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Oct 9, 2012

GATA | THE GATA DISPATCH -October 9, 2012-: Steve Forbes: Gold can save us from disaster

Steve Forbes: Gold can save us from disaster

4:27p ET Tuesday, October 9, 2012

In commentary published in the new edition of Forbes magazine, editor and publisher Steve Forbes endorses both a gold standard and U.S. Rep. Ron Paul's proposed legislation to facilitate competition in currencies. In support of the latter, Forbes cites the prosecution of Liberty Dollar founder Bernard von Not Haus. Forbes' commentary is headlined "Gold Can Save Us from Disaster" and it's posted at the Forbes Internet site here:
http://www.forbes.com/sites/steveforbes/2012/10/03/gold-can-save-us-from...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

DealBook Afternoon Edition -October 9, 2012-: Wall Street Pay Remains High Even as Jobs Shrink



Tuesday, October 9, 2012
TOP STORY
Even as the financial industry in New York has slashed jobs by the thousands, the average worker on Wall Street is still collecting a near-record paycheck.
Wall Street Pay Remains High Even as Jobs Shrink Total compensation on Wall Street rose 4 percent last year to more than $60 billion - an amount surpassed only by total pay in 2007 and 2008, according to a report.
  • DEALBOOK »
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    DEALBOOK HIGHLIGHTS
    Regulator Prepares to Appeal Dodd-Frank Court Ruling The Commodity Futures Trading Commission is preparing to appeal a recent court ruling that struck down new curbs on Wall Street trading. But the appeals court, which is dominated by Republican appointed judges, may also object to the so-called position limits rule.
    Deal Professor: The Private Equity Wizardry Behind Realogy's Comeback Steven M. Davidoff says that soon after it was purchased by Leon Black's Apollo Global Management, Realogy was considered virtually insolvent. But then Apollo went to work.
    Billionaire Financier Leon Black Buys Art Publisher Phaidon The billionaire financier Leon Black has recently made as many headlines for his art patronage as for his business deals. On Tuesday, he combined the two, announcing an acquisition of Phaidon Press, a leading publisher of fine art books.
    China Insider: China Gets Back to Work Uncertainty about China's political transition has hurt foreign confidence in its economy and may have led to policy inertia in the face of a slowing economy. Bill Bishop examines what DealBook readers need to know about China this week.
    Another View: A Better Solution Is Needed for Failed Financial Giants Harvey R. Miller and Maurice Horwitz contend that more than four years after the collapse of Lehman, regulators still do not have an adequate process to deal with the critical consequences of a cross-border failure.
    Workday Raises I.P.O. Range to $24 to $26 Initial public offerings have largely sputtered over the last few weeks, but the dismal environment has done little to dent investors' enthusiasm for Workday, a maker of human resources software.
    MegaFon of Russia Moves Ahead on I.P.O. One of Russia's largest cellphone companies, MegaFon, announced plans to go public later this year on London Stock Exchange, but the company could face headwinds on the public markets.
    Stanley Black & Decker to Sell Hardware and Home Unit Stanley Black & Decker agreed on Tuesday to sell its hardware and home improvement unit to Spectrum Brands, the maker of Rayovac batteries and George Foreman grills, for $1.4 billion in cash, as it worked to whittle down its product portfolio.
    Barclays to Buy British Retail Unit From ING Barclays has agreed to buy the British savings and loan business of the Dutch firm ING Group as Barclays shifts its focus toward retail banking.
    Julius Baer to Cut 1,000 Jobs After Deal for Bank of America Unit The Swiss bank plans to eliminate up to 18 percent of its work force to cut costs after it struck a deal in August with Bank of America to buy the American bank's private banking operations outside the United States and Japan.
    Buzz Tracker
    Variety Magazine Sold for About $25 Million A magazine that once was considered the bible of Hollywood has been sold for about $25 million in what "was essentially a fire sale," the Media Decoder blog reports. Penske Media, the owner of a collection of entertainment news blogs, teamed up with the hedge fund Third Point to acquire the magazine
    Advent to Buy Cytec's Coating Resin Business for $1.15 Billion The private equity firm Advent International sought to add to its chemicals portfolio. The unit makes and sells synthetic components for paints, and generated about $1.6 billion in revenue last year.
    LOOKING AHEAD
    Economic Reports Data to be released on Wednesday will include wholesale trade for August and the Federal Reserve beige book.
    Corporate Earnings Companies scheduled to report quarterly results on Wednesday include Costco Wholesale.
    In the United States On Wednesday, FedEx executives will meet with investors and lenders to detail cost-cutting efforts.
    Overseas On Wednesday. Prime Minister Mariano Rajoy of Spain will meet in Paris with President François Hollande of France.
    DealBook Video
    Business Day Live: Ireland Plans Bold Measures to Lift Housing Ireland plans a bold move to help struggling homeowners. | The I.M.F. cuts its global growth forecast. | How Wal-Mart found a banking partner in American Express.

