Monday, November 28, 2016

Wells Fargo says that its customers gave up right to sue by having their signatures forged

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Even though disgraced Wells Fargo CEO John Stumpf has left the building, his most outrageous legal theories live on: on Wednesday, the company filed a motion in a federal court in Utah seeking dismissal of a class action suit by the customers it defrauded -- the bank argues that since customers sign a binding arbitration "agreement" when they open new accounts, that the customers whose signatures were forged on fraudulent new accounts should be subject to this agreement and denied a day in court.
This is the same argument that Stumpf made during his disastrous performance in front of a blazing Elizabeth Warren -- that Wells's poor customers should be subjected to agreements they never made, because Wells stole their identities and "agreed" on their behalf.
Mandatory arbitration rules inserted into account-opening agreements prohibit customers from joining class actions or suing Wells Fargo. Instead, the agreements require individual, closed-door arbitration.
Mandating arbitration when signing up for financial products has become standard practice after a 2011 U.S. Supreme Court decision validated the practice. But customer advocates say it improperly denies customers the legal protections of court proceedings, such as the right to appeal, and helps to conceal corporate misconduct from the public and regulators because documents and hearings are not made public.
Customers trying to recover small sums of money are also unlikely to find lawyers to represent them in arbitration, critics say, and the cases do not set a legal precedent to help other affected individuals.

Small Retailers Face Threats At Every Turn

New York—Small retail stores across the country are facing unprecedented pressures that go beyond the normal ebb and flow.
High rents have finally cracked a crop of retailers that had adapted and weathered the intrusion of the internet and chain stores thus far — think shoe stores, fabric stores, electronics stores.
“Most of them made many adjustments and continued to thrive in their neighborhood,” said Ruth Messinger, former New York City council member and small business advocate.
“Then they got hit by a rent increase that they just couldn’t afford.”
The impact is not only devastating to the character of communities, but it weakens the economic fabric and guts the middle class, experts say.
The losses are being felt in cities nationally and globally.
“In cities as diverse as Oakland and Nashville, Milwaukee and Portland, Maine, retail rents have shot up by double-digit percentages over the last year alone,” according to an April report by the nonprofit Institute for Local Self-Reliance (ILSR).
And if those pressures weren’t enough, consider the behemoth that is taking a bite from every pie — Amazon.
“Amazon is also different in that throughout human history, commerce has been connected to place. Business activity and trade have always been near where people live,” said Stacy Mitchell, co-director of ILSR. “Amazon represents a disconnection of commerce from place that’s unlike anything that’s come before.”
While consumers might be hailing Amazon as a super-convenient retail option, the online giant is the number one concern for 70 percent of independent retail business owners, according to a national survey conducted by the ILSR earlier this year. Amazon’s net sales revenue grew from $8.49 billion in 2005 to $107 billion in 2015.
Why Losing Independent Retailers Matters
Mitchell said the nation has lost more than 100,000 independent retailers in the last 15 years, and the trend is concerning.
“Independent retailers contribute much more to the health of our local economy…

Clintons and Federal Reserve bankers linked to fake gold in Fort Knox.

In October of 2009 China received a shipment of gold bars from the United States Department of the Treasury Bullion Depository in Fort Knox. The gold is regularly exchanged between countries to pay debts and to settle the balance of trade. Most gold is exchanged and stored in vaults under the supervision of a special organization based in London, the London Bullion Market Association (or LBMA). When the shipment was received, the Chinese government ordered special tests be performed to guarantee the purity and weight of the gold bars as China is the largest foreign holder of USTreasury securities.  Chinese officials were shocked to learn that the bars were fake. The gold shipment contained a tungsten core with a thin coating of real gold. These tested gold bars originated in the US and had been stored in Fort Knox for years.

