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Tapes showing meek oversight of Goldman are about to rock Wall Street
Wall Street is about to be rocked by secretly recorded audio tapes that purport to show a too-cozy relationship between the New York Federal Reserve Bank and the financial institutions it is supposed to regulate.
The 45 hours of tapes, made by Carmen Segarra, a former NY Fed worker, capture former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive, according to NPR’s “This American Life,” which obtained the tapes and is scheduled to air a program about the matter Friday night.
Segarra, ironically, was hired by the NY Fed in October 2011 to help toughen up their oversight. She was fired in 2013 after, she claims in a lawsuit, she tried to get Goldman to toe the line on regulations.
The NY Fed has regulators embedded at each of the large banks it oversees. On her first day on the job, Segarra was assigned to Goldman.
The pushback from Goldman started right away. At one of her first meetings, a senior compliance officer at Goldman said certain consumer laws didn’t apply to the bank’s wealthier clients.
“I was shocked,” Segarra tells a reporter for the NPR show, adding that her notes on the meeting had that exact line.
Goldman, through a more seasoned Fed regulator also embedded at the Wall Street bank, told Segarra her notes were wrong.
Segarra said they weren’t.
Her more senior colleague asked her to change the notes.
She refused.
That senior colleague would later tell Segarra, according to a transcript of the NPR program, that “credibility at the Fed is about subtleties and about perceptions, as opposed to reality.”
Said Segarra: “I found it to be completely incredible.”
Goldman and the NY Fed, as an answer to her lawsuit, have denied the charges.
David Beim, the Columbia University business professor whose 2009 report on how the NY Fed could improve its oversight of banks — a report which led to Segarra’s hiring — called the ability of banks to co-opt and tame NY Fed workers “regulatory capture.”
Michael Lewis, best-selling author of “Flash Boys: A Wall Street Revolt” and “Liar’s Poker,” said after listening to the tapes: “The Ray Rice video for the financial sector has arrived.”
http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra
Are they "Buying" or are they being compansated in shares
While the POG is down?
Back in JDST @ $15.62
Maybe he should leave.
Those pay numbers don't add up to $2.5 MM.
If the people in charge can't count any better than that.........
He knows exactly what he is talking about.
He has a Bachelor's Degree in Journalism. He is not stupid. He fully understands exactly why he is writing what he is writing.
Bought and paid for by the shorters and distorters.
All of the other normal shorter's media outlets are giving FNMA accurate news because of who is in the stock long.
When you are a hedge fund Guru, the threat of "I'll buy your whole company just so I can FIRE YOU!" is credible.
Left a dollar on the table.
Chinese Checkmate
By Bill Holter
September 22nd, 2014
I had planned to write a piece entitled “Gold and Silver Can Never Go Up” but will defer that until tomorrow. Don’t worry, it’s not what you are thinking I assure you. Instead, I will expand on my “Kill Switch” theory a bit and for a lack of better term call it “checkmate!”
Before getting into this I want you to understand the relationship between the U.S. and China… from China’s point of view. They view us as an adversary, they always have and always will. Sure they will smile and do business with us but to what end? The answer of course is “theirs.” I have posited in the past that China has been absolutely brilliant in playing our “debt game” over the last 10-15+ years. They used the American consumer as end sales for their production of goods. This created cash flow and allowed them to build out their production and manufacturing base at a rate much faster than any civilization in history.
They also built “ghost cities” and all of the infrastructure that goes with it. Had they not played the “debt game” this could never have been done. Remember, earlier this year China made crystal clear their stance on derivatives. They announced that should they choose, they will default on any derivative at their prerogative… because they know. They know the derivatives game is a naked sham and “product” does not for the most part exist behind many contracts. I believed and now believe more strongly than ever, China played the game knowing full well the debt would collapse. They also created new infrastructure and manufacturing capacity while ours is old and in decay. They looked 100+ years into the future while we were still looking at the past.
