STOCK MARKET WATCH, Thursday July 30

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday July 30, 2009

Bush Administration Officials Under Indictment = 2
Financial Sector Officials In Prison = 4

AT THE CLOSING BELL ON July 29, 2009

Dow... 9,070.72 -25.92 (-0.28%)
Nasdaq... 1,967.76 -7.75 (-0.39%)
S&P 500... 975.15 -4.47 (-0.46%)
Gold future... 929.70 -12.00 (-1.27%)
10-Yr Bond... 3.66 -0.02 (-0.65%)
30-Year Bond 4.50 -0.04 (-0.86%)

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES..............................................S&P FUTURES

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[ozymandius]

1. Market Observation

Gold & Gold Stocks Setting Up for a Strong Second Half?
BY CHRIS PUPLAVA

....

Gold Technical Indicators Oversold

Over the last year I’ve developed two indicators to help identify major tops and bottoms in gold. As seen below, major tops have been witnessed when the FSO Gold Technical Indicator #1 is north of 2, and February’s reading of more than 4 led me to believe that gold was due for a correction. Readings north of 2 and especially north of 3 are often followed by significant corrections in gold, with the prior occurrence seen in early 2008 when gold first neared $1,000. After that overbought condition gold fell more than $200 over a multi-month correction. A similar occurrence was seen in 2006 when gold jumped to over $700 an ounce for the first time since the 1970s bull market. That overbought condition resulted in a sharp sell off in gold and more than a year long consolidation before gold moved higher. In contrast to the last two readings of the indicator north of 2.0, the overbought condition in February resulted in a moderate pullback with a multi-month consolidation to work off the overbought condition. A market that works off an overbought condition through a consolidation rather than a correction is a sign of strength as it indicates that the bears could never really gain the upper hand and drive prices lower. This is what was seen in gold after the February reading north of 4.0, the most overbought reading seen in 26 years, where gold simply consolidated rather than stage a significant correction. The FSO Indicator #1 is approaching -0.5, with readings in this vicinity often marking major bottoms in gold over the last decade.

.....

The USD, Setting Up for Retest of the 2008 Lows?

Perhaps another key element to a significant rally for precious metals in the second half of 2009 would be a break in the USD Index below the May lows to set up a retest of the 2008 lows. After peaking in March of this year the USD Index has been in a defined declining trend and is currently battling to hold above 78. Looking at the relative strength index (RSI) shows that USD Index may be nearing an important juncture as the rising RSI trend line (green below) is approaching the declining trend line (red below) that has been in place since the momentum peak in August of last year. Since then there have been two prior periods of the RSI rising to meet the declining trend line, and breaks through the rising green RSI trend line have marked intermediate tops in the USD. We are at a third occurrence with resolution likely to play out soon as the USD is currently testing the declining RSI trend line and a break through to the upside would be bullish and may signal that the declining trend in the USD since March is over. However, a break through to the downside of the rising green RSI trend line and a break below the late May lows could signal the USD is continuing its slide and set up for a retest of the 2008 lows.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Report

08:30 Initial Claims 07/25
Briefing.com 560K
Consensus 575K
Prior 554K

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

20. Initial Claims @ 584,000 - last wk rev'd up 5,000

U.S. 4-wk. continuing claims fall to 6.41 mln
8:30am Today

U.S. continuing jobless claims fall to 6.19 mln
8:30am Today

U.S. 4-wk. avg. jobless claims fall to 559,000
8:30am Today

U.S. weekly jobless claims up 25,000 to 584,000
8:30am Today

[rfranklin]

21. Good reason to run the futures higher....

I think they are focusing on the drop in "continuing claims." I suspect that people are running out of benefits and disappearing into the memory hole of labor statistics. They will soon have unemployment down to "full employment" without creating a single job.

[Hugin]

24. I have the same suspicions.

Really, with a very long string of over a half-million initial claims filings... How else could the continuing claims drop other than what you suggest?

