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Jan 18, 2013

GATA | THE GATA DISPATCH (January 18, 2013).: Bring monetary metal to GATA's fundraising reception in Vancouver on Monday.

Bring monetary metal to GATA's fundraising reception in Vancouver on Monday

10:50a PT Friday, January 18, 2013

Here's a reminder that GATA's immediate prospects will depend heavily on the fundraising reception we'll be holding at the conclusion of the Vancouver Resource Investment Conference on Monday, January 21, from 5 to 7:30 p.m. in the Cypress Room of the Pan Pacific Hotel at Canada Place. While we'll be ready to accept donations by check, cash, and credit card, we're especially interested in receiving donations in real metal, as the reception will have a special display table to accept and display such donations -- gold and silver eagles and maples, British sovereigns, South African krugerrands, gold and silver rounds or bars, even platinum or palladium coins or bars.

Donation of such metal will signify recognition that the precious metals are also the monetary metals, that their monetary nature is the target of price suppression by Western central banks and governments, and that GATA's work to end price suppression has benefited monetary metals investors for many years.

Admission to the fundraising reception will be free. There will be free snacks, a cash bar, and some good fellowship. So please join us and please bring some metal for the cause.

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

DealBook P.M. Edition (January 18, 2013).: Goldman Awards Blankfein $13.3 Million in Stock

Friday, January 18, 2013
Goldman Awards Blankfein $13.3 Million in Stock Days after announcing a jump in quarterly profit, Goldman Sachs disclosed that the board had granted the bank's chief executive and chairman restricted stock valued at $13.3 million for 2012, which is expected to bring his total compensation to $21 million.
Treasury to Begin Selling Off Its Remaining G.M. Stake The department said in a statement that it had begun a prearranged trading plan that would dispose of its 300.1 million shares by early next year.
Private Equity's Penguins on Parade Twitter -- and DealBook readers -- can't seem to get enough of Mr. Schwarzman's penguins. Here are some more photos.
Another View: Courts Are Right to Hold Argentina to Equal Debt Treatment Harry Tether, a retired managing director at JPMorgan Chase, says that recent federal rulings should and will motivate responsible sovereign debtors and private creditors to resolve their differences at the negotiating table, and not in the courtroom.
In Debt: An Argentine Parallel Stephen J. Lubben says that preferring some creditors over others is at issue in the Argentine debt litigation. Yet, a similar idea is being suggested by some House Republicans.
Buzz Tracker
Congresswoman Seeks Inquiry on Costs of Foreclosure Reviews Carolyn Maloney, a New York Democrat who is a member of the House Financial Services Committee, has asked federal regulators overseeing foreclosure reviews to provide details about the independent contractors who examined borrowers' cases, Gretchen Morgenson writes in The New York Times.
Glencore Extends Deadline for Xstrata Deal The commodities trader said on Friday that it had extended the deadline to complete its $35 billion takeover of the mining company until March 15. The extension is the third time that the companies have pushed back the closing date, which still needs approval from Chinese and South African authorities.
On Holiday DealBook's morning and afternoon emails will be off on Monday, but the DealBook site will be updated.

DealBook Video
Week in Verse: Cute Animal Cameo Stat! After penguins visited the office of Blackstone this week, the Epicurean Dealmaker tweeted: "Blackstone has penguins, KKR has puppies, Apollo has scorpions. We need a cute animal cameo stat!" - Jim Coulter, TPG

NYT | Politics (January 18, 2013).: House G.O.P. Agrees to Lift Debt Ceiling for 3 Months

The New York Times

January 18, 2013


House G.O.P. Agrees to Lift Debt Ceiling for 3 Months

Republicans said they would back down on the borrowing limit to open a window for Congress to pass a budget to clear the way for negotiations on long-term deficit reduction.

Obama to Turn Campaign Machinery to Promoting Policy

After helping President Obama win re-election, his action group, renamed Organizing for Action, will raise money and rally support for his agenda.

