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No way to guess...nearly the entire OS was exchanged yesterday...Stock reached $5.30 in after hours! Pullback today was warranted...December news may or may not be priced in, but upon approval we will get to 52 week highs...mark my words!
What is your forecast for this run underway?
ECTE has momentum
$ECTE - $5.33 Change: +0.68 (+14.62%)
$ECTE - EXTENDED HOURS: $5.04 Change: +0.390 (+8.39%)
$ECTE - Today's close $4.65 +1.96 (+72.86%)
sounds like that deserves a hot diggetty damn
$ECTE - Last: $4.85 Change: +2.16 (+80.30%)
$ECTE - Last: $4.75 Change: +2.06 (+76.58%)
$ECTE - $Last: 4.63 Change: +1.94 (+72.12%)
$ECTE - Last: $4.60 Change: +1.91 (+71.00%)
$ECTE - Last: $4.50 Change: +1.81 (+67.29%)
$ECTE - Last: $4.40 Change: +1.71 (+63.57%)
$ECTE - Last: 4.25 Change: +1.56 (+57.99%)
$ECTE Last: $4.17 Change: +1.48 (+55.02%)
$ECTE - EXTENDED HOURS:
Last: $3.95 Change: +1.26 (+46.84%)
Echo Therapeutics rallies on positive trial results for Symphony
Echo Therapeutics (ECTE) soars 26% premarket.
Symphony CGM met its primary safety and effectiveness endpoints in a clinical trial assessing the system in surgical patients in hospital critical care units.Glucose monitoring data summary: MARD, 12.5%; CG-EGA, 97.9% of readings deemed clinically accurate.This was the largest Symphony trial yet and "data collected ... will serve as the basis for the CE Mark Technical File submission for marketing approval in Europe."Submission expected in Q4. (PR)
Echo Therapeutics Announces Positive CE Mark Regulatory Trial Results of Symphony(R) CGM System
Nov 26, 2013 07:50:00 (ET)
Symphony meets primary safety and effectiveness endpoints
Company on target to file CE Mark Technical File by year end
PHILADELPHIA, Nov. 26, 2013 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company developing its Symphony(R) CGM System as a non-invasive, wireless continuous glucose monitoring system, today announced positive results from its multi-center clinical trial of the Symphony CGM System in surgical patients in hospital critical care units. Data collected from this study will serve as the basis for the CE Mark Technical File submission for marketing approval in Europe, which the Company expects to submit in the fourth quarter of 2013.
Symphony met the primary safety and effectiveness endpoints of the trial which involved the continuous monitoring of glucose levels in 32 subjects in the critical care units at four investigational sites. In the trial, Symphony monitored glucose levels with a mean absolute relative difference (MARD), or error rate, of 12.5%. The Continuous Glucose-Error Grid Analysis (CG-EGA) showed that 97.9% of the readings were clinically accurate (A) and 1.8% were benign (B) errors with a combined A+B categorization of 99.7%.
"We are extremely pleased with the positive results of this trial. Importantly, this was the largest study of Symphony to date and it was the first time that all of the components of the system were used together in a clinical trial. We believe Symphony demonstrated satisfactory safety, accuracy and reliability during the clinical trial to satisfy CE Mark requirements," said Robert F. Doman, Executive Chairman and Interim CEO of Echo Therapeutics. "We believe that there is great clinical need in the hospital for a non-invasive continuous glucose monitoring system, like Symphony, to support glycemic control protocols in hospital critical care units, leading to improved clinical outcomes."
Study Results
Using over 630 Symphony CGM glucose readings paired with reference blood glucose measurements in thirty-two (32) study subjects, CG-EGA showed that 97.9% of the readings were clinically accurate and 1.8% were benign errors, with a combined A+B value of 99.7%. The MARD for the study was 12.5%. There were no adverse events reported from the skin preparation or the Symphony CGM sensor session. The range of glucose values was 49 - 324 mg/dL.
Trial Design
This trial was designed to evaluate the performance of Echo's Symphony CGM System in thirty-two (32) post-surgical patients in the critical care setting at four investigational sites. Three enrolled patients who were administered an IV formulation of acetaminophen were subsequently excluded from the study based on an observed interference with the glucose sensor. The skin of each patient was prepared using the skin preparation device, and a Symphony CGM sensor was then applied to the prepared site. During the 24-hour study period, a maximum of thirty reference blood samples were taken from arterial line catheters and measured on a YSI 2300 STAT Plus Glucose Analyzer as a reference. The data collected by Symphony was blinded to study subjects and investigational institution clinical staff. At the conclusion of the study period, the prepared skin sites were inspected for redness or other undesirable effects immediately following sensor removal, and again 7 days after sensor removal.
