

There simply has to be immediate and serious payback for the folks who did the financial trickery in the first place.

This is just insane.

And where's the Prez?

Worried about being "demeaned?"

[DemReadingDU]

27. Mish: Nov. Jobs Report "Looked Fabricated", Expect Harder Times in 2010

Click link for video

12/8/09 Mish: Nov. Jobs Report "Looked Fabricated", Expect Harder Times in 2010

Posted Dec 08, 2009 07:30am EST by Aaron Task

From President Obama on down, Americans are hoping Friday's stronger-than-expected November jobs report marked the beginning of the end of our national unemployment nightmare.

Don't get your hopes up, says Mike "Mish" Shedlock, author of Mish's Global Economic Trend Analysis.

The November report was an "outlier" and "almost looked fabricated," according to Shedlock, an investment advisor at SitkaPacific Capital Management

Looking beyond the November jobs data, Shedlock says the odds of the unemployment rate coming down anytime soon are remote.

Even based on generous assumptions of 150,000 new jobs per month, no double-dip recession and a declining participation rate as Baby Boomers retire, "the best I can do is suggest the unemployment rate will be over 10% all the way through 2015 and never dip below 8% all the way out through the end of 2020," Mish says. (You can see the detailed analysis here on Mish's blog and find a downloadable spreadsheet to make your own assumptions and predictions here.)

As confident as he is about the grim outlook for jobs, Shedlock was very reticent to make market predictions in the accompanying video, taped Friday evening at Minyanville's annual Holiday Festivus in New York City.

"I think the best trade is for those that are nimble and able to roll with the punches whatever they come up with," he said. "I don't think realistically anyone knows what it's going to be."

In a subsequent email, Shedlock was more willing to take a position, as is more typical of the opinionated blogger:

"In the absence of a war outbreak in the Middle East or Pakistan -- and/or Congress going completely insane with more stimulus efforts -- I think oil prices are likely to drop, the dollar will strengthen or at least hold its own, and the best opportunities are likely to be on the short side," he writes. "2010 is highly likely to retrace most if not all of the ‘reflation' efforts of 2009. If things play out as I suspect, 2010 will be the year of the great retrace as the economic recovery disappoints."

Click link for video
http://finance.yahoo.com/tech-ticker/article/386091/Mish-Nov.-Jobs-Report-%22Looked-Fabricated%22-Expect-Harder-Times-in-2010?tickers=^DJI,^GSPC,SPY,QQQQ,GLD,USO,TBT&sec=topStories&pos=9&asset=&ccode=

[DemReadingDU]

28. "It's a Good Thing Banks Aren't Lending," Says Mike 'Mish' Shedlock

click link for video

"It's a Good Thing Banks Aren't Lending," Says Mike 'Mish' Shedlock
Posted Dec 07, 2009 02:46pm EST by Aaron Task

After a year of record profits on Wall Street and with Bank of America set to repay its TARP funds, there's a growing sense the banking sector has healed, or at least on the road to recovery.

But the Fed says the banking sector is currently sitting on more than $1 trillion of excess reserves, defined as capital above what regulators require. If the sector is really healthy again, shouldn't they be lending more aggressively, to help get the "real economy" moving again?

"It's a good thing banks aren't lending," says Mike Shedlock, author of Mish's Global Economic Trend Analysis. "If they did lend, we'd have more defaults and more bailouts."

With unemployment to remain high and mounting problems in the commercial real estate market, more lending would lead to "more defaults and more bailouts," says Shedlock, an investment advisor at SitkaPacific Capital Management.

Industry veteran Peter Atwater, former Treasurer of Banc One among other titles, agrees the banks are not in a position to lend aggressively - even if demand for loans among creditworthy borrowers were to revive from its current stupor.

"The banking industry is really liquid right now," says Atwater, currently President and CEO of consulting firm Financial Insyghts LLC. "There's a huge difference between being liquid and being prepared for what's ahead."

As with Shedlock, Atwater foresees more defaults and more loan losses ahead for the industry, which he believes has already seen its peak profits for the cycle. In other words, there won't be any "windfall profits" to be taxed in 2010.

Against this backdrop, Shedlock has a message for politicians and taxpayers who are upset with banks for not doing more to help the economy: "We have a complaint against banks when they're lending responsibly for the first time in decades," he says.

