Using Veritas to Construct the "Per…

29-04-2017 Hits:88377 BoomBustBlog Reggie Middleton

Using Veritas to Construct the "Perfect" Digital Investment Portfolio" & How to Value "Hard to Value" tokens, Pt 1

The golden grail of investing is to find that investable asset that provides the greatest reward with the least risk. Alas, despite how commonsensical that precept seems to be, many...

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The Veritas 2017 Token Offering Summary …

15-04-2017 Hits:82104 BoomBustBlog Reggie Middleton

The Veritas 2017 Token Offering Summary Available For Download and Sharing

The Veritas Offering Summary is now available for download, which packs all the information about Veritas in a single page. A step by step guide to purchasing Veritas can be downloaded here.

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What Happens When the Fund Fee Fight Hit…

10-04-2017 Hits:81984 BoomBustBlog Reggie Middleton

What Happens When the Fund Fee Fight Hits the Blockchain

A hedge fund recently made news by securitizing its LP units as Ethereum-based tokens and selling them as tradeable (thereby liquid) assets. This brings technology to the VC industry that...

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Veritaseum: The ICO That's Ushering in t…

07-04-2017 Hits:86483 BoomBustBlog Reggie Middleton

Veritaseum: The ICO That's Ushering in the Era of P2P Capital Markets

Veritaseum is in the process of building peer-to-peer capital markets that enable financial and value market participants to deal directly with each other on a counterparty risk-free basis in lieu...

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This Is Ground Zero for the 2017 Veritas…

03-04-2017 Hits:82927 BoomBustBlog Reggie Middleton

This Is Ground Zero for the 2017 Veritas Offering. Are You Ready to Get Your Key to the P2P Capital Markets?

This is the link to the Veritas Crowdsale landing page. Here is where you will be able to buy the Veritas ICO when it is launched in mid-April. Below, please...

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What is the Value Proposition For Verita…

01-04-2017 Hits:85058 BoomBustBlog Reggie Middleton

What is the Value Proposition For Veritas, Veritaseum's Software Token?

 A YouTube commenter asked a very good question that we will like to take some time to answer. The question was, verbatim: I've watched your video and gone through the slides. The exchange...

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This Real Estate Bubble, Like Some Relat…

28-03-2017 Hits:56154 BoomBustBlog Reggie Middleton

This Real Estate Bubble, Like Some Relationships, Is Complicated...

CNBC reports US home prices rise 5.9 percent to 31-month high in January according to S&P CoreLogic Case-Shiller. This puts the 20 city index close to an all time high, including...

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Bloomberg Chimes In With My Warnings As …

28-03-2017 Hits:84380 BoomBustBlog Reggie Middleton

Bloomberg Chimes In With My Warnings As Landlords Offer First Time Ever Concessions to Retail Renters

Over the last quarter I've been warning about the significant weakness in retailers and the retail real estate that most occupy (links supplied below). Now, Bloomberg reports: Manhattan Landlords Are Offering...

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Our Apple Analysis This Week - This Comp…

27-03-2017 Hits:84095 BoomBustBlog Reggie Middleton

Our Apple Analysis This Week - This Company Is Not What Most Think It IS

We will releasing our Apple forensic analysis and valuation this week for subscribers (click here to subscribe - lowest tier is the same as a Netflix subscription). As can be...

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The Country's First Newly Elected Lame D…

27-03-2017 Hits:83964 BoomBustBlog Reggie Middleton

The Country's First Newly Elected Lame Duck President Will Cause Massive Reversal Of Speculative Gains

Note: Subscribers should reference  the paywall material here for stocks that should give a good risk/reward scenario for bearish trades. The Trump administration's legislative outlook is effectively a political desert, with...

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Sears Finally Throws In The Towel Exactl…

22-03-2017 Hits:90426 BoomBustBlog Reggie Middleton

Sears Finally Throws In The Towel Exactly When I Predicted "has ‘substantial doubt’ about its future"

My prediction of Sears collapsing once interest rates started ticking upwards was absolutely on point.

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The Transformation of Television in Amer…

21-03-2017 Hits:87998 BoomBustBlog Reggie Middleton

The Transformation of Television in America and Worldwide

TV has changed more in the past 10 years than it has since it's inception nearly 100 years ago This change is profound, and the primary benefactors look and act...

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Buffett Joins Call to End 'Short-Termism' in Markets: But Mr. Buffet, "short-termism" is how Wall Street makes most of its money. How in the hell do you fit long term thinking into quarterly performance reviews and annual bonuses? Mr. Buffet, are you DAFT? Don't you know what is important in life (on Wall Street)??? See Is a Crash Impending? as we wonder exactly what is keeping this market afloat.

Somebody in these stories is wrong. Who do you think it is??? Consumer Credit Plummets by Record $21.6 Billion vs Retail Hiring Study Shows Signs of Growing Confidence in U.S. Recover. On the same front page in Bloomberg - U.S. companies are still reducing the ranks of temporary workers, showing that any rebound in overall employment won’t happen soon, according to William Hester, an analyst at Hussman Econometrics... 

...the number of temporary employees with nonfarm payrolls since 1990, according to data compiled by the Labor Department. Increases in the number of temporary jobs in 1991 and 2003 preceded similar recoveries in payrolls, as the chart illustrates.

