Updates from September, 2012 Toggle Comment Threads | Keyboard Shortcuts

  • Phi Asset Managers 11:19 am on September 5, 2012 Permalink | Reply  

    Dear Whole Wide World 

    This is a public service announcement! Bank Of Montreal is a cesspool of fraudulent executives covering nearly all executive groups. To the extent anyone reading this is able to further bring these facts into the public spotlight, it would greatly advance the accountability of our in-Justice system. It only requires a small investigation into the facts to begin awakening to the unbridled fraud that has and will continue to occur by the Bank of Montreal.

    As part of this unfathomable corporate bank fraud the bank relies upon legal firms buying out our very justice system. All the while the Securities Exchange Commission fails at its job of protecting investors but clearly succeeds at the protection of the Wall Street Wrongdoers. In the current instance BMO hired a PR firm to lie to the public and BMO’s own shareholders for the private benefit of management. Further aided by the crony capitalist legal team of Sullivan & Cromwell.

    http://www.zerohedge.com/news/bloomberg-foia-documents-how-wall-street-made-muppet-sec-and-dodd-frank

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  • Phi Asset Managers 3:58 pm on July 25, 2012 Permalink | Reply  

    Zynga Stock Tanks In After-Hours Trading 

    CBS San Francisco

    SAN FRANCISCO (CBS/AP) – Online game maker Zynga is falling sharply in after-hours trading after the San Francisco company reported an unexpected loss in the second quarter.

    After finishing up just over three percent at the end of trading Wednesday, after-hours trading has sent the stock plummeting nearly 40 percent.

    Zynga Inc. reported adjusted earnings and revenue below Wall Street’s expectations Wednesday. The company said it lost $22.8 million, or 3 cents per share, in the April-June quarter. That’s down from earnings of $1.4 million a year ago when it was still privately held. Its per-share results last year were at breakeven.

    Adjusted earnings were a penny per share, below expectations of 5 cents per share.

    Zynga says revenue grew 19 percent to $332 million. Analysts surveyed by expected $342.8 million.

    Zynga had a lot riding on this quarter. Investors had been punishing its stock because of worries about declining user…

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  • Phi Asset Managers 2:11 pm on July 25, 2012 Permalink | Reply  

    Losing Everything : A Case Study in Contracts 

    1L2another

    Almost no one likes lawyers.  I don’t even think lawyers like lawyers too often.  Some individuals are ambivalent towards them; most are, at the very least, wary of them; and those who have been on the wrong side of an arrest or a lawsuit are often downright hostile towards them.  For instance, take my co-worker.  For the sake of anonymity, I’ll call him Joel.  Joel’s parents owned a piece of property valued at around $300,000.  Once they had retired and were looking for a way to sustain themselves, they decided that they would try to sell this property, and when a buyer popped up, they entered into a contract to make the transaction official.  Lawyers drew up the paperwork in the standard fashion, and each party signed their names on the dotted line.  The agreement looked something like this (from the way I’ve heard it described):

    The buyer (B) agrees…

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  • Phi Asset Managers 1:52 pm on July 25, 2012 Permalink | Reply  

    How Businesses Can Take Control of the Opportunities That Drive Employees to Commit Fraud 

    Accounting and Small Business /Beverly Shares

    Recommended read for all small businesses.  You may be missing the most important anti-fraud steps for your business, thus placing you at great risk.  It is definitely easier to prevent a fraud than it is to clean up and recover from a fraud.  Risk management includes more than just the routine internal controls.

    Excerpt:  Companies should start with an enterprise-wide risk assessment. Start with a control review. While the company may have wonderful controls in place, it may not be controlling its biggest, most common, or most obvious risks, or those unique to its business and/or industry. In performing a risk assessment, there is a need for a common language or nomenclature, a process to identify and rate the risks, and the ability to determine mitigation strategies for the company’s chosen level of risk (risk profile). Management will want to invest the time necessary ……

    Read full article via How businesses can take…

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  • Phi Asset Managers 10:45 am on July 25, 2012 Permalink | Reply  

    Big bank glory days are over 

    Apoc Terror

    By Jed Horowitz

    NEW YORK (Reuters) – The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.