[Hawkowl]

26. "Unemployment far weaker..." by Denninger

Ahh. Your suspicions are indeed true.

Thursday, July 30. 2009
Posted by Karl Denninger in Macro Economics at 11:18
Unemployment Report FAR Weaker Than Claimed

"Initial Claims" were 584,000 today, scream the headlines, and the pumpers all claim this is "better than expected" when looking at continuing claims, which declined slightly to 6.416 million on a 4-week rolling basis. But those numbers don't include the people who rolled off the original 13 week unemployment rolls and onto the extended programs (which go out to 52 weeks in many cases), and as such the number is being dramatically underreported.

That's a problem - see, there are 2,656,879 people in that bin, an increase of 24,518 from the prior week, and worse, 352,482 people rolled off the 13 week program last week!

...

The total count of people on both 13 week and extended benefits (raw numbers, not seasonally adjusted) is 8.718 million, another new record.



http://market-ticker.denninger.net/archives/1272-Unemployment-Report-FAR-Weaker-Than-Claimed.html

[rfranklin]

3. First rec today!

Oh, my day is made!

[ozymandius]

7. Very funny end enjoyable to see you get there first, rfranklin.

:thumbsup:

[ozymandius]

4. Oil hovers above $63 amid weak US crude demand

SINGAPORE – Oil prices paused above $63 a barrel Thursday in Asia after signs of weak U.S. crude demand triggered a sharp sell-off this week.

Benchmark crude for September delivery was down 15 cents to $63.20 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell $3.88 to settle at $63.35.

....

More evidence emerged on Wednesday that drivers may be cutting back on gasoline consumption when the Energy Information Administration said crude supplies in the U.S. grew by 5.1 million barrels last week, or about 18 percent above last year's levels.

....

In other Nymex trading, gasoline for August delivery rose 0.50 cent to $1.86 a gallon and heating oil was steady at $1.68. Natural gas for August delivery held at $3.54 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

6. Shell Cuts Capital Spending, Jobs as Profit Falls 67% (Update3)

July 30 (Bloomberg) -- Royal Dutch Shell Plc, Europe’s largest oil company, plans to reduce capital spending by about 10 percent next year and make further “substantial” job cuts, saying the economy won’t recover any time soon.

The budget to buy and maintain assets will drop to about $28 billion in 2010 from as much as $32 billion this year, The Hague-based Shell said today in a statement after posting a 67 drop in quarterly earnings. The company, which has cut senior management positions by 20 percent, said more staff reductions are “likely.”

The recession forced oil producers to delay projects and merge units, protecting dividends in anticipation of higher prices in the years ahead. BP Plc this week also warned of a prolonged economic slowdown, after its second-quarter earnings were dragged down by a 52 percent slump in U.S. crude prices.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGXTj0B7lSbg

[ozymandius]

5. Wall Street’s Reaction To The Microsoft-Yahoo Search Deal: Not Good

Carol Bartz and Steve Ballmer are all smiles this morning with the signing of their long-awaited search deal, but the agreement isn’t going over so well on Wall Street. Shares of Yahoo took a plunge this morning on the announcement and are currently trading at $15.31, down 11 percent from yesterday’s close. Microsoft shares are flat.

Investors who were hoping for a large upfront payment and “boatloads of money” were disappointed by the terms of the deal, which includes no upfront payment. But that is short-sighted of investors because the actual deal ends up giving Yahoo a much bigger share of search revenues (88 percent) than the previous deal that was on the table last year. It is actually a much better deal for Yahoo long-term if it works, and aligns its incentives closer to Microsoft’s.

http://www.techcrunch.com/2009/07/29/wall-streets-reaction-to-the-microsoft-yahoo-search-deal-not-good/

[ozymandius]

8. Marriott to Expand by Converting Competitors’ Hotels (Update1)

July 30 (Bloomberg) -- Marriott International Inc., the largest U.S. hotel chain, plans to expand by taking over the operation of hotels from competitors unable to pay or refinance debt, Chief Financial Officer Carl Berquist said.