Editor's note: The accompanying video was taped Friday evening at
Minyanville's Holiday Festivus, an annual charity event held in New York City. Stay tuned for additional segments from the event.

click link for video
http://finance.yahoo.com/tech-ticker/article/385794/%22It%27s-a-Good-Thing-Banks-Aren%27t-Lending%22-Says-Mike-%27Mish%27-Shedlock?tickers=BAC,GS,JPM,WFC,C,XLF,MS

[Tansy_Gold]

36. Al lI can tell you is this ---

I'm glad I have a spinning wheel.

[skoalyman]

40. Much like the band on the titanic keep the music playing so

the public (doomed people) on board don't panic;-)

[UpInArms]

30. dollar watch

http://quotes.ino.com/chart/?acs=NYBOT_DX&v=i

Last trade 75.978 Change +0.211 (+0.27%)

US Dollar: Post-NFP Rally Could Continue on Trend Breaks

http://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2009-12-04-2341-US_Dollar__Post_NFP_Rally_Could.html

The US dollar rocketed higher upon the release of the US non-farm payroll (NFP) report on December 4, which surprisingly showed that the labor market only lost 11,000 jobs in November, compared to forecasts for a decline of 125,000. Furthermore, this was the best reading since December 2007, when the US gained 120,000 jobs, suggesting the labor markets may be nearing a turning point. There’s no doubt that this was positive news, including the drop in the unemployment rate from 10.2 percent to 10.0 percent.

Going forward, though, it’s necessary to keep in mind that with 10 percent of the population unemployed (or 17.2 percent if you count marginally attached workers and those employed part time for economic reasons), there still isn’t as much impetus to fuel consumption growth as there has been over the past 26 years, especially when taking tighter credit conditions into account, suggesting that any economic expansion that occurs going forward may be mild from a historical perspective.

From a technical perspective, the DXY index closed Friday just above the 50 SMA and falling trendline resistance, both of which have been capping prices since July. This may ultimately indicate a change in trend for the US dollar, but uncertainty lies in the fact that closing prices were just barely above the noted resistance points. Furthermore, the currency’s move was fundamentally driven, but we’ve seen in the past that the currency often goes back to trading as a “safe haven” asset the following trading week.

Looking ahead to event risk in the coming week, additional signs of percolating consumption may hit the wires. On Friday, the Commerce Department is forecasted to report that US retail sales rose 0.6 percent in November, after rising 1.4 percent in October on the back of auto sales. Likewise, the retail sales index excluding autos is projected to increase by 0.5 percent, but looking at the International Council of Shopping Centers report, the results could be disappointing. The ICSC index showed that same store sales fell 0.3 percent in November from a year earlier, led by apparel and department store sales. However, with sales of jewelry and electronics reportedly up sharply to mark the start of the holiday shopping season on Black Friday, the upcoming advance retail sales report could reflect rising consumption trends through the end of the year. If the US dollar returns to trading in line with risk trends, positive results could actually weigh on the currency.



...more...

Euro at the Mercy of the US Dollar and Risk Appetite Despite ECB Steps

http://www.dailyfx.com/forex/fundamental/forecast/weekly/eur/2009-12-05-0355-Euro_at_the_Mercy_of.html

The economic docket for the euro may look somewhat reserved over the coming week; but this should not subdue traders into passivity. In fact, the currency may be spurred to dramatic-levels of volatility should the dollar rally or underlying fundamental themes develop. The pressure on the single currency is most poignantly reflected in EURUSD’s standing. This single pair is the most liquid in the currency market and is therefore the benchmark for trends in not just the euro; but for the entire financial market. Through the end of last week, the pair marked a dramatic correction in the span of only a few hours when it plunged from a range- and trend-high just below 1.5150 to support that defines a nine-month advancing channel. Arguments can be drawn that the actual trend that represents the backbone of this steady ascent has already been broken; but true confirmation will come from a meaningful push below 1.4800. However, a simple technical break on a single pair cannot define a pervasive trend on its own. To see a true changing of the guard with EURUSD, we will need to see a definitive reversal in underlying risk appetite.

In fulfilling its role as the primary counterpart to the US dollar, the euro is naturally imbued with the traits of a high-yield currency (at least when it comes to EURUSD). While the European benchmark lending rate is anemic in its own right and growth forecasts are perhaps more reserved than its US counterpart; diversification away from the greenback naturally channels capital into the next most liquid currency in the FX market. This is a particularly meaningful relationship considering the desire by many of the world’s policy authorities to reduce reserve, domestic monetary policy and economic activity to the health of the whiles of the US dollar. On the other hand, when risk aversion rises; the euro is often the standard bearer for the flight to safety that sends the greenback rallying. We are currently at the cusp of a dramatic shift in underlying sentiment. For much of this year (from Approximately February up until the start of December), sentiment has steadily advanced as investors have put their capital back into the speculative market space. However, the advance that has resulted has moved well beyond the realistic expectations of growth and expected yield growth. Eventually one has to correct to the other; and fundamental economics measure changes in months and quarters. Yet, when positioning for such a significant shift; it is important to confirm that such a seismic change is underway. If a EURUSD break is indeed underway; equities, commodities, fixed income and most other risk-attuned asset classes will all fall into line.