Analytical Methods
Continuous data from the Symphony CGM System were compared to reference measurements from the YSI 2300 STAT Plus Glucose Analyzer. Those reference measurements were paired with the Symphony results through a data analysis algorithm. Data from the three subjects with the observed IV acetaminophen interference were excluded from the analysis, as these subjects were not considered evaluable due to the interference issue. The primary statistical analytical tools used to evaluate the performance of Symphony were MARD and CG-EGA. Numerical accuracy is measured using MARD, an error calculation tool that was used to measure the absolute value of the average relative difference between Symphony and the reference measurements, on a percentage basis. The CG-EGA is a categorization of all data pairs based on the clinical significance of the accuracy. Accurate readings result in the same clinical decision when based on the CGM value versus the blood glucose value. Benign errors lead to the same clinical outcome as accurate readings even though the actual clinical decision may differ. Erroneous readings lead to clinical errors. CGM performance is measured as the sum of accurate readings and benign errors.
Safety was assessed using a five point dermatological scale immediately after sensor removal and again seven days post sensor removal.
Conference Call
Management will host a conference call today starting at 9:00 AM ET to discuss the trial results and other recent developments. To listen in and/or participate in the call, please dial (877) 300-8521 and reference Echo Therapeutics' call. The archived audiocast will be available for fourteen days following the call by visiting the Events section of Echo's website at www.echotx.com.
About Echo Therapeutics
Echo Therapeutics is developing the Symphony CGM System as a non-invasive, wireless, continuous glucose monitoring system for use initially in the hospital critical care setting. Significant opportunity also exists for Symphony to be used in the hospital beyond the critical care setting. The Prelude(R) SkinPrep System, a component of the Symphony CGM System, allows for enhanced skin permeation that will enable extraction of analytes, such as glucose, and enhanced delivery of topical pharmaceuticals.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts, including those regarding Echo's submission of a CE Mark Technical File for marketing approval in Europe, may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo's ongoing studies, including the safety and efficacy of Echo's Symphony CGM System, the failure of future development and preliminary marketing efforts related to Echo's Symphony CGM System, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's and its partners' ability to develop, market and sell the Symphony CGM System, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its Symphony CGM System. These and other risks and uncertainties are identified and described in more detail in Echo's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2012, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
(215) 717-4104
colimpio@echotx.com
Connect With Us:
- Visit our website at www.echotx.com
- Follow us on Twitter at www.twitter.com/echotx
- Join us on Facebook at www.facebook.com/echotx
SOURCE Echo Therapeutics, Inc.
/Web site: http://www.echotx.com
(END) Dow Jones Newswires
November 26, 2013 07:50 ET (12:50 GMT)
$ECTE - EXTENDED HOURS:
Last: $3.51 Change: +0.82 (+30.48%)
Echo Therapeutics Schedules Release of Symphony(R) CGM System CE Mark Regulatory Trial Results for Tuesday, November 26, 2013
Nov 25, 2013 16:55:00 (ET)
Conference Call to begin at 9:00 a.m. ET
PHILADELPHIA, Nov. 25, 2013 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company developing its Symphony(R) CGM System as a non-invasive, wireless continuous glucose monitoring system, today announced that it will release the results of the Symphony CE Mark Regulatory Trial on Tuesday, November 26, 2013. Management will hold a conference call to review the study results and other recent developments starting at 9:00 a.m. ET on Tuesday, November 26, 2013.
The dial-in number is (877) 300-8521 and reference Echo Therapeutics call. The archived audiocast will be available for fourteen days following the call by visiting the Events section of Echo's website at www.echotx.com.
About Echo Therapeutics
Echo Therapeutics is developing the Symphony CGM System as a non-invasive, wireless, continuous glucose monitoring system for use initially in the critical care setting. Significant opportunity also exists for Symphony to be used in the hospital beyond the critical care setting, as well as in patients with diabetes in the outpatient setting. Echo is also developing its needle-free skin preparation component of Symphony, the Prelude(R) SkinPrep System, as a platform technology to enhance delivery of topical pharmaceuticals.
For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
(215) 717-4104
colimpio@echotx.com
Connect With Us:
- Visit our website at www.echotx.com
- Follow us on Twitter at www.twitter.com/echotx
- Join us on Facebook at www.facebook.com/echotx
SOURCE Echo Therapeutics, Inc.
