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Thursday, December 6, 2012

The Most Important Wisdom I Can Impart

Read the Tuesday Afternoon Wrap-Up for 12/4/2012 and the Wednesday Morning Commentary for 12/5/2012

I was all set to write of a different topic, when Bill Holter?s Report came through my email?

So how should you really look at it? ? Bill Holter, Miles Franklin

The most valuable tool I learned on Wall Street was repeating key themes; and given that Bill put a new spin on the most important topic we deal with, I felt it worthy of its own RANT topic.

Recall my November 12^th RANT, ?THE HOLY GRAIL OF THE FINANCIAL WORLD? ? in which I stated:

The MOST IMPORTANT WISDOM I CAN IMPART ON YOU ? above all ?- is that PHYSICAL gold and silver are REAL MONEY, and all else fiat.? That is, by holding your wealth in PHYSICAL PMs, you are not ?investing,? but saving.

In other words, once you realize PHYSICAL gold and silver are immutable stores of value, the journey toward realizing ?wealth? is best measured in ounces ? NOT dollars, Euros, or Yen ? will be complete.

Even I ? RANTING ANDY ? did not fully ?get it? until nearly a decade of ?investing? in the sector; mostly in PAPER mining shares, until I ?saw the light.?? But finally I did ? circa 2009 ? and at any given time, I ASSURE you I?m more aware of how many ounces I own, than their ?dollar value.?

By the way, my revelation is nothing new in the Eastern Hemisphere; particularly INDIA, the world?s largest gold market ? despite centuries of abject poverty?

India?s love affair with gold ? 60 Minutes

Back in 2006, when I wrote an entire ?initiation report? on the sector ? as I searched for a sell-side Precious Metals analyst position that still doesn?t exist in the United States of Paper ? I cited a passage from James Michener?s fictitious novel ?Caribbean?, in which a young Indian emigrant recounted his grandfather?s description of love:

How to treat grave robbers ? When the wife of my great-grandfather died, he buried her wearing all her gold and silver, and an English official protested: ? But you?re throwing away a fortune?, but he replied: ?She brought me a fortune, and I would not like to see her in another world poorer than when she came to me.?? Three days later, when the police came to the Portugee Shop to inform him that grave robbers had dug into her coffin and taken all the precious metals and the jewels, he said: ?They were hers.? She spent them as she though best.? But when some of the jewels surfaced in the Trinidad bazaars sometime later, he made careful note of who had them and of how they had obtained them, and shortly after that several men were found dead?one by one.

That paragraph still moves me; as it goes deep into the psyche of a culture understanding the value of REAL MONEY; with little or no concern for the nouveau creation of worthless ?Rupees?.

Hopefully, it touches you as well; and helps you realize that one day ? potentially, VERY soon ? the ENTIRE WORLD will understand this immutable truth; perhaps, simultaneously.? Thus, the TRUTH of PHYSICAL PMs as REAL MONEY is ?THE MOST IMPORTANT WISDOM WE CAN IMPART.?

PROTECT YOURSELF, and do it NOW!

Call Miles Franklin at 800-822-8080, and talk to one of our brokers. ?Through industry-leading customer service and competitive pricing, we aim to EARN your business.

Wall Street credibility helped FBI agent nab Martoma, others

NEW YORK (Reuters) - FBI Supervisory Special Agent Richard Jacobs once had to go undercover as a "corrupt" stock broker to help catch scammers on Wall Street making illegal profits by manipulating penny stocks.

Jacobs had to live and breathe his new role.

"When you're talking to traders, there's a lot of slang," he said in a recent interview with Reuters. "I thought, 'Can I pull this off?'"

Without divulging too much about the case, Jacobs said he succeeded--but with careful planning.

He created a firm and a history for himself: He needed to convince the scammers he was so desperate to make a buck that he would help them sell shares in their fraudulent companies to unwitting investors.

That meant delivering a convincing story about his career as a broker and also creating a shady but realistic-seeming brokerage firm out of thin air.

Of course, Jacobs could not pull this off overnight. He spent six years as a banker at a major Wall Street firm.

"Just explaining a stock option to someone who has no background in finance can take a long time," he said.