Moving beyond the gravitational pull of the US dollar, the euro is making significant headway on its own. Among the medium-term trends to keep track of for the euro is the slow shift in monetary policy and the pace of the region’s recovery as compared to its peers. The European Central Bank held its benchmark lending rate unchanged at its December 3rd meeting; but the event nonetheless developed a hawkish bias when President Jean-Claude Trichet said unlimited 12 month loans would expire this month and 6-month loans at the end of the first quarter. Officials have said that this should not be considered a sign that the bank is preparing to raise rates; but this is an inevitability given the path the bank is now on. As for growth, there Euro Zone is the collection of member economy’s that are recovering relatively quickly and those that are struggling. The Bundesbank raised its outlook for growth in Germany from stagnant to 1.6 percent in 2010. In contrast, EU ministers are very concerned about the state of Greece’s burgeoning deficits. If the laggards of the region are not supported; it could keep the entire Euro Zone from a robust recovery.



...more...

[tclambert]

33. The Ten Brands That Will Disappear In 2010

From MarketWatch a few days back (12/2): http://www.marketwatch.com/story/the-ten-brands-that-will-disappear-in-2010-2009-12-02

By Jon Ogg and Douglas A. McIntyre

24/7 Wall St. has prepared its list of the ten brands that will disappear in 2010. This list is based on a review of each firm's financial situation and other operating data, the current and ongoing value of its brand, and whether the company that controls that brand can sell its assets.

The ten are: Newsweek, Motorola, Palm, Borders, Blockbuster, Fannie Mae (FNM) and Freddie Mac (FRE), Ambac Financial Group, Eastman Kodak, Sun Microsystems, and E*Trade Financial Corporation. They count Fannie and Freddie as one. They said about them:

Fannie Mae (FNM) and Freddie Mac (FRE) are intertwined closer than peanut butter and jelly. These two former government sponsored entities are now in government conservatorship. Their influence has largely disappeared. In the 1990's it was believed that the government would never allow them to fold. It seems today that the GSEs are being kept afloat merely because it is cheaper and easier for the government to keep them in limbo than to repossess them and assume their liabilities. The sad thing is that even if the turnaround in housing lasts, it is just not enough to help Fannie and Freddie. Delinquencies keep rising and using traditional balance sheet analysis is nearly impossible. Whether these stay above $1.00 or not, it also seems that the NYSE keeps these listed because of the high amount of shares traded rather than on the merits of the future of these stocks. Alan Greenspan once said they should be nationalized and relaunched as eight entities that are privately owned. KBW went as far as to say the value of the common and preferred shares are worth zero. There will be some remnants left over in the operations, but these are being kept alive for appearance and convenience rather than because of their solid operating metrics.

I found that especially disturbing since, as some of you may recall, I invested in Fannie Mae several months ago. I bailed out three months later when it suddenly jumped up from $0.50 to $2.00 for no apparent reason. It's back below $1.00 now. So, I feel pretty smart, having correctly identified a bubble and making a little money on it. Still, my original rationale for investing was I thought long term the government would NOT let Fannie fail, and it WOULD find a way back to profitability, the exact opposite of what this article says. Now I don't feel so smart after all.

Still, lucky is better than nothing.

[Joe Chi Minh]

37. As former cheerleaders of Hitler and Mussolini, you don't expect too much from the UK

Daily Mail on the either business or politics, but today, in their paper edition, they excelled themselves in an absolutely fabulous way.

(snip)

'As the City reacted with horror to the Chancellor's plans, (on edit: Was there ever an intro more finely calculated to make you laugh out loud?) senior ministers were at odds, and the Treasury was scrambling to come up with a workable levy that could not be dodged.' (On edit: Not the story, of course, but this is the Mail's City Editor).

'City minister, Lord Myners, prompted unease within the Government when he attacked bankers as silly, unpatriotic and shameful.

Some ministers are concerned that Labour's 'bash the bankers' rhetoric has reached such a pitch that the international competitiveness of the City is at risk.'

