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There was a nice thing today about jpm giving the trustee of MF one and three quarter hundred million dollars...I sure hope some of that get to you..
It strikes me as very strange in this time and era that something like this could not be readily dealt with, and particularly as you were issues checks....In my world when a check is issued, that is like saying `I owe you money`...disgraceful..
As for the jpm debacle , just because I `lost my way` doesn`t mean that there isn`t something to be gleaned for the future......It has had nine point declines a couple of time in the more recent past, and although this time it may be more, I do think it is a well run institution, and will rebound......I think it might represent a good value , and if purchased `right` would be a decent investment...
I know we all like and respect aapl, but it is a dangerous thing to get too large a position (in relation to a person`s overall wealth) and we should all look for decent alternative opportunities , to go along with aapl....
I am like you in that I have to believe in a industry, and then a specific company in that industry.....There is no question in my mind that the banking industry is of paramount importance to the over all well being of our nation, and this specific one (jpm) is highly regarded in that industry....They made a big mistake and are now paying for it----keep an eye on it, as it may make you some money----Tony
Yes indeed. I looked at the the MF Global Trustee's website and sure enough. JPM agreed to pay back $168 million of the stolen customer money. There are still ongoing negotiations for some additional money.
Why did JPM hold this money for SO long in the first place? Why don't they immediately release all the rest of the money they hold in their possession that belongs to former MF Global customers? I hate to say it, but there are some evil people at JPM and justice better be served one of these days.
The problem I see is the financial institutions are uncontrolled currently. They were bailed out with favoritism and now we have hoopla over JPM's having lost 2 billion--isn't that what they were doing?--taking risks. Apparently the Dodd–Frank Wall Street Reform and Consumer Protection Act didn't reform enough and didn't protect, despite the cute naming system.
We need to bring back the idea that banks do banking and other instituions do risking money, hoping to make money from all the little investors who think they can play in the big boys' market place and win, such as the general stock market and especially the "funny paper" side of the market that trades so much.
I see the MFGlobal problem and now JPM as symptoms of the wrong type of legislation. And the voices are suggesting more marshmallow regulation will fix things for the election campaign, when in reality we need to split the banks and the other companies back to the way they were. Ain't gonna happen with all the "buddies from Wall Street" who are in the administration and with the Prez having $1 million with JPMorgan.
Make the banks into banks again.
2014 Malibu 2LT, 2015 Cruze 2LT,
That is how I see it as well. They did so little on the oil speculation it was a joke. The Dodd-Frank bill managed to raise bank fees on those that can least afford it. At my Chase bank you have to keep $7500 at all times to avoid a monthly service charge as a result of that silly legislation. So what has Congress and the Prez done to protect US from their buddies at GS, banks and Wall Street? How tough would it be to re-instate Glass Steagall as it was written originally. It lasted 66 years with no financial melt downs. Of course there are the $billions we lost to Fannie and Freddie as a result of Frank and Dodd protecting their friends in that financial empire.
Vote em all out.
How do we cure cancer?
I watched Rep. Ryan being disrespected on Meet the Depressed by the Russert replacement guy (David Gregory? Dick Gregory?) in discussing the finances we need to cut. The public can't even get an honest discussion in the mainstream media of what it's going to take to get government overspending into balance again. Gregory couched the questioning to be clear that all we need to do is raise the debt ceiling and everything will go on just fine.
This is politics? Our problem is the Main Stream Media that focuses on a 2 billion dollar loss at a friend of gov firm as if we should step in to repay their gambling loss.
2014 Malibu 2LT, 2015 Cruze 2LT,
We don't, we treat it. More lucrative. But I guess that's something for another venue.
Government overspending is never honestly addressed no matter which nearly identical party of clowns is in office. Can you imagine a private firm operating like the public sector? It would be like a combination of JPM and well-connected defense industry trough feeders. And just as nobody ever spent their way to prosperity, nobody ever austerity-measured their way to it either. The sweet spot will be missed for greed, which in fact isn't always good.
Media is all bought by people who are corporations. Actions should be judged for what they are rather than how they are reported. There is no unbiased media. No matter...2BN, a drop in the bucket of our wasteful foreign policy budget.