Jacobs, 41, is the agent who was cited for his work on the WorldCom case in 2005 and supervised the investigation of former SAC Capital Advisors fund manager Mathew Martoma, who is charged with insider trading. At $276 million in alleged illegal profits, the Martoma case is the largest insider trading case ever brought and has rocked Steven A. Cohen's $14 billion hedge fund.

Jacobs said he draws on his real world experience frequently.

"When hearing about certain types of securities fraud, I was in a much better position to understand the details than people who had no experience," Jacobs said of his work on financial crimes investigations.

There are at least half a dozen other agents assigned to the FBI's three financial crime units in New York who, like Jacobs, left careers in finance to help chase down the bad guys on Wall Street. Their experience helps add depth and continuity to the policing of financial crimes by an agency with plenty of internal reshuffling.

Jacobs, who left Wall Street for the FBI in 1999, was recently promoted to a job overseeing the work of all three securities fraud bureaus in New York, a move that takes him a little further away from the day-to-day action. In recent months, the FBI's securities team in New York lost two of its most seasoned agents, B.J. Kang and David Makol, who led much of the early work in the federal government's long-running crackdown on insider trading in the $2 trillion hedge fund industry.

Makol and Kang both moved to federal law enforcement jobs in other cities. Kang, who may be best remembered making the highly publicized arrest of Ponzi king Bernard Madoff and Galleon Group founder Raj Rajaratnam, came to the FBI with a background in accounting.

The FBI relies on its agents with Wall Street pedigrees to help steer investigations ranging from insider trading to market manipulation and other frauds that often require a familiarity with spreadsheets and complex financial products.

Jacobs said people such agents interview are more open with them, more willing to talk. That's particularly helpful in approaching people about trying to get them to cooperate with an investigation, which requires people to rat out their friends and colleagues.

Lilian Perez, 33, who spent four years on an investment banking team advising on mergers and initial public offerings before joining the FBI eight years ago, said her work on Wall Street has helped her look at Ponzi schemes and market manipulation cases with a keen eye.

Sal Cincinelli, 34, two years ago walked away from a career as a credit trader with an MBA in quantitative finance to join the FBI. He said that for an investigation he's working on, he recently interviewed a person on Wall Street who specializes in collateralized debt obligations, bonds that are created from collections of corporate debt and sold to investors in slices.

He said the conversation lasted an hour and at the end of it the other agent who had accompanied him turned to Cincinelli and said, "I don't even know how I would ask those questions."

But making the switch from Wall Street, where seven-figure salaries are common, to much lower-paying government work isn't always easy.

"Some of my friends said, 'Are you crazy? Have you lost your mind?'" said Cincinelli, whose profile on LinkedIn shows he has held positions at Bank of America and Global FX.

Cincinelli declined to discuss his prior work and said his wife initially was furious with his decision to join the FBI. She was worried for her husband's safety and unhappy about the lengthy FBI training programs.

Jacobs and Cincinelli both said giving up their Wall Street careers meant giving up some friends too, so drastic was the lifestyle change.

Jacobs fondly remembers another thing from his Wall Street days: his Mitsubishi 3000GT, a powerful sports car that he bought with one of his last big paychecks.

He had been at the bureau just six months when the car was stolen. His insurance covered the loss in full, but Jacobs did not buy another sports car.

"I went practical after that."

(Reporting by Emily Flitter; Editing by Matthew Goldstein, Jennifer Ablan and Dan Grebler)

Source: http://news.yahoo.com/wall-street-credibility-helped-fbi-agent-nab-martoma-120730039--sector.html

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NY subway victim's daughter: 'What's done is done'

Uniformed and plainclothes police officers stand outside a New York subway station after a man was killed after falling into the path of a train, Monday, Dec. 3, 2012. Transit officials say police are investigating whether he could have been pushed onto the tracks. (AP Photo/Mark Lennihan)

This image released by NBC shows co-hosts Savannah Guthrie, left, and Matt Lauer, center, during an interview with freelance photographer R. Umar Abbasi on NBC News' "Today" show, Wednesday, Dec. 5, 2012 in New York. On Monday, Abbasi took a photo of a man who was pushed onto a New York subway track and killed after being hit by a train. The New York Post published the photo on its front page Tuesday showing the man with his head turned toward the oncoming train. The headline read in part: "This man is about to die." (AP Photo/NBC, Peter Kramer)

NEW YORK (AP) ? The daughter of a New York City man pushed to his death onto the subway tracks in front of a train says it "would have been great" if someone had helped him up but "what's done is done."

