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Brokerages start buying back frozen securities
By Beth Healy
October 3, 2008
At least three major brokerage firms have started buying back auction-rate securities, as they promised to do in recent settlements with regulators. They are doing so even though the Securities and Exchange Commission, under fire amid the Wall Street meltdown, has yet to officially sign any of the orders.
Legally the firms could renege on the agreements, according to a veteran securities lawyer. But they are unlikely to do so and risk their reputations further.
The SEC declined to comment.
State regulators and the SEC secured about $60 billion in auction-rate settlements from nine major firms over the summer, requiring them to let investors sell securities they've been trapped in since February. So far, the firms - some of which are now merging out of existence - say they are honoring the agreements.
Merrill Lynch & Co. and Bank of America Corp. said they started buying back $14.5 billion of these bonds and preferred-stock investments on Wednesday. Bank of America's deal to acquire Merrill, the nation's largest brokerage, does not affect those obligations, the firms said.
"We have begun to purchase auction-rate securities from our smaller retail clients and former retail clients. The purchases have gone smoothly and have met our expectations," Merrill spokesman Mark Herr said. In January, Merrill will offer to purchase auction-rate securities from clients with accounts larger than $4 million.
Read the rest of this story at http://americandream2009.angelfire.com/index1.html
Brokerages start buying back frozen securities
By Beth Healy
October 3, 2008
At least three major brokerage firms have started buying back auction-rate securities, as they promised to do in recent settlements with regulators. They are doing so even though the Securities and Exchange Commission, under fire amid the Wall Street meltdown, has yet to officially sign any of the orders.
Legally the firms could renege on the agreements, according to a veteran securities lawyer. But they are unlikely to do so and risk their reputations further.
The SEC declined to comment.
State regulators and the SEC secured about $60 billion in auction-rate settlements from nine major firms over the summer, requiring them to let investors sell securities they've been trapped in since February. So far, the firms - some of which are now merging out of existence - say they are honoring the agreements.
Merrill Lynch & Co. and Bank of America Corp. said they started buying back $14.5 billion of these bonds and preferred-stock investments on Wednesday. Bank of America's deal to acquire Merrill, the nation's largest brokerage, does not affect those obligations, the firms said.
"We have begun to purchase auction-rate securities from our smaller retail clients and former retail clients. The purchases have gone smoothly and have met our expectations," Merrill spokesman Mark Herr said. In January, Merrill will offer to purchase auction-rate securities from clients with accounts larger than $4 million.
Read the rest of this story at http://americandream2009.angelfire.com/index1.html
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The Naked Short Selling That Toppled Wall Street
October 2nd, 2008 by Mark Mitchell
The Wall Street Journal stated in a lead editorial last week that the SEC was “reasonable” to “clamp down” on naked short selling. Well, that was progress of sorts, though one wonders how it could have taken all these years for the nation’s most important newspaper to suggest that it might be “reasonable” to put an end to criminal activity that has eviscerated hundreds of companies and destroyed countless lives.
And now that this criminal activity has been implicated in the Humpty Dumptying of our financial system, one grows wistful for the golden age of journalism when editorialists (people working for famous newspapers, not just cyber weirdos) would express a little outrage, demand that heads roll – muster something better than “reasonable” to describe the limpid “clamp down” of an SEC that bows in oily servitude to the very short-sellers who manhandled our markets.
Alas, The Wall Street Journal is not angry about the scandal of naked short selling. To the contrary, it devotes most of its editorial to tut-tutting the SEC for taking the mild step of requiring hedge funds to disclose their short positions. This, the Journal laments, means the government wants to “slap a scarlet letter on short sellers.” And (shed a tear) hedge funds will now have to “worry that their strategies will be put on display for the world to see.”
Might the world like to see which hedge funds are employing the strategy of illegal naked short selling – offloading huge chunks of stock that they do not possess – phantom stock – in order to drive down prices? No, nothing to see there, says the Journal. Having thoroughly investigated the matter, the editorialist reports that there is “no evidence of widespread naked shorting of financial stocks in this panic.” Indeed, the Journal assures us that there is no evidence that short sellers have engaged in any market manipulation whatsoever.
That is a mighty bold claim. As the Wall Street Journal itself reported, the SEC has ordered two dozen hedge funds to turn over trading records as part of its investigation into possible short-seller manipulation of six big financial institutions — American International Group, Goldman Sachs, Lehman Brothers, Morgan Stanley, Washington Mutual, and Merrill Lynch.