....

Marriott, based in Bethesda, Maryland, intends to add 110,000 rooms, including 30,000 this year, to its current total of about 577,000, Berquist said. About 50 percent are under construction at the chain’s hotels, while 6 percent are being converted from rival brands. Most of the remaining projects are on hold as the property owners wait for building costs to drop or seek financing amid the credit crunch, Berquist said.

....

Profit Plunges

The company, which owns the Ritz-Carlton, Courtyard and Residence Inn names as well as the Marriott brand, reported a 46 percent decline in second-quarter net income, while revenue dropped 20 percent. On July 16, when the results were published, Chief Executive Officer J.W. Marriott said the company faced a “difficult environment for the travel and tourism industry.”

http://www.bloomberg.com/apps/news?pid=20601109&sid=asB.tscMVU6s

[ozymandius]

9. Beige Book: Less Bad Is the New Good (Ritholtz)

The Current Economic Conditions, aka The Beige Book, is a Federal Reserve report published 8X/year. Each Fed District gathers anecdotal information on current economic conditions in each District and reports back to the Fed.

The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

Current findings are that the “Pace of Economic Decline” is slowing.

http://www.ritholtz.com/blog/2009/07/beige-book-slower-pace-of-economic-decline/

[Po_d Mainiac]

10. Another soggy good morning from the monsoon State

:donut: +3

[ozymandius]

11. Good morning.

:donut: :donut: :donut:

Soggy down here in Atlanta too. My corn stalks have grown another foot overnight, though.

[Po_d Mainiac]

15. Our corn is not much over a foot high

total...Really :grr: Horrible summer to try and grow stuff in the Northeast, unless you're into slugs and moss.

Even the ducks are acting pissed off.

[AnneD]

29. We had a shower yesterday,

but it was so dry here in Texas that it was like a mouse pissing on a bale of cotton.:evilgrin:

AnneD happy to have the chance to use one of her fav Texas Tall Tales.

[ozymandius]

12. 75% Favor Auditing The Fed; Fed Job Approval Rating Lower Than IRS

Here's some genuinely good news for a change. A new Rasmussen poll shows 75% Favor Auditing The Fed.

So much for the ongoing secrecy of the nation’s independent central banking system. A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing the Federal Reserve and making the results available to the public.

Just nine percent (9%) of adults think that’s a bad idea and oppose it. Fifteen percent (15%) aren’t sure. Over half the members of the House now support a bill giving the Government Accounting Office, Congress’ investigative agency, the authorization to audit the books of the Federal Reserve Board.

While the president hopes to expand the Fed chairman’s regulatory controls, 46% of Americans say he already has too much power over the economy.

Fifty-one percent (51%) oppose expanding the Fed’s regulatory powers.

...

more from Mike Shedlock

---

Bernanke's charm offensive is looking ineffective.

[ozymandius]

13. Yves Smith: Unemployment, Not Bubble Unwind, Starting to Dominate Foreclosure Activity

A new dynamic appears to be emerging on the housing front. Heretofore, foreclosures were strongly correlated with where the mania had been most acute. California, Florida, and Arizona in particular showed dramatic declines in prices. But now as those markets have corrected to a considerable degree, foreclosure activity is now starting to be a function of increasing unemployment.

From Reuters:

Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread, RealtyTrac said on Thursday...

Mortgages have failed the fastest in the areas with the greatest overbuilding, purchases by speculators and reliance on riskier loan products to improve affordability.

But the source of the mortgage trouble has swung from lax lending standards to unemployment.

....

As unemployment rises, we are seeing a change in the financial profile of the people seeking our help," Suzanne Boas, president of Consumer Credit Counseling Service of Greater Atlanta, said this week.