    Ever since the financial crisis, U.S. banks and their investors have held out hopes of a return to the good times, when lending profits steadily rose and commercial and investment banking flourished together. But analysts and investors are now questioning whether things have changed for good.

    “My gut says all these megabanks are worth more separately than combined,” said Bill Black, managing partner of Consector Capital, a hedge fund that focuses on bank trading. Smaller, more focused banks could attract investors, satisfy regulators and increase depressed stock prices, he said.

    Seven of the 10 biggest U.S. banks beat analysts’ average earnings expectations in the second quarter. But much of that came from cutting costs and dipping into money…

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  • Phi Asset Managers 8:39 am on July 25, 2012 Permalink | Reply  

    Little White Libor 

    Carp Diem (Fish of the Day!)

    The big problem with the Libor rate fixing scandal is that no one seems to be able to figure out who the victims were.  Barclay’s has been fined $450 million and had to fire its top three executives.  Four other big European Banks are now in the spotlight, and it won’t be long before Citi, JP Morgan and Bank of America follow them.  Attorneys general around the US are trying to figure out whom they can prosecute for what.  But they’re having a hard time because it isn’t obvious who, if anyone, got hurt.

    Libor is the only interest rate I know of that is neither promulgated by a single institution (which is therefore accountable for it) nor based on actual transactions (which makes accountability moot).  Instead, at 11:00 AM (GMT of course), a bunch of unnamed “contributor banks” selected by the British Banking Association call Thompson Reuters and report…

    View original post 512 more words

     
  • Phi Asset Managers 9:29 am on July 20, 2012 Permalink | Reply  

    How your small business handles unexpected time off 

    Hitchcock Creative

    If you run a small business or have thought starting one, then you’ve probably read a blog post somewhere about the ups and downs of entrepreneurship.  People tell you that you get to set your own hours and don’t have to report to anyone but yourself.  But in reality your life revolves around your business so much more than when you have a 9-5 corporate job.

    :: Hog Hill Road, East Haddam, CT ::

    Last week we had a death in our family.  Coming at the tail end of my only week off this year, I scrabbled to figure out what to do with the cat, how we were going to travel the 400 miles home, then 400 more miles to the funeral, what do with the step kids who were staying with us at the time, where to find a black dress, etc, etc.  Oh right, and I have…

    View original post 240 more words

     
  • Phi Asset Managers 11:34 am on July 19, 2012 Permalink | Reply  

    Social Media and the Law Explained 

    Virginia Employment & Benefits Law

    Still confused about social media and the law? Don’t understand why the National Labor Relations Board cares about your company’s Facebook policy? Can’t seem to draft a valid social media policy? That’s okay, most people are in the same boat.

    There’s some more help, though. A useful explanation of why social media policies matter, and what they impact, tries to lay it all out. It answers why the NLRB cares, and what courts have said (or haven’t said) about social media policies. It also provides some guidance based on the recent NLRB memorandum outlining an acceptable policy.

    Social media and the law seems to be here to stay, so you might as well understand it.

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  • Phi Asset Managers 8:56 am on July 19, 2012 Permalink | Reply  

    Why do good people do bad things? And how we can protect ourselves! 

    new york's state of mind

    How well do you really know your colleagues? Do we really know our members? How much can and should we trust them?

    The recent arrest of the founder of PFG for stealing in excess of $200 million in customer funds over the past twenty years is a dramatic illustration of something we have all heard of.  Often it is the trusted employee who commits the biggest thefts for the longest time.  If we can understand why, and then take steps to prevent it, we will be doing a lot to further safety and soundness.

    A report on NPR  argues that we are often surprised by the perpetrators of fraud because we don’t understand the motives behind the crime. According to the report, a growing body of psychological research suggests that most people who commit fraud don’t realize the profoundly unethical decision they are making when they decide to break the…

    View original post 334 more words

     
  • Phi Asset Managers 7:28 am on July 19, 2012 Permalink | Reply  

    Biolite stove 

    Bite me Charlie

    An ingenious environmentally friendly camping stove

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