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Apr 8, 2014

YouTube | Al Jazeera English has uploaded US agency defends 'Cuban Twitter' and 2 other videos - April 8, 2014 -.

Al Jazeera English has uploaded US agency defends 'Cuban Twitter' and 2 other videos
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US agency defends 'Cuban Twitter'
Al Jazeera English
Irish president visits the UK
Al Jazeera English
The Stream - On the hunt for survival
Al Jazeera English

YouTube | VOAvideo has uploaded Presidential Candidate Yulia Tymoshenko, Ukraine's 'Joan...- April 8, 2014 -.

VOAvideo has uploaded Presidential Candidate Yulia Tymoshenko, Ukraine's 'Joan...
Presidential Candidate Yulia Tymoshenko, Ukraine's 'Joan...
Ukraine's former Prime Minister Yulia Tymoshenko is trailing in polls ahead of presidential elections scheduled for May. She is one of the country's best-known political figures, but many analysts say she is struggling to throw off her old pre-revolution image in the minds of the electorate. Henry Ridgwell reports from London.

Fed Open Board Meeting - April 8, 2014.

SEC | Enforcement Actions April 8, 2014: SEC Announces Charges Against Honolulu Woman Defrauding Investors Through Social Media.

SEC Seal

04/08/2014 04:29 PM EDT

The Securities and Exchange Commission today announced fraud charges against a Honolulu woman posing as an investment banker and soliciting investors through Twitter, Facebook, and other social media.

An SEC investigation found that Keiko Kawamura engaged in two separate fraudulent schemes to raise money from investors while casting herself as an investment and hedge fund expert when in fact she had virtually no prior trading experience.  In one scheme, she sought investors for her self-described hedge fund and posted on Twitter some screenshots of brokerage account statements suggesting she was personally obtaining incredible investment returns.  However, the account statements were not hers.  And instead of investing the money she raised from investors, she spent it on her own living expenses and luxury trips to Miami and London.  In a later scheme, Kawamura continued to boast phony experience to attract investors to her subscription service for investment advice.  She falsely told subscribers that she had been in the investment banking industry for nearly a decade and had achieved 800 percent returns in her personal brokerage account.

“As alleged in our case, Kawamura used social media to ensnare investors and raise money to support her lifestyle,” said Michele Wein Layne, director of the SEC’s Los Angeles Regional Office.  “Investors should beware of fraudsters who use social media to hide behind anonymity and reach many investors with little to no cost or effort.”

The SEC’s order instituting administrative proceedings alleges that Kawamura willfully violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 20(4)-8.  The administrative proceedings will determine any remedial action or financial penalties that are appropriate in the public interest against Kawamura.

The SEC’s investigation was conducted by Brent Smyth and Finola H. Manvelian of the Los Angeles Regional Office.  The SEC’s litigation will be led by Donald Searles.

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SEC Investor Alert: Social Media and Investing - Avoiding Fraud

FDIC | Press Release: Agencies Adopt Enhanced Supplementary Leverage Ratio Final Rule and Issue Supplementary Leverage Ratio Notice of Proposed Rulemaking


Press Release

Joint ReleaseBoard of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For Immediate ReleaseApril 8, 2014

Agencies Adopt Enhanced Supplementary Leverage Ratio Final Rule and Issue Supplementary Leverage Ratio Notice of Proposed Rulemaking

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on Tuesday adopted a final rule to strengthen the leverage ratio standards for the largest, most interconnected U.S. banking organizations.
The final rule applies to U.S. top-tier bank holding companies with more than $700 billion in consolidated total assets or more than $10 trillion in assets under custody (covered BHCs) and their insured depository institution (IDI) subsidiaries. Covered BHCs must maintain a leverage buffer greater than 2 percentage points above the minimum supplementary leverage ratio requirement of 3 percent, for a total of more than 5 percent, to avoid restrictions on capital distributions and discretionary bonus payments. IDI subsidiaries of covered BHCs must maintain at least a 6 percent supplementary leverage ratio to be considered "well capitalized" under the agencies' prompt corrective action framework. The final rule, which has an effective date of January 1, 2018, currently applies to eight large U.S. banking organizations that meet the size thresholds and their IDI subsidiaries. The final rule is substantively the same as the rule proposed by the banking agencies in July 2013.
As noted in the final rule, maintenance of a strong base of capital among the largest, most interconnected U.S. banking organizations is particularly important because capital shortfalls at these institutions have the potential to result in significant adverse economic consequences and to contribute to systemic distress on both a domestic and an international scale. Higher capital standards for these institutions place additional private capital at risk before the federal deposit insurance fund and the federal government's resolution mechanisms would be called upon, and reduce the likelihood of economic disruptions caused by problems at these institutions.
The banking agencies on Tuesday also issued a notice of proposed rulemaking (NPR) that would modify the denominator calculation for the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision. The revisions in the NPR would apply to all internationally active banking organizations, including those subject to the enhanced supplementary leverage ratio final rule. The agencies believe the denominator changes in the NPR would more appropriately measure leverage capital requirements and would, in aggregate, increase the requirements across these institutions.
The agencies also issued a separate NPR proposing a technical correction to the definition of "eligible guarantee" in the agencies' risk-based capital rules. Comments on both NPRs will be welcomed through June 13, 2014.
In a separate action, the FDIC Board also adopted as final its Basel III interim final rule, which is substantively identical to the final rules adopted by the Federal Reserve Board and the OCC in July 2013.

