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http://www.kitco.com/charts/livegoldnewyork.html
For Gold Chart only, it is live gold price!
Keep eye on Gold Price, It might hit $1,250 Today. Maybe!!!
Morici: Why Gold Prices Are Soaring
Gold prices are soaring because of growing inflation fears—both the European Central Bank and the Federal Reserve seem to be on the path to permanently easy money with the Greek bailout and huge U.S. budget deficits.
Neither the reforms attached to the Greek bailout nor banking legislation in Congress get at the structural problems that caused failures in Athens and on Wall Street.
Soft reform is no reform—investors are fearful too much money will undermine the value of euro bonds and U.S. Treasuries—even if those bonds don't outright default.
The bailout for Greece and aid for other debt ridden Mediterranean economies provides hard commitment of assistance but does not address the fundamental structural problems that cause Greece, Portugal, Spain and other less prosperous EU states to spend too much.
Namely, over the last forty or fifty years, economic integration in Europe has increased public expectations that social safety nets-health care, retirement benefits, job security, unemployment assistance, etc-would be as strong and generous in poorer EU states as in rich ones.
Unlike the United States, the EU does not have well developed mechanisms for taxing high-income states to provide low-income states with the same level of social expenditures. The EU can't tax Germany to subsidize Greece, as Washington taxes New York to subsidize Mississippi.
Consequently, Mediterranean governments spend too much and push costs on private sectors those can't bear, and higher inflation results. When those countries had their own currencies they could let those slip in value against the mark, over time, but now with the euro as legal tender, governments do not have this option. Instead, they borrow to the point of default, and pose the veiled threat of leaving the euro zone if aid is not forthcoming.
The Greek bailout does not address the underlying fiscal problem-the absence of EU taxing and spending authority. The $750 billion fund is merely a down payment on even bigger future bailouts.
Simply, the European Central Bank will have to print lots more money to buy European government bonds to keep the system afloat and a weak euro, inflation and rising interest rates will follow.
In the United States, President Obama's budget projections are much more optimistic than economists or investors believe. The CBO has just concluded, for example, health care reform will cost the federal government much more than originally projected.
With new health care legislation, U.S. federal deficits will exceed $1 trillion for many years to come, even with repeal of the Bush tax cuts for families over $250,000 and the interest and dividend tax. The President's pledge not to raise taxes on families under $250,000 puts Washington in a fiscal box.
Also, the banking legislation moving through Congress does not fix fundamental problems in the securitization market, and it does not fix too big to fail for the largest U.S. banks. In the current crisis, the FDIC had resolution authority with regard to Citigroup and Bank of America, and Treasury has the same regarding AIG, but it proved impossible to sell off these firms' good businesses in a crisis to save the taxpayer from sinking hundreds of billions in bailout funds. Quick rinse bankruptcy procedures, as proposed in the banking reform legislation, won't fix that.
Hence, large deficits and more bailouts are likely over the next decade, and that will ultimately drive up interest rates on long U.S. bonds, and drive down, five years from now, the prices of 20- and 30-year Treasuries purchased today.
Overall, neither euro denominated assets nor U.S. Treasuries are a good investment in such a potentially explosive inflationary environment.
Investors, fearing the worst, are hedging by putting more of their portfolios into gold, and the price of gold rises.
______________________
Peter Morici is a professor at the Smith School of Business, University of Maryland, and former Chief Economist at the U.S. International Trade Commission.
As Gold Soars, Is It Too Late to Cash In on the Rally?
On Wednesday May 12, 2010, 9:52 am EDT
Fears that the past weekend's $1 trillion European rescue package will ultimately drive inflation resulted in investors piling back into gold.
Much of that demand is reportedly coming from Germany, where the memory of hyperinflation between the two world wars continues to significantly influence thinking.
The price of gold is at an all-time high, with demand at its highest level since the collapse of Lehman Brothers.
UBS said demand for gold coins is so high that supply is struggling to match demand and gold producers are ramping up production of coins to cash in on fears over rising inflation.
Gold is currently benefiting from the belief that central banks cannot raise rates, said Monica Fan, senior currency product engineer at State Street Global Advisors.
"Politically it would be very unpalatable to raise rates raising fears over inflation," Fan said. "With so much uncertainty out there gold has become a de-facto currency."
Fundamentals for gold remain strong given the rise of the middle class in Asia, and the "long term trend is bullish," she said.
