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DOW, under back under 8000 may create a little more havoc.
FFIEC Releases Guidance On Remote Deposit Capture TechnologyLast update: 1/14/2009 3:00:00 PM
By Sarah N. Lynch
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Federal Financial Institutions Examination Council released guidance Wednesday on ways to evaluate and assess the risk of a special technology service that allows people to scan their checks from home to make deposits instead of making a trip to the bank. The technology, known as remote deposit capture, also can be used in ATM machines. According to a release by the FFIEC, the technology is helpful because it can reduce processing costs and allows customers faster access to their funds. But the council also noted that the technology poses new risks. In a report released Wednesday, the council made recommendations to financial institutions and technology-service providers about how to reduce the risks related to remote deposit capture. "A financial institution offering [remote deposit capture] should have sound risk management and mitigation systems in place and should require adequate risk management at customer locations," the report says. "Prior to implementing RDC, and periodically thereafter, management should conduct a risk assessment to identify the related types and levels of risk exposure." The report addresses several key areas of risk management, including risk assessment, legal and compliance risks, operational risks, and mitigating risk. The FFIEC is an interagency body that makes recommendations and offers guidance for the federal examination of financial institutions by the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The newly released guidance is available at www.fiec.gov. -By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@dowjones.com (END) Dow Jones NewswiresJanuary 14, 2009 15:00 ET (20:00 GMT)
GRDO uptick .0011 x .0013
Fed's Stern: Recession To Last At Least Two More QuartersLast update
By Michael S. Derby
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The U.S. economy is likely to contract into the summer, before mounting a modest recovery, Federal Reserve Bank of Minneapolis President Gary Stern said Wednesday. The economy is mired in a "a serious recession that seems likely to persist for at least another two quarters," Stern said. "Most sectors of the economy are contracting, and it is difficult, as it always is, to identify with confidence the engine, or engines, of expansion that will propel the recovery in activity," he said. But given the amount of support the economy is getting from both the Federal Reserve and from government stimulus efforts, Stern said "there is reason to think that improvement is not too far off," even though once the recovery has started "the pace of the expansion is likely to be subdued for a time." Stern's comments came from the text of a speech prepared for delivery before Corridor Economic Forecast Annual Meeting, in Cedar Rapids, Iowa. The veteran policy maker will not be a voting member of this year's interest rate setting Federal Open Market Committee. The Fed has been seeking to restart growth by way of extremely aggressive monetary policy - its official interest rate target band is between zero percent at 0.25% - and unprecedented provisions of liquidity, coupled with targeted market interventions. Stern was optimistic the Fed's work, along with already existing and proposed help from the government, will do the trick. "Macroeconomic policies - both those in place and those under consideration - are directed forcefully to reestablishing conditions for sustainable economic growth," Stern said. "It may take time, but I expect these policies, together with the underlying flexibility and resilience of the economy, to succeed," he said. Stern offered a mixed assessment about the state of financial markets. Even with some improvements over the last couple of months, "credit strains are real and pervasive, and that these conditions are likely to weigh on economic activity for some time." The economic outlook held by Stern is shared by many of his fellow policy makers, who have also held out similar outlooks for the economy. On the inflation front, Stern said "concerns have subsided with the dramatic fall in the price of energy." On the flip side, those who are worried about a broad-based pullback in prices probably shouldn't be: "if economic growth resumes in the United States as I expect, the threat of deflation should diminish commensurately," Stern said. The central banker used part of his speech to downplay fears that the rapid expansion of the Fed's balance sheet, from just over $800 billion at the start of the crisis, to its current level of $2.2 trillion, is a force that could eventually fuel inflation. "There is ample time to withdraw excess liquidity as appropriate, and in this regard the Federal Reserve remains firmly committed to long-run price stability," Stern said. The official also used his speech to tackle the outlook for regulatory reform, and explained what he thinks should be done. He reiterated that he believes some of the problems can be addressed via reforms that identify early and work to quickly correct problems at financial institutions. -By Michael S. Derby; Dow Jones Newswires, 201-938-4192 michael.derby@dowjones.com (END) Dow Jones Newswires
News Highlights: Top Equities Stories Of The DayLast update: 1/14/2009 2:00:23 PM
TOP STORIES
US STOCKS DROP AS BANK DEVELOPMENTS WEIGH
U.S. stocks tumble as loss warnings and upheaval in the banking sector, and dire trade and retail data hint at an economy at risk of a deflationary spiral. The Dow Jones Industrial Average, already on a five-day losing streak, sheds another 250 points approximately.
