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Irvin Goldman, who oversaw risks in the JPMorgan Chase & Co. (JPM) unit that suffered more than $2 billion in trading losses, was fired by another Wall Street firm in 2007 for money-losing bets that prompted a regulatory sanction at the firm, Cantor Fitzgerald LP, three people with direct knowledge of the matter said.
JPMorgan appointed Goldman in February as the top risk official in its chief investment office while the unit was managing trades that later spiraled into what Chief Executive Officer Jamie Dimon called “egregious,” self-inflicted mistakes. The bank knew when it picked Goldman that his earlier work at Cantor led regulators to [...]
The inevitable result of the Left’s policies — unchecked deficit spending, powerful public sector unions, easy access to welfare, and open borders — is now unfolding in Europe. The endgame is certain to be as profound as it is cataclysmic.
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…Worries about a run on Greek banks have rattled Athens this week, after savers withdrew at least 700 million euros on Monday alone, according to minutes of Papoulias’s comments to political leaders posted on the presidency’s website.
It is not only Greeks who are worried about their savings. Data shows depositors have also taken flight from banks in Belgium, France and Italy. And [...]
A nearly intact skeleton of a Tyrannosaurus bataar – a cousin of the fearsome Tyrannosaurus Rex – has been sold at auction for $1.05million – but controversy rumbles on about the legality of the sale.
The auction, held in New York on Sunday, has been disputed by the Mongolian government, which has questioned whether the dinosaur was obtained legally.
The dinosaur was found in the Gobi desert – but it is unknown if the dinosaur was found in northern China or in southern Mongolia.
If it was found in Mongolia, the country’s government said it should not have been sold in New York.
Rare: [...]
As Facebook plunged over 12% in the early going today, we saw some people wondering why Facebook never hit “circuit breakers” designed to halt a collapse.
Here’s the reason: Facebook shares halted their fall at $35 a share, or a drop of 7.8 percent, at 9:34 a.m. and held there for six minutes.
The SEC requires all exchanges to halt single-security trading if shares decline more than 10 percent in a five minute period, so long as the active stock is priced above $1. If a halt is triggered, shares would be paused for a five minute window before resuming again.
For Facebook, that would mean a fall to $34.20 [...]
Marco Turrini, 41, pushed 14-month-old Benedetta and Samuele, four, to their deaths after row with wife
He tried but failed to throw his wife off six-floor balcony in Brescia before leaping to his death
Father died instantly but children perished in hospital
Mother who watched in horror being treated for shock
An Italian father threw his two children to their deaths from a balcony and then leaped himself while in despair about losing his advertising job.
Marco Turrini shoved his 14-month-old daughter and four-year-old son from his sixth-floor Brescia apartment after an apparent row with his wife Elena More.
The 41-year-old, who lost his job 18 [...]
Fake link directs users to download infected software
Overrides protective software
Deletes anti-virus software instantly
Facebook’s Mark Zuckerberg: The pop-up window, used for person-to-person chat, pops up with a message from a ‘friend’ which links to an innnocent looking website
A new computer virus is spreading via the chat window on Facebook.
The pop-up window, used for person-to-person chat, pops up with a message from a ‘friend’ which links to an innnocent looking website.
Clicking the link instantly infects your PC with the virus, labelled Steckt.Evl by discoverers Trend Micro.
The virus instantly disables and removes anti-virus software, then spreads itself by opening chat windows on the [...]
by Tyler Durden
One can come up with massively complicated explanations for why the Chinese commodity bubble is popping including inventory of various colors, repos, etc, but when all is said and done, the explanation is quite simple, and is reminiscent of what happened in the US with housing back in 2007:everyone was convinced prices would only go up, and underlying assets was pledged as debt collateral at > 100 LTV… and then everything blew up. Precisely the same thing is happening in China right now, where buyers of commodities thought prices could only go up, up, up and instead got a [...]
A man with a camera phone has been arrested after allegedly following children around department stores while touching himself and whispering for their attention.
