The surge of interest in cryptocurrencies has been accompanied by a proliferation of fraud, largely in the form of pump and dump schemes. This column provides the first measure of the scope of such schemes across cryptocurrencies. The results suggest that the phenomenon is widespread and often quite profitable, and highlight the need for concerted […]
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World Bank President Resigns, Paving the Way for a Trump Appointee…
Jim Yong Kim, the president of the World Bank, announced Monday he is resigning at the end of January. Kim’s unexpected departure — nearly three years before his term was set to expire — is likely to set off a fierce battle between President Donald Trump’s administration and countries who have complained about the influence […]
IRS to Issue Tax Refunds During Partial Government Shutdown…
Americans can expect to get tax refunds during the partial government shutdown after all, following a decision by the White House Office of Management and Budget. As part of the Treasury Department, the Internal Revenue Service has been shut for more than two weeks, and had said refunds could not be paid. President Donald Trump […]
10 Years After the Crisis, a Bank CEO Is Finally Heading to Trial for Fraud…
After flubbing two of its most high-profile prosecutions in recent memory, the UK’s Serious Fraud Office is preparing for the opening of one of its biggest cases in years: The prosecution of four senior Barclays executives over allegations of fraud and abuse dating back to the depths of the financial crisis. One of the enduring […]
China Offered to Bail Out Troubled Malaysian Fund in Return for Deals…
Senior Chinese leaders offered in 2016 to help bail out a Malaysian government fund at the center of a swelling, multibillion-dollar graft scandal, according to minutes from a series of previously undisclosed meetings reviewed by The Wall Street Journal. Chinese officials told visiting Malaysians that China would use its influence to try to get the […]
Google Shifted $23B to Tax Haven Bermuda in 2017…
Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce. The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than […]
U.S., China Trade Talks To Start Next Week…
The United States and China will hold deputy-level trade discussions in Beijing for two days next week amid a trade war between the two countries that has rocked the international economy and thrown financial markets into disarray. Deputy U.S. Trade Representative Jeffery Gerrish will take a working team to the Chinese capital to carry out […]
Job Growth Surges by 312,000 in December…
Job creation ended 2018 on a powerful note, with nonfarm payrolls surging by 312,000 in December though the unemployment rate rose to 3.9 percent. The jobless rate, which was last higher in June, rose for the right reason as 419,000 new workers entered the workforce and the labor force participation rate increased to 63.1 percent. […]
Apple Is Just The Start: Trump Econ Advisor Warns Pain Coming for “Heck Of A Lot” U.S. Companies…
For those investors who are worried that the fate that has befallen Apple, which announced a revenue guidance cut due to a slowdown in “Greater China” coupled with what appears to be an implicit boycott by Chinese consumers, may hit more US companies President Donald Trump’s economist advisor has some surprising honesty: you are right. According […]
Dow Surges 746 Points on Fed Chair Remarks, Jobs Blowout…
Stocks surged with the Dow Jones Industrial Average rising 746 points Friday after Federal Reserve Chair Jerome Powell said the central bank is prepared to adjust policy quickly and flexibly. His comments followed a blockbuster jobs report for December which saw annual wages jump the most since 2008. The Dow’s gain of 3.2 percent is […]
ADP Payrolls Unexpectedly Soar by 271K, Most in Two Years…
Following last month’s disappointing ADP private payrolls report, when only 179K jobs were created (since revised lower to 157K), whisper numbers for today’s ADP report were decidedly lower than the consensus forecast of 180K. Which is why many were surprised when according to ADP, a whopping 271K jobs were created…
Apple’s ‘Darkest Day’ in iPhone Era Triggers Flood of Price Target Cuts by Analysts…
Shares of Apple Inc. tanked Thursday, after the technology giant’s revenue warning triggered an avalanche of price target cuts by Wall Street analysts. Half of the 41 analysts surveyed by FactSet cut their targets, some by as much as $100. That knocked the average target down by about 13% to $187.03, from $215.91 on Monday, […]
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China Allows First-Ever Rice Imports Ahead of Trade Talks…
China has opened the door to imports of rice from the United States for the first time ever in what analysts took to signal a warming of relations between the world’s two biggest economies after a frosty year marked by tensions and tit-for-tat tariffs. The green light from Chinese customs, indicated in a statement posted […]
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1000 Cuts. Gig Economy, Entrepreneur and Gov Licensing…
Can we agree that professional licensing requirements are meant to be exclusionary? Whatever opportunity there was, that door is being closed. Can we also agree that the government doesn’t create anything? Every penny they spend on this or that is a tax. Some taxes fund the civic virtues, schools, hospitals, entitlements, a bunch of good…
CEA Chairman Kevin Hassett Discusses Disconnect Between Wall Street and Main Street…
The investment instruments created by Wall Street billionaire hedgefund managers and institutional multinational banking interests; operated by robotic algorithmic data networks, while programmed to twitch and flitter with coded signals only decipherable by the hired engineers; are wildly swinging amid their detachment from Main Street. This fluctuating Wall Street process is likely to continue; actually, […]
The Culprit Behind Last Week’s Market Rout Emerges…
On Monday we reported that in a market overflowing with losers, one clear winner had emerged: passive investors in general, and Blackrock in particular, whose exchange-traded fund business attracted more than $25 billion in November inflows, a record monthly haul for the company. Recall that whereas last week EPFR reported that total stock funds suffered […]
Why Stocks Are Soaring: A Massive, $64 Billion Buy Order…
Last Friday, when stocks were tumbling, we reported “some good news for the bulls” which was lost in the overall chaos over the latest mutual fund liquidation discussed earlier. And no, we did not anticipate that President Trump would activate the Plunge Protection Team over the weekend: the good news in question was that as […]
Peter Schiff: We’re in a house of cards that the Fed built…
Economic analyst Peter Schiff, who accurately predicted the 2008 recession said recently that we are not in a bear market. Instead, “we’re in a house of cards that the Fed built.” Schiff is referring to the Federal Reserve, the United States’ central bank that answers to no one, has no competition, and has been responsible […]
Good Grief! Enough of the Drama and Pass the Damned Bill…
The Senate on Friday was scrambling to take up a spending package with billions in funding for a border wall, as President Trump made clear there’s a “good chance” for a partial government shutdown at midnight. Behind the scenes, negotiations were still ongoing into the late afternoon, with Vice President Mike Pence seen meeting with […]
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Former Goldman Vice President Pleads Guilty to Insider Trading…
A former Goldman Sachs Vice President pleaded guilty on Wednesday to insider trading, after prosecutors alleged that he made over $130,000 in illegal profits. From 2015 through 2017, Woojae “Steve” Jung used his access to material non-public information on Goldman clients’ potential parties to mergers, acquisitions and corproate restructurings to trade through an account established […]
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