/Web site: http://www.echotx.com
(END) Dow Jones Newswires
November 25, 2013 16:55 ET (21:55 GMT)
Let me be clear
I have done NO analysis of your stock or any in that sector. I avoid all stocks in that sector for reasons UNRELATED to fundamental or technical analysis. It is about politics. Their is political CONSENSUS about the need for faster drug approvals by FDA and the
"Breakthrough Act" was passed with bipartisan support. There is an ongoing war between the parties over ATF issues. Further let me state that my opinion on the sector is NOT ADVICE to anyone.
yeahbut(again contend a great name for a dog)we were talking about this:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=94282276
line up the scandals and what do we get, media adoration for the glory boys...... as close to a dictator as we've ever had.
Holder LIED to cover his behind
n all, ATF officials permitted more than 1,700 semi-automatic weapons to flow through the hands of straw buyers for the Mexican cartels, with many crossing the border.
Senior ATF officials hoped to trace the guns to crimes, then make a bigger case against the Mexican drug lords. The strategy, however, backfired when hundreds of the weapons began showing up at crime scenes on both sides of the border, including at the December 2010 murder of U.S. Border Patrol Agent Brian Terry.
The Justice Department initially denied guns knowingly had been allowed to flow across the border, then months later reversed course and admitted the tactic had been used for more than a year. The change in story led to allegations of a cover-up.
The revelations exploded into public in spring 2011, catapulting Mr. Dodson and other ATF field agents who had objected into dual investigations by Congress and the Justice Department inspector general.
President Obama and Attorney General Eric H. Holder Jr. both claimed they knew nothing about the strategy until the controversy erupted, but the president has invoked executive privilege to block Congress from seeing certain documents, thus thwarting the completion of that probe. A court recently ruled in favor of Congress in the ongoing legal dispute.
Both the congressional and inspector general investigations concluded that the gun-walking tactics were poorly conceived and put lives in jeopardy. The fallout forced the ouster of numerous top officials, including the U.S. attorney in Phoenix, Dennis Burke, and the acting director of the ATF, Kenneth Melson.
Read more: http://www.washingtontimes.com/news/2013/oct/6/atf-tries-block-whistleblowing-agents-fast-and-fur/#ixzz2lPJMgkGO
Follow us: @washtimes on Twitter
Yeah, was just looking into that and I just don't see a connection between XXII and ATF. All their communications with shareholders point to TTB and NAAG. Then found this on the ATF sight, which I think puts it in perspective:
ATF is in Turmoil
Eric Holder is incompetent and should be impeached
http://www.washingtontimes.com/news/2013/oct/6/atf-tries-block-whistleblowing-agents-fast-and-fur/?page=all
Neuralstem Cell Therapy for ALS
Product status:
U.S.: FDA-approved NSI-566 Phase II trial commenced in September 2013; Phase I safety trial ended in February 2013
Mexico City: NSI-566 Phase I / II trial expected to commence in 2014
Mechanism of Action: Rebuilding neural circuitry
Route of Administration: Direct injections into the spinal cord
Neuralstem is seeking to treat the symptoms of ALS via transplantation of its NSI-566 human spinal cord stem cells (HSSCs) directly into the gray matter of the patient’s spinal cord. In ALS, motor neurons die, leading to paralysis. In preclinical animal work, Neuralstem cells both made synaptic contact with the host motor neurons and expressed neurotrophic growth factors, which are protective of cells. View published papers here: 1, 2, 3.
Neuralstem initiated the first FDA-approved stem cell trial for ALS in January 2010, at Emory University. This Phase I safety trial, to evaluate the safety of the NSI-566 cells and surgical technique, was designed to enroll up to 18 patients. The Principal Investigator is Eva Feldman, MD, PhD, Director of the A. Alfred Taubman Medical Research Institute, Director of Research of the ALS Clinic at the University of Michigan Health System, and President of the American Neurological Association. The Site Investigator is Jonathan Glass, MD, Professor of Neurology, Emory School of Medicine and Director of the Emory ALS Center. The trial was awarded an Orphan Drug Designation by the FDA in February 2011.
In humans, Neuralstem expects that the transplanted cells will:
GRAFT permanently into the region where they were transplanted
REBUILD circuitry with the patient motor neurons
PROTECT patient neurons from further ravages of the disease
In a review of the safety data from the initial nine patients, Neuralstem cells were deemed to be safe, with no adverse reactions reported believed to be related to cells or surgical technique.