US RETAIL SALES SAG 2.7%; IMPORT PRICES DROP
U.S. retail sales tumble for the sixth straight month in December, falling a larger-than-expected 2.7% as consumers slash spending. U.S. import prices decline 4.2% in the month, while business inventories fall 0.7% in November.
CITI SLIDES ON RESTRUCTURING CONCERNS
Shares drop 20% ahead of company's 4Q earnings release, which is moved up to Friday from Jan. 22, as investors brace for an expected operating loss of at least $10 billion. Citi is also expected to announce drastic plan to shed businesses, The Wall Street Journal reports.
LEHMAN'S US UNITS INCREASE CASH TO $6B
Lehman Brothers Holdings and numerous U.S. affiliates have increased their cash balance to about $6 billion since crashing into bankruptcy in September when the companies had $3.3 billion, say Lehman advisers.
US STIMULUS PACKAGE APPROACHES $850B
The price tag of the two-year economic stimulus bill has grown close to $850 billion after negotiations that tilt the package toward investments meant to spur job creation and soften the blow of the downturn on families and local governments.
SATYAM NAMES KPMG, DELOITTE AS NEW AUDITORS
Satyam Computer Services' new board names Deloitte Touche Tohmatsu International and KPMG as interim auditors to assess company's financial health in a step to restore confidence after revelations of accounts fraud.
DEUTSCHE BANK WARNS OF 4Q LOSS NEAR $6.4B
Deutsche Bank expects a 4Q after-tax loss of $6.4 billion and a full-year loss of $5.2 billion, due to very tough market conditions in sales and trading. Analyst says a capital increase can't be ruled out. Shares fall 9%.
GOP'S TARP OPPOSITION AN UPHILL BATTLE
Republican opponents of the Treasury Department's Troubled Asset Relief Program, or TARP, on concede that they face unlikely odds in blocking the program's second $350 billion tranche.
GEITHNER SENATE HEARING DELAYED UNTIL JAN. 21
The Senate for a second time postpones a hearing for the Treasury Secretary-nominee following revelations about his failure to pay Social Security and Medicare taxes while working for the IMF, among other tax infractions.
STERN PREDICTS TWO MORE QUARTERS OF RECESSION
Minneapolis Fed President Gary Stern says the U.S. economy is likely to contract into the summer, before mounting a modest recovery. Stern says "there is reason to think that improvement is not too far off."
PLOSSER SEES HOUSING, CREDIT ARE KEY
Philadelphia Fed president Charles Plosser says the recovery of the housing and financial markets is key to the U.S. economic recovery. He doesn't believe U.S. economic recovery is hostage to China's economic policies.
OIL PRICES DOWN AS INVENTORIES GROW
Crude futures fall $1.19, or 3.1%, to about $36.59 on a report showing that oil inventories continue to grow at the contract's delivery point. A larger-than-expected increase in distillate stocks, which include heating oil and diesel, also sends the market lower.
UAW CHIEF: WAITING FOR OBAMA
The United Auto Workers won't address the cost-cutting demands included in the auto-industry bailout until President-elect Barack Obama takes office next week, says union President Ron Gettelfinger.
NORTEL FILES FOR BANKRUPTCY PROTECTION
Telecom-equipment company says it will continue normal day-to-day operations as it works to deal with its cost and debt burden, to restructure after a sudden drop in demand for its lucrative voice-only telecom network.
STIGLITZ: STIMULUS MUST BE BIG
Nobel Prize-winning economist Joseph Stiglitz sees millions losing their jobs and workers facing a retirement filled with "hardship and uncertainty." The only way to respond, he says, is an economic stimulus package with the "biggest bang for the buck."
TESORO SEES STRONG 4Q ON CHEAPER CRUDE OIL
Tesoro issues preliminary 4Q earnings results above analysts' estimates as the refiner continues to see higher margins from a year earlier, thanks to crumbling crude-oil prices as well as a historically low gasoline supply inventory.
S&P SAYS CITI, MORGAN JV WON'T AFFECT RATINGS
Standard & Poor's says its ratings on Citigroup and Morgan Stanley won't be affected by Morgan Stanley's deal to pay $2.7 billion for a majority stake in a joint venture with Citi's Smith Barney unit.