That said, I believe China has set up via incredible chess management a trap that even the best fictional writers would envy. First, they have purchased and amassed well over $3 trillion worth of U.S. dollar reserves and Treasury securities. This position alone makes them our largest banker and puts them in a position of power over us. It has been speculated the Chinese could just start dumping Treasuries and dollars to short circuit our financial system and thus the economy. I don’t think so …all by itself. Yes this would probably put a serious wrench in our system but what if it didn’t completely do the job? What if the Fed stepped up (they will) and magically bought everything China sold? The Fed has already quadrupled their balance sheet in 6 years, what would another doubling be? What would stop the Fed from simply bidding for anything and everything being sold? They’ve pretty much already done this with the various “QE’s” so what is another $3 trillion or so? My point is this, it could be done by the Fed and China knows this.
China has also accumulated an absolute minimum of 6,000 tons of gold since 2008 and more than likely have 10,000+ tons which would make them the largest holder in the world even if our 8,133 tons exists…which it does not. This speculation does not even include “legacy gold” which was mined and accumulated over 100's if not several thousand years. Their total very well could be in the 15-20,000 ton range but let’s assume they only have 6,000 tons. This amount makes them number one in the world no matter what the Fed, the Treasury or the Wizard of Oz has to say.
Next is the silver side of it. I have told you my theory on why open interest would rise as the price fell. Some are saying that each time the open interest rose the price then followed and got killed. This is true but “it’s different this time.” I know “scary words” but it really is different this time because in the past, open interest rose …along with price…and sentiment …into what we’ll call “peaking action.” Now, open interest has steadily risen while price and sentiment were ground into the dirt, there is no “froth” whatsoever. In fact, a better description would be “despair.” So it really is different and the longs must also be very different entities because they have stood tall and increased their positions while taking billions of $ in losses, who could or would do this?
The answer of course are the Chinese. They “could” withstand major losses because they have the money to do so. They also look very very long term down the road and couldn’t care less if some margin clerk hits them over the head with daily calls, they just fund them and know the Sun will rise tomorrow. The situation in COMEX silver has gotten very lopsided as the open interest for Dec. silver is a staggering 700 million ounces while the registered inventory is only 60 million. Obviously this is a very big potential problem.
The Chinese also just opened their physical exchange Friday only to see gold hit for another few dollars and silver attacked for .50 cents. The gold community is scared witless because the usual suspects have all turned up as traders on the Shanghai exchange. I would like to point out that the Chinese do not put up with “fraud” very well. In fact, they just executed a billionaire 2 months or so back because he was involved in fraud. How many Americans other than Stanford and Madoff got jail time not to mention being executed over the fraud involved leading up to 2007 and ’08? None. Nobody. Can you say “Jon Corzine?”
Also of note is the inventory of silver now held in Shanghai. What was nearly 1,200 tons a year ago is now a measly 92 tons. This for round numbers works out to only $50 million. $50 million? I know several individuals personally who could write a check of this amount. Unless we see metal entering their vault very shortly an arbitrage is going to begin in earnest. Maybe I should just call it a transfer but what will happen logically is a search at other vaults will begin. The LBMA, COMEX, and SLV are obviously the most visible and logical places. If demand from Shanghai, Singapore, Hong Kong or even Dubai cleans out THEIR inventories then “no worries,” it can be sourced at these locations…or can it? And if it can, for how long?
As I started out with, China maybe could put some pretty serious hurt on us by dumping Treasuries but as in the “Art of War” by Sun Tzu, they will not go off halfcocked and everything must be fully planned down to the minute details. Putting this all together I believe China has engineered a masterpiece. They are our banker and we owe them trillions of $. China has built out their manufacturing base and productive capacity unlike any civilization ever. They have accumulated massive amounts of gold which could have ONLY come from Western vaults …so “their imports” were “our depletion” and came at our expense. I believe they also have their finger on the trigger of the silver market by cornering the December contract which will now be followed by their own “pricing mechanism” of a physical exchange. What will be the “real price” of silver if a physical exchange runs out of silver? I believe COMEX will ultimately be embarrassed by non-delivery and the exposure of massive fraud, this will be just one of the punishments China sends West.
While I’m at it I might as well add a “cherry on top” for appearance sakes. What just happened this past Friday? Well, Alibaba of course. Alibaba raised nearly $22 billion in capital which valued the entire company at $168 billion. It has since risen in value to that equal to Walmart …only a handful of U.S. companies are larger. Is Alibaba really worth this much? No matter opinion, the Chinese “sold” at what they believed to be a good price and sucked up $22 billion worth of capital in the process.