Neuralstem ALS Trial
Neuralstem received FDA approval to commence the NSI-566/ALS Phase II trial in April 2013, following conclusion of its Phase I FDA-approved trial to test the safety of its cells and transplantation surgery in patients with ALS in February 2013. The National Institutes of Health and ALSA have committed to generous grants in funding for this phase of the study.
The NSI-566/ALS Phase II dose escalation and safety trial commenced in September 2013, and expanded to two centers: Emory University Hospital in Atlanta, Georgia, site of Phase I, and ALS Clinic at the University of Michigan Health System, in Ann Arbor, Michigan, subject to approval by the Institutional Review Board at each institution. The trial is designed to treat up to 15 patients, in five different dosing cohorts, advancing up to a maximum of 40 injections, and 400,000 cells per injection based on safety. (Phase I maximum was 15 injections of 100,000 cells each.) All of the patients will be ambulatory and reside within close geographic proximity to the research center where they will participate. The first 12 patients will receive injections in the cervical region of the spinal cord only, where the stem cells could help preserve breathing function. The final three patients will receive both cervical and lumbar injections.
The Phase I safety trial enrolled 18 patients. The trial began with 12 late- to mid-stage patients who received a series of injections in the L2-L4 lumbar region. The first six patients were all non-ambulatory with permanent paralysis. Of these, the first three patients (Cohort A1) were treated with five unilateral cell injections, while the next three patients (Cohort A2) received ten bilateral injections in the same region. The trial then progressed to patients who were ambulatory. The first three of these (Cohort B) received five unilateral injections. The next three patients (Cohort C) received ten bilateral injections in the same lumbar region.
Neuralstem received approval from the FDA to move into the cervical (upper back) stage of the trial in the fall of 2011. The first of six patients in the cervical cohorts to receive stem cells was treated on November 18, 2011, which marked the first FDA-approved intraspinal surgical transplantation of stem cells into the cervical region. The trial then advanced to the final cervical cohort of three patients. The FDA approved the return of three patients from earlier cohorts to receive cervical transplants, making them the first to receive stem cell transplantation in both the lower and upper parts of their spinal cord. The first of these was treated in June 2012, and received five stem cell injections into the cervical region of the back, for a total of 15 injections, including the ten lower-back injections previously received. The last patient in the Phase I trial was treated in August 2012. The trial was designed as a safety trial to treat 18 patients, and conclude six months after the final surgery.
In Mexico City, Neuralstem is expected to commence an ALS Phase I / II trial in 2014.
VIDEO FOX Medical Team In-depth Feature on ALS Patient Ted Harada and his second, the trial’s final, surgery of Neuralstem's ground-breaking Phase I stem cell trial (8/27/12). View Here
Patient Resources:
For more information on the trial:
University of Michigan Health System, Ann Arbor http://www.umclinicalstudies.org/HUM00072488, http://www.pnrd.umich.edu
Emory Healthcare, Atlanta (404) 778-7777 http://www.neurology.emory.edu/ALS/Support%20Our%20Center/active_trials/stem_cell_trial.html
ClinicalTrials.gov
http://clinicaltrials.gov/ct2/show/NCT01348451?term=neuralstem&rank=2
Interim Results of Phase I ALS trial:
Abstract, NIH/National Center for Biotechnology Information (NCBI): "Lumbar Intraspinal Injection of Neural Stem Cells in Patients with ALS: Results of a Phase I Trial in 12 Patients." (March 2012) Here
Presentation Poster, presented at American Neurological Association’s annual meeting (September 2011). Here
Safety Study to use Electrical Impedance Myography (EIM) as a measurement tool in Neuralstem's ALS trials (April 2011). Here
"Approaching Hope," by Nancy Ross-Flanigan, Michigan Alumnus magazine, Spring 2011. Here
For more information on ALS:
The ALS Association www.alsa.org
- See more at: http://neuralstem.com/cell-therapy-for-als#sthash.t7tOhrZA.dpuf
XXII-I like buying with the officers:
http://www.secform4.com/filings/1347858/000114036113043804.htm
The SA interview is full of good stuff, all kinds of questions clarified. As far as my confidence goes, my money is where my mouth is. XXII burn rate is 1.2M/YEAR, not including their recent acquisition. They have a 50M MC and groundbreaking tech in a multi/multi billion industry. They have not given up any rights to brand their own tech, plus they can earn licensing fees.
Regarding NDA for 2014 I misspoke. They are applying for modified risk status for their VLN branded cigs:
am working at answering this, busy, coming soon lol
that is a strong list. do have confidence it get done?