Media Contacts:
Federal Reserve BoardBarbara Hagenbaugh202-452-2955
OCCBryan Hubbard202-649-6870
FDICAndrew Gray202-898-7192

SEC | Enforcement Actions April 8, 2014: SEC Charges Las Vegas-Based Transfer Agent With Disclosure Failures in Registration Forms

SEC Seal
04/08/2014 03:03 PM EDT

The Securities and Exchange Commission today announced enforcement actions against two leaders at a Las Vegas-based transfer agent firm who were responsible for disclosure failures in registration forms filed with the SEC.

Empire Stock Transfer Inc. and the two individuals agreed to settle the SEC’s charges.

Publicly traded companies typically use transfer agents to keep track of individuals and entities that own their stocks and bonds.  Transfer agents generally act as an intermediary for the company, issue and cancel certificates upon changes in ownership, and handle certificates that are lost, destroyed, or stolen.  Transfer agents must file registration forms with the SEC and include information about the individuals who control or finance the firm.  The forms must be amended whenever any information becomes inaccurate or incomplete.

An SEC examination and subsequent investigation found that Empire’s sole owner according to its registration forms – Patrick R. Mokros – failed to disclose that he relied on another individual to finance the purchase of the firm.  Also not disclosed in Empire’s forms is the fact that Mokros allowed his financier to play a significant role in the firm’s operations and receive a substantial portion of the profits.

The SEC also found that Empire’s registration forms failed to disclose the role of another leader at the firm – Matthew J. Blevins – who was hired in January 2007 to run Empire’s day-to-day operations and oversee the firm’s finances.  Empire didn’t update its registration forms to disclose the additional control person until last month as the SEC’s investigation was winding down.

“Transfer agents ensure the orderly transfer of securities, and it’s critical for such gatekeepers to accurately disclose who is financing and controlling their operations,” said Michele Wein Layne, director of the SEC’s Los Angeles Regional Office.  “Empire’s filings told a different story than what was actually happening behind the scenes.”

The SEC’s order instituting settled administrative proceedings finds that Empire, Mokros, and Blevins committed or caused violations of Sections 17(a)(3) and 17A(c)(2) of the Securities Exchange Act of 1934, and Rules 17Ac2-1(a) and (c).  Empire and Mokros agreed to pay a $50,000 penalty and Blevins agreed to pay a $25,000 penalty to settle the SEC’s charges.  Without admitting or denying the SEC’s findings, Empire, Mokros and Blevins agreed to a censure and must cease and desist from committing or causing further violations.  Empire must retain an independent compliance consultant.

The SEC’s investigation was conducted by Ronnie Lasky, Kelly Bowers, and Diana Tani of the Los Angeles Regional Office.  The examination that led to the investigation was conducted by Cindy Wong, Erik Barker, and Ed Brady of the Los Angeles office.

DealBook P.M. Edition April 8, 2014: Regulators Set to Approve New Capital Rule A.