(On edit: Yes, indeedy. The end of WWII put an end to the black market and many honest black-marketeers were more than a little discomfited. But I believe this putative ambivalence within the Government is more likely to be adduced to dampen the hilarity when the reader gets to the tearful City experts. 'It's the way they (the Mail) tells 'em', to adapt a phrase of a comedian here.)

'You have to have a combination of restraint and competitive remuneration if you want to keep London as a premier finance centre,' said one Government source.

(On edit: Thank you, but no thank you. Start making things, you so-and-sos! Now for the punch-line/phrase, which was edited out of the online edition, as they must have realised just how hilarious it was. I mean, if it weren't so comical, the last phrase would be totally outrageous.)

'City experts warned a tax raid on bonus payments - expected in tomorrow's Pre-Budget Report - would be politically-motivated (On edit: Well, there's a thing. A politician, politically motivated!), would prompt an exodus of talent abroad - and might be against human-rights laws!!!!!! (On edit: my exclamation marks!)

'Mr Darling is is considering a one-year tax on either banks or bankers themselves. A broad windfall tax on profits has been ruled out.'

And so on and so forth.

A broad windfall tax may well have been ruled out, but on the Mail's past form, there is at least a fifty-fifty chance it hasn't.
I swear Chapman and his City pals wouldn't be out of place in Monty Republicans' Flying Circus.

A comment from the Daily Mirror's 'letters' column on the bankers' threats to quit and go elsewhere:
(snip)
'Are these the same 'top people' who got us into this financial mess in the first place?' - Mike Andrews Cardiff.

[RUMMYisFROSTED]

41. Just a blip.

:think:

[Tansy_Gold]

42. Obama has lost his freakin' mind

Thread subject line is -- Obama: U.S. must 'spend our way out of recession.'



http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4176101

Source: Tampa Bay Online

WASHINGTON - President Barack Obama outlined major new government stimulus and jobs proposals on Tuesday, saying the nation must continue to "spend our way out of this recession."

Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.

"We avoided the depression many feared," Obama said in a speech at the Brookings Institution, a Washington think tank. But, he added, "Our work is far from done."

For the third time in a week, Obama sought to focus on job creation, noting that the jobless rate continues in double digits and that "a staggering" 7 million Americans have lost jobs since the recession began in December 2007.


:wtf:


TG

[mullard12ax7]

43. There's no time, hurry up and spend what you don't have to save everything!

If we save all your debt now we can give you even more debt later! So what if it never works, I'll just say we didn't have time to do anything else!

[Tansy_Gold]

44. Exactly. n/t

[Robbien]

45. Yesterday 5 AIG execs threaten quitting; Today WH backs down on AIG pay caps

http://www.bloomberg.com/apps/news?pid=20601109&sid=a5oFOP4lt7nY

Bloomberg: Kenneth Feinberg, the U.S. paymaster for rescued companies, will exempt some executives at American International Group Inc. from a $500,000 salary cap after at least five employees threatened to quit because of the limits, people familiar with the matter said.

Feinberg may issue a ruling as early as next week on pay limits for 75 of the bailed-out insurer’s executives, the people said. Last week, five executives said they were prepared to resign if their compensation was significantly cut, according to the people, who declined to be named because the talks are ongoing. Two have since retracted the threat, the people said.


--------------

It seems these days the best way to get something to happen is to have the WH threaten to stop it. Backing down is the WH's SOP.

[Robbien]

46. SEC Settlements Fall For Second Year

The number of Securities and Exchange Commission settlements fell for the second consecutive fiscal year, according to data released Monday. But, settlements could increase in 2010 and 2011.

In 2009, settlements overall declined 6.98% to 626 from a year earlier, according to NERA Economic Consulting's fiscal year-end SEC Settlements Trends report. The 2009 figures represent the lowest annual number of settling defendants since the Sarbanes-Oxley Act was implemented in 2002.

Elaine Buckberg, a senior vice president for NERA who co-authored the report, said that the decline in settlements could be a result of lower staffing at the SEC. She said the new administration will want to make its mark by going after large companies, including broker-dealers.


http://www.onwallstreet.com/news/SEC-settlements-survey-2664906-1.html


The article keeps stressing that things will be different next year because of the new admin all the while ignoring the fact that the new admin took over the SEC this year and still the settlements were less than last year's.

Must be that there is much less fraud for them to go after. Right? Yeah right.

[amandabeech]

48. I believe that the SEC chairperson, Mary Schapiro, is a Golden Sacks alum.

Nothing will happen under her watch.

I'm just about ready to throw in the towel and go live with my uncle on the farm.

It's all just too much.