XXII, CEO is outlining very specific catalysts for December and 2014. Rough draft is; ship to Netherlands, fix the warrants, TTB license, MSA membership, US partner, US in house production, US distribution, up list and NDAs.
$XXII opinion from SA author:
What is 22nd Century worth today?
I could not find any comparable publicly traded plant biotech companies, because most of the small plant biotech's have been acquired by larger companies like Monsanto (MON), Syngenta, (SYT), and Dupont. So I attempted to find some clinical stage biotech companies that demonstrated 22nd Century's strong fundamentals, which include:
Profitability.
Successful phase 2 clinical trials. (It's important to note that in the biotech world, multibillion-dollar buyouts and licensing deals begin happening after positive phase 2 trials.)
Strong balance sheet.
Potential monopoly a portion of a $700 billion market.
Multiple sources of revenue.
Good relationship with the FDA.
Licensing agreement with industry leader.
After reviewing all the companies I was familiar with, I could not come up with any biotech's that possessed all these qualities, until I got into valuations considerably higher than 22nd Century's.
I challenge all my readers to find an equivalent clinical stage biotech, valued under $100 million. If you do, email me, and I will initiate a thorough due diligence process. These are the kind of situations that I look for, but are very difficult to find.
So that begs the question, what is 22nd Century Group worth today? In my opinion, at the very least, the company is worth 2 to 3 times today's valuation. With just one positive catalyst, that number could be amplified. Also, 22nd Century's fundamentals are so compelling, that it would not be surprising if the company went from today's undervaluation, to a level of extreme overvaluation.
http://seekingalpha.com/article/1849101-22nd-century-is-worth-twice-todays-shareprice
ISCO sales up 41% setting new records in their financial history
No fear about the foreign drug thing. The Pols are pimping US big pharma for campaign contributions. When enough $ flow in the idea will be quashed
never a money supply issue as long as they have ink.....
did you see the article where the Feds are negotiating with foreign drug companies to bring their 'cheaper' drugs to our market? Something else to consider.
Astute analysis of money supply issues and dont forget the FED balance sheet. If they have to sweat out all those bonds to maturity we have decades going forward with the current circumstances.
I agree that the holiday season means increased inventories plus the American people are starting to spend more money that they don't have in anticipation of a miracle thanks in part to the lame stream media's rosy outlook during their party's domination of the Federal Government. However it won't change the fact that we continue to print/infuse money into the economy through the Fed giving people false hope like the phony GDP number. One has to anticipate that this strategy will last for the long term future and obviously until 2016. Hopefully by then 'C' will have their joint venture with B, K will have extraordinary results and fast tracked into the market and P will have completed it's FDA approval process and possibly the whole company either moving into the 'big pharma' status or purchased by one of the mega pharmas for an extraordinary dollar figure so we can all sell and live somewhere where we aren't savaged by the money starved Federal Government who is supporting more than half the population. imo.
There appears to be a debate about the GDP issue among economists:
-- Some economists believe that extra 0.8% came from inventory increases that resulted from weaker sales causing old inventory to accumulate, rather than new purchases of stock in anticipation of better sales. Supporting this theory, retailers have been reporting softer back to school and Halloween sales. If so, growing inventories in Q3 mean lower production that reduces GDP in Q4.
-- Others disagree and believe the inventory build reflected actual growing demand. For example, per Deutsche Bank's Joe LaVorgna. "… the continued health of the various production surveys, such as the ISM and regional PMIs, suggests that the factory sector is not pausing to rebalance. The reason for this is likely due to the fact that order backlogs continue to expand and currently stand at post-recession highs. Inventory levels remain extremely lean: While the economy has been in expansion mode since mid-2009, inventories only rose above their pre-recession peak last quarter."
see the rest here
http://seekingalpha.com/article/1827042-the-big-u-s-gdp-beat-hype-versus-reality
(via businessinsider.com here)
CTIX has a floor at 1.69
which I have stated several times on that board. We have touched it a couple of time since the death of momentum and both times buyers have stepped up bigtime to get the cheapies. It will happen again if the dip goes that low. It is the number that brings the daytraders out of the closet
how low will CTIX go?
Bill Still on the economy and fake GDP
weak financials caused the bottom to fall out. It happens. I was looking for better numbers........I was wrong
NAVB $1,40 dam cheap what happend ????
meant to type: now BO. Absolutely agree. Clintoon was the man who penned it. Dodd and Frank were in on it too. Then they write Dodd Frank, another disaster. now we have BO trying to restart the derivatives.