For the latest updates, go to »
Thomas M. Hoenig, vice chairman of the Federal Deposit Insurance Corporation.
Regulators Set to Approve New Capital Rule A change requires banks to count a wider array of assets when calculating the leverage ratio, which could make the rule more onerous for those institutions that do a lot of Wall Street trading.
For the latest updates, go to »
Outside Watchdog Already Has a Tie to the Revamped SAC The son of an executive at Bart M. Schwartz's nationwide compliance consulting firm is a portfolio manager at the firm.
Philippe Laffont, founder of the hedge fund Coatue Management.
Tech-Focused Hedge Fund to Return $2 Billion to Investors Coatue Management, the $7 billion hedge fund founded by Philippe Laffont, will turn its focus to venture investing in Silicon Valley start-ups.
Stephen Schwarzman, chairman and chief executive of the Blackstone Group.
Private Equity's New Kind of Club Deal Blackstone is enlisting some of its fund investors to help buy auto-parts maker Gates for $5.4 billion. Returns from such so-called co-investing, though, could make it a passing fad, says Jeffrey Goldfarb of Reuters Breakingviews.
Timothy G. Massad, President Obama's choice to lead the C.F.T.C., was a lawyer at Cravath, Swaine & Moore for more than two decades before joining the Treasury Department.
Senate Panel Approves Nominees to Futures Trading Commission The Agriculture Committee approved the nomination of Timothy G. Massad as chairman of the Commodity Futures Trading Commission, and the nominations of Sharon Y. Bowen and J. Christopher Giancarlo as commissioners. But a senator later said he would place a hold on Ms. Bowen's nomination.
Aaron Levie, the chief executive of Box, has joined other technology entrepreneurs in investing in a start-up that makes software for supply chain management
Box Chief Invests in Supply Chain Software CompanyWith ambitions of changing supply chain management, a start-up called Elementum has raised $5 million from technology entrepreneurs.
Diamond Taps Barclays Executive to Head Atlas Mara John Vitalo, the Barclays chief executive for the Middle East and North Africa since 2009, will serve as group chief executive at Atlas Mara Co-Nvest, which is focused on investing in the African financial sector.
Mercator's products are used by 125 airlines in more than 80 countries, including British Airways.
Warburg Pincus Takes Majority Stake in Aviation Technology Firm The private equity firm Warburg Pincus will acquire a stake in mercator from a unit of the Emirates Group, which will retain a minority stake in the business.
Comcast Says Merger Would Enhance Competition In a 175-page filing on Tuesday, Comcast and Time Warner Cable contend that their merger would increase competition that would benefit small businesses, advertisers and consumers, reports Edward Wyatt of The New York Times
The Fed's Meeting Report Will Clarify Stance on Rates The Federal Reserve's pronouncements after the most recent meeting of its policy-making committee left investors a little confused. A measure of clarity could be restored on Wednesday when the Fed publishes an account of the meeting. The basic question is this: Have the odds increased that the Fed will start to raise its benchmark interest rate as soon as the spring of 2015, earlier than investors had previously expected? That appeared to be the implication of the economic projections the Fed released after the mid-March meeting, and of remarks by Janet L. Yellen, the Fed's new chairwoman, at a news conference after the meeting. The minutes of the meeting may illuminate whether Fed officials are becoming more optimistic, or whether they were misunderstood.
JPMorgan Earnings Will Be Closely Watched JPMorgan Chase, led by Jamie Dimon, starts off Wall Street's first-quarter earnings season on Friday. As the nation's largest bank, JPMorgan will be closely watched as a kind of bellwether for the industry. United States banks have been wrestling with sluggish trading and a slump in mortgage refinancing applications. As a result, many analysts have lowered their earnings estimates broadly. For JPMorgan, its earnings report comes as the bank is selling its physical commodities unit, a business hampered by capital requirements in the wake of the financial crisis. Another financial giant, Wells Fargo in San Francisco, also reports quarterly results on Friday.
For the latest updates, go to »