The SEC has never in history prosecuted a major case against a short seller, and there is no reason to believe that it is actually going to nail someone now. But it is not difficult to see why the SEC feels that is has no choice but to investigate.
Read the rest of this story at http://americandream2009.angelfire.com
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Brokerages start buying back frozen securities
By Beth Healy
October 3, 2008
At least three major brokerage firms have started buying back auction-rate securities, as they promised to do in recent settlements with regulators. They are doing so even though the Securities and Exchange Commission, under fire amid the Wall Street meltdown, has yet to officially sign any of the orders.
Legally the firms could renege on the agreements, according to a veteran securities lawyer. But they are unlikely to do so and risk their reputations further.
The SEC declined to comment.
State regulators and the SEC secured about $60 billion in auction-rate settlements from nine major firms over the summer, requiring them to let investors sell securities they've been trapped in since February. So far, the firms - some of which are now merging out of existence - say they are honoring the agreements.
Merrill Lynch & Co. and Bank of America Corp. said they started buying back $14.5 billion of these bonds and preferred-stock investments on Wednesday. Bank of America's deal to acquire Merrill, the nation's largest brokerage, does not affect those obligations, the firms said.
"We have begun to purchase auction-rate securities from our smaller retail clients and former retail clients. The purchases have gone smoothly and have met our expectations," Merrill spokesman Mark Herr said. In January, Merrill will offer to purchase auction-rate securities from clients with accounts larger than $4 million.
Read the rest of this story at http://americandream2009.angelfire.com/index1.html
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The Naked Short Selling That Toppled Wall Street
October 2nd, 2008 by Mark Mitchell
The Wall Street Journal stated in a lead editorial last week that the SEC was “reasonable” to “clamp down” on naked short selling. Well, that was progress of sorts, though one wonders how it could have taken all these years for the nation’s most important newspaper to suggest that it might be “reasonable” to put an end to criminal activity that has eviscerated hundreds of companies and destroyed countless lives.
And now that this criminal activity has been implicated in the Humpty Dumptying of our financial system, one grows wistful for the golden age of journalism when editorialists (people working for famous newspapers, not just cyber weirdos) would express a little outrage, demand that heads roll – muster something better than “reasonable” to describe the limpid “clamp down” of an SEC that bows in oily servitude to the very short-sellers who manhandled our markets.
Alas, The Wall Street Journal is not angry about the scandal of naked short selling. To the contrary, it devotes most of its editorial to tut-tutting the SEC for taking the mild step of requiring hedge funds to disclose their short positions. This, the Journal laments, means the government wants to “slap a scarlet letter on short sellers.” And (shed a tear) hedge funds will now have to “worry that their strategies will be put on display for the world to see.”
Might the world like to see which hedge funds are employing the strategy of illegal naked short selling – offloading huge chunks of stock that they do not possess – phantom stock – in order to drive down prices? No, nothing to see there, says the Journal. Having thoroughly investigated the matter, the editorialist reports that there is “no evidence of widespread naked shorting of financial stocks in this panic.” Indeed, the Journal assures us that there is no evidence that short sellers have engaged in any market manipulation whatsoever.
That is a mighty bold claim. As the Wall Street Journal itself reported, the SEC has ordered two dozen hedge funds to turn over trading records as part of its investigation into possible short-seller manipulation of six big financial institutions — American International Group, Goldman Sachs, Lehman Brothers, Morgan Stanley, Washington Mutual, and Merrill Lynch.
The SEC has never in history prosecuted a major case against a short seller, and there is no reason to believe that it is actually going to nail someone now. But it is not difficult to see why the SEC feels that is has no choice but to investigate.
Read the rest of this story at http://americandream2009.angelfire.com
Join America's Voice
You just gotta check out this site!! Get on their list.
http://tinyurl.com/53bzwk
The Naked Short Selling That Toppled Wall Street
October 2nd, 2008 by Mark Mitchell
The Wall Street Journal stated in a lead editorial last week that the SEC was “reasonable” to “clamp down” on naked short selling. Well, that was progress of sorts, though one wonders how it could have taken all these years for the nation’s most important newspaper to suggest that it might be “reasonable” to put an end to criminal activity that has eviscerated hundreds of companies and destroyed countless lives.
And now that this criminal activity has been implicated in the Humpty Dumptying of our financial system, one grows wistful for the golden age of journalism when editorialists (people working for famous newspapers, not just cyber weirdos) would express a little outrage, demand that heads roll – muster something better than “reasonable” to describe the limpid “clamp down” of an SEC that bows in oily servitude to the very short-sellers who manhandled our markets.