We need to bring back the idea that banks do banking and other instituions do risking money, hoping to make money from all the little investors who think they can play in the big boys' market place and win, such as the general stock market and especially the "funny paper" side of the market that trades so much.
I am in total agreement. Well stated!
Absolutely! The Glass -Steagall should be re-instated. Otherwise, the incredible cheating/corruption will continue unabated.
China firm buys AMC to form world's largest cinema chain
(CNN) -- China's Dalian Wanda Group and AMC Entertainment announced Monday a $2.6 billion deal to take over the U.S. theater group, forming the world's largest cinema chain, according to a new release on the deal.
The move is the latest in a raft of deals between U.S. entertainment companies and Chinese firms, linking the world's largest theater market with the world's fastest growing.
http://www.cnn.com/2012/05/21/business/china-amc-wanda-theater/index.html?hpt=hp- _t3
I think there was a lot more to this huge rally for AAPL today than people just dumping their FB purchases and buying AAPL.
The group of congressmen, led by Rep. Michael Grimm (R., N.Y.), is calling for an independent counsel to investigate whether Corzine illegally transferred billions of dollars from customer accounts to offset his risky trading strategy.
“If there was ever a textbook definition of conflict of interest, this is it,” Rep. Bob Turner (R., N.Y.) said. “We are calling on the administration to take politics out” of the investigation.
Corzine has bundled more than $500,000 for the president’s reelection campaign and lobbied administration officials on financial regulation, a fact the lawmakers repeated often at a Wednesday morning press conference.
“It certainly doesn’t fair well when Corzine is listed in the first quarter as one of Obama’s biggest fundraisers—it strikes as political nepotism,” Grimm, a former FBI agent, said. “He should be bundling money for a fund to repay these customers.”
One of the nation’s top regulators, Commodity Futures Trading Commission Chairman Gary Gensler, worked with Corzine at Goldman Sachs. The two met several times during Corzine’s tenure at MF Global to discuss financial regulation, including a law that would have restricted its customer investments.
“As the result of direct lobbying efforts of Mr. Corzine and other high level executives, the CFTC delayed certain regulatory changes that would have enhanced customer protections,” the letter states, referring to July 2011 phone calls from Corzine’s office to Gensler’s.
The rule, now known as the “MF Global rule,” did not become an official regulation until immediately after the firm’s collapse.
Gensler recused himself from the case in November.
The same Gensler that was supposed to tighten up the regulations on oil speculation.
http://freebeacon.com/grimm-reaper/
http://www.fool.com/investing/general/2012/05/21/why-apple-jumped-31-today.aspx
I appreciate your saying that.
2014 Malibu 2LT, 2015 Cruze 2LT,
Morgan Stanley (MS) cut its revenue forecast for Facebook (FB) right before the company debuted on the public market. It is highly unusual for a lead underwriter to take any negative action on the stock of a company during the IPO roadshow. Morgan Stanley analyst Scott Devitt reduced his forecast for the company’s revenue. This could explain the weaker-than-expected institutional demand for the IPO. About 20% of demand for the offering came from retail investors.
Read more: http://www.minyanville.com/business-news/markets/articles/google-motorola-mobile- -android-facebook-arc/5/22/2012/id/41181#ixzz1vcHubcGY
Analysts are supposed to be completely independent of the investment bankers... I think this demonstrates that...
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http://www.forbes.com/sites/susankalla/2012/05/25/facebooks-right-price-could-be- -14-watch-out-for-the-cliff/
Nine IPOs are scheduled to price this week, which would be the most in five months according to Bloomberg. So far this month, only 7 IPOs have been priced. Below is a chart showing the number of US IPOs priced on a monthly basis since 1991. As shown, IPOs have bounced back somewhat since becoming non-existent during the financial crisis. Things are still much slower than they were in the mid-2000s, however. The average number of IPOs per month so far this year is 13.75 compared to an average monthly number of 25 from 2004 to 2007. And the mid-2000s were slow as well compared to the 1990s. Who knows if there will ever be another IPO period like the 90s.