Ki-Suck Han of Queens was apparently trying to break up a fight when he landed on the tracks Monday. The New York Post published a photo on its front page Tuesday of Han with his head turned toward the train, his arms reaching up but unable to climb off the tracks.

Han's only child, 20-year-old Ashley, said Wednesday that he was always willing to help others.

A pastor says Han's family was so distraught after seeing the Post's photo that they had to stay with him.

A homeless man was arrested Wednesday in Han's death.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-12-05-Subway%20Push%20Death/id-4c5af18e76d84e099839e3d30431b00c

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Wednesday, December 5, 2012

Fort Hood shooting judge removed for showing bias

FILE - This undated file photo provided by the Bell County Sheriff's Department via The Temple Daily Telegram shows Nidal Hasan, the Army psychiatrist charged in the deadly 2009 Fort Hood shooting rampage. A military appeals court has thrown out a judge's order to forcibly shave the Fort Hood shooting suspect and removed the judge from the case. The U.S. Court of Appeals for the Armed Forces ruled Monday, Dec. 3, 2012 that Col. Gregory Gross didn't appear impartial while presiding over the case of Maj. Nidal Hasan. (AP Photo/Bell County Sheriff's Department via The Temple Daily Telegram, File)

FORT WORTH, Texas (AP) ? A military judge has been thrown off the Fort Hood deadly shooting case after an appeals court found that his treatment of the suspect, including an order to have the man forcibly shaved, indicated a lack of impartiality.

It was not immediately clear what impact the U.S. Court of Appeals for the Armed Forces ruling Monday would have on the long-delayed military trial of Maj. Nidal Hasan. The Army psychiatrist is charged with 13 counts of murder in the 2009 shooting rampage.

Hasan appealed after Col. Gregory Gross ordered that he must be clean-shaven or forcibly shaved before his military trial, which was supposed to begin three months ago. It has been on hold pending the appeals. Hasan has argued that his beard is a requirement of his Muslim faith. Facial hair violates Army regulations.

An Army appeals court upheld the shaving requirement in October, but on Monday the appeals court said the command, not the judge, is responsible for enforcing grooming standards.

Gross had repeatedly said Hasan's beard was a disruption to the court proceedings, but the military appeals court ruled there was insufficient evidence to show that was true.

"Should the next military judge find it necessary to address (Hasan's) beard, such issues should be addressed and litigated anew," judges wrote in the ruling.

Gross found Hasan in contempt of court at six pretrial hearings because of his beard and sent him to a trailer to watch the proceedings on a closed-circuit television. The appeals court's ruling also vacated the contempt of court convictions.

The court said it was not ruling on whether the judge's order violated Hasan's religious rights.

Lead defense attorney Lt. Col. Kris Poppe said the judge showed a bias against Hasan when he asked defense attorneys to clean up a court restroom after Gross found a medical waste bag, adult diaper and what appeared to be feces on the floor after a June hearing. Hasan, who is paralyzed from the waist down after being shot by police on the day of the shootings, has to wear adult diapers ? but the mess in the restroom that day was mud from a guard's boots, Poppe said.

"In light of these rulings, and the military judge's accusations regarding the latrine, it could reasonably appear to an objective observer that the military judge had allowed the proceedings to become a duel of wills between himself and (Hasan) rather than an adjudication of the serious offenses with which (Hasan) is charged," judges wrote in the ruling.

Fort Hood officials said late Monday that proceedings in the case will resume after a new judge is appointed by the Army's highest legal branch. This indicates Army prosecutors will not appeal to the U.S. Supreme Court.