“Temporary hiring is a reliable leading indicator,” Hester wrote yesterday in a report that featured a similar chart. Last month’s decline in these jobs was “one of the most discouraging data points” in the latest employment report, he added.

The number of temporary workers dropped by 65,000 in August to 1.74 million. The total has fallen each month since January 2008, a month after the current U.S. recession officially started. During the 20-month streak, temporary jobs have declined by 33 percent.

Further losses “would probably push back any recovery in nonfarm payrolls,” Hester wrote. “Temporary hiring will almost surely bottom prior to overall employment.”

Separately, Manpower Inc. said today in a statement that its index of U.S. companies’ hiring plans set a record low for the third straight quarter. The latest reading was based on the outlook for fourth-quarter jobs. Manpower, the world’s second- largest staffing firm, began compiling the gauge in 1962.

Click to enlarge

hiring.jpg

 

Houston, we have a problem... Moody’s Ruling Is ‘Landmark’ Decision, Einhorn Says. This was basically just a matter of time. I was a little early on my timing, though. See  A Super Scary Halloween Tale of 104 Basis Points Pt I & II, by Reggie Middleton -11/13/2007. Here's Bloomberg's take, which I particularly favor: Judges Punish Wall Street Over Excesses as Regulators Talk About Reforms

 

As the White House and Congress debate how to regulate financial firms to avoid another economic crisis, judges have assumed the point position in punishing Wall Street for causing the worst recession since the 1930s.

The executive and legislative branches have been discussing reforms such as more regulation of hedge funds and transparency for derivatives as a response to the financial crisis that began a year ago. As that battle with a reluctant Wall Street inches forward about how to prevent another disaster, judges are taking the first steps toward the same goal, punishing executives and issuing rulings with national impact.

Last week, U.S. District Judge Shira Scheindlin threw out a key free-speech defense that credit raters had used for years to thwart investors’ fraud suits, knocking $1.5 billion off the market value of Moody’s Investors Service Inc. and the parent of Standard & Poor’s LLC.

“Judges have lifetime appointments and are freer to act on their conscience than regulators,” said Charles Elson, chair of the University of Delaware’s corporate-governance center. Judges can act more decisively than regulators or politicians because they’re “insulated from the political process,” he said.

Free from the pressures of lobbyists, judges typically refrain from showing emotion or expressing opinions during court proceedings to appear impartial. During sentencings in criminal cases, they sometimes let their hair down about their feelings about the damage Wall Street firms or their executives did.

 Here is a most interesting tidbit from the story...

U.S. District Judge Gerald Lynch urged Congress in a recent ruling in Manhattan to revisit a 1995 rule that authorizes the SEC -- but not private parties -- to sue those who aided or abetted a fraud. Under current law, he said he was forced to dismiss a lawsuit in March that was filed by investors seeking to recoup losses from Joseph Collins, a former lawyer for Refco Inc. The futures trader firm went bankrupt after hundreds of millions in hidden debt was found.

“It is perhaps dismaying that participants in a fraudulent scheme who may even have committed criminal acts are not answerable in damages to the victims of the fraud,” Lynch said.

Hmmm... May I recommend those interested pundits read On Disclosure, Honesty, Ethics, and Outright Lies: Who can you trust these days? (basically, one big, continuous "I told you so"). If reporters, investors, regulators and judges are really so bent out of shape when it comes to secrets and hidden liabilities, I strongly suggest you read my blog next week when I start releasing the JP Morgan subscription content (preview it here:Why Doesn't the Media Take a Truly Independent, Unbiased Look at the Big Banks in the US?). Secrets, lies and alibis... So juicy you would think it was a reality TV show! Back to the Bloomberg story, 'cause it gets better...

No Lobbyists

Judges aren’t targeted by lobbyists to influence their rulings the way the other branches of government are. They aren’t paid much either compared with the defendants who come before them. The Chief Justice of the United States makes $223,500 -- about the same as a junior lawyer at a large New York law firm -- and all other U.S. judges make less.

Judges in Ohio and Pennsylvania have taken unprecedented actions to slow or prevent foreclosures by Wall Street banks as the impact of the recession, including loss of jobs, made it impossible for homeowners to make mortgage payments -- sometimes on homes whose values dropped to less than the amount borrowed.

U.S. District Judge Christopher Boyko kicked off the trend of no longer rubber-stamping big banks’ foreclosure requests. In Cleveland in October 2007, he ruled that Deutsche Bank AG couldn’t foreclose on 14 properties because it couldn’t come up with the paperwork to prove it owned the delinquent loans, which had been pooled for a securitization.

On the Hot Seat

More recently, in August, U.S. Bankruptcy Judge Randolph Haines summoned a Wells Fargo & Co. executive to Phoenix so a bankrupt homeowner could cross-examine him about why his bank had taken months to respond to her request to modify her loan.

The homeowner, Bobbi Jean Giguere, wrote the judge after the bank refused to talk with her unless she hired a lawyer, an expense she said she couldn’t afford. She said the bank told her “to abandon her home.”

“I can’t do this mentally, emotionally or financially at the time,” she wrote the judge, according to a court filing. “It is and has been my goal to save the home. But I am getting nowhere with Wells Fargo.”

After the cross-examination, the judge blocked any foreclosure while authorizing a modification of her mortgage.

It is truly refreshing seeing judges in the civil courts "do the right thing". Unfortunately, my personal experience has not seen the same, but it is refreshing nonetheless.