http://seekingalpha.com/article/227474-number-of-ipos-by-month
http://www.forbes.com/sites/steveforbes/2012/05/29/why-bigger-bites-for-apple-in- - vestors-coming-how-big-1000-a-share/
Boy was the fb a flop...but not for the sellers....I also think anyone who purchased it was just kind of greedy and looking for a quick buck....That`s what Wall Street has turned into...Quick Buck.....Tony
I think you will like this article even if you don't own any AAPL.
http://www.fool.com/investing/general/2012/05/30/ceo-praise-of-the-week-apple.as- px
I follow aapl very closely, but do not have a meaningful position....I take the quarterly trade, and what would be of interest to you, is I am waiting to become a mobile phone owner
I follow the Fool, and they do a great job of writing, and investing for the really long haul.....I just can`t take the risk of `the really long haul`, because the market is changing.....I would not have the time or patience to ride out a severe decline, and I remember too well the banking fiasco..
I had a really large investment in what turned out to be Wachovia, with a extremely low cost basis , and if I hadn`t been disciplined , would have lost almost all the gains....`.Live and Learn` is an important phrase....Tony
Tony, you will feel like a new man once you get yourself the latest iPhone
http://finance.yahoo.com/blogs/breakout/rather-own-apple-gold-120742748.html
Very interesting! Hopefully, those of us that own AAPL will be as fortunate in the next few years.
It's probably not too late even at these lofty levels. If you have faith that Apple will continue to have huge profits (very likely in my opinion) over the next couple years, you can probably ride it out to $1,000 and then re-assess. That's my plan anyway. I try to close my eyes on these sell-offs and think long term.
http://www.forbes.com/sites/investor/2012/06/05/what-investors-can-learn-from-ap- ple-mcdonalds-and-wall-streets-blunders/
2013 LX 570 2016 LS 460
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Here's a story in todays NY Times about MF Global playing with accounting policy. It's a new version of Enron. Nothing they did is wrong legally but it shows you how they operated under Corsine. They took advantage of a GAAP rule that was created to stop companies from deferring losses and used it for aggressive revenue recognition. Had you traced cash flow to the P&L you'd have found that the revenue/earnings were without cash. For all of Wall Streets sophistication rarely do they seem to follow the Balance Sheet and the quality of earnings. Amazon's last earnings report was revered on Wall street and to me it was terrible and impossible to understand how pros jumped on it. I've often noted how high a quality Apple's earnings are with a cash build that often outdoes its earnings. Also do you remember that guy that wanted Apple to defer revenue on hardware products that it sold and collected in cash 100% of its revenue up front. He thought so simply because they provided updates free. Someone posted it here and asked for my response. Well he'd endorse what MF Global did here because he was all about theory/rules rather than the common sense of the authors college professors essence of revenue recognition.
Bottom line is that if the Balance Sheet fails to show an improvement that rivals the P&L gains than there is something very suspicious about the P&L. Sometimes it can be a loss leader strategy (which is what pros are choosing to believe on Amazon), sometimes it can be an investment strategy (one that doesn't allow capitalization of assets) but it can also be taking advantage of GAAP (as was the case here and with Enron and others). No matter how you look at it the earnings lacked quality and the market bought into revenue gains without cash flow and in the case of Amazon with a reduction of profits. In Amazon's case they believe loss leaders are laying the foundation for greater market share that will eventually be profitable in the future.
http://www.nytimes.com/2012/06/08/business/mf-global-case-exposes-weakness-in-ac- - - - - - - - - - counting-rules.html?pagewanted=all
On a much happier note, I have a strong feeling that we will see a huge jump in AAPL stock Monday/Tuesday.
The whole market should move up big tomorrow on the Spanish debt deal. Futures were up 135 the last I looked. Plus Apple may debut a lot of news this week and its mapping program likely gets real popular real fast.
http://finance.yahoo.com/news/wall-street-week-ahead-spain-120931371.html
Here's another well written article on MF Global in the NY Times.
http://www.nytimes.com/2012/06/09/business/trustee-suggests-mf-global-misused-cu- - - - stomers-money.html?_r=1&pagewanted=all