Stephen Perry, the chairman of The 48 Group Club and a China watcher, agreed that gold is likely to head higher.
"The economics of the world have changed drastically over the last three years," Perry said. "With so much uncertainty unresolved, gold will be a hedge against uncertainty."
For the next six to nine months, gold could be a better hedge against inflation than traditional inflation hedges like the money markets and property, he added..
In addition to gold, silver will also rise, Chris Zwermann, the global strategist at Zwermann Financial in Frankfurt, said.
"Silver has broken through a key technical level and will make big gains over the next few days," he said.
But not everyone agrees.
- Watch the video above for the full interview with Chris Zwermann.
There is no risk of inflation, instead concerns should be about deflation, Jochen Wermuth, the managing partner at Wermuth Asset Management told CNBC.
"When this trend becomes apparent gold will fall," he said.
Investors should buy long-term puts to protect against lower gold prices over the medium term, Aaron Gurwitz, head of global investment strategy at Barclays Wealth, told CNBC.com.
"Prices may go higher from here, but ultimately they will fall and investors need to protect themselves," Gurwitz said.
Gold flies to record, investors seek safety
Gold bars are displayed at Habib Jewels' boutique in Kuala Lumpur in this September 17, 2009 file photo. REUTERS/Bazuki Muhammad
On Wednesday May 12, 2010, 10:58 am EDT
By Pratima Desai and Jan Harvey
LONDON (Reuters) - Gold surged to a record high on Wednesday as investors sought safety from the risk of Greece's debt crisis spreading to other countries, with demand for coins, bars and bullion-backed exchange-traded funds all climbing.
Spot gold hit $1,244.45 an ounce, a gain of nearly 20 percent since early February. It was bid at $1,238.45 an ounce at 1441 GMT (10:41 a.m. EDT) from $1,232.05 late in New York on Tuesday. U.S. gold futures hit a record $1,245.40 an ounce.
Investor buying this week was triggered by doubts that a $1 trillion rescue package to contain an escalating debt crisis in Europe would be enough to cut the chances of sovereign default in the euro zone.
Gold priced in euros extended its record high to 982.51 euros an ounce on Wednesday, and has risen 28 percent since early February, outstripping dollar gold's climb.
"The recent move in gold has been all about the gradually, and then more rapidly escalating fiscal crisis in Europe," said Nic Brown, an analyst at Natixis.
"Clearly, the largest move has taken place in euros. For me, this is a classic illustration of gold being a store of value in times of crisis. In particular, it is useful for investors in the particular currency which is suffering the crisis."
Investors and many traders think the scale of Greece's fiscal problems could make it tempting for the country to default, despite the package, which could start a run on the debt of countries such as Spain, Portugal and Italy.
Gold priced in sterling hit a record 835.49 pounds, and in Swiss francs a record 1,381.16 francs.
INVESTMENT STRONG
The scale of investor buying can be seen in the holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, which said its holdings stood at a record high of 1,192.150 tonnes as of May 11.
Sales of smaller gold investment products like coins and bars also jumped. The Austrian Mint, which produces the popular Philharmonic gold coin, said it sold more gold in the two weeks from April 26 than in the entire first quarter.
Elsewhere Swiss refinery Argor-Heraeus said investor demand for small gold bars and minted products had jumped tenfold since the start of the year.
"Our trading desk has seen a marked increase in demand - especially for allocated gold and physical gold coins and bars. Demand for silver coins and bars has risen as well," bullion dealer Goldcore said in a note.
"The significant uncertainty in currency markets... is what is driving demand and leading to higher prices."
Spot silver rose to $19.68 an ounce, its highest since March 2008. It was last at $19.57 from $19.28 late on Tuesday.
The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to 9,115.15 tonnes as of May 11, up 27.43 tonnes from the previous business day.
Platinum was bid at $1,731.50 an ounce from $1,702 and palladium at $537.50 from $532 on Tuesday.
(Editing by Sue Thomas)
Plan A
If Lumb do pay off debt to note holder, he might keep “Bouse” and the “South Copperstone” Gold. NOT for SALE?
Correct?
Do Lumb have PLAN "B" after he is done with note holder?
I wonder.
Take time to pay off to loan note holder!
When pay off Loan note holder, what happen next...?
I am curious!
I give up on ICOA! I can't buy it anymore!
Of course, I understand it still be pinksheet that's more risk. Not worth for me to buy it!