You can say what you want, say “it’ll never happen” or whatever. The chess pieces are on the table and our “opponent” is not in this for bragging rights or loose change, they are in it for all the marbles! China is our biggest banker and supplier of capital, our biggest supplier of consumer goods, they have been the biggest hoarder of gold and I hypothesize the “mystery owner” of huge positions in Dec. silver. Every move they have publicly made for over 2 years has been dollar negative and yuan/trade positive. They have built cities, infrastructure, plant and equipment which is clearly beyond current needs for capacity. China has done deals with our friends and foes alike, they have supported geopolitically nearly anything and everything contrary to public U.S. views and policy. They are supporting Mr. Putin financially while the U.S. tries in vain to punish him financially. Would, could, the U.S. place “sanctions” on China for breaking the “sanctions” on Russia? I know, that was a bad joke but it’s a real question.
Before finishing let’s not forget about the “cherry on top,” did China just dump the largest IPO in U.S. history at the top of the market? A market, financial system and economy that I believe they are now in a position to destroy at the flip of a switch and the timing of their desire? Like I said, laugh at this, laugh at me, do whatever you’d like, all I am doing is pointing out the very obvious. No country or nation should or would ever put their adversary in a position to destroy them, we have allowed it and even encouraged it. We are broke, we depend on our adversary for funding, trade, and we have given them all of our real money, what’s next? Trading them Manhattan for a few trinkets? The danger to their plan in my opinion is this, just as it is dangerous to corner a wild animal it is more dangerous to bankrupt and financially corner a nuclear power.
http://blog.milesfranklin.com/chinese-checkmate
Out of JDST @ $15
$18 bump this morning looks real.
95% of Climate Models Agree: The Observations Must be Wrong
February 7th, 2014 by Roy W. Spencer, Ph. D.
I’m seeing a lot of wrangling over the recent (15+ year) pause in global average warming…when did it start, is it a full pause, shouldn’t we be taking the longer view, etc.
These are all interesting exercises, but they miss the most important point: the climate models that governments base policy decisions on have failed miserably.
I’ve updated our comparison of 90 climate models versus observations for global average surface temperatures through 2013, and we still see that >95% of the models have over-forecast the warming trend since 1979, whether we use their own surface temperature dataset (HadCRUT4), or our satellite dataset of lower tropospheric temperatures (UAH):
Whether humans are the cause of 100% of the observed warming or not, the conclusion is that global warming isn’t as bad as was predicted. That should have major policy implications…assuming policy is still informed by facts more than emotions and political aspirations.
And if humans are the cause of only, say, 50% of the warming (e.g. our published paper), then there is even less reason to force expensive and prosperity-destroying energy policies down our throats.
I am growing weary of the variety of emotional, misleading, and policy-useless statements like “most warming since the 1950s is human caused” or “97% of climate scientists agree humans are contributing to warming”, neither of which leads to the conclusion we need to substantially increase energy prices and freeze and starve more poor people to death for the greater good.
Yet, that is the direction we are heading.
And even if the extra energy is being stored in the deep ocean (if you have faith in long-term measured warming trends of thousandths or hundredths of a degree), I say “great!”. Because that extra heat is in the form of a tiny temperature change spread throughout an unimaginably large heat sink, which can never have an appreciable effect on future surface climate.
If the deep ocean ends up averaging 4.1 deg. C, rather than 4.0 deg. C, it won’t really matter.
http://www.drroyspencer.com/2014/02/95-of-climate-models-agree-the-observations-must-be-wrong/
Question for the day
Where is the bottom?
http://finviz.com/futures_charts.ashx?t=GC
There is a difference
Between being loyal and being foolish. Business is business.
Ask yourself which one of your losers has the least potential to increase as much as the GSEs do?
Make the trade and don't look back!
Cat bounce
Almost pulled the trigger on a gold DCB.
Looks like waiting my pay off.
Not an Ackman loss at all
1. Ackman not involved in that suit.
2. That same exact argument was litigated ad infinitum in the Fairholm suit and the judge ruled in Ackman's favor.
3. Why would you be posting crap like this when, we and even you know it does not apply to our suit?
Short and distort. What a rotten way to make a living.
Not an Ackman loss at all
1. Ackman not involved in that suit.
2. That same exact argument was litigated ad infinitum in the Fairholm suit and the judge ruled in Ackman's favor.
3. Why would you be posting crap like this when, we and even you know it does not apply to our suit?
Short and distort. What a rotten way to make a living.