More Politics

Days Before 2007 Crisis, Fed Officials Doubted Need to Act

The Federal Reserve has released the full record of its discussions in a year when the housing market, the financial system and the economy took a fateful turn.
Representative Paul D. Ryan is among Republican leaders looking for ways to manage coming confrontations with Democrats.

Republicans May Offer Short-Term Extension of Borrowing Limit

House Republicans, at a two-day retreat in Virginia, were considering allowing an extension of a month or so to foster more discussion about spending cuts.
John A. Boehner has said Republicans will not use the debt ceiling as

Difficult Choices on Debt if the U.S. Hits the Ceiling

As soon as Feb. 15, the nation may face intractable options in deciding whom to pay when bills come due.
Protests representing both sides of the gun control debate have taken place since the school massacre in Newtown, Conn.

Massacre at School Sways Public in Way Earlier Shootings Didn't

The massacre of children in Newtown, Conn., appears to be galvanizing the broadest support for stricter gun laws in about a decade, according to a New York Times/CBS News poll.

Military Judge Rejects Defense Requests at Terror Hearings

The judge would not rule on whether the Constitution applied to the tribunal case involving the Sept. 11, 2001, attacks, and refused to dismiss the Cole bombing case.
Vice President Joseph R. Biden Jr. and Mayor Michael Nutter of Philadelphia on Thursday.

Recalling Pain of Guns' Toll, Mayors Urge Bills' Passage

Members of the United States Conference of Mayors, at their winter meeting in Washington, said they were heartened by President Obama's call for new laws to curb gun violence.

The Caucus

The Caucus

For Obama, Second Term Brings a New Look

The White House has released the new official portrait of President Obama.
The Caucus

As Obama Begins Second Term, Majority Approve of His Performance

President Obama heads into his second term in office with an overall positive approval rating, but the public remains ambivalent about his handling of the economy.
The Caucus

This Inauguration Brought to You by the State of New York

President Obama's inauguration festivities at the Capitol will have a distinctly New York flair, thanks to the man who is running them: the ultimate New Yorker, Senator Charles E. Schumer.
The Caucus

Military Veterans to Dance With Obamas and Bidens at Inauguration

Four members of the armed forces who have served in Afghanistan and Iraq will take a whirl on the dance floor Monday night with President Obama, Vice President Joseph R. Biden Jr. and their wives.
James B. Stewart
Common Sense

In Budget Talks, Getting to 'Yes'

Negotiating experts consider how President Obama and Republican leaders might achieve their most important goals without subjecting the markets, the American people and the global economy to another damaging game of chicken.


Interactive Feature: Build Your Own Inaugural Address
Choose among 20 excerpts from past inaugural addresses to create a speech that touches on common themes.
Video: A Look Ahead to Monday's Inauguration
David Leonhardt, the Washington bureau chief, hosts a preview of President Obama's second inauguration. Reports from Washington, Chicago and California as the country looks toward the next four years.
Video: Obama Unveils Plan for Gun Laws
President Obama outlined his proposals to reduce gun violence in the United States, urging Congress to approve expanded background checks, a ban on assault weapons and other restrictions.

MarketWatch | Wall Street at Close Report (January 18, 2013).: U.S. stocks gain for third consecutive week

By Polya Lesova and Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — Stocks on Wall Street rose on Friday, posting gains for a third consecutive week after strong earnings from General Electric Co. and encouraging news about the U.S. debt ceiling. 

The S&P 500 Index SPX +0.34% climbed 5.04 points, or 0.3%, to end at 1,485.98, its highest close since December 2007, leaving it up 1% for the week. The benchmark had broken out to the upside on Thursday, with 1,475 now seen as a support level. Read more on technical factors affecting stocks
The industrial sector led gains and technology was the only laggard among the S&P 500’s 10 major industry groups.

“The picture is much brighter than it’s been, probably since 2007,” said Carol Pepper, chief executive of Pepper International. Read about payroll-tax hurdle confronting U.S. stock market. 

Week ahead: Apple, Google results Apple, Google, IBM and McDonald's are among the companies reporting earnings.