"We are serving an increasing number of people who work in professional services and skilled trades," she said. "These people have maintained solid incomes their entire lives, but are now in financial trouble and are reaching out for counseling to help avoid foreclosure.".

More commentary, articles and related material here.

[ozymandius]

14. WSJ: FDIC to Split Failed Banks Hoping to find Buyers

Think Corus and Guaranty (Texas) ...

From the WSJ: FDIC Poised to Split Banks to Lure Buyers:

The Federal Deposit Insurance Corp. ... is poised to start breaking failed financial institutions into good and bad pieces in an effort to drum up more interest from prospective buyers.

The strategy ... is aimed at selling the most distressed hunks of failed banks to private-equity firms and other types of investors who may be more willing than traditional banks to take a flier on bad assets. The traditional banks could then bid on the deposits, branches and other bits of the failed institution that are appealing.

"We want banks to participate in the resolution process, but we know it's a tough time for banks to participate in the resolution process," said Joseph Jiampietro, a senior adviser to FDIC Chairman Sheila Bair. ... "There are certain situations when assets are so distressed and make up a significant percentage of the balance sheet that strategic buyers are hesitant to participate in the process," said Mr. Jiampietro.

Calculated Risk says Friday Night Follies will take a new direction with Corus and Guaranty Financial soon.

[DemReadingDU]

17. so taxpayers get the bad portions?

and Goldman Sachs get the good portions?

[ozymandius]

16. Oh my. Those poor, poor banks.

Senate Probes Banks for Meltdown Fraud

WASHINGTON -- A Senate panel has subpoenaed financial institutions, including Goldman Sachs Group Inc. and Deutsche Bank AG, seeking evidence of fraud in last year's mortgage-market meltdown, according to people familiar with the situation.

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year's financial crisis.

According to people familiar with the matter, the Senate Permanent Subcommittee on Investigations also has issued a subpoena to Washington Mutual Inc., a Seattle thrift that was seized by regulators in last year's financial crisis and is now largely owned by J.P. Morgan Chase & Co. It appears likely that several other financial institutions also have received subpoenas. Subcommittee investigators declined to comment. A Goldman Sachs spokesman declined to comment on the subpoena. Deutsche Bank didn't immediately respond to a request for comment.

J.P. Morgan Chase spokesman Thomas Kelly declined to comment on whether the firm, which acquired the banking assets of Washington Mutual last September, had received any subpoenas, saying only "we cooperate with government agencies."

We do indeed live in interesting times.

[florida08]

23. LOL

to focus on whether.. bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested

Well I think we know the answer to that. When you have 100% financing with no salary or credit check..the goal isn't reaping the reward of the loan interest now is it.

[UpInArms]

18. dollar watch

http://quotes.ino.com/chart/?acs=NYBOT_DX&v=i

Last trade 79.289 Change -0.226 (-0.29%)

Yen Will Drop to 110 a Dollar This Year, Fortis’ Yamamoto Says

http://www.bloomberg.com/apps/news?pid=20601080&sid=alKaeF_czyJk

July 29 (Bloomberg) -- The yen will weaken to 100 per dollar by year-end as the global economy stabilizes, spurring Japanese investors to buy higher-yielding assets abroad, said Fortis Asset Management Co., a unit of BNP Paribas SA.

“There is pent-up demand for yen carry trades, as there is an established view that Japan’s interest rates won’t rise for the foreseeable future,” Hitoshi Yamamoto, chief executive officer at Fortis, said in an interview in Tokyo with Bloomberg News. “Once central banks overseas start hiking interest rates to deal with the stabilization of the global economy and rising inflationary pressure, yen carry trades will be back in play.”

The yen dropped 4.2 percent against the dollar this year as demand for safety weakened on optimism the world’s worst slump since the Great Depression was easing. The yen slid to 94.57 per dollar as of 10:46 a.m. in Tokyo from 90.64 on Dec. 31, the worst performer this year among the 16 most-traded currencies.