Alas, The Wall Street Journal is not angry about the scandal of naked short selling. To the contrary, it devotes most of its editorial to tut-tutting the SEC for taking the mild step of requiring hedge funds to disclose their short positions. This, the Journal laments, means the government wants to “slap a scarlet letter on short sellers.” And (shed a tear) hedge funds will now have to “worry that their strategies will be put on display for the world to see.”
Might the world like to see which hedge funds are employing the strategy of illegal naked short selling – offloading huge chunks of stock that they do not possess – phantom stock – in order to drive down prices? No, nothing to see there, says the Journal. Having thoroughly investigated the matter, the editorialist reports that there is “no evidence of widespread naked shorting of financial stocks in this panic.” Indeed, the Journal assures us that there is no evidence that short sellers have engaged in any market manipulation whatsoever.
That is a mighty bold claim. As the Wall Street Journal itself reported, the SEC has ordered two dozen hedge funds to turn over trading records as part of its investigation into possible short-seller manipulation of six big financial institutions — American International Group, Goldman Sachs, Lehman Brothers, Morgan Stanley, Washington Mutual, and Merrill Lynch.
The SEC has never in history prosecuted a major case against a short seller, and there is no reason to believe that it is actually going to nail someone now. But it is not difficult to see why the SEC feels that is has no choice but to investigate.
Read the rest of this story at http://americandream2009.angelfire.com
Join America's Voice
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Wow, first post of morning.. yaa me!!
Time to wake up FFGo, it's hammer time for the shorts.. Let's hear how many billions in recent buyback. SEC filing. Right the previous sinking ship...
Good Morning all... Make it an excellent day.
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Nice day today. May see higher numbers tomorrow after vote tonight.
Don't forget Vice Prez debate tomorrow also.
Time to clean up the markets boyz. Sorry to see WaMu bite the dust though.
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I like the looks of today. Dropping the bid is of no concern. Been there before. Just a preposition of Mms before run.
Tomorrow may be big.... imo
Good luck...
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Looks good from here. Anyone bet the government set this up to short the market and make money. Then upon the rise after again, make money. Interesting to say the least...
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Boston, MA, Sep 24, 2008 (M2 PRESSWIRE via COMTEX) -- 141 Capital, Inc., (Pink Sheets:XXIS); Fortress Financial Group, Inc. (PINKSHEETS: FFGO)
FastMoneyTalk.com is part of Stock Profiler.US, LLC's News Division. Stock Profiler welcomes investors to chat LIVE about these stocks and more on their upgraded website with FREE Investor Tools, Live Chats, and much more! Sign up now at www.stockprofiler.us. Companies who want to broadcast their message are encouraged to contact Stock Profiler.US, LLC at (603) 424-4420.
-------------------------------------------
141 Capital, Inc., (Pink Sheets:XXIS) closed at $0.0001 Tuesday, trading 9,500,000 shares.
Company News- September 24, 2008: 141 Capital, Inc. Begins Testing of Proprietary Algorithmic Trading Systems
141 Capital, Inc., (Pink Sheets:XXIS) is pleased to have announced earlier today that the Company has initiated the testing phase of the proprietary algorithmic trading systems it plans to use for trading assets in indexes and grains. The Company's officers will initially use their own capital to test the trading system to ensure it meets with their satisfaction.
To read the full news release, go to www.stockprofiler.us, and click the Headline link after entering the ticker symbol.
About 141 Capital, Inc.
141 Capital, Inc. is a publicly traded company based in Chicago. It provides electronic trading systems for trading financial products listed on the world's derivatives exchanges, including foreign exchange futures and options (mostly on the Chicago Mercantile Exchange), equity index futures and options worldwide, energy futures and options, grain futures and options and fixed income futures and options.
-------------------------------------------
Fortress Financial Group, Inc. (PINKSHEETS: FFGO) closed at $0.0002 Tuesday, trading 109,195,557 shares.
Company News- September 24, 2008: Fortress Financial Group, Inc. -- Company Increases Its Gold Investments
Earlier today Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirmed that it has acquired an additional 140 million "free trading" shares in Hunt Gold Corporation Common Stock. An amount of 60,000,000 shares of Hunt Gold Corporation Common Stock was purchased at a price of US$0.005 per share and an additional amount of 80,000,000 shares of Hunt Gold Corporation Common Stock was purchased at a price of US$0.0046 per share. These shares of Hunt Gold Corporation were purchased in "off the market" transactions. These purchases were settled in cash.