Hey, got my cancellation of our private insurance plan. Have to pick a new PPO and will be fine. We refuse to ever consider BOCare products. My wife is Canadian, we KNOW what will happen. Fortunately, we already self pay for the doctors that refuse to take certain care and the best will not take BOCare. We go to the best wherever they are. America, get ready for less care, inferior care. Watch the doctors retire in mass. Our doctor friends are out of there or getting ready to bail. And that doesn't even get to what it will do to our economy that already is the worst recovery in history.
Bill Clinton was a guilty dog with regard to Glass Steagall repeal
IMO the prime cause of 08
The term Glass–Steagall Act usually refers to four provisions of the U.S. Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms.[1] Congressional efforts to “repeal the Glass–Steagall Act” referred to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms).[2] Those efforts culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.[3]
The term Glass–Steagall Act is also often used to refer to the entire Banking Act of 1933, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama.[4] This article deals with only the four provisions separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the Glass-Steagall provisions separating commercial and investment banking. A separate 1932 law also known as the Glass–Steagall Act is described in the article Glass–Steagall Act of 1932.
Starting in the early 1960s federal banking regulators interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities.[5] By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the GLBA, many commentators argued Glass–Steagall was already “dead.”[6] Most notably, Citibank’s 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board’s then existing interpretation of the Glass–Steagall Act.[7] President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate."[8]
Many commentators have stated that the GLBA’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[9][10][11] Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks.[12] Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act.[13] Commentators, including former President Clinton in 2008 and the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.[14]
International Stem Cell Corporation to Present Data From Its Parkinson's Disease Program at Society for Neuroscience Annual Meeting
CARLSBAD, CA -- (Marketwired) -- 11/07/13 -- International Stem Cell Corporation (OTCQB: ISCO) (www.internationalstemcell.com) a California-based biotechnology company developing novel stem cell based therapies, announced today that its Chief Scientific Officer Dr. Ruslan Semechkin will present data from ISCO's IND-enabling study in Parkinson's disease at the Society for Neuroscience annual meeting in San Diego, CA on November 10, 2013.
The Society for Neuroscience is the world's largest organization of scientists and clinicians devoted to understanding the brain and nervous system. More than 30,000 people are expected to attend the annual meeting, making it one of the largest scientific and medical conferences in the world.
Session Title: Parkinson's Disease: Animal Models and Therapies
Date and Time: Sunday, November 10, 2013 8:00 AM
Location/Room: San Diego Convention Center/5B
ISCO's Parkinson's disease program uses human parthenogenetic neural stem cells (hPNSC) which are a novel therapeutic cellular product derived from the company's proprietary histocompatible human pluripotent stem cells. hPNSC are self-renewing mulitpotent cells that are precursors for the major cells of the central nervous system. The ability of hPNSC to (i) differentiate into dopaminergic (DA) neurons and (ii) express neurotrophic factors such as glial derived neurotrophic factor (GDNF) and brain derived neurotrophic factor (BDNF) to protect the nigrostriatal system, offers a new opportunity for the treatment of Parkinson's disease, especially in cases where current small molecule approaches fail to adequately control the symptoms.
First Clinton, not BO.
Is Congress helping Wall Street loot your 401(k)?
Last update: 04/11/2013 2:27:23 pm
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- Democrats and Republicans seem to be falling over each other trying to prove who can best help Wall Street loot the Treasury and the 401(k)s of the American worker.
This week, the House passed two bills with bipartisan support that would benefit the financial services industry and hurt almost everyone else. Both bills are pure giveaways worth billions of dollars.
One of the bills would roll back some of the protections put in place by the Dodd-Frank Act to keep the banks from gambling with their insured deposits on very profitable but risky derivatives known as swaps.
Once it's fully implemented, Dodd-Frank would force the banks to put most of their risky trades outside the bank into a separately capitalized subsidiary, where losses would not be guaranteed by the Federal Deposit Insurance Corp. Nor would these affiliates have access to cheap money from the Federal Reserve.
Letting the banks use insured deposits to fund these swaps lowers the banks' costs now, and it puts the financial system at risk by giving the impression that the FDIC (and ultimately the Treasury) could protect creditors if the trades go sour, as they often do. Beneficiaries of the bill would include Citigroup (C) , J.P. Morgan (JPM) and Bank of America (BAC) .
The bill passed by the House on Wednesday would allow the banks to trade almost all complex derivatives without quarantining them in a separate affiliate. If you don't think that's potentially dangerous, remember what happened to Bear Stearns, Lehman Brothers and Merrill Lynch when their derivatives trades flopped.
