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Dec 5, 2012

GATA | THE GATA DISPATCH (December 5, 2012).: Embry to speak in Vancouver and join Bishop at GATA reception / BBC's 'Panorama' killed report exposing silver market manipulation

BBC's 'Panorama' killed report exposing silver market manipulation

5:30p ET Wednesday, December 5, 2012

Ned Naylor-Leyland, investment director of Cheviot Asset Management in London, interviewed by Max Keiser on yesterday's edition of "The Keiser Report" on the Russia Today television network, revealed that the British Broadcasting Corp.'s investigative journalism TV program, "Panorama," killed a report exposing silver market manipulation even after doing substantial interviews that provided evidence of manipulation.

Naylor-Leyland added that the failure of the mainstream news media to confront and expose it is what most sustains market manipulation.
Naylor-Leyland's segment of yesterday's "Keiser Report" begins at 12:37 here:

Embry to speak in Vancouver and join Bishop at GATA reception

4:51p ET Wednesday, December 5, 2012

Sprott Asset Management's chief investment strategist, John Embry, has joined the speaker roster for Cambridge House's Vancouver Resource Investment Conference January 20 and 21, 2013, and will attend GATA's fundraising cocktail reception at the conclusion of the conference, at which Bob Bishop, former editor of Gold Mining Stock Report, will come out of retirement to speak.

Other GATA-friendly speakers at the conference will include Al Korelin of the Korelin Economics Report, Peter Grandich of The Grandich Letter, David Morgan of, David Franklin of Sprott Asset Management, Tom Calandra of The Calandra Report, Frank Holmes of U.S. Global Investors, newsletter writer Jay Taylor,'s Peter Spina, and Ron Hera of Hera Research.
Representing GATA and speaking at the conference will be Chairman Bill Murphy, Board of Directors member Ed Steer, and your secretary/treasurer.

GATA's fundraising reception will be held in the Cypress Room at the Pan Pacific hotel (a block from the Vancouver Convention Centre West, where the conference is being held) from 5 to 7:30 p.m. on Monday, January 21. There will be free snacks and a cash bar. There will be no admission charge but those who attend should feel free to fill your secretary/treasurer's pockets with depreciating fiat currency notes or bank checks drawn on the same. We'll know how to give them value, as by undertaking new freedom-of-information lawsuits against the U.S. Federal Reserve, Federal Open Market Committee, Treasury Department, and State Department:

Admission to the Vancouver Resource Investment Conference itself is free for those who register in advance, and the conference has arranged discount rates for attendees at two beautiful hotels next to the convention center, the aforementioned Pan Pacific and the Fairmont Waterfront.
The conference's Internet site is here:

So please join us, Bob Bishop, and John Embry in Vancouver in January and help us keep our organization going -- and secretive, market-rigging central banking on the run.

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

NYT | Politics (December 5, 2012): Don't Use Debt Ceiling as Weapon, Obama Tells G.O.P.

President Obama spoke to members of the Business Roundtable in Washington on Wednesday.

Don't Use Debt Ceiling as Weapon, Obama Tells G.O.P.

President Obama said he refused to engage again in the sort of brinkmanship that brought the country close to default last year and damaged its credit rating.
Senator Olympia J. Snowe, Republican of Maine, says Congress should pass the middle-class tax cut extensions now.

In Tax Fight, G.O.P. Seeks a Position to Fall Back On

With President Obama winning public support for higher tax rates on the rich, Congressional Republicans find themselves in a difficult political spot and are quietly beginning the search for a way out.

More Politics

Speaker John A. Boehner, shown on Tuesday, has made a deficit-cutting counteroffer that includes $800 billion in revenues.
News Analysis

Tax Deduction Limits May Trim Deficits, but Not Easily

Republican leaders say they can raise $800 billion in revenue in the first decade by limiting tax breaks, a proposal that analysts say is possible but bound to face political hurdles.
Mr. Dole last March. A majority of his fellow Republicans voted against the treaty, citing concerns about sovereignty.