JDST Veddy Veddy Goot To Me!
What's behind puts in Herbalife
optionMONSTER By Chris McKhann (chris.mckhann@optionmonster.com)
3 hours ago
A bearish trade targeted Herbalife on Friday as shares traded near 52-week lows.
Just before the close, a trader bought 40,000 January 40 puts for the ask price of $4.35 on a wide bid/ask spread, according to optionMONSTER's Depth Charge tracking system. The volume was more than twice the previous open interest, showing that this is a new position.
These puts lock in the price where traders can sell Herbalife stock through mid-January no matter how far it might fall. The contracts, which would profit from a sharp drop in the shares, could be an outright bearish bet or a hedge on a long position. (See our Education section)
HLF finished the week at $44.83, down 1.82 percent on the day. The nutritional-products company was trading up above $65 a month ago before it tumbled on earnings results.
Total option volume in HLF of 25,000 on Friday was triple its daily average for the last month.
If the Gov uses the "you can't sue me"
Argument in enough courtrooms, some judge is going to sucker for it.
That ruling is based on an argument used for 3 months in Sweeney's courtroom and she put an end to it with discovery.
In JDST @ $13.78
No Sign Of Inflation????
Hamburger is $4 a pound in the grocery store.
Sounds like out of the frying pan, into.............
To achieve true independence, Crane suggests the following, among other mandates:
* Establish an independent Central Bank of Scotland.
* Issue a new Scottish (Debt Free) Currency.
* Settle any outstanding debt with new Scottish Currency.
* Take Scotland out of the EU.
* Take Scotland out of NATO.
* Establish strict currency controls for the first 3 years of independence.
* Nationalize the Scottish oil & gas industry.
* Re-take control of the National Health Service.
* Establish a State Employment Agency to provide work/training for all able-bodied residents.
Can't get more socialist than that. Where would the "Freedom" be?
Plan the trade. Trade the plan.
Don't worry about profits that come to the stock after.
Yup
Zip. Nada. Nothing. No more quotes. No more selling in the market. Other than to say that I am truly sorry you folks lost your money, my job is done here.
The public homeowner isn't that stupid
50% of homeowners went through FNMA underwriting to buy their home. They put up with the nitpicking so they could get a lower rate.
They know they have FNMA loans.
Just so we are all on the same page
You do know that JDST is the 3X BEAR ETF? Calls on JDST are a bet that the price of gold is going to FALL.
Like it just fell $6 in minutes.
Shorting JDST is a bet that the price of gold will RISE.
That $.25
Was a value placed by an author who could not get published because the article was so riddled with errors.
Hope you aren't trading based on that article. That trade won't do well at all.........
If the Govt nationalizes FNMA
Kruschev will be laughing his _ss off in his grave.
Hope you aren't in a valley.
The kind of rain coming in the next three days will probably wash out roads, power lines and cause huge mudslides.
Good luck to you my friend. BE SAFE!
Arizona Live Radar
http://www.accuweather.com/en/us/arizona/weather-radar?play=1
There are no Minority Shareholders
That term is just spin placed by the Govt to diminish the rights of the only shareholders.
Until the Govt exercises the warrants, they are not shareholders at all.
It is not at all clear that the courts are going to allow the Govt to steal the company.
Tropical Storm ODILE Public Advisory
Home Public Adv Fcst Adv Discussion Wind Probs Graphics Archive
000
WTPZ35 KNHC 162332
TCPEP5
BULLETIN
TROPICAL STORM ODILE INTERMEDIATE ADVISORY NUMBER 27A
NWS NATIONAL HURRICANE CENTER MIAMI FL EP152014
500 PM PDT TUE SEP 16 2014
...CENTER OF ODILE BEGINNING TO MOVE INTO THE GULF OF CALIFORNIA...
...HEAVY RAINS CONTINUING OVER PORTIONS OF THE BAJA CALIFORNIA
PENINSULA...NORTHWESTERN MEXICO...AND THE SOUTHWESTERN UNITED
STATES...