A similar bill passed the House last year with little notice. Everyone knew it was dead on arrival in the Senate. What's different this year is the revelation by the New York Times that key provisions of the bill were written by a lobbyist for Citigroup.
The House swaps bill won't become law. The White House and the Senate won't go that far. But the fact that 70 Democrats in the House voted for the bill (as did 22 Democrats on the Financial Services Committee) shows that we can't rely on the Democrats to protect us from the banks' influence. The campaign cash they offer lawmakers is too intoxicating.
As Democratic Rep. Jim Himes of Connecticut told the New York Times of the cozy relationship between Wall Street money and lawmakers' need for campaign cash: "It's appalling, it's disgusting, it's wasteful and it opens the possibility of conflicts of interest and corruption." Himes was a co-sponsor of Citigroup's swaps bill.
The bank lobbyists and lawyers are working the Securities and Exchange Commission as well, delaying and blocking the new rules on derivatives. If they have their way, the rules will be watered down, and enforcement will be lax. And someday, a huge financial corporation will fail because Washington didn't draw the line, putting the global economy at risk again.
The other bill passed by the House this week doesn't have quite that much potential for global mischief, but it would be much worse for individual investors.
The bill would delay a rule the Department of Labor is preparing that would require mutual-fund companies and other companies that operate retirement plans such as IRAs and 401(k)s to start working for investors and stop working for themselves.
The rule would require that trustees of retirement accounts act as a fiduciary on behalf of the investors in the plan, rather than acting in their own self interest. The SEC is working on a parallel rule that would require that brokers also act as a fiduciary on behalf of the investors they advise.
To be a fiduciary means to put the interests of your client first. You can see why Wall Street would fight that rule, because if you put your client first, then you can't help yourself his life savings.
Current law cheats investors by allowing their plan trustees or financial advisers to steer their retirement savings into funds owned and operated by those very same advisers. One study found that one-third of $10 trillion retirement assets are invested in poorly performing funds that are financially connected to plan trustees.
Christopher Carosa figured that these conflicts of interest cost individual investors about $1 billion per month in reduced earnings.
That doesn't count the cost of taking conflicted advice from brokers about investments in non-retirement accounts.
Thanks to the magic of compounding, poor performance and high fees can cost a typical retiree hundreds of thousands of dollars over a lifetime.
Most of us don't have hundreds of thousands of dollars to squander on bad advice.
Since the 1980s, we've increasingly told people that they are responsible for their own retirement savings. Defined-benefit pensions are gone, so retirement security depends on individuals' prowess at investing over the long haul.
But most people are terrible at investing: they don't save enough, they don't know what to invest in, they don't pay attention to yields or to fees, they are easily tricked and cheated. They need professional help.
It's not asking too much for those professionals to act in their clients' best interest.
Unfortunately, the financial services industry and its employees make more money when they treat customers like sheep to be shorn. They make so much money, in fact, that they could afford to buy every politician in Washington if necessary.
-Rex Nutting; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 04, 2013 16:27 ET (21:27 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
the market smells a secondary with cash low and burn rate up
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The rule for posting here is that we strickly believe in the First Amendment to the US Constitution....We believe that there remains an identity called the "Political Economy"and that the decision by the Administrators of modern educational institutions was not necessarily wise when they carved it into two subjects of study. Any post that discusses Politics or Economics or the interaction of the two in the broadest sense is welcome here.
Have fun and be happy.........
ALWAYS TAKE YOUR BASIS OFF THE TABLE..........IF YOU OBEY THIS RULE YOU CAN NEVER LOSE YOUR ASS
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
Benjamin Graham
The law of the jungle has not been mitigated by technology.........biomanbaba
The words below remain as true today as when written
The leisure class lives by the industrial community rather than in it. Its relations to industry are of a pecuniary rather
than an industrial kind. Admission to the class is gained by exercise of the pecuniary aptitudes -- aptitudes for acquisition
rather than for serviceability. There is, therefore, a continued selective sifting of the human material that makes up the leisure
class, and this selection proceeds on the ground of fitness for pecuniary pursuits. But the scheme of life of the class is in
large part a heritage from the past, and embodies much of the habits and ideals of the earlier barbarian period. This archaic,
barbarian scheme of life imposes itself also on the lower orders,with more or less mitigation. In its turn the scheme of life, of
conventions, acts selectively and by education to shape the human material, and its action runs chiefly in the direction of
conserving traits, habits, and ideals that belong to the early barbarian age -- the age of prowess and predatory life.