News from Washington provided a jolt of optimism. House Majority Leader Eric Cantor said Friday that the House of Representatives will vote next week to authorize a three-month increase in the debt ceiling in order to give Congress time to pass a budget. Read: Republicans seek a three-month debt-ceiling increase. 
Unless Congress raises the debt ceiling, the U.S. government will run out of money to pay its bills. A short-term extension of the debt limit would be positive, though it will not provide a long-term solution to the U.S. deficit. Sooner or later, Congress and President Obama must agree how to reduce the deficit and avoid another downgrade of the U.S. credit rating. Read a commentary piece on calling the debt-ceiling bluff. 
On Wall Street, the Dow Jones Industrial Average DJIA +0.39% gained 53.68 points, or 0.4%, to end at 13,649.70; it rose 1.2% for the week.
Leading gains on the Dow, General Electric shares GE +3.47% climbed 3.5% after its earnings beat estimates.

Getty Images Enlarge Image
Intel tumbles more than 6%, worst performer on the Dow Jones Industrial Average.
Shares of Intel INTC -6.31% slumped 6.3%, the worst on the blue-chip average, a day after the semiconductor maker said it was bracing for a third consecutive quarter of declining sales, illustrating the global move to mobile devices and away from personal computers. Santa Clara, Calif.-based Intel said it would invest about $13 billion in equipment this year, with the spending topping what analysts had projected. Read more: Intel spending plan raises more worries. 
While the Street hammered Intel’s stock due to its spending plan, such a “massive capex-spending plan is good for the economy,” said Pepper.

“Today folks are selling Intel because of their capital-expenditure announcement, yet the market appears like it is going higher on China,” said Art Hogan, market strategist at Lazard Capital Markets. “GE called out China as a positive influence on the quarter.” Read: GE touts China profit role after Asia stocks post strong gains. 

In addition to earnings, investors contended with mixed economic news, including a positive report on Chinese growth and downbeat data on U.S. consumer confidence. China’s economy expanded 7.9% in the fourth quarter compared with a year earlier, beating expectations. Read: China’s economy grows more than expected. 
In the U.S., however, the University of Michigan-Thomson Reuters reported its initial read on consumer sentiment fell to 71.3 in January from 72.9 in December. Read: Consumer sentiment declined in January. 

While analysts had projected sentiment to rise, Pepper and Hogan played down the index’s preliminary decline.

“The fact that you’re seeing retail sales coming in much better than what was expected for the fourth quarter is a better indicator of consumer sentiment,” according to Pepper. “That really happened.”
“The Grinch didn’t steal Christmas,” observed Hogan at Lazard. 

  China's economic comeback The country’s GDP rises 7.9% in the fourth quarter of 2012. Aaron Back explains how the economy rebounded after a two-year slowdown

Among individual stock movers on Friday, Capital One Financial Corp. COF -7.47% shares fell 7.5% after the credit-card lender’s fourth-quarter results missed expectations. 

Shares of another credit-card issuer, American Express Co. AXP -1.58% , dropped 1.6% after the firm reported a slump in quarterly earnings.

Also in the financial sector, S&P 500 component Morgan Stanley MS +0.18% rallied nearly 8% after the brokerage’s earnings topped estimates and its revenue got a lift from its institutional-securities business. Read more on Morgan Stanley. 
Bucking the positive trend on Friday, the Nasdaq Composite Index COMP -0.04% slipped 1.30 points, or 0.04%, to 3,134.71. Still, the index gained 0.3% for the week.

Apple Inc. AAPL +0.02% fell 0.5% to end at $500. Apple, which is due to report quarterly results on Wednesday, has seen its shares slump 3.9% this week following concerns that demand for the iPhone 5 has been weak. Read blog on how investors may be overlooking Apple’s opportunity in emerging markets.
More than 1 billion shares traded on the New York Stock Exchange. Composite volume topped 3.79 billion.

