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  • Phi Asset Managers 10:05 am on July 27, 2012 Permalink | Reply  

    Two stories about the crisis 

    Emergent Economics

    Two unorthodox economists have written about the crisis in 1000 words or less. They’re both interesting because they depart so fundamentally from the mainstream story. Steve Keen says it’s all about debt; Michael Roberts, the rate of profit.

    Keen:

    Both the crisis and the apparent boom before it were caused by the change in private debt. Rising aggregate private debt adds to demand, and falling debt subtracts from it… The crisis itself began in 2008, precisely when the growth of private debt plunged from its peak of almost 30% of GDP p.a. down to its depth of minus 20% in 2010. The recovery, such as it was, began when the rate of decline of debt slowed. Across recession, boom and bust between 1990 and 2012, the correlation between the annual change in private debt and the unemployment rate was -0.92.

    Keen says that banks create money rather than money existing already, and…

    View original post 1,520 more words

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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 2:14 pm on July 25, 2012 Permalink | Reply  

    BREAKING: Audit The Fed passes House! 

    Bruce Balensiefer

    According to the C-SPAN live stream of the House of Representatives just now, HR 459 to Audit the Board of Governors of the Federal Reserve Bank passed by a vote of 326 to 98! (Official roll call forthcoming.)

    The bill only needed 290 votes to achieve the 2/3 majority and pass. The wide margin shows the level of bipartisan support this bill has.

    This is a great step toward untangling the mysteries of the economic collapse, but there is still work to do. The bill now goes to the Senate vote.

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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…

    View original post 711 more words

     
  • 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 12:49 pm on July 25, 2012 Permalink | Reply  

    Chart of the day: Trust? Don’t bank on it 

    eats shoots 'n leaves

    Americans are deeply suspicious of banks, according to the latest Financial Trust Index released Tuesday by the University of Chicago Booth School of Business and Kellogg School of Management. Note also that trust in investor-owned credit unions is growing:

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  • Phi Asset Managers 12:43 pm on July 25, 2012 Permalink | Reply  

    Barclays appoints leader of professional services firm to drive culture change 

    Bring yourself 2 work

    Writing for Management Today Michael Northcott has just announced that “the spread eagle has hired one of the City’s biggest legal figures to conduct an internal review of the bank’s culture and practices.”

    Clearly the Libor and leadership scandal has hit Barclays the hardest so far and now, to try to put this particularly persistent  debacle to bed, the bank has brought in what they are calling an expert to lead an ‘independent business practices review’.

    Anthony Salz, a corporate lawyer who has been with one of the world’s largest law firms, Freshfields Bruckhaus Deringe for more than 30 years and for the last 10 was the firm’s senior partner and now vice-chairman at Rothschild, will lead the review. Apparently he will be supported by what is being called ” a team of dedicated staff “ and “will have a professional services firm behind him”.

    I’m not sure how…

    View original post 422 more words

     
  • Phi Asset Managers 12:42 pm on July 25, 2012 Permalink | Reply  

    Are big banks’ glory days gone for good? 

    Financial Post | Business

    NEW YORK – 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.

    Why invest in these companies? Somebody, give me a reason to believe

    “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…

    View original post 977 more words

     
  • 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…

    View original post 957 more words

     
  • Phi Asset Managers 9:17 am on July 25, 2012 Permalink | Reply  

    Are Big Banks Criminal Enterprises? 

    Governed By Morons

    Excellent post from Washington’s Blog chronicling a very long list of banking criminality.  For the complete list click HERE.

    Highlights…

    • Laundering money for drug cartels
    • Laundering money for terrorists
    • Engaging in rigging rates to defraud local governments
    • Shaving money off virtually every pension worldwide
    • Charging storage fees for non-existent gold
    • Raiding allocated gold accounts
    • Mortgage fraud: both when they are initiated and when they foreclose
    • Pledging the same mortgage multiple times to different buyers
    • Cheating homeowners
    • Committing massive fraud via LIBOR (London inter-bank offer rate).  Biggest known fraud in history
    • Engaging in insider trading
    • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves
    • Engaging in unlawful “frontrunning” to manipulate markets
    • Engaging in unlawful “Wash Trades” to manipulate asset prices
    • General and widespread market manipulation
    • Participating in various Ponzi schemes
    • Charging veterans unlawful mortgage fees
    • Helping the richest to illegally hide assets
    • Cooking their books

    View original post 95 more words

     
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