Some of the recent speculation about where rates are going seems to have gotten at least a bit overdone.» Read More
JPMorgan Profit Up 67%; Sees Dividend Hike [CNBC.com via Reuters]
"Mortgage Mess Weighs of JPMorgan Chase" [CNNMoney via Fortune]
Uh-oh! Better hurry it up, Mr. Gorman. Shareholders are becoming impatient over recovery at Morgan Stanley [NYTimes DealBook]
Retail sales rise slightly less than expected [CNBC.com via Reuters]
This morning, I asked my guest host, Mark Mobius, what he sees happening once the Fed steps away in June. Here's what he said:
In the growing debate over inflation, most consumers are going with what their wallets are telling them.
Despite assurances from prominent Federal Reserve officials and some economists that inflation poses little threat, about three-fourths of respondents in a recent survey believe prices are headed higher over the long term.
Remember Donald Longueuil? He’s the former SAC Capital trader who was accused of insider trading back in February. The feds were able to bring charges against Donny thanks to his ex-best friend, Noah “Judas” Freeman, who also worked at SAC for a time \(and took part in the alleged ill-gotten gains made off of tips from expert network analyst Winifred Jiau\) and agreed to record conversations with Don in exchange for a lesser sentence and permission to go to Puerto Rico with his wife. As a refresher, here’s what they’ve got Donald on tape saying re: his USB flash drive \(dramatic reenactment can be heard here \):
If investors follow Goldman Sachs's advice and cash out of oil , it likely will be only a short-term trade that sets the stage for another buying opportunity.
That at least is the view from the trading pits, where the Goldman call Monday was greeted with a level of skepticism, even if it’s short-term ramifications saw an appreciable dip in the energy trade—and, in fact, across the commodity spectrum—on Tuesday.
Tyler and Cameron Winklevoss, the towering Olympic rowers and identical twins who you remember from The Social Network movie as the guys who gave Mark Zuckerberg the idea for Facebook, had their case against Zuckerberg thrown out of court yesterday.
The smartest judge on the Ninth Circuit court of appeals, judge Alex Kozinski, delivered a highly technical and devastating opinion that concluded with these words :
Remember Paul Ceglia?
He's the fellow in upstate New York who sued Mark Zuckerberg last July , claiming that, way back in 2003, Zuckerberg had agreed to give him a 50% ownership in the project that became Facebook.
That claim seemed preposterous at the time, not least because Ceglia had waited 7 years to file it.
And there was also the fact that Ceglia was a convicted felon, having been charged with criminal fraud in connection with a wood-pellet company he operated .
The news that two of Bank of America's top accounting executives were not consulted before the bank disclosed that a proposed dividend increase had been rejected by regulators is a devastating indictment of the bank's internal controls.
"Budget Tricks Helped Obama Save Programs From Cuts" [CNBC.com via AP]
"FCC is playing hardball with AT&T" [CNNMoney]
Despite its myriad troubles and doubters on Wall Street, Bank of America has a friend in Dick Bove.
Royal Bank of Scotland reported a modest increase in second quarter profit after booking a £1.05 billion charge for the costs of restructuring.
What's the harm in waiting six months to raise rates? asks "Fast Money" trader Brian Kelly.