Dole Appears, but G.O.P. Rejects a Disabilities Treaty

Despite Bob Dole's wishes, Republicans voted against a treaty that would ban discrimination against people with disabilities, out of fear that it would infringe on American sovereignty.
Jack Brooks in 1974. As a ranking member of the House judiciary committee, he helped draft the articles of impeachment that prompted President Nixon to resign.

Jack Brooks, Former Texas Congressman, Dies at 89

Over 42 years, Mr. Brooks defied fellow Southerners to support civil rights, investigated abuses by Presidents Nixon and Reagan and repeatedly attacked government waste.

The Caucus

Ryan and Rubio Say Republicans Must Work on Aiding Middle Class

Speeches at a tribute dinner to the late Jack Kemp offer Republicans a preview of two potential presidential candidates for 2016.

S.S. Badger Is Left to Sink or Sail on Its Own

Language that would continue operations for the last coal-fired ferry in the United States was quietly stripped from Congressional legislation this week.

The Debt Reckoning

This feature follows the talks between President Obama and Congressional leaders over the so-called fiscal cliff.


Video: Behind the Scenes of Fiscal Talks
With only weeks before the January 1 deadline, Annie Lowrey discusses some of the frantic efforts behind the scenes to influence the final deal.
Video: The Week Ahead in Fiscal Talks
The Times looks at what is coming up in this week's congressional talks on the fiscal cliff, from Republican counter-proposals to the potential effect of Friday's jobs numbers.
Interactive Graphic: Presidential Exit Polls
A look at how different demographics voted in 2012.
Full Election Results
Results from the 2012 presidential, Senate and House Races.

DealBook P.M. Edition (December 5, 2012): Citigroup's Shares Up 7% After Jobs Cuts Announced

Wednesday, December 5, 2012
A Citibank branch in New York.
Citigroup's Shares Up 7% After Jobs Cuts Announced The cuts were made after exhaustive meetings in November involving virtually every head of the bank's businesses at Citigroup's headquarters in New York, according to several senior executives at the bank. The mandate was to find ways to reduce costs.

Revolving Door: 2 More Officials Plan to Leave the S.E.C. Two top officials -- Mark D. Cahn, the general counsel, and Robert W. Cook, the director of trading and markets -- plan to leave the agency.
In Lean Times for Law Schools, an Opportunity As fewer people pursue law degrees, now may be a good time to apply - and win admittance - to a highly selective law school.
K.K.R.'s Roberts Gives $50 Million to Claremont McKenna In recognition of the gift, the school will name a new athletics facility and student center after George R. Roberts, who graduated in 1966.
Freeport to Buy Plains Exploration and McMoRan The transactions will create a natural resources titan worth about $60 billion, including debt, and will reunite Freeport with McMoRan, the oil exploration company it spun off in 1994.
Shares of Freeport Sink as Investors Assail Deals Shares of Freeport tumbled more than 13 percent on Wednesday, after the mining concern announced plans to buy two oil and gas explorers, a move that that many investors are rejecting outright.
Breakingviews: Freeport's Deals Epitomize Industry's Conflicts of Interest Christopher Swann and Kevin Allison say that the conflicts of interest in the Freeport deals look bad even for a sector populated by the likes of Chesapeake Energy, SandRidge Energy and Kinder Morgan.
Economic Reports Data scheduled to be released on Thursday will include weekly jobless claims.
Corporate Earnings Companies scheduled to release quarterly earnings reports on Thursday include Smithfield Foods.
In the United States
  • On Thursday, the Census Bureau will release the third of three broad surveys about 2007-11 data on income, education, occupation and other features.
  • A federal judge will hear Apple's arguments for permanently barring United States sales of eight Samsung smartphone models.
  • The Joint Economic Committee will conduct a hearing about the effect of the so-called fiscal cliff on the economy and the middle class.
  • The House Transportation Committee will conduct a hearing on the high-speed and intercity passenger rail program.
  • The Senate Banking Committee will conduct a hearing about oversight of the Federal Housing Administration.
  • A Senate Commerce subcommittee will conduct a hearing about the effect of Hurricane Sandy on the nation's transportation systems.
  • And Edward DeMarco, acting director of the Federal Housing Finance Agency, will speak at the Securities Industry and Financial Markets Association's securitization outlook conference in New York.
Overseas On Thursday, the European Central Bank and the Bank of England will issue decisions about interest rates.
Quotation of the Day
"While we are committed to – and our strategy continues to leverage – our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns."
MICHAEL L. CORBAT, announcing Citigroup's decision to cut 11,000 jobs.
DealBook Video
Don't Use Debt Ceiling as Weapon, Obama Tells G.O.P. In a speech to the Business Roundtable, President Obama warned Republicans on Wednesday not to use the debt ceiling as leverage on spending and tax decisions.
Reaction to Citigroup's Job Cuts Gerard Cassidy, director of equity research at RBC Capital Markets, told Bloomberg News that that the cuts would be good for shareholders.