“The U.S. economy is expected to start picking up ahead of the Japanese economy, hence the Fed is likely to start taking action on interest rates ahead of the Bank of Japan,” Yamamoto said.

In carry trades, investors borrow at a low rate in one country and invest in another nation with higher returns. Benchmark interest rates of 8.75 percent in Brazil and 3 percent in Australia compare with 0.1 percent in Japan and as low as zero in the U.S.

...more...

Dollar drifts sideways as market awaits fresh leads

http://www.reuters.com/article/usDollarRpt/idUST25890320090729

TOKYO, July 29 (Reuters) - The dollar drifted sideways against a basket of currencies on Wednesday, hovering not far from the lowest level of the year, as investors awaited fresh leads in coming economic events in the United States.

The euro held firm against the dollar but stayed shy of Tuesday's eight-week high after news of weaker-than-expected consumer confidence in the United Stated prompted investors to cut long positions in the European currency.

Major currencies were largely confined in ranges in Asian trade as investors remained cautious about a recent rapid rise in assets such as stocks and commodity prices.

"The currency market is taking a breather after the recent run-up," said Mitsuru Sahara, chief manager of currency derivatives trading at Bank of Tokyo-Mitsubishi UFJ.

The dollar index .DXY, a gauge of its performance against six major currencies, was down 0.1 percent at 78.772 from late U.S. trade on Tuesday when it fell as far as 78.315, its lowest since December.

The U.S. currency inched down 0.2 percent to 94.35 yen JPY=.

"Investors will continue to assess the real economy by looking at economic data in the U.S. But it is hard to predict how the currency market will react as recent data has been giving mixed signals and upcoming data is likely to do the same," said Sahara.

...more...

[UpInArms]

19. As U.S. recession bites, Ohio hopes fade for Obama

http://www.reuters.com/article/bondsNews/idUSN2813170720090730?sp=true

TOLEDO, Ohio, July 30 (Reuters) - Hope and jobs are in short supply in Ohio eight months after President Barack Obama won the recession-battered state in the 2008 election with promises of a better future.

"People were looking for a savior to get us out of this mess and that's why they voted for Obama," said Jeff Fravor, 55, a retired train conductor on his way to breakfast on the outskirts of Toledo.

"I've nothing against Obama personally, but he's new to the job and 'hope' won't fix this mess."

<snip>

Ohio's unemployment has nearly doubled from 5.7 percent in January 2008. That is not a good start for Obama in a state with 20 electoral votes that could be vital for his re-election effort in 2012.

"It's not a surprise Obama's numbers have fallen here and they'll continue to go down as long as jobs keep being lost here," said Jim Rokakis, treasurer for Cuyahoga County, which includes Cleveland where unemployment hit 10.1 percent in June. "Americans always want a quick fix to problems, but they are going to relearn patience this time round."

Toledo in northwest Ohio has been especially hard hit by the recession, in particular because of the auto industry-related plants that dot the area.

...more...

''I am committed to helping Ohio deliver its electoral votes to the president next year,'' wrote Mr. O'Dell, whose company is based in Canton, Ohio.

http://www.spiegel.de/img/0,1020,260717,00.jpg
US President George W. Bush at the Timken Company in 2003 promoting his tax cut plan.

Ummmm.... Hey, Ohio! Don't blame Obama for your lack of jobs.