Less than two months after Jonathan Davis was arrested for allegedly performing a sex act on himself in front of a young girl in a K-Mart in Hialeah, Florida, he has been arrested again for aggravated stalking of a minor.
Davis, 40, who is currently free on bail, was arrested on Friday after a security guard at a Burlington Coat Factory noticed him following three girls through the store.
Holding his cell phone against his ear, with the bright [...]
A New York City police officer had some choice words for a group of men that crossed him – and the whole ordeal was captured on video.
The New York Post obtained footage that shows Sgt Lesly Charles using abusive language and threatening Brooklyn residents with his gun while they calmly profess their innocence.
The Civilian Complaint Review Board is now looking at the footage to determine if Sgt Charles broke any rules over the course of his 20-minute, demeaning tirade.
WARNING GRAPHIC LANGUAGE: Scroll down for video
Black or Blue? A New York City Police officer had some choice words for a group of [...]
Paul Craig Roberts
Infowars.com
May 21, 2012
The US financial system and, probably, the financial system of Europe, like the police, no longer serves a useful social purpose.
In the US the police have proven themselves to be a greater threat to public safety than private sector criminals. I just googled “police brutality” and up came 183,000,000 results. (Here are two recent brutal assaults, one deadly, by police on hapless individuals: http://latimesblogs.latimes.com/lanow/2012/05/kelly-thomas-video-dad-they-are-killing-me-.html and http://www.informationclearinghouse.info/article31364.htm )
The cost to society of the private financial system is even higher. Writing in CounterPunch (May 18), Rob Urie reports that two years ago Andrew Haldane, executive Director for Financial Stability at the Bank [...]
Jurriaan Maessen
explosivereports
May 21, 2012
In a recent statement Henry Kissinger admitted that social upheaval and mass civil unrest are to be used as a means of merging the US into an “international system”.
“The United States has to be part of an international system that we create domestically”, he told The Harvard Crimson in the beginning of this month. When asked what the most important problems are facing American society today, Kissinger answered:
“Internationally, the problem is that there are upheavals going on in every part of the world, but these upheavals don’t follow the same basic causes, and so the United [...]
From Crossing Wall Street:
So now that Facebook ($FB) is public, is the stock a good buy?
… First, we have to consider a fact that no company has ever gone public because it thought its share price was too low. That shouldn’t dismiss every initial public offering, but it’s an important consideration to keep in mind.
The other fact is that it’s very difficult to evaluate the prospects of a young company in a new industry. I have a pretty good idea of how quickly Medtronic ($MDT) will grow its earnings over the next few years. I can’t say the same for [...]
Whether or not the European deterioration is real or not, one thing is certain: FX traders aren’t sticking around to bet on a rebound. As of Friday, the net non-commercial position in the EUR currency was at -173,869 contracts or the biggest net short in history, surging by 30k contract over the prior week, and by a record 70k contracts in the past two weeks as things in Europe unwound rapidly. The short position is greater than the last such record hit back on January 24, when the net short was -171K, and the LTRO effect was yet expected to [...]
From Economic Policy Journal:
Ben Davies CEO of Hinde Capital writes:
The sell-off in gold is reminiscent of the 2008 deleveraging process… There were buyers of course, seller and buyer volumes must match. But the need to sell overwhelmed the need to buy.
When you have redemptions time is against you to liquidate, so it becomes a case of sell at any price as time becomes finite. Gold buyers picked up some bargains then and they will now.
Before FOMC minutes two nights ago the seller was back at the close. And then the FOMC minutes changed the dynamic of market with the mention [...]
From Azizonomics:
Sometimes, the greatest deeds are done by those who are just doing their jobs, like Judge Katherine Forrest who last week struck down the indefinite detention provision (§1021) of the National Defense Authorization Act (NDAA).
It would be all too easy in this age of ever-encroaching authoritarianism in America for a judge ruling on a matter like this to just go with the government line and throw water over the plaintiffs. After all, telling truth to power has consequences. Forrest was appointed by Obama… but after this ruling, one wonders whether she is about to meet a career dead-end. Power [...]
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