Madoff Pleads Guilty, Now In Jail
Bernard Madoff, former NASDAQ chairman and architect of the $50 billion investment fraud scheme, pleaded guilty to all 11 charges brought up against him, which included fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering. His bail was revoked and is currently in a Federal holding cell, awaiting sentencing: .. read more
Economic Report: Jobless Claims
The number of people filing for first time unemployment benefits rose in the latest week, continuing the sharp upward trend that began during the first part of this new year. According to the US Department of Labor, for the week ending March 7th, initial jobless claims gained 9,000 to stand at 654,000. That’s slightly off the highest levels seen since October 1982. The .. read more
Economic Report: Retail Sales – February
According to the monthly Commerce Department report, retail sales, which account for about one-third of US gross domestic product, fell slightly in February, following an upwardly-revised 1.8% spike in the month of January. Total sales in February decreased 0.1%, much better than the 0.4% decline forecasted by economists. January’s gain was the first monthly increase since June 2008 and the largest .. read more
Cash Rich Companies
In times like these, cash is king, and companies with a lot of it are set to succeed and poised to take advantage. Cash-laden companies are able to scoop up market share and increase revenues with the scarce capital it holds, whether it be through acquisitions or aggressive growth strategies via increased research and investment or .. read more
US Pushing For Global Stimulus
Via WSJ (HT- Doug Terry): WASHINGTON — The U.S. will press world leaders to boost emergency government spending to lift the global economy, risking a rift with European nations more concerned with revamping financial regulation. U.S. officials, who could receive support from China and other countries with big stimulus programs, contend additional government spending is .. read more
New Government Oversight For GAAP
Via WebCPA: Two members of the House Financial Services Committee have introduced a bill that would establish a new Federal Accounting Oversight Board and probably loosen mark-to-market accounting standards. Ed Perlmutter, D-Col., and Frank Lucas, R-Okla., introduced H.R. 1349, which would create a new Federal Accounting Oversight Board to oversee the application of generally accepted .. read more
America’s Bailout Index
On January 5, 2009, the NASDAQ introduced a new index, the NASDAQ OMX Government Relief Index($QGRI), enabling investors to track the performance of U.S.-listed securities that are participating in U.S. government sponsored relief programs, such as the Troubled Asset Relief Program (TARP) or other direct government investments. This bailout index, as one would have guessed, has underperformed .. read more
Gold Prices Reverse Trend
Gold prices ended below $900 an ounce Tuesday, as a rally in the stock market reduced the precious metal’s appeal as a safe haven. Gold for April delivery dropped $22.10, or 2.3%, to end at $895.90 an ounce on the New York Mercantile Exchange: IAU may be on the brink of breaking the 50-day moving .. read more
