Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Goldman Sachs

Former Goldman Sachs Head Avoids Trial, Gets Slap on the Wrist Instead

This article appeared online at TheNewAmerican.com on Friday, October 7, 2016: 

Then Senator Jon Corzine (D-NJ)

Jon Corzine

Five years ago this summer, former New Jersey Governer Jon Corzine’s high-risk futures and options trading company, MF Global, began having liquidity problems, thanks to risky trades that he had made with company money. When those trades began going sour the firm’s lenders starting issuing margin calls. When he couldn’t meet them, instead of admitting he’d erred by liquidating the failed trades and taking his losses, he simply called up the company’s treasurer and ordered her to raid customers’ accounts to meet the demands.

It’s one thing to risk one’s own money. It’s another thing entirely to push that risk onto unsuspecting and uninformed customers. Even worse, it’s wrong to lie that he never intended to do it.

Now Corzine will pay a small fine and move on.

The details of the final days of MF Global were spelled out by the New York Times last Thursday:

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Trump Turbocharges His Campaign, Adding Powerhouse Advisors

This article appeared online at TheNewAmerican.com on Wednesday, August 17, 2016:  

On Tuesday evening Donald Trump announced the addition of Stephen Bannon to his campaign and the promotion of Kellyanne Conway (above)to a position on his staff, explaining, “I want to win. That’s why I’m bringing on fantastic people who know how to win and love to win.”

Later he told the Associated Press,

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Is $40 Oil the New Normal?

This article was published by The McAlvany Intelligence Advisor on Friday, April 22, 2016:  

To the consternation of traders short the market, crude has jumped from $30 a barrel in late January to over $40 currently, with many indicators pointing to still higher prices. Was $30 the bottom? What will be the new ceiling?

Every bull market rises from the ashes of fear, disgust and despair. Traders and investors reasonably expected oil to bottom at well below $30, perhaps in the 20s, with some heavyweights, including Goldman Sachs, suggesting even lower prices. Some took short positions, certain that their calculus was correct: OPEC had maxxed out, American production seemed impervious to precipitous declines in rig counts, China’s economy was faltering and signs of recession were continuing to expose themselves around the globe, including the U.S. What could go wrong?

A little energy company, Callon Petroleum, showed exactly what could go wrong. Three times in the last six months the company has sold new shares to raise equity, and three times the company’s stock has risen. Logic and experience would suggest that dilution of shares would reduce their price. But with Callon, shares jumped from $4.21 in the middle of January to nearly $10 currently.

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Goldman Sachs’ Warning Dents Crude Oil Price

This article appeared online at TheNewAmerican.com on Wednesday, April 13, 2016:  

The price of crude oil, which reached $65 a barrel a year ago, fell below $30 in January with expectations that its decline wouldn’t end until it hit $20, or even lower. But hopeful optimists see light at the end of the tunnel — this coming from next Sunday’s OPEC meeting in Doha, Qatar (photo above) — where an agreement to freeze production at current levels will be on the table, bid crude higher in an almost straight line. On Tuesday NYMEX crude hit $42 a barrel, a 40-percent jump from January’s lows.

A note from Goldman Sachs on Tuesday provided a sobering view:

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Brazil’s Economy Entering Depression

This article appeared online at TheNewAmerican.com on Monday, March 28, 2016: 

English: Aerial view of Rio de Janeiro city ce...

English: Aerial view of Rio de Janeiro city center, Rio de Janeiro, Brazil.

The latest numbers coming out of Brazil confirm what Goldman Sachs said last December: “What started as a recession … is now mutating into an outright economic depression, given the deep contraction of domestic demand.”

Translation: President Dilma Rousseff’s attempt to stimulate the slowing economy via massive insertions of new debt has in fact had the opposite result.

Consumers have cut back by more than eight percent across the board, while investment spending has declined more than 10 percent last year, with cumulative capital spending

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Another Keynesian Failure: Brazil

This article was published by The McAlvany Intelligence Advisor on Monday, March 28, 2016:  

John Maynard Keynes Русский: Джон Мейнард Кейн...