I want to say Good Luck to you for buying ICOA!
When will ACAS start to process new dividend?
What Went Wrong at WaMu: Weak Regulators Ignored Bank's Bad Practices
Agency infighting and regulators' repeated disregard of shoddy lending practices allowed Washington Mutual Bank, a $300 billion thrift and the sixth largest U.S. depository institution before it failed in 2008, to continue to make high-risk mortgage loans and sell them as securities into the market, according to the findings of a Senate investigative subcommittee released Friday.
In the second of four hearings being held on causes of the economic crisis by the Permanent Subcommittee on Investigations, Chairman Carl Levin (D-Mich.) called Seattle-based WaMu, which was purchased by JPMorgan Chase (JPM) in 2008 after it collapsed, "a case history to illustrate how from 2004 to 2008, U.S. financial institutions loaded up on risk and churned out hundreds of billions of dollars in high-risk, poor-quality home loans to Wall Street in exchange for big fees. Together they initiated the economic assault."
The financial firms "couldn't have done what they did unless their regulators let them," Levin said, listing numerous examples of situations in which the Office of Thrift Supervision knew of serious problems in loan quality and risk management at WaMu, but did little to stop the practices until it was too late. The Federal Deposit Insurance Corp., the bank's back-up regulator, also did not take enough action to ensure the safety and soundness of the bank, Levin said.
The subcommittee released nearly 500 pages of documents from regulators and WaMu, and it took testimony from inspector generals at Treasury and FDIC, both of which released their own critical reports.
Bank Dumped Toxic Mortgages Into Market "Like Polluters Dumping Poison in a River"
WaMu was the largest financial institution overseen by the Office of Thrift Supervision, and WaMu's fees paid for 12% to 15% of the agency's budget, Levin said. "OTS was a feeble regulator," he said. "Instead of policing the economic assault, OTS was more of a spectator on the sidelines, a watchdog with no bite, noting problems and making recommendations but not acting to correct the flaws and the failures that it saw." At times, OTS officials even prevented the FDIC from fully examining the bank, he said.
Between 2003 and 2008, WaMu and its primary subprime lender, Long Beach Mortgage Company, dumped low-risk 30-year fixed-rate loans and loaded up on more profitable, but problem-plagued, high-risk subprime and adjustable-rate "option arm" mortgages, Levin said. From 2000 to 2007, WaMu and Long Beach securitized at least $77 billion in subprime loans, stopping only when the subprime secondary market collapsed in September 2007. WaMu sold another $115 billion in option arm loans. "Together, WaMu and Long Beach dumped hundreds of billions of dollars of toxic mortgages into the financial system like polluters dumping poison in a river," he said.
Meanwhile, regulators "had a front-row seat to Washington Mutual's high-risk lending strategy, its poor quality loans, its substandard securitization practices, but did little to stop it," he said. OTS was well aware of WaMu's high risk lending strategy, moving to require the bank to get board approval of that strategy in January, 2005.
"OTS knew about WaMu's shoddy lending practices, having repeatedly identified problems with the bank's operations in examination reports year after year," Levin said. OTS noted numerous problems at WaMu and told the bank to take corrective action, but when problems were not fixed OTS failed to take action. Levin listed deficiencies noted by OTS examiners in WaMu's lending policies, including concentrations in option arm loans to higher-risk borrowers, limited-documentation loans, and loans with subprime or higher-risk characteristics throughout a period from 2004 through 2008.
OTS raised concerns with WaMu's top executives and board of directors for five years, Levin said. "Each year, WaMu promised to do better, but it didn't, and OTS never took action to change that," he said. OTS officials viewed the bank as their "largest constituent" instead of an institution that they were supposed to regulate, he added. While some OTS examiners tried to object to policies that allowed borrowers to get loans without verifying income, an OTS official dismissed concerns, labeling one examiner who raised concerns as a "lone ranger."
The agency did not take any enforcement action until shortly before the bank failed in 2008, when it was too late, Levin said.
OTS Blocked FDIC's Access to WaMu Records
OTS examiners felt they could not take action against WaMu as long as the bank was not losing money and loans were being repaid, according to the subcommittee's findings. However, regulatory standards require agencies to take action against bad practices, whether or not the institution committing them is making money, Levin said. Moreover, OTS officials felt that as long as WaMu was selling the mortgages as securities, they did not need to interfere, regardless of their effect on the market or the broader economy.