Veblen
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"Is it not He whose immortal hand, engraving on the heart of man the code of justice and equality, has written there the death sentence of tyrants? Is it not He who, from the beginning of time, decreed for all the ages and for all peoples liberty, good faith, and justice? He did not create kings to devour the human race. He did not create priests to harness us, like vile animals, to the chariots of kings and to give to the world examples of baseness, pride, perfidy, avarice, debauchery, and falsehood. He created the universe to proclaim His power. He created men to help each other, to love each other mutually, and to attain to happiness by the way of virtue." Robespierre
"A man who is born into a world already possessed, if he cannot get subsistence from his parents on whom he has a just demand, and if the society do not want his labour, has no claim of right to the smallest portion of food, and, in fact, has no business to be where he is. At nature's mighty feast there is no vacant cover for him. She tells him to be gone, and will quickly execute her own orders, if he does not work upon the compassion of some of her guests. If these guests get up and make room for him, other intruders immediately appear demanding the same favour. The report of a provision for all that come, fills the hall with numerous claimants. The order and harmony of the feast is disturbed, the plenty that before reigned is changed into scarcity; and the happiness of the guests is destroyed by the spectacle of misery and dependence in every part of the hall, and by the clamorous importunity of those, who are justly enraged at not finding the provision which they had been taught to expect. The guests learn too late their error, in counter-acting those strict orders to all intruders, issued by the great mistress of the feast, who, wishing that all guests should have plenty, and knowing she could not provide for unlimited numbers, humanely refused to admit fresh comers when her table was already full." MALTHUS
The universal part of the cross of Gold speech.........
When you [turning to the gold delegates] come before us and tell us that we are about to disturb your business interests, we reply that you have disturbed our business interests by your course.
We say to you that you have made the definition of a business man too limited in its application. The man who is employed for wages is as much a business man as his employer; the attorney in a country town is as much a business man as the corporation counsel in a great metropolis; the merchant at the cross-roads store is as much a business man as the merchant of New York; the farmer who goes forth in the morning and toils all day, who begins in the spring and toils all summer, and who by the application of brain and muscle to the natural resources of the country creates wealth, is as much a business man as the man who goes upon the Board of Trade and bets upon the price of grain; the miners who go down a thousand feet into the earth, or climb two thousand feet upon the cliffs, and bring forth from their hiding places the precious metals to be poured into the channels of trade are as much business men as the few financial magnates who, in a back room, corner the money of the world. We come to speak of this broader class of business men.
Ah, my friends, we say not one word against those who live upon the Atlantic Coast, but the hardy pioneers who have braved all the dangers of the wilderness, who have made the desert to blossom as the rose, the pioneers away out there [pointing to the West] who rear their children near to Nature's heart, where they can mingle their voices with the voices of the birds-out there where they have erected schoolhouses for the education of their young, churches where they praise their Creator, and cemeteries where rest the ashes of their dead-these people, we say, are as deserving of the consideration of our party as any people in this country. It is for these that we speak. We do not come as aggressors. Our war is not a war of conquest; we are fighting in the defense of our homes, our families, and posterity. We have petitioned, and our petitions have been scorned; we have entreated, and our entreaties have been disregarded; we have begged, and they have mocked when our calamity came. We beg no longer; we entreat no more; we petition no more. We defy them!
The gentleman from Wisconsin [Vilas] has said that he fears a Robespierre. My friends, in this land of the free you need not fear that a tyrant will spring up from among the people. What we need is an Andrew Jackson to stand, as Jackson stood, against the encroachments of organized wealth. William Jennings Bryan
http://www.wga.hu/art/d/delacroi/2/208delac.jpg
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INCY http://stockcharts.com/c-sc/sc?s=INCY&p=D&yr=0&mn=6&dy=0&i=p25650043489&r=1510 CTIX http://stockcharts.com/c-sc/sc?s=CTIX&p=0&mn=6&dy=0&i=p25650043489&r=1510 hhhhhddddhdddddddhttp://stockcharts.com/c-sc/sc?s=CTIX&p=D&yr=0&mn=6&dy=0&i=p25650043489&r=1510http://stockcharts.com/c-sc/sc?s=CTIX&p=D&yr=0&mn=6&dy=0&i=p25650043489&r=1510
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NAVB http://stockcharts.com/c-sc/sc?s=NAVB&p=D&yr=0&mn=6&dy=0&i=p25650043489&r=1510
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