While many investors tend to focus on the short-term outlook, it is worth considering where the stock market will be four years from now, according to Mark Hulbert. Read why Hulbert forecasts below-average returns in that time frame. 
Polya Lesova is chief of MarketWatch’s London bureau. Kate Gibson is a reporter for MarketWatch, based in New York.

GATA | THE GATA DISPATCH (January 18, 2013).: GATA board member Adrian Douglas dies.

 Dear Friends of GATA

My condolences for the loss irreparable board member Mr. Adrian Douglas.

Fernando Guzmán Cavero

GATA board member Adrian Douglas dies

10:35a PT Friday, January 18, 2013

GATA Board of Directors member Adrian Douglas, whose statistical research documented gold and silver market rigging and whose testimony to the U.S. Commodity Futures Trading Commission in March 2010 pushed the issue onto the national stage, died Friday at home in Arizona after heroically battling cancer for almost two years.
Douglas' contributions in support of fair and transparent markets and limited and accountable government were profound and perhaps best exemplified by these reports posted at GATA's Internet site and his own,

GATA hopes to publish obituary and funeral information soon and will rededicate itself to the ideals we shared.

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

Export-Import Bank of the U.S - Press Release (January 18, 2013).: Ex-Im Approves $87.1 Million Guarantee to Finance Export of American-made Satellite to Spain

Media Contact: Lawton King (202-565-3200)
For Immediate Release: Friday, January 18, 2013

Ex-Im Approves $87.1 Million Guarantee to Finance Export
of American-made Satellite to Spain

Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has authorized an $87.1 million guarantee of a loan extended by Crédit Agricole and other European lenders to Hispasat Canarias S.L.U., a Hispasat S.A. (Hispasat) subsidiary based in Madrid, Spain, that will finance the assembly and purchase of a satellite to be manufactured by Orbital Sciences Corporation (Orbital) of Dulles, Va.

The guarantee, which is Ex-Im Bank’s third transaction with Hispasat, will support approximately 600 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.
“This transaction is yet another example of our commitment to support high-tech jobs throughout America,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “The ‘Made in America’ brand is second to none, and it is our job to ensure it always has an equal footing with competitors in the international market.”

Established in 1989, Hispasat is the fourth largest western European satellite operator and the eighth largest operator in the world. It currently manages a constellation of seven active satellites and plans to expand its fleet. Additionally, an Ex-Im Bank transaction involving the company was recognized as “Deal of the Year” at the 2012 Ex-Im Bank Annual Conference.

The Amazonas-4A satellite, a Ku-band satellite equipped with 24 transponders, is expected to launch in 2014 and will occupy the company’s orbital slot over Brazil. It will provide coverage to the Americas and respond to the increasing demand of direct-to-home and high-definition television broadcasts.

Orbital Sciences Corporation was founded in 1982 and specializes in designing, building, testing and operating small- and medium-size satellites, rockets and other space systems. The company provides its space systems products to commercial customers, such as Hispasat, as well as to U.S. government agencies, including NASA, the Department of Defense, and intelligence agencies. Orbital employs almost 4,000 people, primarily in Virginia and Arizona, with other smaller locations around the country.

“Ex-Im Bank has played a critical role in the financing of several high-value commercial satellites built by Orbital,” said Garrett Pierce, vice chairman and chief financial officer of Orbital. “Ex-Im Bank's participation has enabled us to compete on a level playing field around the world and win new export-related business. In addition, our success in capturing new orders of state-of-the-art spacecraft provides hundreds of high-tech and high-wage jobs for Orbital's workforce and throughout our extensive network of U.S.-based suppliers.”
Ex-Im Bank authorized a record-breaking $1.4 billion to finance exports of American-made telecommunications satellites in FY 2012. In the first quarter of FY 2013, Ex-Im Bank has already authorized $516.9 million.
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 help 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

Money Show Investors Daily Alert (January 18, 2013).: The Crisis Hasn't Ended for Some Banks


Jim Jubak on
4 Stocks Ready for 2013, Richard Moroney
Today's Featured Videos & Exclusive Interviews
Spread-Betting Strategies for Today's Volatile Markets, David Jones, Malcolm Pryor, Sandy Jadeja

BIV | Today's Business News (January 18, 2013).: Dix and Cummins to speak out to save Kitsilano Coast Guard Station.