OTS officials also blocked FDIC access to bank data, Levin said. But the FDIC expressed concerns about the bank from 2005 through 2008, and did not act aggressively to correct the bank's practices, he said. The FDIC finally downgraded the WaMu in September 2008, after several runs on the bank's deposits, and the OTS reluctantly followed suit the same day. "By then, the FDIC was contemplating whether the $300 billion thrift, had it failed, might exhaust the entire federal deposit insurance fund, which contained a total of about $45 billion," he said. The OTS closed WaMu and appointed the FDIC as receiver in September; the FDIC sold WaMu's assets to JPMorgan Chase for about $1.9 billion.
"This is a great example of regulatory failure," concluded Sen. Tom Coburn, (R-Okla.), the ranking GOP member of the subcommittee. But Congress was also remiss, he said. "Where was the Congress in looking at OTS?" Congress did little to oversee the effectiveness of OTS or the FDIC, he said, and he criticized plans for the Senate to consider financial reform legislation before getting a full report on what happened with bank failures.
Resolution of WaMu Collapse Had "Zero Cost" to Taxpayers, FDIC
In prepared testimony, FDIC Chairman Sheila Bair claimed that the FDIC "has taken a leading role in addressing some of the unsustainable trends that precipitated the mortgage crisis." The agency has advocated for regulatory reform to end abusive mortgage lending under the Home Ownership and Equity Protection Act, she said.
But she said an interagency agreement giving the FDIC back-up authority to examine high-risk thrifts limited direct FDIC access to bank employees and required it to rely on examinations conducted by the OTS. "The compromises that appeared reasonable in theory at the height of the banking industry profitability served to bind us when the FDIC needed to implement this agreement in practice," she said in her testimony. Bair called for removing limits on the FDIC's ability to take enforcement action.
Bair defended WaMu's resolution, saying it "went remarkably smoothly." All of WaMu's deposits were preserved, bank branches were left open, many jobs were saved, and there was "a seamless transition for WaMu's customers the day after the bank was closed." Further, the resolution came at "zero cost" to the deposit insurance fund, and the bank was not bailed out. "Had the FDIC been forced to liquidate WaMu, the FDIC estimates that it would have suffered approximately $41 billion in losses," she testified.
The FDIC has acted to implement findings of the FDIC and Treasury inspectors general in connection with the oversight of WaMu, Bair said. The two inspectors general identified problems with the interagency agreement that limits the FDIC's ability to examine potential risk at insured deposit institutions. They also expressed concerns about FDIC's reliance on the rating system it uses for setting insurance premiums for banks.
Former OTS Director John Reich tried to defend his agency's regulation of WaMu, saying that the FDIC had agreed on the bank's risk rating. Some exam results indicated that the WaMu deserved its relatively high rating until 2008, he said. Reich said he did not why it took so long to implement a Memorandum of Understanding that OTS entered into with the bank under which WaMu was supposed to correct problems.
"I regret that there was a six-month delay," Reich said. "I regret that it took so long." But he said he could not remember why it took so long. "I was not personally involved in the negotiations" of the memorandum, he said.
http://www.dailyfinance.com/story/credit/what-went-wrong-at-wamu-weak-regulators-ignored-banks-bad-prac/19442878/
I add up website so it same as above stories. That is from my aol.
Bair says agreement kept FDIC from saving WaMu
posted: 2:40 PM 04/16/10
WASHINGTON -Federal Deposit Insurance Corp. chairman Sheila Bair is denying that the FDIC could have done more to prevent the largest bank failure in U.S. history.
Bair says the FDIC could not invoke its power as backup regulator of Washington Mutual Inc. because other regulators found the bank to be stable. WaMu's main regulator refused to downgrade WaMu's rating in 2008 over the FDIC's objections.
The FDIC's inspector general said earlier Friday that the FDIC could have done more given its concerns about WaMu and the bank's size.
Bair is testifying before a hearing of the Senate Permanent Subcommittee on Investigations.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — Facing withering attacks for failing to prevent the largest U.S. bank failure ever, a former regulator is defending his actions and pushing back against charges that he was too cozy with bank management.
Questioned about an apologetic and familiar e-mail to Washington Mutual Inc. CEO Kerry Killenger, former Office of Thrift Supervision director John Reich told a Senate panel, "I make no apology for that e-mail whatsoever."