Hasan faces the death penalty if convicted in the shootings on the Texas Army post that killed 13 people and wounded more than two dozen others.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-12-04-Fort%20Hood%20Shooting/id-31a0ebe00e2748f7b0957674f4728289

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Tuesday, December 4, 2012

Bowerbirds Use Geometry to Woo Females

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The Wicked and Beautiful Turbulence Problems of the Giant Airbus A380

This beautiful shot was made for the first episode of Richard Hammond's: Engineering Connections, which was dedicated to the Airbus A380. Apparently, wind tunnels can look like the lair of the wicked witch in an old Disney animation movie. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/Fzp6YFwIamM/the-wicked-and-beautiful-turbulence-problems-of-the-giant-airbus-a380

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Wall Street sours on weak domestic factory data

NEW YORK (Reuters) - Stocks struggled to extend the previous week's gains, dropping on Monday as disappointing U.S. factory numbers dampened optimism about China's economic growth.

The declines broke a three-day streak of gains for the S&P 500, keeping it shy of its 50-day moving average of about 1,420, a level that the index has been below since October 22, and now serving as a key resistance point for investors.

Manufacturing activity in the United States surprisingly contracted in November, the Institute for Supply Management said, dropping to its lowest level in more than three years. Economic data has been mixed in recent months, fanning worries about the pace of growth at a time when investors are already concerned about the "fiscal cliff" issue in Washington.

The ISM number "was below expectations that were already conservative, and that puts an exclamation point on the concern many of us have about the cliff's impact on the economy," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York.

Markets had opened higher as output by China's factories grew in November for the first time in more than a year, data showed. Investors look to strength from China, the world's second-largest economy, to offset weak growth in the United States and Europe.

Still, the fiscal cliff remains investors' primary focus, with political haggling continuing over how to deal with large automatic spending cuts and tax hikes scheduled to kick in next year. The worry is that the combination of reduced spending and higher taxes could tip the U.S. economy back into recession.

While off its highs for the year, the S&P 500 is still up 12.1 percent for 2012.

"This could be the last opportunity for investors to take profits" after an unexpectedly strong year, said Grohowski, who helps oversee about $170 billion in assets.

Materials were the weakest sector on Monday, led lower by Newmont Mining after the company said its CEO resigned. Newmont's stock fell 3 percent to $45.69. Dow component DuPont dropped 1.7 percent to $42.39. An S&P materials index <.gspm> lost 1.8 percent.

The Dow Jones industrial average <.dji> fell 59.98 points, or 0.46 percent, to 12,965.60 at the close. The Standard & Poor's 500 Index <.spx> declined 6.72 points, or 0.47 percent, to 1,409.46. The Nasdaq Composite Index <.ixic> dropped 8.04 points, or 0.27 percent, to end at 3,002.20.

U.S. Treasury Secretary Timothy Geithner pushed Republicans on Sunday to offer specific ideas to cut the deficit. He predicted that they would agree to raise tax rates on the rich to obtain a year-end deal to avoid the fiscal cliff.

Among other factors serving to offset the ISM report on U.S. factories were two developments in the euro zone: Spain formally requested the disbursement of more than $50 billion of European funds to recapitalize its crippled banking sector, while Greece said it would spend 10 billion euros ($13 billion) to buy back bonds in a bid to reduce its ballooning debt.

The PHLX Europe sector index <.xex> added 0.1 percent.

Dell shares gained 4.4 percent to $10.06. The stock was one of the biggest percentage gainers in both the S&P 500 and Nasdaq 100 <.ndx> after Goldman Sachs upgraded the stock to "buy" from "sell.

Advanced Micro Devices was the S&P's top gainer, rising 7.3 percent to $2.36. Options traders appeared to be betting on further gains ahead. Early options order flow was focused on upside April calls, including a sweep of 3,594 April $3.50 strike calls for 16 cents per contract when the market was 14 cents to 16 cents, said WhatsTrading.com options strategist Frederic Ruffy.

Retail stocks were among the weakest of the day, with J.C. Penney Co off 3.2 percent at $17.36 and Staples Inc off 2.3 percent at $11.43. Consumer discretionary names tend to underperform during periods of economic uncertainty as consumers focus on core purchases.

Volume was light, with about 5.58 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, well below last year's daily average of 7.84 billion.

Decliners outnumbered advancers on the NYSE by a ratio of 3 to 2, while on the Nasdaq, about 14 stocks fell for every 11 that rose.

(Additional reporting by Doris Frankel; Editing by Jan Paschal)

Source: http://news.yahoo.com/stock-index-futures-signal-early-gains-085811815--finance.html

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Thursday, December 6, 2012

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