John Maynard Keynes

Boiled down to its most crude elements, Keynesianism, according to Antony Mueller at the Mises Institute, is “the economic policy doctrine of growth by spending.” Since 2003, when the current political party in Brazil, first headed up by Lula and now by Dilma Rousseff, came to power, it installed it in spades. For a while it seemed to work: demand for Brazil’s raw materials: oil, iron ore, and agricultural products grew as China (also pursuing the “growth by spending” mantra) also grew.

But the boom, which at one point included Brazil as one of the BRIC (Russia, India, and China) nations that would soon overtake the developed world, went bust.

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Wall Street Pouring Billions Into Oil Companies

This article appeared online at TheNewAmerican.com on Tuesday, March 8, 2016:  

English: Logo of the Hess Corporation

Wall Street investors have started pouring billions into the energy sector, persuaded that prices not only of crude oil but stocks of energy companies have hit bottom. They just might be premature.

Pioneer Natural Resources has sold $1.6 billion in new stock since the first of the year, while Devon Energy has sold $1.5 billion. Hess Corporation and Marathon Oil have each enjoyed an influx of

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It’s a Short-Covering Rally in Oil and Oil Stocks

This article was published by The McAlvany Intelligence Advisor on Wednesday, March 9, 2016:  

With crude oil up more than 30 percent over the last week, and companies like SeaDrill and Chesapeake Energy up 125 percent and 250 percent, respectively, over the last five days, short covering has persuaded some that the bottom is in. Investors, especially short sellers, in the oil patch need lots of risk capital, a high risk tolerance, and a short memory.

Goldman Sachs called it a

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Aubrey McClendon Was the Original American Entrepreneur

This article was published by The McAlvany Intelligence Advisor on Friday, March 4, 2016:  

News of Aubrey McClendon’s death in a fiery car crash on Tuesday morning in Oklahoma City staggered those who knew him. Chesapeake Energy, founded by McClendon and a partner in 1989, said “Chesapeake is deeply saddened by the news that we have heard today, and our thoughts and prayers are with the McClendon family during this difficult time.” His new company, American Energy Partners, founded the day after he was fired from Chesapeake in 2013, offered this:

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Aubrey McClendon, “Reckless” Energy Pioneer, Dies in Fiery Car Crash

This article appeared online at TheNewAmerican.com on Thursday, March 3, 2016:  

Aubrey McClendon, the co-founder of Chesapeake Energy, died Tuesday morning in a fiery car crash when his Chevy Tahoe hit a concrete highway bridge support “at a high rate of speed,” according to a spokesman for the Oklahoma City policy department. The spokesman added: “The vehicle was immediately engulfed in flames. It appears that speed was most definitely a factor in the fatality.”

Many expressed publicly their condolences but none more eloquently than T. Boone Pickens, a friend of McClendon’s for 25 years:

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How Hillary Plans to Defeat Donald, and Vice Versa

This article appeared online at TheNewAmerican.com on Wednesday, March 2, 2016:  

Polls taken before and during Super Tuesday show Hillary Clinton maintaining a slight edge over front-running Republican Donald Trump among likely voters in November, but well within the margin of error. Real Clear Politics gives Clinton a “spread” of between 3 and 8 points, down considerably from when Trump first announced his candidacy last summer. Rasmussen Reports shows a slightly wider gap, 41 percent for Clinton versus 36 percent for Trump, but warns that one in every four voters quizzed on Monday and Tuesday still hadn’t made up their minds.

For Ed Rollins, Ronald Reagan’s campaign manager during his reelection efforts in 1984, it’s over: Trump will take the GOP nomination:

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Will the South Carolina Primary Spell the End for Jeb Bush?

This article appeared online at TheNewAmerican.com on Wednesday, February 17, 2016:  

In South Carolina, where George H.W. Bush (1988) and George W. Bush (2000) sealed the deal for their presidencies, younger son John Ellis Bush (JEB) is failing and flailing. The average of all polls published by Real Clear Politics shows Bush

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Vulture Funds are Saving American oil

This article was published by The McAlvany Intelligence Advisor on Wednesday, January 13, 2016:  

Over time vultures have gotten a bad rap. Some refuse even to admit that the American Bald Eagle is a vulture, preferring to think of it as a magnificent example of strong individualism and pride. In fact they are birds of prey, scavenging the carcasses of dead animals or, in the case of the Bald eagle, swooping down to snatch an unsuspecting fish from the water with its powerful talons.