ECONOMISTS, OFFICIALS URGE REGULATORY CHANGES
The regulatory system for U.S. financial institutions is broken, fraught with inefficiency and outdated standards that have not kept up with increasingly complex companies and products, say federal officials and economists.
EUROPEAN STOCKS CLOSE SHARPLY LOWER ON BANK WARNINGS
European shares fall back to levels last seen in 2008, with a critical brokerage note on HSBC Holdings and a profit warning from Deutsche Bank putting shares on course for a sixth consecutive session of losses. London sheds 5%, while Frankfurt slides 4.6% as shares extend losses in the afternoon after U.S. retail sales fall 2.7% in December and U.S. stocks stage a broad, sizable retreat.
PROSECUTORS TO RENEW ATTEMPT TO JAIL MADOFF
At federal court in New York, prosecutors will seeking a reversal of another judge's ruling that Madoff, 70, should be allowed to remain free under house arrest in his luxury Manhattan apartment.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
GETTING PERSONAL
Charitable Giving Benefits To Face The Ax Hit hard by the recession, many companies have trimmed contributions to employees' 401(k) plans, suspended bonuses and cut back on health-care benefits. Now, a growing number are also taking the ax to their charitable matching gifts and volunteer programs, writes Shelly Banjo.
MARK TO MARKET
Bernanke Says 'Bail Out The Big Bad Banks' Federal Reserve chief Ben Bernanke's comments in London that it is the clear duty of the Fed to rescue ailing U.S. banks was startling, Jim Murphy writes, not just for its candor but for its wrong-headedness.
============ U.S. MARKETS ACTION ===========
DJIA down 254.47 points to 8194.09
NASDAQ down 49.04 points to 1497.42
S&P 500 down 29.51 points to 842.28
10-year T-note 113 21/32 at 2.198 yield up .294
NYMEX Crude down $1.38 at $ 36.40/bbl
Euro/Dollar down 0.0021 at 1.3161
(END) Dow Jones NewswiresJanuary 14, 2009 14:00 ET (19:00 GMT)
News Highlights: Top Equities Stories Of The DayLast update: 1/14/2009 2:00:23 PM
TOP STORIES
US STOCKS DROP AS BANK DEVELOPMENTS WEIGH
U.S. stocks tumble as loss warnings and upheaval in the banking sector, and dire trade and retail data hint at an economy at risk of a deflationary spiral. The Dow Jones Industrial Average, already on a five-day losing streak, sheds another 250 points approximately.
US RETAIL SALES SAG 2.7%; IMPORT PRICES DROP
U.S. retail sales tumble for the sixth straight month in December, falling a larger-than-expected 2.7% as consumers slash spending. U.S. import prices decline 4.2% in the month, while business inventories fall 0.7% in November.
CITI SLIDES ON RESTRUCTURING CONCERNS
Shares drop 20% ahead of company's 4Q earnings release, which is moved up to Friday from Jan. 22, as investors brace for an expected operating loss of at least $10 billion. Citi is also expected to announce drastic plan to shed businesses, The Wall Street Journal reports.
LEHMAN'S US UNITS INCREASE CASH TO $6B
Lehman Brothers Holdings and numerous U.S. affiliates have increased their cash balance to about $6 billion since crashing into bankruptcy in September when the companies had $3.3 billion, say Lehman advisers.
US STIMULUS PACKAGE APPROACHES $850B
The price tag of the two-year economic stimulus bill has grown close to $850 billion after negotiations that tilt the package toward investments meant to spur job creation and soften the blow of the downturn on families and local governments.
SATYAM NAMES KPMG, DELOITTE AS NEW AUDITORS
Satyam Computer Services' new board names Deloitte Touche Tohmatsu International and KPMG as interim auditors to assess company's financial health in a step to restore confidence after revelations of accounts fraud.
DEUTSCHE BANK WARNS OF 4Q LOSS NEAR $6.4B
Deutsche Bank expects a 4Q after-tax loss of $6.4 billion and a full-year loss of $5.2 billion, due to very tough market conditions in sales and trading. Analyst says a capital increase can't be ruled out. Shares fall 9%.
GOP'S TARP OPPOSITION AN UPHILL BATTLE
Republican opponents of the Treasury Department's Troubled Asset Relief Program, or TARP, on concede that they face unlikely odds in blocking the program's second $350 billion tranche.