MarketWatch | Wall Street at Close Report (December 5, 2012): Stocks end mostly higher on hopes for cliff deal

By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks finished mostly higher on Wednesday as Wall Street applauded what appeared to be a softening of stances in talks to avert the fiscal cliff. "Stocks are encouraged by the idea there may be a deal, which is not a bad thing for Treasurys either," Kathy Jones, a fixed-income specialist at Charles Schwab, said of Treasury prices rising along with equities.

The bond market would prefer it "if we don't have a fight over the debt ceiling that might rattle foreign investors," said Jones. Plus, "any credible plan to reduce the deficit would on the margin slow the economy down," which is also supportive of Treasury prices, she said. The Dow Jones Industrial Average DJIA +0.64% added 82.71 points, or 0.6%, to 13,034.49. The S&P 500 index SPX +0.16% rose 2.23 points, or 0.2%, to 1,409.28. The Nasdaq Composite COMP -0.77% fell 22.99 points, or 0.8%, to 2,973.69, with the index hit as Apple Inc. AAPL -6.43% fell 6.4%.

Export-Import Bank of the U.S | Press Release (December 5, 2012): Ex-Im Approves Supply Chain Finance Transaction to Support Small-Business Jobs

Media Contact: Lawton King (202-565-3200)
For Immediate Release: Wednesday, December 5, 2012

Ex-Im Approves Supply Chain Finance Transaction
to Support Small-Business Jobs

Washington, D.C. – The Export-Import Bank of the United States of America (Ex-Im Bank) announced today that it has approved its fourth Supply Chain Finance transaction and will guarantee up to 90 percent of $450 million in liquidity offered by a JPMorgan Chase loan to suppliers of Caterpillar Inc.  

Ex-Im Bank’s guarantee will support small-business suppliers by improving their liquidity, thereby allowing them to fulfill new orders.

“We are proud to participate in the Caterpillar supply-chain-finance program, which will support small-business jobs by supporting America’s suppliers,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Our role in the program is to partner with JPMorgan Chase to support U.S. suppliers, which will grow the American economy.”

The Supply Chain Finance guarantee is intended to enable JPMorgan to increase its purchases of accounts receivable owned by U.S. suppliers and due from Caterpillar and that are related to purchases of goods and services by Caterpillar for its export-related production. This program is designed to help qualified Caterpillar suppliers obtain cash more quickly and increase liquidity to fulfill new orders. Exporters have the option to extend payment terms and obtain a working capital benefit without imposing undue financial hardship on their suppliers.