To read the full news release, go to www.stockprofiler.us, and click the Headline link after entering the ticker symbol.
About Fortress Financial Group Inc
The Company was primarily engaged in the issuing and marketing of prepaid debit card and related payment solution activities. The Company is now focusing on its recently acquired Trinity Mercantile Finance Group and the Mortgage Bank acquisitions. This will expedite its plans to become a broadly based Consumer Finance Group. The Company's Mortgage and Consumer Lending Divisions will comprise the vast majority of the Group's earnings in the immediate to medium term.
The Company is utilizing is substantial Balance Sheet of circa US$1billion, which is comprised of quoted and unquoted Gold Mining & Exploration stocks; to aggressively fund a large number of acquisitions in the consumer financial services sector; initially focused on the Mortgage Broking, Mortgage Banking, Consumer Lending and Banking Sectors. -------------------------------------------
The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. FastMoneyTalk.com is a division of Stock Profiler.US, LLC's News Division, which includes but is not limited to www.stockprofiler.us, www.businessnetwire.us, www.financialbusinessnews.us, www.markettelegraph.com, www.associatesfortune.com, www.thewallstreetleader.com and www.daytradersdigest.com. Stock Profiler.US, LLC has been compensated for services rendered; Stock Profiler.US, LLC is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter.
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Found this..
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Sorry, My Bad. Didn't check the posters math myself. Thanks for keeping me straight....
AIG & the Wall Street Crooks......why not do it this way?????
Friends & Family,
I’m against the $85,000,000,000.00 bailout of AIG & the Wall Street Crooks!
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let’s assume there are 200,000,000 bona fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a “We Deserve It Dividend”.
Of course, it would NOT be tax free. So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife would have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads!
Put away money for college – it’ll be there!
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs!
Invest in the market – capital drives growth!
Pay for your parent’s medical insurance – health care improves!
Enable Deadbeat Dads to come clean – or else!!!!
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back.
And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it...instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t!!!!!!!!
Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion “We Deserve It Dividend” more than I trust the geniuses at AIG or in Washington DC .
And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards, A Creative Guy & Citizen of the Republic!
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Company Purchases an Additional 140 Million "Free Trading" Shares of Hunt Gold Corporation Stock as Gold Price Surges
NEW YORK, NY, Sep 23, 2008 (MARKET WIRE via COMTEX) -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it has acquired an additional 140 million "free trading" shares in Hunt Gold Corporation Common Stock. An amount of 60,000,000 shares of Hunt Gold Corporation Common Stock was purchased at a price of US$0.005 per share and an additional amount of 80,000,000 shares of Hunt Gold Corporation Common Stock was purchased at a price of US$0.0046 per share. These shares of Hunt Gold Corporation were purchased in "off the market" transactions. These purchases were settled in cash.
We will continue to support Hunt Gold Corporation and will seek additional purchases of their stock which remain extremely undervalued at this time. With the surge in the price of Gold and with that metal being the "safe haven" in these troubled financial markets, this Company will continue to invest in the metal through undervalued Gold stocks such as Hunt Gold Corporation.
Management of Hunt Gold Corporation is honoring its commitments to increase their Company's exposure and have entered their very long awaited era of transparency in respect of the value of their Company holdings and in their communications with their stockholders.
Your Company has undertaken not to dispose of any of these shares of Hunt Gold Corporation Common Stock in the market and will continue to hold these shares as an investment, pending an "off the market" sale to a suitable purchaser; and then only at a very substantial premium to Hunt Gold Corporation's current trading price. The proceeds of any such sale would be distributed to our stockholders in full.
Your Company now owns a total amount of 2,391,848,460 shares of "free trading" Common Stock in Hunt Gold Corporation. This holding is valued in the amount of US$11,002,503 at today's trading price of US$0.0046 per share of Hunt Gold Corporation Common Stock.
The Company will file a Form 8-K in respect of these further purchases of Hunt Gold Corporation shares of Common Stock.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
Contact:-
Financial Insights
Dick Granieri/Gordon Otter
E Mail : Email Contact
Telephone : 1-800-530-3545
Fortress Financial Group, Inc.
Alan Santini
Chief Executive Officer
Email Contact
Tel: (954) 840-6961
SOURCE: Fortress Financial Group, Inc.