"I am by nature a humble person, I am a casual person and an informal person," Reich said. "It is not at all unusual that I address people ... by their first name, particularly if I am 10 years older than they are."
Reich headed OTS, WaMu's main regulator, in the years before the bank failed. He is testifying before the Permanent Subcommittee on Investigations as it probes the lax oversight that allowed WaMu to flood the financial system with billions of dollars of toxic mortgage investments.
The subcommittee is charging that regulators failed to act for years despite knowing the bank had problems, then argued among themselves as it collapsed.
Panel chairman Sen. Carl Levin, D-Mich., shot back, "It is not only feeble enforcement, it is pitiful enforcement." He said earlier that OTS "was more of a spectator on the sidelines, a watchdog with no bite, noting problems and making recommendations, but not trying to correct the flaws and failures it saw."
Reich said he regretted some decisions, but would not apologize despite lawmakers' invitations.
Levin said officials' chummy relationships with bank executives made OTS a toothless regulator. In an e-mail released by the 18-month probe, Reich referred to WaMu CEO as "my largest constituent assetwise."
Reich said he picked up the term "constituent" during 12 years working on Capitol Hill. He said it is not "intended to reflect any sort of sinister or inappropriate relationship" with a regulated bank.
Fees from WaMu made up about 15 percent of the agency's budget — more than any other single bank.
Addressing the toughness of OTS' oversight, Reich pointed to failures of supervision at Citigroup Inc. and elsewhere.
Reich bristled at the panel's statements that WaMu was the biggest financial failure in U.S. history, saying, "In fact, the largest failure in U.S. history was Citi."
Citi received government support of $45 billion. Officials arranged for WaMu to be purchased by JPMorgan Chase & Co. for $1.89 billion. They did not believe WaMu's downfall would upend the broader financial system.
A Treasury Department watchdog earlier told the panel that regulators trusted the executives of Washington Mutual to correct risks at the bank but did little to force a change — leading to the bank's failure.
Treasury Inspector General Eric Thorson said that OTS officials "accepted assurances from WaMu management and its board of directors that problems would be resolved," but "OTS did not ensure that WaMu corrected those weaknesses."
WaMu engaged in increasingly risky lending starting in 2002. The bank originated some of the highest-risk mortgages — those that allow borrowers to pay so little their debt level actually increases over time.
It also bought loans from outside mortgage brokers, often without ensuring the loan applications were complete and accurate, the Senate panel charges.
Thorson emphasized that the problem at WaMu was not unique. He said other regulators had made the same mistakes elsewhere.
The mortgages had high rates of default but WaMu nevertheless packaged them into investments and resold them through the financial system.
"Together, WaMu and (its mortgage lender) Long Beach dumped hundreds of billions of dollars of toxic mortgages into the financial system like polluters dumping poison in a river," Levin said.
The panel will hear later Friday from OTS acting director John Bowman and Sheila Bair, chairman of the Federal Deposit Insurance Corp.
The hearing is part of a series of probes into the causes of the financial crisis. The panel sparred with WaMu executives Tuesday.
Documents released by the panel show OTS officials found glaring problems with WaMu's lending and risk management starting in 2002 but relied on the bank to correct the issues voluntarily. WaMu repeatedly failed to do so, but the OTS never forced a change, documents show.
Fueled by the housing boom, Washington Mutual's sales to investors of subprime mortgage securities leapt from $2.5 billion in 2000 to $29 billion in 2006. The 119-year-old thrift, with $307 billion in assets, was sold for $1.9 billion to JPMorgan in a deal brokered by the FDIC.
The FDIC administers the fund that insures regular bank deposits and has backup oversight of all insured banks. Like the OTS, the FDIC recognized problems with WaMu years before the bank's failure. FDIC officials pressured OTS to take more aggressive action but did not invoke their enforcement authority.
FDIC officials have said they were constrained by a 2002 agreement under which FDIC examiners could enter banks only after they were deemed to be unhealthy. FDIC wanted OTS to downgrade WaMu's rating but OTS refused to do so, documents show.
But the FDIC's own watchdog said the agency could have done more.
"FDIC could have taken enforcement action to remedy or prevent unsafe or unsound practices" given OTS reluctance to crack down, FDIC inspector general Jon Rymer said.
The agency was critical of WaMu's practices and pressed the OTS to take tougher action, the report said. It said OTS blocked the FDIC's efforts to perform its own examinations.