GEITHNER SENATE HEARING DELAYED UNTIL JAN. 21
The Senate for a second time postpones a hearing for the Treasury Secretary-nominee following revelations about his failure to pay Social Security and Medicare taxes while working for the IMF, among other tax infractions.
STERN PREDICTS TWO MORE QUARTERS OF RECESSION
Minneapolis Fed President Gary Stern says the U.S. economy is likely to contract into the summer, before mounting a modest recovery. Stern says "there is reason to think that improvement is not too far off."
PLOSSER SEES HOUSING, CREDIT ARE KEY
Philadelphia Fed president Charles Plosser says the recovery of the housing and financial markets is key to the U.S. economic recovery. He doesn't believe U.S. economic recovery is hostage to China's economic policies.
OIL PRICES DOWN AS INVENTORIES GROW
Crude futures fall $1.19, or 3.1%, to about $36.59 on a report showing that oil inventories continue to grow at the contract's delivery point. A larger-than-expected increase in distillate stocks, which include heating oil and diesel, also sends the market lower.
UAW CHIEF: WAITING FOR OBAMA
The United Auto Workers won't address the cost-cutting demands included in the auto-industry bailout until President-elect Barack Obama takes office next week, says union President Ron Gettelfinger.
NORTEL FILES FOR BANKRUPTCY PROTECTION
Telecom-equipment company says it will continue normal day-to-day operations as it works to deal with its cost and debt burden, to restructure after a sudden drop in demand for its lucrative voice-only telecom network.
STIGLITZ: STIMULUS MUST BE BIG
Nobel Prize-winning economist Joseph Stiglitz sees millions losing their jobs and workers facing a retirement filled with "hardship and uncertainty." The only way to respond, he says, is an economic stimulus package with the "biggest bang for the buck."
TESORO SEES STRONG 4Q ON CHEAPER CRUDE OIL
Tesoro issues preliminary 4Q earnings results above analysts' estimates as the refiner continues to see higher margins from a year earlier, thanks to crumbling crude-oil prices as well as a historically low gasoline supply inventory.
S&P SAYS CITI, MORGAN JV WON'T AFFECT RATINGS
Standard & Poor's says its ratings on Citigroup and Morgan Stanley won't be affected by Morgan Stanley's deal to pay $2.7 billion for a majority stake in a joint venture with Citi's Smith Barney unit.
ECONOMISTS, OFFICIALS URGE REGULATORY CHANGES
The regulatory system for U.S. financial institutions is broken, fraught with inefficiency and outdated standards that have not kept up with increasingly complex companies and products, say federal officials and economists.
EUROPEAN STOCKS CLOSE SHARPLY LOWER ON BANK WARNINGS
European shares fall back to levels last seen in 2008, with a critical brokerage note on HSBC Holdings and a profit warning from Deutsche Bank putting shares on course for a sixth consecutive session of losses. London sheds 5%, while Frankfurt slides 4.6% as shares extend losses in the afternoon after U.S. retail sales fall 2.7% in December and U.S. stocks stage a broad, sizable retreat.
PROSECUTORS TO RENEW ATTEMPT TO JAIL MADOFF
At federal court in New York, prosecutors will seeking a reversal of another judge's ruling that Madoff, 70, should be allowed to remain free under house arrest in his luxury Manhattan apartment.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
GETTING PERSONAL
Charitable Giving Benefits To Face The Ax Hit hard by the recession, many companies have trimmed contributions to employees' 401(k) plans, suspended bonuses and cut back on health-care benefits. Now, a growing number are also taking the ax to their charitable matching gifts and volunteer programs, writes Shelly Banjo.
MARK TO MARKET
Bernanke Says 'Bail Out The Big Bad Banks' Federal Reserve chief Ben Bernanke's comments in London that it is the clear duty of the Fed to rescue ailing U.S. banks was startling, Jim Murphy writes, not just for its candor but for its wrong-headedness.
============ U.S. MARKETS ACTION ===========
DJIA down 254.47 points to 8194.09
NASDAQ down 49.04 points to 1497.42
S&P 500 down 29.51 points to 842.28
10-year T-note 113 21/32 at 2.198 yield up .294
NYMEX Crude down $1.38 at $ 36.40/bbl
Euro/Dollar down 0.0021 at 1.3161
(END) Dow Jones NewswiresJanuary 14, 2009 14:00 ET (19:00 GMT)
Perhaps.
GRDO .001 x .0012 - .0007 pulling back some
CLNH .40 + .09
I actually like Brazil long term, added EWZ to our website when it dropped back to the $25 range.