Politics and Policy

Dix and Cummins to speak out to save Kitsilano Coast Guard Station

BC Conservative Party leader John Cummins and BC NDP leader Adrian Dix will be speaking at an all-party event tomorrow morning to save the ... READ MORE



Governments provide $200,000 for B.C. agriculture innovation

An investment of more than $200,000 into technology at five B.C. companies that service the agricultural sector was ... READ MORE

Real Estate and Development


Non-residential construction investment at four-year high

Non-residential construction investment in Metro Vancouver rose for the fourth consecutive quarter to a level not seen since 2009’s first quarter, according to ... READ MORE

More News...


City grants lease in effort to boost artist studios on industrial land

Securities commission alleges fraud in Island investment

B.C. economy predicted to grow slowly but steadily


This Week's Issue

Industry lobbies feds for domestic tourism subsidy

Vancouver tourism industry executives say it's a good time to enact a bill that would ... READ MORE

Peter Ladner


Income inequality erodes business growth and social mobility

Now that we’re over the Christmas binge of giving and caring, it’s time for a sober discussion about why so many people are in such desperate need amid ... READ MORE

Forty Under 40 Celebration

Leading up to our gala awards dinner on January 29, BIV Today will highlight a selection of honorees each day. To book your table ... CLICK HERE

Ted Reid, Paladin Security Group

Levi Sampson, Harmac Pacific, CHEK Television

Spencer Sheinin, Norwood Packaging


NYT | Opinion Today (January 18, 2013).: A Rumble in the Jungle

The New York Times

January 18, 2013

Opinion Today

Op-Ed Contributors

A Rumble in the Jungle

TV shows about tropical mining obscure an environmental disaster.
The Hoax of Digital Life

The Hoax of Digital Life

The strange case of Manti Te'o's fake girlfriend reminds us why, when it comes to romance, eye contact is generally a good idea.

'The Long Wait'

The filmmaker reveals the challenges for the disabled in navigating New York City's public transportation system.
Op-Ed Contributors

Make Law Schools Earn a Third Year

Letting law students take the bar exam after two years would keep many from drowning in debt - and force law schools to make their third-year curriculums worthwhile.
Guns, Safety and Mental Health
Room for Debate

Guns, Safety and Mental Health

Can changes in the American mental health system reduce gun violence without creating more problems?
The Canal to Nowhere
Opinionator | Disunion

The Canal to Nowhere

Gen. Ulysses S. Grant's disastrous plan to bypass Vicksburg, Miss.
Cambodian Strongman and Karaoke King

Cambodian Strongman and Karaoke King

Hun Sen's influence over Cambodian song and dance may be his most insidious form of control.
Is 'Wild West' Era for Gas Drilling Coming to an End?
Dot Earth Blog

Is 'Wild West' Era for Gas Drilling Coming to an End?

A discussion of ways that innovation and regulation might take the fear factor out of fracking.
Editorial | The Gun Challenge

The States Confront Gun Violence

Too many state lawmakers would rather bow before the gun lobby than promote public safety.

When Countries Can't Pay Their Debts

A legal battle involving investors and Argentina highlights a growing problem in countries that fall on hard times.
Editorial Observer

Long Island's Future, Stuck in Transit

What is it going to take for a new generation of leaders to come up with a plan to bring this sprawling stretch of suburbia out of the 19th century?

The Opinion Pages

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

Aaron Swartz and Prosecutorial Discretion

Did his prosecutors go too far? Did their zeal border on bullying?
Extortionists Versus Con Men
The Conscience of a Liberal

Extortionists Versus Con Men

Understanding the Republican divide.
Truman and Obama

Truman and Obama

Echoes of 1948 in the foreign policy debates of 2012.
A Smattering of Food Links
Mark Bittman Blog

A Smattering of Food Links

Food news from all over the spectrum.