A separate report issued jointly by Thorson and Rymer faulted the two agencies for infighting that delayed action. But it said OTS bears more blame because it blocked the FDIC's examiner from accessing information needed to assess the bank's strength.
"OTS' supervision did not adequately ensure that WaMu corrected those problems early enough to prevent a failure of the institution," the inspectors general wrote.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2010-04-16 14:40:33
See full article from DailyFinance: http://srph.it/cBoNza
Under attack, former WaMu regulator defends role
http://www.dailyfinance.com/article/under-attack-former-wamu-regulator/846720/
Goldman Sachs charged with fraud by SEC
REUTERS — 6 MINUTES AGO
NEW YORK (Reuters) - Goldman Sachs Group Inc was charged with fraud on Friday by the U.S. Securities and Exchange Commission in the structuring and marketing of a debt product tied to subprime mortgages.
The SEC alleged that Goldman structured and marketed a synthetic collateralized debt obligation that hinged on the performance of subprime residential mortgage-backed securities, and which cost investors more than $1 billion.
It alleged that Goldman did not tell investors "vital information" about the CDO, called ABACUS. This included that a major hedge fund, Paulson & Co, was involved in choosing which securities would be part of the portfolio, and had taken a short position against the CDO in a bet its value would fall.
According to the SEC complaint, Paulson & Co paid Goldman $15 million to structure the CDO, which closed on April 26, 2007. Little more than nine months later, 99 percent of the portfolio had been downgraded, the SEC said.
The SEC said Goldman Vice President Fabrice Tourre was principally responsible for creating ABACUS. It also charged him with fraud.
Goldman, Paulson and Tourre were not immediately available for comment.
Shares of Goldman sank $19.39, or 10.5 percent, to $164.88 in morning trading on the New York Stock Exchange.
(Reporting by Jonathan Stempel. Editing by Robert MacMillan)
SEC charges Goldman Sachs with defrauding investors about products tied to subprime mortgages
AMBAC FINANCIAL GROUP INC Financials
http://finance.yahoo.com/q/is?s=abk
Wednesday Rally: S&P Next
http://seekingalpha.com/article/198707-wednesday-rally-s-p-next
I bought icoa at 1:17PM... who did sold?
I guess someone feel tired of it then sold.
I hold ICOA for two years and plus!
LOS ANGELES (MarketWatch) -- J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 44.91, +0.33, +0.74%) is close to striking a deal for a tax refund of as much as $1.4 billion, due to a little-noticed clause in an economic stimulus bill, The Wall Street Journal reported, citing people familiar with the matter. The law in question allows companies apply losses from 2008 or 2009 against taxes paid in the previous five years, instead of the previous two years, the report said. As a result, J.P. Morgan would seek more than half the total $2.6 billion in tax refunds that would apply to failed Seattle thrift Washington Mutual, which it bought in 2008. The report estimated that at least 250 other companies expect about $12 billion in federal tax refunds under the law.
JP Morgan Paid $1.9B for WaMu and Now It Wants a $1.4B Tax Refund
http://finance.yahoo.com/tech-ticker/jp-morgan-paid-$1.9b-for-wamu-and-now-it-wants-a-$1.4b-tax-refund-yftt_448092.html
UPDATE 2-E*Trade names new CEO, plans reverse stock split
Former Citigroup executive Steven Freiberg named CEO
* 1-for-10 reverse stock split set (Adds statements from company and new CEO, background, share move, byline)
By Jonathan Spicer
NEW YORK, March 22 (Reuters) - E*Trade Financial Corp (ETFC.O), an online broker beginning to emerge from painful mortgage lending problems, named former Citigroup Inc (C.N) executive Steven Freiberg as its new CEO and said it plans a reverse stock split.
Freiberg, 53, will take the reins from interim Chief Executive Robert Druskin on April 1, capping a search for a successor to former chief Donald Layton. [ID:nN17180980]
Freiberg, who will also join E*Trade's board of directors, is the former co-CEO of Citigroup's global consumer group and headed the bank's credit card unit. His annual base salary at E*Trade will be $1 million, and he is eligible for a $3 million cash performance bonus, according to a regulatory filing.
E*Trade also said on Monday that it will seek approval from shareholders for a 1-for-10 reverse stock split, which would decrease the number of authorized common shares to 400 million. Shareholders will vote on the split at the May 13 annual meeting.
