Econintersect: Click Read more >> below graphic to see today’s list.
The top of today’s reading list reports on the multi-billion pay-off possible for JP Morgan Chase (NYSE:JPM) to settle liability for a myriad of fraudulent of behaviors …….. and the last article details the winners and losers over the last five years.
- JP Morgan negotiating multi-billion-dollar settlement with Justice Department (Danielle Douglas and Sari Horowitz, The Washington Post) The Financial Times (Tom Braithwaite and Kara Scannell) say it could come to as much as $11 billion.
- Government economic stimulus is powerful medicine. Just as heroin was once used as a powerful medicine. (Fabius Maximus) Fabius Maximus contributes to Global Economic Intersection.
- Walgreen Joins Exodus To Private Health Insurance Exchanges (Bloomberg News, Financial Advisor)
- Fed Economic Projections: Myth vs. Reality (September 2013) (Lance Roberts, Streettalk Live, Advisor Perspective dshort.com) Lance Roberts contributes to Global Economic Intersection.
“The FOMC lives in a fantasy world.”
- CFP Board Allows Wirehouse Advisors to Call Themselves Fee-Only on Its Website (Ann Marsh, Financial Planning) An apparent policy inconsistency is damaging a formerly highly regarded professional organization. See here for more on the punishments mentioned below and here for the law suit that started it all.
At the same time the CFP Board is contending with controversy over its decision to punish three of its former volunteers for compensation disclosure violations, it is allowing hundreds of similar transgressions to go unaddressed on its own website.
There are 486 advisors at the four wirehouses – and possibly hundreds more at smaller banks and at insurance companies – who hold CFPs and describe themselves as fee-only in their public profiles on the CFP Board website. It’s a violation of the board’s rules, which forbid advisors from using the descriptor if they are associated with any “related parties” that take commissions, including employers.
- How SEC Regulatory Exemptions Helped Lead to Collapse (Barry Ritholtz, The Big Picture) This article was posted five years ago and the criminal fraud revealed has still not been prosecuted.
- Vehicle Miles Driven: Population-Adjusted Fractionally Off Its Post-Crisis Low (Doug Short, Advisor Perspectives) Doug Short is a contributor to Global Economic Intersection. This time really is different – there is no recovery yet.
- Banks Are Manipulating Gold and Silver Markets (Washington’s Blog) Washington’s Blog has contributed to Global Economic Intersection. Actually Washington’s Blog maintains that just about everything is manipulated.
- Congressman Cummings, ‘AIG Can Crush You Like a Bug’ (Janet Tavakoli, Huffington Post) Janet Tavakoli contributes to Global Economic Intersection.
It’s a serious matter to say a company is lying on its financial statements. But AIG told big lies in August 2007.
- 5 years after financial crash, many losers — and some big winners (Tom Petruno, Los Angeles Times) Corporate America, banks, the super rich and the index investing concept have gained. Savers, low-skilled workers, many homeowners, and stock exchanges have suffered.