ETGF .56 + .14
SNRY .48 +.14
Brazil's Central Bank Sells $1B In Export Credit LinesLast update: 1/14/2009 12:36:59 PM(MORE TO FOLLOW) Dow Jones NewswiresJanuary 14, 2009 12:36 ET (17:36 GMT)
You mentioned the SAR, this may be a good example of the "virtual safety net" , the SAR, to help stop the fall.
CPHD pulling back....
$7 may dip a bit lower and watching for SAR to trigger.
MARKETEDGE
Radar CPHD on a pull back ...
$7 may dip a bit lower and watching for SAR to trigger.
MARKETEDGE
Yep. Within the next 12 months.
Moody's sees 300 junk bond issuers defaulting in next year
12:22 PM ET 1/14/09 | Marketwatch
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service said Wednesday it expected the rate of default among global junk bond issuers to top 15% by year-end, surpassing the peak of 12% reached in 1991, as companies struggle with high credit costs and recessionary economies. The rate of defaults among speculative-grade corporate bond issuers rose to 4% last year, or more than four times 2007 levels, the ratings agency said. "Global economic conditions are now substantially weaker and more perilous than they were in the two previous credit cycles of 1990-91 and 2001-02," said Kenneth Emery, director of corporate default research at Moody's. Its forecast implies about 300 corporate defaulters over the next 12 months, or about 25 a month.
Moody's sees 300 junk bond issuers defaulting in next year
12:22 PM ET 1/14/09 | Marketwatch
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service said Wednesday it expected the rate of default among global junk bond issuers to top 15% by year-end, surpassing the peak of 12% reached in 1991, as companies struggle with high credit costs and recessionary economies. The rate of defaults among speculative-grade corporate bond issuers rose to 4% last year, or more than four times 2007 levels, the ratings agency said. "Global economic conditions are now substantially weaker and more perilous than they were in the two previous credit cycles of 1990-91 and 2001-02," said Kenneth Emery, director of corporate default research at Moody's. Its forecast implies about 300 corporate defaulters over the next 12 months, or about 25 a month.
LOL, funny Mike. Cow Gas Study Not Just A Lot Of Hot Air
http://www.terradaily.com/reports/Cow_Gas_Study_Not_Just_A_Lot_Of_Hot_Air_999.html
Breading cows who can "hold it in".
by Staff Writers
Sydney (AFP) Aug 18, 2006
Scientists have launched a multi-million dollar project to reduce flatulence in cows, hoping that a drop in gas can help in the fight against global warming. The project aims to breed more efficient cows that convert their food into more milk and less methane, one of the greenhouse gases blamed for rising temperatures across the planet.
"We're looking at feed conversion efficiency," said Dieter Adam, a manager at New Zealand's Livestock Improvement Corporation. "We want fuel-efficient cows."
The Australia-New Zealand Biotechnology Partnership Fund said the research project would help farmers selectivly breed cows that with were more efficient in converting food into milk.
"There is some scientific evidence indicating that if cows are more efficient milk producers, they produce less methane," Adam said.
In 2003, the New Zealand government attempted to impose a methane tax on farmers because their livestock was responsible for more than half the country's greenhouse gas emissions.
But the so-called "fart tax" was dropped after protests from farmers.
Source: Agence France-Presse
Another one bites the dust ...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34283454&txt2find=prcm
KDSC +100% from today's low, you were correct.
Money ,
Money ,
That's also one hell of a chart.
Thanks ChartTrader. It must be an issue on their website, I'll be sure to let them know tomorrow.
Nice info !
Interesting perspective buyittradeit.
Don't tell that to Caesar.
Yes, the government sure does have endless resources.
SAY it's not so. :)
I know it was halted. Did it just start trading again today?
More importantly, ANYONE who gets paid is supposed to disclose their payments. It's all about transparency and I believe that the IRP program is not even scratching the surface of disclosure. Non disclosing entities are likely to be taking a big risk since ihub developed the IRP program. In my opinion, the IRP program was started as a "regulatory" influenced purpose due to items relating to some past investorshub members activities.
I see that you were playing BSTI, one that WSG mentioned to me a while back, I think it was .25 back then :)
Yep.
56 million in volume ? lol
Never said it was them :)
Sure, PFSW alerted to me at 1.06.
Especially with a Democrat as our President.
NY Giants, BIG letdown.