SUMMARY OF 500 PM PDT...0000 UTC...INFORMATION
----------------------------------------------
LOCATION...29.4N 113.6W
ABOUT 130 MI...210 KM S OF PUERTO PENASCO MEXICO
MAXIMUM SUSTAINED WINDS...50 MPH...85 KM/H
PRESENT MOVEMENT...N OR 360 DEGREES AT 7 MPH...11 KM/H
MINIMUM CENTRAL PRESSURE...994 MB...29.36 INCHES
WATCHES AND WARNINGS
--------------------
CHANGES WITH THIS ADVISORY...
NONE.
SUMMARY OF WATCHES AND WARNINGS IN EFFECT...
A TROPICAL STORM WARNING IS IN EFFECT FOR...
* THE EAST COAST OF THE BAJA PENINSULA FROM MULEGE TO SAN FELIPE
* MAINLAND MEXICO FROM GUAYMAS TO PUERTO PENASCO
A TROPICAL STORM WATCH IS IN EFFECT FOR...
* THE WEST COAST OF THE BAJA PENINSULA NORTH OF SAN JOSE DE LAS
PALOMAS TO CABO SAN QUINTIN
INTERESTS ELSEWHERE IN THE BAJA CALIFORNIA PENINSULA AND
NORTHWESTERN MEXICO SHOULD MONITOR THE PROGRESS OF ODILE.
FOR STORM INFORMATION SPECIFIC TO YOUR AREA...PLEASE MONITOR
PRODUCTS ISSUED BY YOUR NATIONAL METEOROLOGICAL SERVICE.
DISCUSSION AND 48-HOUR OUTLOOK
------------------------------
AT 500 PM PDT...0000 UTC...THE CENTER OF TROPICAL STORM ODILE WAS
LOCATED NEAR LATITUDE 29.4 NORTH...LONGITUDE 113.6 WEST. ODILE IS
MOVING TOWARD THE NORTH NEAR 7 MPH...11 KM/H...AND THIS GENERAL
MOTION IS EXPECTED TO CONTINUE THROUGH THIS EVENING. A TURN TOWARD
THE NORTH-NORTHEAST WITH AN ADDITIONAL DECREASE IN FORWARD SPEED IS
EXPECTED LATE TONIGHT AND EARLY WEDNESDAY. ON THE FORECAST TRACK...
THE CENTER OF ODILE WILL MOVE OVER THE NORTHERN GULF OF CALIFORNIA
THROUGH TONIGHT...AND INTO NORTHWESTERN MAINLAND MEXICO ON
WEDNESDAY.
MAXIMUM SUSTAINED WINDS ARE NEAR 50 MPH...85 KM/H...WITH HIGHER
GUSTS. LITTLE CHANGE IN STRENGTH IS EXPECTED WHILE ODILE REMAINS
OVER THE GULF OF CALIFORNIA. RAPID WEAKENING WILL OCCUR AFTER ODILE
MOVES INLAND OVER NORTHWESTERN MAINLAND MEXICO WEDNESDAY AFTERNOON
AND EVENING.
TROPICAL-STORM-FORCE WINDS EXTEND OUTWARD UP TO 140 MILES...220 KM
FROM THE CENTER.
THE ESTIMATED MINIMUM CENTRAL PRESSURE IS 994 MB...29.36 INCHES.
HAZARDS AFFECTING LAND
----------------------
WIND...TROPICAL STORM CONDITIONS WILL SPREAD NORTHWARD OVER PORTIONS
OF THE TROPICAL STORM WARNING AREA THROUGH TONIGHT. TROPICAL STORM
CONDITIONS ARE POSSIBLE WITHIN THE TROPICAL STORM WATCH AREA
TONIGHT.
STORM SURGE...A STORM SURGE COULD STILL PRODUCE SIGNIFICANT COASTAL
FLOODING IN AREAS OF ONSHORE WINDS...AND ALSO FROM NEAR SAN FELIPE
AROUND THE FAR NORTHERN GULF OF CALIFORNIA COAST TO NEAR PUERTO
PENASCO. NEAR THE COAST...THE SURGE WILL BE ACCOMPANIED BY LARGE
AND DAMAGING WAVES.
RAINFALL...ODILE IS EXPECTED TO PRODUCE RAINFALL AMOUNTS OF 6 TO 12
INCHES WITH ISOLATED MAXIMUM TOTALS OF AROUND 18 INCHES ACROSS MUCH
OF THE BAJA CALIFORNIA PENINSULA AND NORTHWESTERN MEXICO THROUGH
FRIDAY. THESE RAINS ARE LIKELY TO RESULT IN LIFE-THREATENING FLASH
FLOODS AND MUD SLIDES.