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Fortress Financial Group, Inc. -- Gold Price Fuels Company Value
Company Valuation Soars on the Back of Surging Gold Price
NEW YORK, NY, Sep 22, 2008 (MARKET WIRE via COMTEX) -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) value soars on the back of the surging Gold price, now trading at over US$900/oz.
Your Company now owns a total amount of 2,251,848,460 shares of "free trading" Common Stock in Hunt Gold Corporation. This holding is valued in the amount of US$9,682,948 at today's trading price of US$0.0043 per share of Hunt Gold Corporation Common Stock. These holdings alone are now worth over three times the current value of Fortress Financial Group, Inc. shares of Common Stock.
The promised "new era of transparency" at Hunt Gold Corporation as demonstrated by their announcement today may well see further stock purchases by your Company in Hunt Gold Corporation which remains very undervalued. The surge in the Gold price has undoubtedly had a very material impact upon the value of the shares of Hunt Gold Corporation; this has not as yet been reflected in the price of Hunt Gold Corporation shares of Common Stock.
The surge in the price of Gold will substantially increase the value of Hurasu Resource Corporation which should substantially increase the value of their shares upon this Company's distribution of these shares, to its stockholders very shortly.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
Contact:
Financial Insights
Dick Granieri/Gordon Otter
E Mail: Email Contact
Telephone: 1-800-530-3545
Fortress Financial Group, Inc.
Alan Santini
Chief Executive Officer
Email Contact
Tel: (954) 840-6961
Found this..
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I'd say were gettin pretty short of days here. Any minute we see the major pop! imo
Go FFGO and Alan..... Hi V
The American Dream 2009 Voice of America.
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Unprecedented Government Action
« Thread Started Today at 9:18am »
--------------------------------------------------------------------------------
This just came to me via an Adobe Reader Document from a brokerage house. I don't have a web site to copy and I agreed not to identify the source. The chart mentioned below did not transfer to this post, sorry. Later,
Catdaddy
September 19, 2008
Unprecedented Government Action
Overnight the U.S. Government announced three major steps in an effort to restore confidence in the battered financial
markets. First, a new government entity will be established to buy pressured illiquid instruments from troubled
financial institutions. Second, they will guarantee Rule 2a-7 money market funds (funds that trade $1 in $1 out) and
provide liquidity to the commercial paper market utilized by the money market industry. Finally, they are banning
short selling in the shares of 799 financial companies until October 2 with an option to extend it 30 days.
These drastic measures were necessary as fears were growing a run on the $ 4 trillion held by money market funds
could be in the making as approximately $180 billion exited money market funds yesterday. The fear was evident by
the action in the T-Bill market as T-Bills traded at negative yields at one point in the day as investors sought the safety
of this short term government investment. Futures on the S&P 500 are indicated almost 4% higher in pre-market
trading after a 4.17% gain in Thursday’s trading. The overseas markets were up sharply with gains of 7.7% on the
FTSE, near 4% on the Nikkei. The Russian stock market which had been closed for two days after a massive declined
was halted again after a 20% gain.
The new government entity is rumored to be similar to the Resolution Trust Corporation (RTC). The RTC fund was
established to orderly liquidate or sell problem assets after the failure of the Savings and Loan industry and insolvency
of Federal Savings and Loan Insurance Corporation (FSLIC) in the late 1980’s to early 1990’s. This new fund will
allow institutions to transfer in problem assets from their balance sheets. The government will liquidate these
instruments in an orderly fashion instead of the current disruptive forced selling taking place in the market place that in
some part, caused the demise of Lehman Brothers, the government take over of AIG, the fire sale sell of Merrill Lynch
and was threatening to force a sale of Morgan Stanley.
The short sell ban could trigger a massive rally in the heavily short financial sector. The unbelievable volatility in these
issues over the past few days will continue.
Rumors of the potential rescue fund fueled a massive 4.17% rally on Wall Street yesterday. The morning began with
news of a massive global liquidity injection by the World Central Banks as they aggressively tried to ease market fears.
The S&P 500 rallied 2.4% in early morning trading before selling resumed. The gains quickly turned into a 2% loss
before a massive afternoon rally. Shares traded hands at a staggering 77% rate ahead of the 50 day moving average on
the big board NYSE. If the pre-market 4% gain holds this morning the S&P 500 would have rallied an unbelievable
10% since the lows intra-day yesterday.
The reversal in the S&P 500 came as this widely followed index had declined 13.70% since August 11th on an intra-day
basis and coincide with long term technical support (see chart) drawn from the congestion areas of 2001 and 2004.
