Posts Tagged 'New York Stock Exchange'

Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

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Charles Hugh Smith – A Psychiatric Diagnosis of the U.S. Market: Schizophrenic Disconnect From Reality

If you think a delusional market is healthy, it’s time for a psychiatric exam.
What diagnosis would an experienced psychiatrist offer when presented with the bizarre behavior of the U.S. stock market? We assume that the wild mood swings of greed and fear are “normal” for markets devoted to short-term profit and speculation, but the stock market’s disconnect from reality is far beyond mere mood swings.

The stock market thinks it’s solidly on pavement, but in reality it’s like a car flying ...

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Richard Smith – Anyone Want to Buy Deutsche Bank?

Serial capital raiser Deutsche Bank (which tapped the markets first here in 2008 and then, oopsie, we’re still a little bit short of the readies again here in 2014) is telling anyone who’ll listen that it really doesn’t need any more capital. But who knows? Over to Deutsche’s regional head of Group Audit:

Mr Roesch, the regional head of Group Audit, set out, in an email, his “final” reading of the investigation. He referred to a “multi ...

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DAVID RANDALL – Investors brace for stocks to fall again ahead of earnings

The global market volatility of the past month that sent U.S. stocks to their worst quarter in four years shows no signs of letting up just because the calendar turned to October.

Investors say they are bracing for another leg down in the S&P 500 stock index despite its positive showing last week by increasing cash and other defensive positions in their portfolios.

“Do I think we go into a bear market? No. Can we inch toward it? Absolutely,” said Peter Cardillo, ...

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BySean McElwee – What If We Reported On Poverty The Way We Report On The Stock Market?

“The media is biased,” is a complaint that media organizations receive a lot, so they tend to be fairly wary of overtly partisan reporting. However, while media organizations are loath to seem partisan, they are often deeply unaware of other deep biases they hold.

One psychological bias humans suffer from is the “availability heuristic”—a tendency to generalize based on our immediate surroundings. It crops up in numerous ways: If you live in New York City, you might overestimate how many people ...

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Pam Martens and Russ Martens – Chinese Stocks Crash Overnight; Will We See Another “Glitch” in New York

Despite unprecedented efforts by the Chinese government to stem the rout in the Chinese stock market that had shaved as much as $4 trillion from share prices before the government’s interventions this month and last, the Shanghai Composite closed down 8.48 percent today at 3,725.558.

The overnight rout has raised speculation in some quarters as to whether we are going to see another “glitch” on the New York Stock Exchange today similar to that of July 8 in the midst of ...

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The New York Stock Exchange goes down: inside the dystopian aftermath – Molly Crabapple

I wake up from my whiskey stupor to the scent of burning motherboards, and I know that something is wrong. Out the window in New York’s Financial District, two men in torn bespoke suits roast a body over an oil drum. It looks like Thomas Friedman’s, but I can’t be sure.

“Brother can you spare a bitcoin?” one screams.

In the distance, I see fire.

I haul myself up, wipe the cigarette ash from my hair, and put on a flak jacket made ...

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Wall Street Front Group Pleads for Government Help in New York Times OpEd By Pam Martens and Russ Martens

If you live outside of New York City, you’ve never heard of the Partnership for New York City. Even if you live inside New York City, unless you’re part of the black tie cocktail circuit, you’ve still never heard of the group. So when the New York Times gave a chunk of its opinion pages on Monday to Wylde as President and CEO of the Partnership for New York City to plead for government help for Wall Street, it really ...

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