New Federal Reserve Gold
The Chinese government quickly launched an investigation and issued a statement that implicated the US government in the scheme.  The gold shipment serial numbers revealed that these fake bars were made by the Federal Reserve bankers during the Clinton administration.  It was during the Bill and Hillary Clinton presidency that the bankers of the Federal Reserve manufactured between 1.3 and 1.5 million 400 oz tungsten blanks.  640,000 of these tungsten blanks were gold plated and were shipped to Ft. Knox where they remain there to this day.
According to Chinese investigators, the balance of this 1.3 million to 1.5 million 400 oz tungsten cache was also gold plated and then “sold” into the international gold market. Not only has the United States gold stocks been swapped with fake gold  the global market has also been been defrauded by the Federal Reserve bankers and the Clintons.  As much as $600 billion dollars worth of gold has been affected by the Clinton Gold Heist.
A New York Post article titled, DA investigating NYMEX executive ,Manhattan, New York, –Feb. 2, 2004 indicated that the Clinton Gold Heist was being investigated by US officials.  The article, written by Jennifer Anderson, reported that “A top executive at the New York Mercantile Exchange is being investigated by the Manhattan district attorney. Sources close to the exchange said that Stuart Smith, senior vice president of operations at the exchange, was served with a search warrant by the district attorney’s office last week. Details of the investigation have not been disclosed, but a NYMEX spokeswoman said it was unrelated to any of the exchange’s markets. She declined to comment further other than to say that charges had not been brought. A spokeswoman for the Manhattan district attorney’s office also declined comment.”
The offices of the Senior Vice President of Operations — NYMEX — is exactly where you would go to find the records [serial number and smelter of origin] for EVERY GOLD BAR ever physically settled on the exchange. They are required to keep these records. These precise records would show the lineage of all the physical gold settled on the exchange and hence “prove” that the amount of gold in question could not have possibly come from the U.S. mining operations — because the amounts in question coming from U.S. smelters would undoubtedly be vastly bigger than domestic mine production.
Why use tungsten?
To print fake money you need to have the special paper, otherwise the bills don’t feel right and can be easily detected by special pens that most merchants and banks use. Likewise, if you are going to fake gold bars you had better be sure they have the same weight and properties of real gold.
The problem with making good-quality fake gold is that gold is remarkably dense. It’s almost twice the density of lead, and two-and-a-half times more dense than steel. You don’t usually notice this because small gold rings and the like don’t weigh enough to make it obvious, but if you’ve ever held a bar of gold, it’s absolutely unmistakable: A gold bar is very, very heavy.
The standard gold bar for bank-to-bank trade, known as a “London good delivery bar” weighs 400 troy ounces (over thirty-three pounds), yet is no bigger than a paperback novel. A bar of steel the same size would weigh only thirteen and a half pounds.
There are very few metals that are as dense as gold, and with only two exceptions they all cost as much or more than gold.  The first exception is depleted uranium, which is cheap if you’re a government, but hard for individuals to get. It’s also radioactive, which could be a bit of an issue.
The second exception is tungsten. Tungsten is lot cheaper than gold but it has exactly the same density as gold, to three decimal places. The main differences are that it’s the wrong color, and that it’s much, much harder than gold. Pure gold is quite soft  You can dent it with a fingernail.
A top-of-the-line fake gold bar has to match the color, surface hardness, density, chemical, and nuclear properties of gold perfectly. To do this, you would start with a tungsten slug about 1/8-inch smaller in each dimension than the gold bar you want, then cast a 1/16-inch layer of real pure gold all around it. This bar would feel right in the hand.  It would have a dead ring when knocked as gold should.  It would test right chemically.  And it would weigh *exactly* the same as a real gold bar.
Today Fort Knox still holds these Clinton Fake Gold Bars and even today they are being shipped around the World as gold exchanges between countries to pay debts and to settle the so-called balance of trade.
Makes you wonder why Hillary Clinton took the Secretary of State job. Why not.  No one is going to interfere or question the actions or activities of the Secretary of States of the United States.  Why take the heat as president when you can travel the World using US tax dollars.  Smuggle gold and other contraband in and out of the United States using diplomatic immune aircraft.  Move the stolen real gold anywhere in the World.  Be the first to be informed of any investigation into the manufacture and distribution of her fake gold and then immediately kill the investigation.  If you ever wanted to be the top crime boss, Secretary of State is the job you will need to watch over your crime syndicate.  And you thought Richard Nixon was criminal.
Short URL: http://presscore.ca/2011/?p=2780
June 3, 2011