The New York Times Politics -October 9, 2012-: North Carolina Blacks for Obama, Key in 2008, are Uncertain in '12

The New York Times

October 9, 2012

Politics


North Carolina Blacks for Obama, Key in 2008, are Uncertain in '12

The strong turnout among blacks voting for Barack Obama in 2008 helped turn North Carolina into a blue state for the first time in decades.

Schumer Opposes a Budding Tax Deal in Deficit Plan

Senator Charles E. Schumer's position throws cold water on what had been an emerging consensus for a bipartisan deficit-reduction plan.

More Politics

The Caucus

Obama Ad Features Someone Big, Yellow and Feathery

A new television ad by President Obama's campaign features Big Bird in a tongue-in-cheek bid to attack Mitt Romney for suggesting he would crack down on federal funding for public television, while not cracking down on big banks.
The Caucus

Ohio Official Will Take Early Voting Decision to Supreme Court

The Ohio secretary of state said Tuesday that he will appeal to the Supreme Court a decision by a federal appeals court last week that allowed expanded early voting in the final three days before the election.
Mitt Romney is spending several days in Ohio, a state every Republican president has carried.

With New Vigor, Romney Resets Ohio Campaign

If one place is emerging as a test of Mitt Romney's ability to capitalize on a new dynamic in the presidential race, it is Ohio, which every Republican president in the nation's history has carried.
The Caucus

Obama Campaign Hits Back on Romney Foreign Policy Speech

The Obama campaign hit back aggressively at Mitt Romney's charge that President Obama has not led on foreign policy, accusing the former Massachusetts governor of an "erratic, unsteady and irresponsible" national security strategy.

New 'Super PACs' Alter Landscape for House Races

A possibly potent kind of super PAC is proliferating in the closing weeks of the campaign, transforming Congressional races with a barrage of outside money.

The Caucus

A Move Toward Romney in Polls, but Will It Last?

The sizable shift toward Mitt Romney after the first debate is a perfect example of the unpredictable role that momentum plays in American presidential campaigns.

Romney in the Rain

Why politicians love bad weather.

Pew Poll Shows Romney Advancing After Debate

Mitt Romney's strong debate performance has wiped out President Obama's eight-point lead in the latest national poll conducted by the Pew Research Center.
ADVERTISEMENT

Election 2012 iPhone App

A one-stop destination for the latest political news, from The Times and other top sources around the Web. Plus opinion, polls, campaign data and video.
FiveThirtyEight
A Great Poll for Romney, in Perspective
Mitt Romney gained further ground in the FiveThirtyEight forecast on Monday, but much of the increase was because of a single poll.
Is There Life After Mitt?
You might expect soul-searching on the right if Romney loses. Think again.

Multimedia

Video: TimesCast Politics | Oct. 9, 2012
A new tone from the Obama campaign. | Some perspective on the latest polls. | A focus on turning out black voters.
Interactive Feature: The First Presidential Debate
Follow along with this interactive replay of the debate, using fact checks and graphics take a closer look at the candidates' assertions and attacks.
Photographs: The 2012 Presidential Campaign, Week by Week
Every week during the 2012 presidential campaign, The Times will be posting a new slide show recapping the events of the past seven days.
Graphic: State of the Race for the Senate
Updated analysis by The New York Times and details on the six races considered tossups.

The New York Times Afternoon Edition -October 9, 2012: Greek Leader Greets Merkel as Protests Rage in Streets

The New York Times
October 9, 2012

Afternoon Update



TOP NEWS

Greek Leader Greets Merkel as Protests Rage in Streets

By RACHEL DONADIO and NICHOLAS KULISH
The Greek authorities sought to shield Chancellor Angela Merkel from protesters angered by painful austerity measures during a visit to Athens aimed at showing solidarity with the country.

Mexican Navy Says It Killed Ruthless Gang Kingpin

By RANDAL C. ARCHIBOLD
The death of Heriberto Lazcano, known as El Lazca and the main leader of the Zetas, was confirmed through fingerprint analysis, the navy said. But in an odd twist, two Mexican newspapers reported that the corpse had gone missing.

Sandusky Sentenced in Penn State Sex Abuse Case

By TIM ROHAN
The former Penn State football coach Jerry Sandusky was sentenced to 30 to 60 years in prison in a case that shook the university community.

North Carolina Blacks for Obama, Key in 2008, are Uncertain in '12

By SUSAN SAULNY
The strong turnout among blacks voting for Barack Obama in 2008 helped turn North Carolina into a blue state for the first time in decades.
U.S.

