SEC Nails MN-Based Currency Trading Fraud

The SEC nailed a Minnesota-based currency fraud today, a bust that I believe will be the opening salvo in a much bigger battle to protect Americans from this burgeoning area of fraud. SEC Obtains Asset Freeze in Minnesota-Based Foreign Currency Trading Scheme FOR IMMEDIATE RELEASE 2009-253 Washington, D.C., Nov. 24, 2009 — The Securities and…

Hot Links: Jeff Saut, Felix Salmon & the Coffee Wars

Stuff I’m Reading this Morning… Goldman Sachs on how to trade the end of the year.  (PragCap) The coffee wars have begun.  (CrossingWallStreet) Does Felix Salmon own the internet?  Have you registered with him yet?  (MoneyIsTheWay) India is not finished with its IMF gold purchases.  (ZeroHedge) Jeff Saut on what “performance chasing” means to the…

New Glossary of Finance Terms Volume II

Back in March, I updated the definitions of several finance terms to better suit the times.  Due to popular demand, I’m bringing this feature back this afternoon and covering a handful of definitions for y’all. Here’s the New Glossary of Finance Terms Volume II… Stagflation: This occurs when the number of male deer grows too…

A Contrarian Conundrum…and Some Quotations

Who is the real contrarian these days? The Bears, who are dead right about how bad the economy is or the Bulls who are dead right for being long virtually every asset class, the riskier the better?  Perhaps the true contrarian is neutral right now, refusing to play either the economic weakness or the markets’…

John Paulson Likes Gold…More Than a Friend

John Paulson of Paulson & Co, the legendary hedge fund manager who made tens of billions betting on the mortgage crisis between 2007 to 2009, likes gold.  He really likes it.  He likes gold more than a friend. To most market participants, this is not news, but here’s something you probably didn’t know:  Paulson owns…

Hot Links: Too Fat To Graduate

Stuff I’m Reading this Morning… Fed to Banks: Payback Time.  (Bloomberg) The nominees for Fund Manager of the Decade.  (FinancialAdvisor) Jeff Saut (Raymond James strategist) calls the bears a “Cacophany of Crybabies”.  (Clusterstock) The seven best deals on cars this Black Friday.  (CNNMoney) Horrid economy gives a boost to evangelists and religious cult of personalities. …

Whither the Wirehouse?

    Charles Schwab just conducted a poll of 200 financial advisors, all at full service firms (aka wirehouses).  More than half had at least 10 years under their belts and the median assets under management was $84 mil. The prognosis was not a good one for the name-brand wirehouse firms… From Financial-Planning.com: Less than…

The Reformed Broker for Bank of America CEO

After much soul searching and consumption of Skittles over the weekend, I’ve decided to formally throw my hat in the ring for the position of Bank of America CEO. Frankly, folks, this is the easiest job in finance right now – akin to taking over an NFL franchise the year after it goes 0 and…

Hot Links: Ernie & Birch

Stuff I’m Reading this Morning… Stocks explode around the world as St Louis Federale makes dovish comments.  (TBP) BIG STORY: Treasuries at 0% for the first time in 7 decades…since 1938 to be exact.  (Bloomberg) The mass exodus of brokers from Smith Barney has slowed to a trickle.  (CrainsNY) Niall Ferguson on slaying the “Chimerica”…

Correcting the Rest of the "Headline Readers" on Goldman Sachs

There’s a pet name I’ve privately assigned to many of the bloggers out there who are so obsessed with covering every story that they barely read actual articles anymore.  It’s “Headline Readers“.  You know who they are and so do they, so we’ll leave it at that. Now that the government has just released its…