E*Trade shares closed at $1.57 on Friday and edged up about a penny in heavy premarket trading on Monday. They were worth more than $25 in 2007, before loan losses in the company's mortgage portfolio set in.
E*Trade, rumored to be a takeover target, said the reverse split is "a logical next step for the company as we complete our financial and managerial restructuring."
Freiberg said in a statement, "I look forward to the opportunity to work with the company's talented management team to build on that momentum and help drive E*Trade's future growth and profitability."
The company has posted losses in 10 straight quarters. Under regulatory pressure, it has aggressively raised capital with the backing of major stakeholder Citadel Investment Group, and is showing some signs of recovery. (Reporting by Jonathan Spicer; editing by John Wallace)
http://www.bloomberg.com/?b=0
photo is fake...
Check up above website tell you truth.. look compare...
I still hold FFGO now since I was GWGO shareholder. I am not afraid to lose money!
Form 8-K for AMERICAN CAPITAL, LTD
------------------------------------------------------------------
15-Jan-2010
Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed in its Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 27, 2009, American Capital, Ltd. (the "Company") and lenders holding approximately 95% of the loans outstanding under its unsecured revolving credit facility (the "Credit Facility") with Wachovia Bank, National Association, as administrative agent (the "Administrative Agent"), entered into a Lock Up Agreement on November 20, 2009. The remaining lenders under the Credit Facility executed the Lock Up Agreement shortly thereafter. Pursuant to the Lock Up Agreement, the parties thereto agreed, among other things, to support an out-of-court exchange of the loans outstanding under the Credit Facility and the Company's private and public unsecured notes, consistent with the Company's publicly announced restructuring proposal (the "Exchange Transaction"). On January 11, 2010, the Company and the Administrative Agent agreed to extend the date of the termination event in the Lock Up Agreement relating to consummating the Exchange Transaction or commencing a voluntary reorganization case under the United States Code, from January 15, 2010 to January 31, 2010.
MWM Keep up good working.. I love chart very much.
I look for good dividend with REIT.
I hold it long term as support ACAS investment stay stronger because I love dividend that's my favorite collect. I still wait for dividend. Patience!
It's beginning smooth alike ride Cadillac.
I am sure DOW JONES market climb up pretty good!
Do you think all shareholders should do dump all shares to FH damn bowl then will FH come back to Cetek Technologies Inc. for starting stock trader run again?
I still hold 70,000 shares and know that's worthless. Of course, FH refuse to pour some money to CTKH stock market.
Excuse me, I try to write English grammar.
I wonder FH did change plan after he does not need stock market.
FH may use fund called Income... alike Cetek Income Fund.
Do you think?
How? I think his employees spend money in Cetek Income Fund every week. FH will feel comfortable with that.
Cetek Income Fund for retirement saving only. I am sure that build up fast and safety than stock market. How many employee is in Cetek Technologies Inc business?
That is my opinion.
Honest with you!
My URS company has URS Income Fund but my company has NYSE stock market. It collect huge $$$ from over 25,000 employees.
I just hold small shares as 106. I have no idea if I can hold long term. I keep positive as watch ACAS market.
URS to Provide Environmental Restoration and Construction Services to the U.S. Air Force
URS 46.46 +0.36
URS Corporation On Wednesday January 6, 2010, 8:30 am EST
SAN FRANCISCO--(BUSINESS WIRE)--URS Corporation (NYSE:URS - News) today announced that it has been awarded one of 42 indefinite delivery/indefinite quantity contracts to provide a range of environmental, engineering and construction services at bases worldwide for the Air Force Center for Engineering and the Environment (AFCEE) under the Worldwide Environmental Restoration and Construction (WERC09) contract. The WERC09 program ceiling is $3 billion for the combined companies. Task orders under the program are expected to be issued to qualified contractors over a five-year period.
Under the terms of the contact, URS and the other qualified contractors can compete for, or be assigned, task orders either as stand-alone companies or as part of multi-company teams. The scope of work for the URS contract includes providing environmental related services for a variety of AFCEE installations, including completion of conceptual designs, construction, implementation, demolition, repair, and operations and maintenance of installed systems for delivery to the government.
“URS has been a continuous AFCEE provider since the Center’s establishment in 1991. We are pleased to have been awarded this important contract, which demonstrates AFCEE’s continued trust in URS and our capabilities,” said Gary V. Jandegian, President, Infrastructure & Environment. “We look forward to providing AFCEE with high-quality services throughout the world.”
