Former Treasury Secretary Timothy Geithner announced his plans to join the Wall Street private equity firm Warburg Pincus in March 2014 where he will serve as president and managing director.
Geithner is the proto-typical insider with establishment ties that follow almost exactly
With a recent series of highly compensated speeches to wealthy and influential groups, former Secretary of State Hillary Clinton has unofficially but effectively launched her 2016 presidential campaign. In July Clinton spoke to Kohlberg Kravis Roberts, a $40 billion international private equity firm, followed by another to the
If the increase in US oil output continues to increase by 25% every year, as it did from September 2012 to September 2013, total US output would double every three years. It’s a simple case of mathematics, compound interest, and the Rule of 72.
The main thing working to keep that from happening is
Just when it appeared that Larry Summers had the nomination for the next Fed chair all wrapped up, Summers called the White House on Sunday and told his good friend, President Obama, that he was withdrawing his name from consideration. He then sent a formal withdrawal letter to the president:
I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery.
The president dutifully responded with the appropriate accolades:
Citing an unnamed source from “Team Obama”, CNBC announced that Larry Summers will be named head of the Federal Reserve by President Obama to replace outgoing chairman Ben Bernanke whose term expires on December 31st.
Despite much media conversation about other potential candidates for the position, chief among them Fed Vice Chairman Janet Yellen, Summers always had the inside track. Summers served as
This article was first published at The McAlvany Intelligence Advisor on Friday, August 23rd, 2013:
On Wednesday, Insider Monkey, the service from Stocknomics that tracks insider trades and hedge fund activity, said that “the constant drama over GMOs (genetically modified organisms) seems to be hitting the newswires daily … [and] some hedge funds want nothing to do with Monsanto…. Monsanto Company (NYSE: MON) has experienced declining interest from the entirety of the hedge funds we track.” It added:
When consulting firm Simpson Thacher & Bartlett, better known simply as Simpson Thacher, completed its corporate review of the Clinton Foundation earlier this month, their conclusions were picked up by the New York Times. Authors Nicholas Confessore and Amy Chozick gently chided the Clintons for running a money machine allegedly designed to “strengthen the capacity of people throughout the world to meet the challenges of global interdependence” but which suffers instead from
The sanctions sought against Jon Corzine, the former head of MF Global, by the U.S. Commodity Futures Trading Commission (CFTC) in a lawsuit filed in U.S. Southern District Court in New York on June 27th should end Corzine’s career as a Wall Street manipulator and send him into
When the Japanese stock market lost more than 6 percent of its value on Wednesday in a massive selloff, pundits jumped on the move to try to explain what happened, and what it all means. Evan Lucas, a market strategist at IG Markets, wrote:
And it’s about time, too! The Journal is just a little late to notice what’s happening, and has been happening, over there for at least the last two years.
Let’s put things into perspective.
I have watched in utter amazement as the stock market continues inexorably to climb to new highs nearly on a daily basis. I have wondered aloud and in writing how such an upward march could be justified. I have looked in vain. There is nothing going on in the economy that, in my opinion, justifies this. Smarter people than I have failed to find justification for it either. The markets don’t care, it seems. They just continue to move higher.
But perhaps Wall Street is watching something that is about to happen in Europe
On Thursday, the last trading day of the first quarter of 2013, the Standard and Poor’s index of 500 stocks – the S&P 500 – closed at 1569, four points above where it traded in October, 2007, just before it plummeted to 676 in March, 2009. With that news the sigh of relief on Wall Street was nearly audible. CNNMoney gushed:
With the stock market steadily marching higher and setting new all-time highs (on a nominal, not inflation-adjusted basis), does this reflect what’s really going on in the economy? Not according to 5,000 households who
I have a good friend who drives an older model Honda Insight which, he tells me, gets 70 miles per gallon. I learned that he paid about $20,000 or so for it and since he drives down to the Springs from Black Forest almost every day (a round trip of 50 miles) he is saving a lot of money. I drive a Honda Accord. It gets
Sometimes I seek opportunity. Sometimes opportunity is thrust into my lap. The latter just happened with this unbelievable screed written by Paul Farrell today at the Wall Street Journal‘s MarketWatch. He decries the failed attempts by Fed governors going all the way back to
Much was made of some internal emails from Cameron Eiger, a Wal-Mart VP, expressing his frustration over slow sales at the start of the year. In a February 1st email to company executives, he wrote:
Benjamin Anderson tells the story of how a wealthy entrepreneur reacted to the imposition of much higher income tax rates in 1935 at the bottom of the Great Recession. Anderson’s Economics and the Public Welfare, a highly regarded study of the Great Depression, was based on his personal experience as an economist for the Chase Manhattan Bank and the editor of the Chase Economic Bulletin. Anderson recounts the case of one rich man who,
With the announcement that Time Warner (TW) is selling most of its print magazines to little-known mid-west publisher Meredith Corporation, the media giant continues its great shrinking act which dates back to 2001. At the time of the AOL-Time Warner merger in January, 2000, the combined market capitalization of the company was $350 billion. Today its book value is
On January 31st Senator Rand Paul (R-Ky.) introduced his National Right-to-Work Act, S.204, subtitled “A bill to preserve and protect the free choice of individual employees to form, join, or assist labor organizations, or to refrain from such activities.” His timing couldn’t be any better.
One year ago Indiana joined the growing list of right to work (RTW) states, followed in December by
I think George Will may be just a tad optimistic, but he does have a point: Obama will implode. It remains to be seen if the so-called “conservatives” will be able to take advantage of the implosion. Says Will:
Happy days are not here again, but
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