[DemReadingDU]

22. Tired Of The Pumpers? So Is Janet Tavakoli

7/30/09 Karl Denninger' comments:
"Janet is one of the true bright lights when it comes to matters finance, which of course makes her persona-non-grata at the table of ideas when it comes to actually addressing what has gone wrong, and how to prevent it from happening again."
"The reason is quite simple: When you stop lying and intentionally obfuscating the facts you come to an inescapable conclusion: This event in our financial system was no accident, and those who are being touted as firemen who "put it out" in fact were the arsonists who set the fire in the first place."
http://market-ticker.org/archives/1271-Tired-Of-The-Pumpers-So-is-Janet-Tavakoli.html


7/29/09 Where Were Drama Pundits (Whitney, Taleb and Gasparino) When It Mattered? by Janet Tavakoli
http://www.tavakolistructuredfinance.com/MIA.pdf 4 pages

[mullard12ax7]

25. More people jobless = signs of improvement! AP now stands for "All Propaganda"

"WASHINGTON (AP) -- The number of newly laid-off workers filing first-time claims for jobless benefits rose last week, the government said, though the increase was mostly due to seasonal distortions."

"Many economists say new claims, which track layoffs and firings, are trending downward in a modest sign of improvement in the labor market."

[AnneD]

27. Morning Marketeers...

:donut: and lurker. Well friends and neighbours, sometimes life can turn on a dime. After 6 years of being a total workhorse-I was released from my contract at my elementary school and will be going to work in a middle school.

And not just any middle school, one in which the principal has been rated by employees as one of the best to work for by employees. Finally, karmic justice-I have hit the sweet spot. I will be doing fully 1/3 the work I am now doing and will be able to devote more of my time to legislative concerns,community consensus building and activism.

I am getting out of my school at a good time. The new principal is a micro manager and has already managed to get rid of 5 of our best and most senior teachers (and trying to push out a few more). But the worst thing was getting rid of the school secretary. She had been there 12 years and knew everyone. The sad part was that she got rid of the secretary in a dishonest underhanded manner. A good, honest, hardworking secretary is the glue that holds a school together.

We finally made recognized last year but that was after the seeds the previous had sewn had finally bore fruit. Of course, the current principal got the credit:eyes: That means that the teacher (who did the actual work), don't have a leg to stand on (unless they have a union). I was the building steward and worked my but off to get to get folks to join. I had success but I have already had more calls for folks wanting to join than ever, but I won't be there next year. I am passing the torch to the assistant steward.

Thank God. Labour disputes on top of my work load would be too much. Any way, I am looking fore ward to the new school year for the first time in years. So I know of some jobs available.

Happy hunting and watch out for the bears.

[Dr.Phool]

28. G' morning Anne.

:hi:

Congratulations, and good luck.

[AnneD]

30. Thanks, Dr. Phool...

I have been working more and enjoying it less lately.

This is a great break for me and I am thrilled.

[MadinMo]

32. Yes, best of luck to you Anne!

Sounds like you are headed to a much better situation.

I love your comments about the poor secretary who was ousted. I didn't work in a school, but I was ousted from my job in January. I still worry about the poor guys I left behind and whether they have figured some things out that only I knew about. I hope the secretary you know has found a good job with a better boss.

[AnneD]

34. She has gone on to the middle school.......

but the whole transfer was underhanded. The new principal went out to lunch with her and said that every thing was ok. The sec. got excellent job ratings. But in order to force a transfer-the principal had to have an excuse (unhappy with job, etc). Then, while the principal was on vaca-someone from the district came to the sec and told her she was being transfer and it had to be done that week. It just really sucked bulls balls (as did the story). So when the principal came back, the sec was gone and she didn't even want to talk to the sec. It was a chicken shit move and had no honour. No one likes to fire someone, but at least be honourable and honest about it. Even just saying hey, our styles are different or I want someone else shows more moral character. One lesson I took with me was 1) her word can not be trusted 2) she will not stand up for her staff. The experienced teachers have taken note. I predict the scores will nosedive next year.

I will have lunch with the sec-she really is a great person and this was devastating and humiliating. Nothing like a good meal and a sympathetic ear.

[taught_me_patience]

31. Market up and 10yr up

Something is seriously manipulated here. I'm calling bullshit.

[Dr.Phool]

33. The Euro chart looks like a seismegraph.

[Tansy_Gold]

35. 30th rec!