Video: TimesCast Politics | Oct. 9, 2012

A new tone from the Obama campaign. | Some perspective on the latest polls. | A focus on turning out black voters.
Opinion

Editorial

The Sandusky Rape Verdict

The trial ended today as it began - in denial and delusion.
BUSINESS
DealBook

Wall Street Pay Remains High Even as Jobs Shrink

By SUSANNE CRAIG and BEN PROTESS
The New York State Comptroller says in a report that total compensation on Wall Street rose 4 percent last year to more than $60 billion - an amount surpassed only by total pay in 2007 and 2008.
Euro Watch

Draghi Sees a Ray of Hope for Euro Zone

By JACK EWING
The president of the European Central Bank and a small but growing number of economists argue that there are tentative signs that two years of painful adjustment are beginning to pay off.

Wal-Mart Tests Same-Day Delivery

By STEPHANIE CLIFFORD
The first retailer to master same-day delivery could potentially grab consumers shopping for a wide variety of items.

Japanese Car Sales Plummet in China

By KEITH BRADSHER
Japanese automakers have cut manufacturing by up to half in China after violent anti-Japanese protests over disputed islands in which Japanese-brand cars and even their owners were targeted.
DealBook

Barclays to Buy British Retail Unit From ING

By MARK SCOTT
Barclays has agreed to buy the British savings and loan business of the Dutch firm ING Group as Barclays shifts its focus toward retail banking.

GATA | THE GATA DISPATCH -October 9, 2012-: Jeffrey Lewis: Silver prices, priceless rumors

Jeffrey Lewis: Silver prices, priceless rumors

4p ET Tuesday, October 9, 2012

Physician and Silver-Coin-Investor.com proprietor Jeffrey Lewis gets to the heart of the issue of silver market manipulation in his new commentary, "Silver Prices, Priceless Rumors." Lewis writes: "Concentration is the issue, not hedging -- as silver analyst Ted Butler has been pointing out since the 1990s. Essentially it is the presence of just a few large players who make up the short holdings that are positioned against a much more diverse group of longs that is the primary issue."
Lewis' commentary is posted at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/silver-prices-priceless-rumors-6821

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Money Show Investors Daily Alert -October 9, 2012- : Buy MLPs for the Right Reasons

Investors Daily Alert

The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks
Car Companies Still Doing Well, Bruce Vanderveen

Today's Gurus' Views & Strategies

Today's Charts in Play

MoneyShow.com Exclusive Interviews

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews

Wall Street at Close Report | MarketWatch -October 9, 2012-: U.S. stocks drop on earnings caution, IMF


SAN FRANCISCO (MarketWatch) — U.S. stocks fell sharply Tuesday to close near session lows, extending losses as investors braced for earnings and the International Monetary Fund cut global growth outlooks. 

The Dow Jones Industrial Average DJIA -0.81%  shed 110.12 points, or 0.8%, to close at 13,473.53, near its intraday low of 13,473.31. The decline marks the Dow’s second decline in as many days.
Shares of Bank of America Corp. BAC -0.75%  fell late in the trading day in tandem with Wells Fargo & Co. WFC -1.96%   

Late in the session, U.S. Attorney for the Southern District of New York sued Wells Fargo, alleging the bank acted recklessly issued mortgages, worsening the collapse in the housing market. The suit follows a similar one filed recently by the New York Attorney General’s office against J.P. Morgan Chase & Co. JPM -0.67%   See: U.S. sues Wells Fargo 

Late in the session, U.S. Attorney for the Southern District of New York sued Wells Fargo, alleging the bank acted recklessly issued mortgages, worsening the collapse in the housing market. The suit follows a similar one filed recently by the New York Attorney General’s office against J.P. Morgan Chase & Co. JPM +0.17%   See: U.S. sues Wells Fargo
Alcoa kicks off earnings season with a loss.
Dow component and aluminum producer Alcoa Inc. AA +0.11%  closed up a penny at $9.13 before the release of its third-quarter results after the market close. See: Why Alcoa results don’t matter so much
“Earnings season is not starting off to be a good one,” offered Bruce McCain, chief investment strategist at Key Private Bank.
When the aluminum maker did report, it reported a loss, but adjusted earnings were 3 cents a share, just above Wall Street expectations, and in line with so-called whisper numbers. Read more on Alcoa earnings.
The S&P 500 index and Nasdaq extended losses into a third day, 


 
Merkel in Greece; debt talks locked German Chancellor Angela Merkel visits Greece while the country remains locked in negotiations with its creditors over a package of austerity measures. 

Apple Inc. AAPL +0.11%  slid into correction mode, retreating more than 10% from its record $702.10 on Sept. 19, with the smartphone maker falling to as low as $623.55 a share, and closing down 0.4%, or $2.32, at $635.85. 