ABUNDANT MOISTURE AHEAD OF ODILE IS EXPECTED TO PRODUCE RAINFALL
AMOUNTS OF 3 TO 6 INCHES WITH ISOLATED MAXIMUM TOTALS AROUND 9
INCHES ACROSS THE MOUNTAINS OF SOUTHEASTERN ARIZONA...SOUTHWESTERN
NEW MEXICO...AND FAR WESTERN TEXAS INTO FRIDAY MORNING. THESE RAINS
COULD RESULT IN LIFE-THREATENING FLASH FLOODS AND MUD SLIDES...
ESPECIALLY IN MOUNTAINOUS AREAS.
SURF...SWELLS FROM ODILE WILL AFFECT PORTIONS OF THE SOUTHWESTERN
COAST OF MEXICO DURING THE NEXT COUPLE OF DAYS...AND ARE AFFECTING
PORTIONS OF THE BAJA CALIFORNIA PENINSULA AND THE GULF OF
CALIFORNIA. THESE SWELLS WILL LIKELY CAUSE LIFE-THREATENING SURF
AND RIP CURRENT CONDITIONS. PLEASE CONSULT PRODUCTS FROM YOUR LOCAL
WEATHER OFFICE.
NEXT ADVISORY
-------------
NEXT COMPLETE ADVISORY...800 PM PDT.
$$
FORECASTER PASCH
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 73084 / September 12, 2014
ADMINISTRATIVE PROCEEDING
File No. 3-16023
In the Matter of
International Building Technologies Group, Inc.,
Regeneca, Inc.,
Retail Pro, Inc.,
Tri-Valley Corporation, and
VECTRA Technologies, Inc.,
Respondents.
ORDER MAKING FINDINGS AND
REVOKING REGISTRATION OF
SECURITIES PURSUANT TO
SECTION 12(j) OF THE
SECURITIES EXCHANGE ACT OF
1934 AS TO INTERNATIONAL
BUILDING TECHNOLOGIES
GROUP, INC.
I.
The Securities and Exchange Commission (“Commission”) deems it necessary and
appropriate for the protection of investors to accept the Offer of Settlement submitted by
International Building Technologies Group, Inc. (“INBG” or “Respondent”) pursuant to Rule
240(a) of the Rules of Practice of the Commission, 17 C.F.R. § 201.240(a), for the purpose of
settlement of these proceedings initiated against Respondent on August 20, 2014, pursuant to
Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”).
II.
Solely for the purpose of these proceedings and any other proceedings brought by or on
behalf of the Commission, or to which the Commission is a party, and without admitting or
denying the findings herein, except as to the Commission’s jurisdiction over it and the subject
matter of these proceedings, which are admitted, Respondent consents to the entry of this Order
Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the
Securities Exchange Act of 1934 as to International Building Technologies Group, Inc.
(“Order”), as set forth below. 2
III.
On the basis of this Order and Respondent’s Offer, the Commission finds that1
:
1. INBG (CIK No. 1075993) is a revoked Nevada corporation located in
Diamond Bar, California with a class of securities registered with the Commission under
Exchange Act Section 12(g). As of August 18, 2014, the common stock of INBG
(symbol INBG) was quoted on OTC Link (formerly “Pink Sheets”) operated by OTC
Markets Inc., had ten market makers, and was eligible for the “piggyback” exception of
Exchange Act Rule 15c2-11(f)(3).
2. INBG has failed to comply with Exchange Act Section 13(a) and Rules
13a-1 and 13a-13 thereunder because it has not filed any periodic reports with the
Commission since the period ended September 30, 2011.
IV.
In view of the foregoing, the Commission deems it necessary and appropriate for the
protection of investors to impose the sanction specified in Respondent’s Offer.
Accordingly, it is hereby ORDERED that:
Pursuant to Section 12(j) of the Exchange Act, the registration of each class of
Respondent’s securities registered pursuant to Exchange Act Section 12 be, and hereby is,
revoked.
For the Commission, by its Secretary, pursuant to delegated authority.
Jill M. Peterson
Assistant Secretary