“We have a steadfast commitment to supporting small business in the U.S., and this program is another example of that,” said Dani Cotti, head of Global Trade for J.P. Morgan. "This supply chain financing partnership between J.P. Morgan and Caterpillar, supported by Ex-Im, will help dozens of small businesses obtain the working capital that they need to thrive and create jobs. It’s a win for everyone involved.”
To participate in the Ex-Im Bank program, approved lenders must have an existing supply-chain finance program. The Bank requires that at least 50 percent of the credit provided under the program be extended to suppliers meeting the small-business definition of the Small Business Administration. Additionally, the exported products must meet U.S. content requirements.

Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to assist foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit

The Economist | New Selected Articles (December 5, 2012): Democracy in America: Not much on the table

Democracy in America: Not much on the table
The president is offering little incentive for the Republicans to compromise in talks on America's fiscal cliff
read more »

Pomegranate: The cost of conversion
Iranian efforts to promote Shia Islam in Syria are now backfiring
read more »

 Johnson: Do you speak Scandinavian?
A putative Nordic basis for English is far-fetched
read more »

Prospero: Storytelling in a new dimension
Ang Lee's adaptation is a triumph of 3D technology and good storytelling
read more »

 Daily chart: Video killed the radio star
Audiovisual content has emerged as the dominant form of online traffic
read more »

Online debate: Business education
Do MBAs hurt the economy?
read more »

NYT | Opinion Today (December 5, 2012): Grand Bargain Express

The New York Times

December 5, 2012

Opinion Today

Opinionator | The Conversation

Grand Bargain Express

Brooks and Collins capture the slithering loopholes and solve our budgetary problems.
Room for Debate

Sparing the Middle Class

Can policy makers make a dent in the deficit without affecting the majority of taxpayers?
Op-Ed Contributor

How Cities Can Save China

Better urban policies can put China on a healthier path, economically and environmentally.
Putting Charities to the Test
Opinionator | Fixes

Putting Charities to the Test

There are now more ways than ever to help us calculate where our charitable dollars will do the most good.
Op-Ed Contributor

The People's Beach

Reaffirming the public's right to the beach could be the first step in a more just and sustainable coastal environmental policy.
Lincoln signing the Emancipation Proclamation.
Opinionator | Disunion

Lincoln, Colonization and the Sound of Silence

Contrary to common belief, the president never really let go of plans for African-American emigration.
Ten Miles and a Couple of Centuries Away

Ten Miles and a Couple of Centuries Away

It's not just foreigners. Even Japanese city people have a hard time integrating into rural Japan.
Editorial | The Second Term

The Affordable Housing Crisis

Too little has been done to help poor renters. Now there is a fresh chance to change course.

Rigging the Financial System

Will authorities really hold banks and bankers accountable for manipulating interest rates?

Collective Action Against Wage Theft

The Supreme Court should uphold an appellate court's ruling that allows a worker to sue an employer on behalf of other workers with the same grievance.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Marco Rubio Believes in Science
Taking Note

Marco Rubio Believes in Science

Conservative darling Marco Rubio believes children should learn science. Here's some advice on how he can expand on that idea.
Macro Evidence
The Conscience of a Liberal

Macro Evidence

We has it.
Don't Mention The Decadence

Don't Mention The Decadence

Defending the moral as well as the practical case for natalism.

Business in Vanvouver | BIV Today's Business News (December 5, 2012): Petronas–Progress up LNG stakes in takeover proposal

Mining and Energy

Petronas–Progress up LNG stakes in takeover proposal

Malaysian petroleum giant Petronas and its Canadian partner, Progress Energy Resources Corp. (TSX:PRQ), are upping the stakes in their bid to ... READ MORE



Burns Lake sawmill will be rebuilt despite legal case: owners

The sawmill in Burns Lake that exploded in January, killing two workers, will be rebuilt – despite a ... READ MORE

Human Resources


British Columbia home to 18 of Canada’s top 100 most powerful women

Eighteen influential B.C. women made the cut in the tenth annual... READ MORE

More News...


Aboriginal entrepreneurs to get $500k boost from province

Mining directors fined, banned from securities trading

Small business confidence increases in B.C., decreases nation-wide in November