I'm on vacation, dealing with new laptop, trying to figure out all the new gizmos, but better late than never to check in with SMW



Tansy Gold, in sticky, sweltering, sultry Seattle w/o a/c

[Demeter]

37. I've heard Seattle's weather is unseasonable and unreasonable this year

but if that is why we are having the most pleasant summer in memory, here in Michigan, well, I just want to say: thank you, Seattle!

[Tansy_Gold]

39. i did not bring it with me!! It's not my fault

Unseasonable and unreasonable and intolerable. 102 when we landed yesterday afternoon.

But cooler today and I'll put up with it to visit family, y'know?

Will catch up with SMW more tomorrow. I miss the news!

[TheWatcher]

43. You are in MY City and you didn't tell me you were Coming?

Shame on you, Dear Tansy. :)

Sorry our weather is so bad though. :(

Really, we are much better than this. :)

[InkAddict]

36. Last defendant in National Century fraud case is sentenced

http://www.dispatch.com/live/content/local_news/stories/2009/07/30/stucke.html?sid=101

A former National Century Financial Services executive who pleaded guilty more than five years ago for his role in the collapse of the Dublin-based company was placed on probation this week.

Brian J. Stucke, 39, of London in Madison County, was sentenced Tuesday by U.S. District Judge John D. Holschuh to three years of probation, including one year of home confinement, and 500 hours of community service.

Stucke pleaded guilty Dec. 11, 2003, to conspiracy to commit securities fraud and agreed to cooperate with federal prosecutors in their case against other executives of the health-care financing company.

He was the last of 11 defendants to be sentenced for their roles in a scheme to take money from the company and hide the shortfall by shifting funds between accounts and providing phony reports to investors. The fraud cost investors nearly $2.4 billion and shut down about 275 health-care providers by the time the company went bankrupt in November 2002.


I think DemReadingDU was following this here; now all locked away except for one? Have they made any progress finding the woman?

[Demeter]

38. Your name makes me think of "Inkheart"

which I thoroughly enjoyed at the cinema a couple weeks ago. I even went and bought the book, the first two volumes. But the translation from German is leaden, and the film covered all the series in toto, I suspect. Sigh.

[InkAddict]

42. People think it's about tattoos, but my family used to kid me about

reading every word in a newspaper. Frankly, it's no secret that I even take too long in the grocery because I like to read all the labels...whatever gets in front of my face printed in ink, I tend to read it...totally addicted. LOL.

Haven't heard about the flick - guess I'll go googlin'

[DemReadingDU]

45. I think I could be your twin, lol

I too read just about anything, cereal boxes, upc codes, hang tags, mattress labels.

:rofl:

[DemReadingDU]

44. Hey, Thanks for the update!

Rebecca Parrett is still on wanted by the U.S. Marshalls
http://www.rebeccaparrett.com/

[Festivito]

40. Debt: 07/28/2009 11,612,707,445,497.10 (UP 4,920,100,617.36) (Both up.)

(Debts up. Worked on getting us to Mars today, well not exactly, but helping. Didn't have time to post in a 16-hr day. Tired.)

= Held by the Public + Intragovernmental(FICA)
= 7,265,337,549,268.63 + 4,347,369,896,228.47
UP 420,333,618.55 + UP 4,499,766,998.81

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 307-Million person America.
If every American, man, woman and child puts in $3.26 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.77, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain a another American, so at the end of the workday of the report, there should be 306,969,542 people in America.
http://www.census.gov/population/www/popclockus.html ON 05/25/2009 01:14 -> 306,504,012
Currently, each of these Americans owe $37,830.16.
A family of three owes $113,490.49. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 10,879,436,004.51.
The average for the last 30 days would be 8,340,900,936.79.
The average for the last 32 days would be 7,819,594,628.24.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 130 reports in 189 days of Obama's part of FY2009 averaging -0.28B$ per report, -0.10B$/day so far.
There were 205 reports in 301 days of FY2009 averaging 7.75B$ per report, 5.28B$/day.