Vulture funds work in somewhat the same way. To put it crudely, they

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Oil Prices Down, Oil Bankruptcies Up, Industry Safe

This article appeared online at TheNewAmerican.com on Tuesday, January 12, 2016:  

Just before Christmas Bruce Richards, CEO of Marathon Asset Management, predicted that not only would the price of a barrel of crude oil drop into the $20s but that it would take a third of America’s energy companies with it. As head of a vulture capitalist fund, described as “focused on opportunistic investing,” he was expressing more hope than despair.

Managing more than $13 billion, Richards is waiting for

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Puerto Rico Stiffs Bond Investors on Monday

This article was published by The McAlvany Intelligence Advisor on Monday, January 4, 2015:  

Coat of Arms of Puertor Rico

Coat of Arms of Puertor Rico

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Puerto Rico Defaults Today on Part of $1B Debt Payment

This article appeared online at TheNewAmerican.com on Monday, January 4, 2015:  

Both the Puerto Rican flag and the United Stat...

Both the Puerto Rican flag and the United States flag fly over Puerto Rico

Last June Puerto Rico’s Governor, Garcia Padilla, said his government was out of money and would have to default on some of the bonds issued by various government agencies. It owed some $54 million to the Public Finance Corporation and another $140 million to the government’s Development Bank. By moving some funds around on the government’s balance sheet, Padilla was able to make most of those payments.

Since then Padilla’s financial woes have snowballed.

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Democrat Strategy to Take Back the Senate: Attack the Koch Brothers

This article appeared online at TheNewAmerican.com on Friday, November 20, 2015:  

Upon learning that the Koch brothers, Charles (shown) and David, and their network of conservative donors, were planning on spending upwards of $750 million over the next two election cycles, Harry Reid, the Senate minority leader and harsh critic of the Kochs, enlisted the help of two hard-left political strategists to respond. David Brock, the founder of Media Matters in 2004 and the super-PAC American Bridge in 2010, joined with Geoff Garin, president of Hart Research Associates, to build a plan for Democrats to take back the Senate in 2016.

Brock investigates strategy via focus groups while Garin

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A Black Swan Event and $4 Oil?

This article was published by The McAlvany Intelligence Advisor on Friday, November 20, 2015:  

Eight years ago Nassim Taleb’s book The Black Swan was named by the Sunday Times as one of the twelve most influential books since World War II. Now serving as Distinguished Professor of Risk Engineering at the New York University Polytechnic School of Engineering, Taleb continues to build on his view that “black swan” events have a greater impact on culture and the economy simply because they are unexpected. As Chris Anderson explains in his review of Taleb’s book:

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Oil: How Much Lower?

This article appeared online at TheNewAmerican.com on Thursday, November 19, 2015:  

Cover of "The Black Swan: The Impact of t...

Cover via Amazon

Speaking at the Irish economics forum Kilkenomics last weekend, former successful derivatives trader, professor of Risk Engineering at New York University, and author of The Black Swan, Nassim Taleb said he thinks the price of a barrel of oil could go as low as $4 a barrel. This could be the result of a

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Rubio’s Donors Reveal His Support of a Different Agenda

This article appeared online at TheNewAmerican.com on Friday, November 6, 2015:  

With the recent revelation that Senator Marco Rubio has been receiving, and is actively soliciting, funds from billionaires with vastly different agendas from those voters who elected him in 2010, many are questioning how he would act if he were elected president.

With the departure of Scott Walker from the Republican cast of candidates seeking their party’s nomination, and with the virtual disappearance of a presence in the polls by establishment candidate Jeb Bush, it was no surprise that Rubio’s star began its ascendancy. As Paul Singer, one of Rubio’s wealthy donors, wrote, Rubio

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.