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Apr 15, 2010

The Gata Dispatch: FOFA, The 21st-Century Bank Run

FOFOA: The 21st-century bank run

8:45p ET Thursday, April 15, 2010
Dear Friend of GATA and Gold (and Silver):
After some review of monetary history, the FOFOA (Friend of Friend of Another) blog tonight examines the recent statements made by CPM Group Managing Director Jeff Christian to the March 25 hearing of the U.S. Commodity Futures Trading Commission and to Jim Puplava's Financial Sense Newshour program on April 10, as well as the statements made this week to King World News by Omnis consulting firm Senior Managing Director Jim Rickards.
In their various comments Christian and Rickards both confirmed that the investment bank gold business is actually a fractional-reserve scheme that cannot produce even a large fraction of the gold claims it has sold. But FOFOA argues that Rickards' idea of returning the United States to a gold standard with convertibility and gold highly priced, around $5,500, would be just as likely to destroy the dollar and Wall Street as to save them.
The FOFOA commentary is headlined "The 21st-Century Bank Run" and you can find it here:
http://fofoa.blogspot.com/2010/04/21st-century-bank-run.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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REUTERS: Daily Investor Update, DAI: Transport stocks lift Wall Street, though data weighs




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Good evening Fernando, THU 15 Apr 2010 
Transport stocks lift Wall Street, though data weighs
Google shares drop after results
Factories shine, job market weakness lingers
UAL, Continental in merger talks: source
Fewer Americans falling behind on credit cards
Lehman wins OK to create asset management company
Regulator warns on future bank stress tests
Quadrangle, Cuomo in kickback accord; Rattner eyed
U.S. says 7 UBS clients hid $100 million from taxes
Business Books: Affluent, untapped and happy to spend


Transport stocks lift Wall Street, though data weighs
April 15, 2010 04:29 PM ET
NEW YORK (Reuters) - U.S. stocks posted their sixth straight day of gains on Thursday as an encouraging profit forecast from United Parcel Service lifted transportation shares, though concerns about a rise in weekly jobless claims limited the market's advance.

Full Article
Google shares drop after results
April 15, 2010 04:27 PM ET
SAN FRANCISCO (Reuters) - Google Inc said its revenue grew 23 percent in the first quarter, beating Wall Street expectations.

Full Article
Factories shine, job market weakness lingers
April 15, 2010 03:30 PM ET
WASHINGTON/NEW YORK (Reuters) - U.S. manufacturers were busy in April as factories ramped up production to rebuild inventories though soft labor markets still point to a relatively slow economic recovery.

Full Article
UAL, Continental in merger talks: source
April 15, 2010 03:40 PM ET
NEW YORK (Reuters) - Continental Airlines Inc has restarted merger talks with UAL Corp's United Airlines, two years after walking away from almost sealing a deal, a source briefed on the matter said on Thursday.

Full Article
Fewer Americans falling behind on credit cards
April 15, 2010 04:02 PM ET
NEW YORK (Reuters) - Credit card delinquency rates fell last month at most major U.S. lenders, including Bank of America Corp and JPMorgan Chase & Co, in the latest sign that Americans are starting to climb out of the recession.

Full Article
Lehman wins OK to create asset management company
April 15, 2010 02:47 PM ET
NEW YORK (Reuters) - Lehman Brothers Holdings Inc , which filed the largest bankruptcy in U.S. history, won a federal bankruptcy judge's approval on Thursday to create a new asset management company.

Full Article
Regulator warns on future bank stress tests
April 15, 2010 12:02 PM ET
WASHINGTON (Reuters) - The regulator for the largest U.S. banks warned on Thursday against using industry-wide "stress tests" as a cornerstone of bank supervision going forward -- a view that diverges from a top Federal Reserve official.

Full Article
Quadrangle, Cuomo in kickback accord; Rattner eyed
April 15, 2010 03:28 PM ET
NEW YORK (Reuters) - Private equity firm Quadrangle Group LLC settled its part of a long-running pay-to-play probe involving the state's $129.4 billion pension fund, but the accord excludes co-founder Steve Rattner, who remains under scrutiny.

Full Article
U.S. says 7 UBS clients hid $100 million from taxes
April 15, 2010 04:18 PM ET
NEW YORK/WASHINGTON (Reuters) - Seven former wealthy U.S. clients of UBS AG were charged on Thursday with filing false tax returns, collectively hiding more than $100 million held offshore in Swiss accounts.

Full Article
Business Books: Affluent, untapped and happy to spend
April 15, 2010 02:45 PM ET
NEW YORK (Reuters) - When Michelle Obama wore a J. Crew outfit on the "Tonight Show" during the presidential campaign, online sales for the clothing retailer went through the roof.

Full Article
REUTERSwww.reuters.com