Monthly Chart of the S&P 500 1986-2008: During the November 2001 to April 2002 period the market traded
sideways between 1052 and 1176 before breaking down. Three monthly closes occurred near 1140-1150. From
January 2004 to November 2004 the market once again traded sideways in a similar range (1062 to 1163) while
registering three monthly closes in the 1130 to 1140 range. Connecting the 2001 and 2004 closing prices creates
the top of the channel. The S&P 500 reversed near these levels on Thursday (1133). The bottom of the channel is
constructed using the monthly low prices and is near 1060 to 1080 area. If the top line does not hold the bottom
level would be the next level of technical support.
Chart Courtesy of William O’Neil + Co. Inc.
Sorry, but the chart didn't transfer...
Although the odds are high the equity market has seen its lows for this bear market we would not panic buy in early
trading today. Once the euphoria of all this news dies down in the coming weeks investors will once again focus on the
current weak economic conditions as well as concerns of how much this bailout will cost the taxpayer in the long run.
These factors could cause some pull backs. We also will need to see a follow-through day to confirm the turn in the
market.
Hi V, I'd say it's time to shake the house. The fuse on FFGO is lit and burnin. The volume as of late speaks for itself. No one is selling at these levels and the Mms shake the tree of fear hard.
GLTA
imo
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what symbol can i look at for gold? tia
I must confess, seems as though the projected dates are soon to be upheld and kept. As I have watched over the last few weeks this company definitely has kept it's promises and by confirmation from a few the TA confirms 31 billion with more cancels coming! imo.
The pressure by the feds on naked shorting will stiffen any run we see and correct the loopholes of the shameless corrupt..
McKain
I'd say MMs covering and scared! Heavy hand of the pizzed off SEC is coming sown swiftly and hard across the board. Watch today's news!!! FFGO will be wound so tight IMO that we will be the first to board this rocket. Take your seats and gaze out the window..... Thank you.
Tomorrow we will rock.. watch and learn... once in awhile life hands you a golden ticket... imo this is something shiny...
honestly it almost looks as though news from SEC may be pending release. alot of penny stocks are in the basement today from other highs.
could be final shaking before the CALL TO COVER shorts.... from chairman cox
imo
Hold on tight guys, it's up from here....
Thanks for the update V! appreciate it.
Gettin windy out... lol
News! FFGO Phoenix rises Monday Sept 8. Stay tuned my fellow millionaires.....
in my humblest opinion....
looks as if the against FFGO crew started early this weekend. who are you saving if the markets closed weekends. we all have bought our tickets and await word from santini... rock on ffgo..
imo
peekaboo janice
Good Morning FFGOers!! Getting closer to the heart! the sink or swim time has come and gone, those who wanted off the rocket ship have left. Those left are buckled. 10-9-8-7- 1
This rocket ship isn't short either....lol imo gltu
Ex-Divy date soon to come.. Charge,,
someone's going to smack that four......
Here comes the volume!!!!
POWER HOUR FFGO'ers!!! Let them rip....
Derekz - Thanks for your reply. I think it's called transparency. I'm getting ready though for the left-off.
NASA told me to watch the western sky for signs of life. I think I feel a heartbeat.
Gettin ready for Hurricane Hanna montana..!! lol
Do I smell news coming from the oven? Sure smells good. Lots of greens and delicious tidbits to munch on. If you haven't bought your ticket for the luncheon please do so now. Once everyone is seated and has a chair you will be served.
No need to rush. oh wait. Maybe there is and I believe the appetizers are being delivered as I speak.
Take care and be sure to tip your waitress well.
MMs take it down to get sells out of fear.
Rather than supply and demand taking it up to shake sells at higher prices.
Remember FEAR drives the market as in life.
FEAR is the greatest motivater.
They can easily see that NO ONE is selling at these prices.
Good Luck to all!
WOw! Slow board this morning. Guess we are all waiting on the great news.
TA cancels shares.
Ex-Div dates.
PPS skyrockets.
Shorts cover or pay.
New company.
Look forward to news release.
Thanks Alan
Running, Cool! I spoke with them and believe next week should be the proving ground. Maybe they held back news until after the holiday weekend. No use putting news out on a Friday afternoon before a long weekend and the market closed Monday!
Time to drop the final hammer on this roof before it blows off.
Later.
cmistocks, a birthday tune
as a shareholder of FFGO, we've hired the best.
Gonna rock through .0007 imo today
I believe MMs holding orders as in old QBID story. Used to have end of day runs everyday. Anyway IMO
We will see higher numbers soon.