URS Corporation (NYSE: URS - News) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 45,000 employees in a network of offices in more than 30 countries
I had found inside information from http://www.impaccompanies.com/ I can't find it. hmm
I believe that Not reverse split but it is for changing from pinksheet to AMEX. 1:1 means equal, no reverse split.
Cheer Up!
Date Requested 12/28/09
Closing Price $3.52
Volume 68,806
Split Adjustment Factor 1.0000:1
Open $3.25
Day's High $3.60
Day's Low $3.21
Is it correct????
It is good stock. Worth for having it by earning dividend monthly!
JCG $44.86 climb up beautiful!
URS names former US Senator William Frist to board
SAN FRANCISCO (AP) -- URS Corp., an engineering and construction company, said Monday that former U.S. Senator William H. Frist has joined its board, effective immediately.
Frist is a partner at Cressey & Company LP, a private investment firm, and serves as a professor of business and medicine at Vanderbilt University.
He served as U.S. senator for Tennessee from 1995 until 2007 and was majority leader of the U.S. Senate from 2002 until 2007.
URS shares declined 4 cents to $44.78 in morning trading.
Star Analysts
http://finance.yahoo.com/q/sa?s=urs
NEW YORK, NY--(Marketwire - 11/24/09) - Fortress Financial Group, Inc. (Pinksheets:FFGO - News) confirms that it has today filed a very detailed Form 8-K.
The purpose of this filing is to update our stockholders as to the position of their Company, to date.
This Form 8-K filing does not detail any valuations in respect of the Company's interests in its two Gold Properties, which the Company is now engaged in very advanced discussions to dispose of, at this time.
In respect of the possibility of a full bid to purchase your Company, your Company's Management can only say that it is a possibility at this time and cannot presently comment any further at this time, due to ongoing negotiations, and has not therefore dealt with this issue in this Form 8-K filing.
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.
UPDATE 1-URS eyes high-speed rail, water projects for 2010
Friday 13, 2009
* High-speed rail offers plenty of bidding opportunities
* Low debt means ample room for acquisitions, growth -CFO
* Shares up nearly 11 pct after results, positive outlook
SAN FRANCISCO, Nov 13 (Reuters) - Engineering company URS Corp (URS.N) sees plenty of opportunities for work next year as U.S. states seek to build high-speed rail lines with help from federal funds, and with a few big water projects on the way.
More broadly, $10 billion in federal stimulus money will be flowing to major infrastructure projects that URS could manage, compared with just $2 billion this year, the company said.
Last month 24 states applied for stimulus money earmarked for high-speed rail, and URS is already under contract for related work in California and Connecticut, the company said.
"We currently are hiring additional engineers to meet increased demand in this area," Chief Executive Martin Koffel told analysts on a conference call on Friday to discuss the company's better-than-expected third quarter earnings [ID:N12414393]
Shares of the San Francisco-based company closed up $4.36, or 10.8 percent, to $44.85.
URS also has won a stimulus-related contract from U.S. rail company Amtrak to improve its Northeast corridor, and a joint venture it leads won a potential $280 million deal for the St. Bernard levee near New Orleans. Koffel was encouraged by recent California legislation to improve its water delivery system.
Last month, URS bought oil and gas project specialist ForeRunner, anticipating a flurry of pipeline building in years ahead as natural gas becomes a bigger part of the U.S. energy mix. Rival Quanta Services Inc (PWR.N) gave similar reasons for its recent purchase of pipeline firm Price Gregory.
URS executives signaled more acquisitions could be on the way. Chief Financial Officer Tom Hicks said URS would bring in plenty of cash next year, lowering its leverage well below what he deems an optimal debt-to-capitalization ratio of 20 percent to 30 percent. So money would likely be redeployed for acquisitions or to grow the company internally, he added.
URS, with total capitalization on its balance sheet of more than $5 billion, now has long-term debt of just over $780 million, down from nearly $1.1 billion at the start of 2009.
"I have no career experience in managing an unleveraged company," Koffel said, recalling a brief exception to that two years ago when he was at a New York hotel to meet bankers to finance its Washington Group takeover.
"For about 10 days we were technically out of debt," he added. "And I said to the group 'I feel like I've lost an old friend'." (Reporting by Braden Reddall; editing by Carol Bishopric)
Wonder who buy ICOA then hold at 0.0003 so long. Shareholders?