My afternoon train reading:

WTF? Bernanke Gets 75% Approval From Investors in Global Poll (Bloomberg)
• Gold Losing Its Luster (WSJ)
• Avoiding the Next Big Bailout (WSJ) see also Breaking Up Four Big Banks (Economix)
• Still time to make money in Treasury bonds (Market Watch)
• SEC Disagrees with Supreme Court’s Anti-U.S. Investor Morrison Decision (Angry Bear)
• Technology Industry Seen Growing Fastest in New York (NYT)
• Two brilliant moves that helped create the Apple iOS powerhouse (Dalton) see also What retail is hired to do: Apple vs. IKEA (Asymco)
• America’s War on Tourists (Slate)
• Solar Installers Offer Deals, Gaining Converts (NYT)
• Gamma-Ray Bending Opens New Door for Optics (Science Mag)

What are you reading?


For every $1 Google spends lobbying, Apple spends 10¢

Source: CNN Fortune

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

22 Responses to “10 Thursday PM Reads”

  1. SOP says:

    Re. “WTF? Bernanke Gets 75% Approval From Investors in Global Poll”

    That makes sense. Greenspan was very popular with the Casino crowds too.

    Everywhere there’s lots of piggies
    living piggy lives
    You can see them out for dinner
    with their piggy wives

    Grasping forks and knives
    to eat the bacon.

  2. James Cameron says:

    JPMorgan Chase Says CIO Unit Suffered ‘Significant’ Loss

    “JPMorgan Chase & Co. (JPM) said it lost about $2 billion tied to synthetic credit securities after positions taken by its chief investment office were riskier than expected. . . . Dimon said last month that the bank is ‘very conservative” in investing the firm’s excess cash.’”

  3. Molesworth says:

    JPMorgan Chase & Co. (JPM) said it lost about $2 billion tied to synthetic credit securities after positions taken by its chief investment office were riskier than expected.

  4. swag says:

    This, of course:

    JPMorgan Reports $2 Billion Loss on Synthetic Positions

  5. VennData says:

    “…The OPEC oil shock was in 1973—almost 40 years ago. It was obvious then that it was crazy for the United States to let itself be held economic hostage to the kinds of countries where oil was being produced. It led to Jimmy Carter’s proposal for the development of an enormous synthetic fuels industry on American soil…”

    Now, who doesn’t want an energy policy? Who? Why not vote for the other guys, for a change, just to break this logjam? Write your friendly GOP rep and say you’re not going to support the GOP until an energy policy with solar, wind, synth fueld etc.. etc… has been passed. PASSED.

  6. willid3 says:

    the hidden tax that nobody will really address?
    and some even seem to support (though its the only tax they do!)

  7. machinehead says:

    Slate: ‘The 36 countries that participate in the Visa Waiver Program that lets people make short-term visits without applying for special permission account for 65 percent of visits to the United States. But major Latin American countries, including Brazil, Argentina, and Chile, aren’t on the list.’

    Not only are Brazil and Argentina (with 230 million population between them) not in the Visa Waiver Program … but also, they both single out U.S. citizens for a $140 visa fee, in an exact tit-for-tat mirroring of what the U.S. charges their citizens for visas … even if the application is denied.

    Your regulatory state at work — punishing foreigners, so they in turn can punish American tourists. Thanks a lot!

  8. DSS10 says:

    I can’t find the JP Morgan bail out stories yet…..

    I like this from the NYT though……

    “Mr. Dimon acknowledged the trading losses could add to the debate about financial regulation.

    “It’s very unfortunate,” he said. “It plays right into the hands of a bunch of pundits out there, but that’s life.””

  9. willid3 says:

    banks are threatened by a court case that might have a major impact on their foreclosure game

  10. willid3,

    for additional, along the line of..”…the hidden tax that nobody will really address?…”

    try some of..

  11. James Cameron says:

    > “It’s very unfortunate,” he said. “It plays right into the hands of a bunch of pundits out there, but that’s life.”

    Discussed here:

    And in that same article we read:

    “The trading group has been a focus in recent weeks as questions surfaced about big bets the JPMorgan unit was reportedly making in credit default swaps. Reports emerged in April about a JPMorgan trader in London whose positions were so big that they were distorting the market.

    “Mr. Dimon played down the significance. In a conference call on April 13, he called the matter “a complete tempest in a teapot.

    And, again, in the Bloomberg piece referenced above we read:

    “Dimon said last month that the bank is ‘very conservative’ in investing the firm’s excess cash.”

    But now we have the two billion dollar trading loss and Dimon saying it could “easily get worse.”

    That makes JPM Krypton until the market sorts through the mess. And if this plays into the hands of pundits, it’s because Jamie Dimon clearly was absolutely clueless about the risks JPMorgan was taking.

  12. DSS10 says:

    @zerohedge: Jim Cramer: “JPMorgan Poised for a Breakout” In what direction though?

    Tweet from zerohedge, a classic!

  13. VennData says:

    One way for the Volker Rule to be implemented is to let the banks continue to be run by their managers…

    (See above)

    JPMorgan Chase acknowledges $2B trading loss

    …the banks will shrink of their own volition.

  14. ConscienceofaConservative says:

    JP Morgan may have just sealed the deal for the Volcker rule..

  15. 873450 says:

    [Jamie Dimon] called the matter “a complete tempest in a teapot. … Every bank has a major portfolio. In those portfolios you make investments that you think are wise to offset your exposures, … At the end of the day, that is our job — is to invest that portfolio wisely, intelligently over a long period of time to earn income and to offset other exposures that we have.”
    04/13/12 – Jamie Dion

    Now, the portfolio is wreaking havoc at the bank. … JPMorgan pointed specifically to problems with its bets on credit. The Chief Investment Office “as had significant mark-to-market losses in its synthetic credit portfolio, and this portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed,”
    05/10/12 – JPMorgan Chase regulatory filing

    JPMorgan said, the final tally will depend on the markets and other actions by the bank. Mr. Dimon added that it could “easily get worse.”

    Is this how it works?
    Investment = Insurance Policy = Synthetic Hedge = Gambling Bet Levered Up How Many Times?

    Did someone say Glass Steagall Volker?

  16. SOP says:

    I think This is a Problem:


    ” Taxpayers ultimately have to bail out these ‘too big to fail’ banks. And that’s what JPMorgan is – it is too big to fail”

    Prof Mark Williams from Boston University, and a former Federal Reserve regulator

  17. number2son says:

    And Glass Steagall still can’t get its phone calls returned by the White House. What a completely corrupt, dysfunctional political system!