PROJECTION:
There are 1,272 days remaining in this Obama 1st term.
By that time the debt could be between 13.4 and 21.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/28/2009 11,612,707,445,497.10 BHO (UP 985,830,396,584.02 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 1,587,982,548,584.70 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/08/2009 +000,621,025,720.38 ------------********
07/09/2009 +010,396,425,012.59 ------------**********
07/10/2009 -000,364,273,300.28 ---
07/13/2009 -000,000,617,291.42 ------ Mon
07/14/2009 +000,244,233,965.61 ------------********
07/15/2009 +057,721,794,648.52 ------------**********
07/16/2009 +016,136,405,834.08 ------------**********
07/17/2009 +000,062,427,388.38 ------------*******
07/20/2009 +000,171,809,229.69 ------------******** Mon
07/21/2009 -000,321,987,025.18 ---
07/22/2009 +000,261,059,305.61 ------------********
07/23/2009 +010,040,233,982.08 ------------**********
07/24/2009 -000,124,358,216.07 ---
07/27/2009 +000,077,777,899.40 ------------******* Mon
07/28/2009 +000,420,333,618.55 ------------********

95,342,290,771.94 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,948,075,642,238.03 in last 313 days.
That's 1,948B$ in 313 days.
More than any year ever, including last year, and it's 192% of that highest year ever only in 313 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 313 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3991355&mesg_id=3991392

[Festivito]

41. Debt: 07/29/2009 11,611,217,335,101.06 (DOWN 1,490,110,396.04) (Debt up, FICA down.)

(Debt goes up, but FICA side goes down bigger.)

= Held by the Public + Intragovernmental(FICA)
= 7,266,070,575,578.65 + 4,345,146,759,522.41
UP 733,026,310.02 + DOWN 2,223,136,706.06

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 307-Million person America.
If every American, man, woman and child puts in $3.26 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.77, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain a another American, so at the end of the workday of the report, there should be 306,976,742 people in America.
http://www.census.gov/population/www/popclockus.html ON 05/25/2009 01:14 -> 306,504,012
Currently, each of these Americans owe $37,824.42.
A family of three owes $113,473.26. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 10,992,008,868.24.
The average for the last 30 days would be 8,427,206,798.99.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 131 reports in 190 days of Obama's part of FY2009 averaging -0.33B$ per report, -0.13B$/day so far.
There were 206 reports in 302 days of FY2009 averaging 7.70B$ per report, 5.25B$/day.

PROJECTION:
There are 1,271 days remaining in this Obama 1st term.
By that time the debt could be between 13.4 and 22.3T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/29/2009 11,611,217,335,101.06 BHO (UP 984,340,286,187.98 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 1,586,492,438,188.60 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/09/2009 +010,396,425,012.59 ------------**********
07/10/2009 -000,364,273,300.28 ---
07/13/2009 -000,000,617,291.42 ------ Mon
07/14/2009 +000,244,233,965.61 ------------********
07/15/2009 +057,721,794,648.52 ------------**********
07/16/2009 +016,136,405,834.08 ------------**********
07/17/2009 +000,062,427,388.38 ------------*******
07/20/2009 +000,171,809,229.69 ------------******** Mon
07/21/2009 -000,321,987,025.18 ---
07/22/2009 +000,261,059,305.61 ------------********
07/23/2009 +010,040,233,982.08 ------------**********
07/24/2009 -000,124,358,216.07 ---
07/27/2009 +000,077,777,899.40 ------------******* Mon
07/28/2009 +000,420,333,618.55 ------------********
07/29/2009 +000,733,026,310.02 ------------********

95,454,291,361.58 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,946,585,531,841.99 in last 314 days.
That's 1,947B$ in 314 days.
More than any year ever, including last year, and it's 191% of that highest year ever only in 314 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 314 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3992774&mesg_id=3993921