“Tech is weak across the board, and we’re going into an earnings season that is going to be the toughest in three years,” said Peter Boockvar, equity strategist at Miller Tabak. 

Intel Corp. INTC -0.09%  was the worst performer on the Dow 30, closing down 2.7%, after Sanford C. Bernstein & Co. downgraded shares of the Dow component and semiconductor maker. 


Netflix Inc. NFLX -10.87% fell nearly 11% after Bank of America cut its rating to underperform. Edwards Lifesciences Corp. EW -21.24%  sank 21% after warning initial third-quarter sales would fall below expectations. See: Tuesday’s biggest gaining and declining stocks.
For every stock rising more than four fell on the New York Stock Exchange, where more than 490 million shares had traded by the close. Composite volume topped 3.1 billion.

The ‘morning after’

“We’re in the sobering up period; last month was so euphoric, the Fed gave us everything we wanted and more, all the problems in Europe were solved, and now it’s the morning after and we realize there are still problems in Europe, and with the IMF report, maybe we’re tilting back toward recession, at least on a global basis,” said McCain at Key Private Bank.
And, the fact that the U.S. presidential race seems to have tightened in recent days could also be weighing on the market.
Regardless of which candidate one favors, “the public doesn’t like uncertainty over the next four years, so you tend to have a selloff when you get close to elections,” said McCain.
The euro dropped against the U.S. dollar EURUSD -0.0380%  as German Chancellor Angela Merkel visited Athens, where she was greeted by mass demonstrations as she reiterated her stance that she wants Greece to remain in the euro.
In Luxembourg, European finance ministers gathered for a second day after pronouncing, on Monday, the European Stability Mechanism, or permanent rescue fund, operational.
“People see what’s going on in the real world, and that’s creating some nervousness in the context of a complacent market driven by central bankers, with the thinking we’ll never go down because of all the money they print,” said Boockvar at Miller Tabak.
On Monday, the S&P 500 closed nearly 7% below its all-time high of 1,565.15, which was reached exactly five years ago Tuesday. Read: Apple or Priceline, which one should you have bought at the market peak? 
 
Kate Gibson is a reporter for MarketWatch, based in New York. Wallace Witkowski is a MarketWatch news editor in San Francisco.

Business in Vancouver Today's Business News | BIV -October 9, 2012--.Enbridge pipeline hearings ending in B.C.; Vancouver miner fires 2,100 strikers; Vision Critical gets new CEO and HQ



Politics and Policy

Northern Gateway pipeline hearings return to B.C.

Hearings on Enbridge Inc.'s (TSX:ENB) Northern Gateway pipeline return to B.C. this week as they enter the final – and critical – questioning stage.

Mining and Energy

 

Atlatsa fires more than 2,000 striking mine workers

Vancouver-based Atlatsa Resources Corp. (TSXV:ATL) this morning announced that it has "dismissed" 2,161 workers that have been taking part in "unprotected industrial action" at the company's Bokoni platinum mines in South Africa.

Endeavour Silver announces work stoppage at Mexican mine

Vancouver silver miner Endeavour Silver Corp. (TSX:EDR) this morning announced that an illegal work stoppage is blocking company management and subsidiaries’ personnel from accessing some company facilities near the company’s El Cubo mine in Mexico.

Media and Marketing

 

Vision Critical gets new CEO and HQ

Vision Critical, the market research company founded by the son of pollster Angus Reid, has a new CEO and is set to move into new headquarters.

Asia Pacific

 

Summit to help Chinese companies invest in Canada

This week’s Canada-China Investment Summit 2012 is aiming to facilitate Chinese investment in Canada by helping China’s private companies better understand Canada’s investment environment.

Economy and Finance

Economic growth in B.C. to slow:
TD report

Economic growth in most Canadian provinces, including B.C., will be lower than expected in 2012, TD Economics reports.

Getting the most out of biv.com

Attention all subscribers! To get the most out of biv.com and the stories on BIV Today, please ensure you are logged in to biv.com. The feature “stay signed in” is available from the log-in page.

GATA | THE GATA DISPATCH October 9, 2012-: Leeb says central banks make gold's case; Sinclair tells bugs to chill


Leeb says central banks make gold's case; Sinclair tells bugs to chill

1:50p Tuesday, October 9, 2012

Interviewed by King World News, fund manager Stephen Leeb says all the major central banks are making the case for investing in gold:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/9_Go...

And responding to today's dip in the gold price, hand-holder in chief Jim Sinclair tells gold bugs: "Stop quoting gold every two minutes. Retreat to the hole you have used on every bear operation since $248. Read JSMineset.com and know I will tell you when to come out."
He hasn't been wrong yet. His commentary is headlined "What Exactly Does 'To Infinity' Mean?" and it's posted here:
http://www.jsmineset.com/2012/10/09/what-exactly-does-to-infinity-mean/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.