Friday, November 25, 2016

Here’s a Black Friday play as retail stocks take a different turn

Critical information for the U.S. trading day

Getty Images
This year’s Black Friday buying is in full swing in Culver City, Calif.
Did you avoid politics-fueled family feuds at Thanksgiving? Your next mission, should you choose to accept it, is sidestepping this Black Friday’s notoriously aggressive shoppers.
You could instead take the “Buy Nothing Day” route — or just find yourself a trade that capitalizes on today’s nationwide spending spree.
Our chart of the day, from Bespoke Investment Group, aims to provide exactly that trade. It shows that retailers XRT, +0.49% typically outperform the S&P in the second half of the year — at least, until Thanksgiving comes around (the red dot on the chart below).
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The retail group now tends to give up some of that ground as the year comes to a close, Bespoke’s analysts write.
They highlight the irony of it all: “While the holidays are the time of year where retailers make most of their money, it has historically been a time of year where investors in retail stocks underperform.”
Bespoke Investment Group
Retailing stocks typically underperform after Thanksgiving (red dot).
But this time could be different. No, really. Looking at the chart, the retail group’s relative performance this year hasn’t exactly followed the typical pattern, say Bespoke’s chart-slingers.
They suggest this is the key question: “Will the typical pattern hold, or will the big surge in consumer sentiment in the post-election period turn the tide?”
Our call of the day argues that it’s time for some caution, as the S&P 500 actually hasn’t executed a proper breakout. Not that stock futures are paying any heed, as they point to a higher open for today’s shortened session.
Key market gauges
Futures for the Dow YMZ6, +0.27%  , S&P ESZ6, +0.20% and Nasdaq-100NQZ6, +0.21%  are signaling a step up during this trading day, which ends at 1 p.m. Eastern. The Dow DJIA, +0.31%  , S&P SPX, +0.08% and Nasdaq CompositeCOMP, -0.11%  are on track for weekly gains of more than 1% in this holiday-shortened — yet record-setting — week.
Oil CLF7, -1.54%  , gold GCZ6, -0.01% and the dollar index DXY, -0.44%  are all lower. See the Market Snapshot column for the latest action.
The call
Despite all the hoopla, the S&P 500 has achieved only a very minor break to new highs, writes technical analyst Mark Arbeter of Arbeter Investments.
“I wouldn’t even call it a breakout yet, as I like to see the prior high exceeded by 1% for two consecutive days,” he says.
The S&P scored its first record close in three months on Monday, then notched fresh highs on Tuesday and Wednesday. But that has left it only 0.7% above its mid-August peak.
Arbeter said he hasn’t turned bearish — he still sees the S&P hitting 2,300 to 2,500 by mid-2017. But he is “throwing a tiny bit of caution around.”
“We could very well see a shallow pullback of a couple percent, potentially back to the 50-day moving average in the 2,150 area,” he says. “The chest pounding and back slapping by the bulls is getting to be a bit much once again.”
The buzz
An $18K Cartier watch from Wal-Mart on Black Friday? Yes, the retail kingWMT, +0.27%  is trying to attract wealthy shoppers.
Tisn’t the season for first-person shooter games? Slower sales growth is expected for the videogame industry GAMR, +1.04% — even taking into account virtual-reality gear, mobile apps and other digital products.
There has been buzz about copper HGZ6, +1.84%  — that metal with a Ph.D. — soaring to a 17-month high. Meanwhile, silver SIZ6, +0.94%  resembles a high-school dropout who ended up in jail, as it falls into a bear market.
On the political front, some Trump allies don’t want Mitt Romney as secretary of state, and Brexiteer and Trump fan Nigel Farage dismissed a report that said he plans to move to the U.S.
The quote
Everett Collection
They’re baaack.
Netflix NFLX, +0.25%  could have another hit on its hands with its “Gilmore Girls” revival that arrived today, as fans feel it’s a dream come true.
One worried enthusiast provides our quote of the day:
The economy
Ahead of the bell, an early look at U.S. trade in October showed a larger-than-expected increase in the trade deficit.
A report on the services sector is due shortly after the open.
The stat
A 61% drop — That is the year-over-year plunge in sales of nontraded business development companies, a much-criticized investment product. The figure comes courtesy of an InvestmentNews report.
This is good news, says the Abnormal Returns blog — presumably because critics like Josh “The Reformed Broker” Brown have blasted nontraded BDCs as unnecessary products that largely just provide high commissions to brokers.
Random reads
Florence Henderson, “The Brady Bunch” mom, has died at age 82, inspiring tributes:
This bystander dressed only in his underwear helped police arrest a runaway suspect.
If you’re shopping today, ponder the thinking behind slow checkout lanes for older folks.
It’s Rivalry Week, and Michigan-OSU is being called college football’s “biggest game of the year.”
The Corona founder didn’t actually make everyone in his hometown a millionaire.
A VC’s tip: Stay close to professions that create things, avoid derivative fields like finance.
Aussie YouTube stars set a Guinness World Record at a Swiss dam:
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