WSJ | Most Actives Closing April 8, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:47 pm ET 04/08/2014
Bank of America (BAC)74,885,282$16.440.060.37
Nokia ADS (NOK)66,385,2827.580.364.99
Petroleo Brasileiro ADS (PBR)57,392,00913.92-0.30-2.11
Vale ADS (VALE)40,378,62315.070.090.60
Petroleo Brasileiro ADS A (PBRA)38,535,67914.48-0.35-2.36
Verizon Communications (VZ)35,404,38848.210.621.30
Itau Unibanco Holding ADS (ITUB)33,641,45015.57-0.23-1.46
Pfizer (PFE)33,198,15130.87-0.33-1.06
AT&T (T)29,154,52935.270.240.69
Rite Aid (RAD)27,985,5836.110.060.99
Alcoa (AA)27,218,54912.530.060.48
General Electric (GE)26,514,07325.75-0.10-0.39
Citigroup (C)26,272,41046.600.050.11
Ford Motor (F)25,713,38516.100.161.00
Oracle (ORCL)21,893,54340.240.771.95
General Motors (GM)20,034,19034.530.421.23
Alpha Natural Resources (ANR)18,627,5874.880.337.25
Wells Fargo (WFC)18,170,45248.830.170.35
SunEdison (SUNE)17,766,27717.26-0.15-0.86
Pandora Media (P)17,597,47728.261.274.71
Starwood Property Trust (STWD)17,289,64222.52-0.67-2.89
Advanced Micro Devices (AMD)17,136,6923.990.112.84
JPMorgan Chase (JPM)16,684,93758.85-0.15-0.25
Sprint (S)16,556,5398.72-0.12-1.36
Ambev ADS (ABEV)16,495,8487.560.020.27
Sirius XM Holdings (SIRI)135,860,396$3.06-0.06-1.76
Facebook Cl A (FB)78,429,35358.191.242.18
Intel (INTC)56,113,31226.910.431.60
PowerShares QQQ Trust Series 1 (QQQ)50,721,78686.340.790.92
Micron Technology (MU)43,698,81922.210.502.30
Cisco Systems (CSCO)36,840,58322.940.090.39
Microsoft (MSFT)35,403,30939.820.020.05
Yahoo! (YHOO)35,342,58433.830.762.30
Groupon (GRPN)29,529,7707.37-0.08-1.07
Zynga (ZNGA)29,515,1454.300.112.63
Gilead Sciences (GILD)24,936,30370.01-2.22-3.07
Comcast Cl A (CMCSA)22,873,58348.85-0.23-0.47
eBay (EBAY)18,638,99054.801.853.49
AMR (AAL)17,400,24035.980.200.56
Staples (SPLS)17,140,78512.220.201.66
BlackBerry (BBRY)14,463,2917.960.101.27
Mylan (MYL)14,067,30747.64-0.76-1.57
RF Micro Devices (RFMD)14,022,3448.080.384.94
21st Century Fox Cl A (FOXA)13,077,74132.360.361.13
James River Coal (JRCC)12,802,7750.26-0.45-63.08
Applied Materials (AMAT)12,477,45819.85-0.18-0.90
FuelCell Energy (FCEL)11,825,2722.380.104.39
NVIDIA (NVDA)11,713,97118.860.653.57
Symantec (SYMC)11,165,47720.640.231.13
Ariad Pharmaceuticals (ARIA)10,618,7437.300.060.84
SPDR S&P 500 ETF Trust (SPY)106,684,912$185.100.760.41
iShares MSCI Emerging Markets ETF (EEM)97,132,16841.960.481.17
iShares MSCI Japan ETF (EWJ)62,166,67311.00-0.24-2.14
iShares Russell 2000 ETF (IWM)56,414,405113.610.790.70
Select Sector SPDR-Financial (XLF)44,947,76221.860.030.14
iShares China Large-Cap ETF (FXI)35,745,79336.380.571.59
iShares MSCI Brazil Capped ETF (EWZ)35,454,78847.29-0.10-0.21
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)32,822,19124.880.622.56
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)30,582,81342.02-0.78-1.82
Vanguard FTSE Emerging Markets ETF (VWO)29,419,80341.410.380.93
Direxion Daily Small Cap Bear 3x Shares (TZA)25,126,08116.65-0.39-2.29
Select Sector SPDR-Health Care (XLV)15,151,17156.96-0.47-0.82
iShares MSCI EAFE ETF (EFA)12,175,53067.00-0.04-0.06
Select Sector SPDR-Utilities (XLU)11,835,10541.980.591.43
Select Sector SPDR-Energy (XLE)10,591,49289.540.891.00
ProShares UltraShort S&P500 (SDS)10,591,33228.90-0.24-0.82
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)10,296,7393.23-0.14-4.15
ProShares UltraShort QQQ (QID)9,474,98260.20-1.08-1.76
Select Sector SPDR-Industrial (XLI)9,272,64551.790.000.00
Direxion Daily Small Cap Bull 3x Shares (TNA)9,049,58572.481.532.16
WisdomTree Japan Hedged Equity Fund (DXJ)8,961,80345.54-1.54-3.27
iShares U.S. Real Estate ETF (IYR)8,722,50068.590.380.56
Direxion Daily Financial Bear 3x Shares (FAZ)7,930,64320.68-0.06-0.29
Select Sector SPDR-Consumer Staples (XLP)7,678,01743.210.220.51
Select Sector SPDR-Technology (XLK)7,221,48735.960.320.90
Sirius XM Holdings (SIRI)135,860,396$3.06-0.06-1.76
SPDR S&P 500 ETF Trust (SPY)106,684,912185.100.760.41
iShares MSCI Emerging Markets ETF (EEM)97,132,16841.960.481.17
Facebook Cl A (FB)78,429,35358.191.242.18
Bank of America (BAC)74,885,28216.440.060.37
Nokia ADS (NOK)66,385,2827.580.364.99
iShares MSCI Japan ETF (EWJ)62,166,67311.00-0.24-2.14
Petroleo Brasileiro ADS (PBR)57,392,00913.92-0.30-2.11
iShares Russell 2000 ETF (IWM)56,414,405113.610.790.70
Intel (INTC)56,113,31226.910.431.60
PowerShares QQQ Trust Series 1 (QQQ)50,721,78686.340.790.92
Select Sector SPDR-Financial (XLF)44,947,76221.860.030.14
Micron Technology (MU)43,698,81922.210.502.30
Vale ADS (VALE)40,378,62315.070.090.60
Petroleo Brasileiro ADS A (PBRA)38,535,67914.48-0.35-2.36
Cisco Systems (CSCO)36,840,58322.940.090.39
iShares China Large-Cap ETF (FXI)35,745,79336.380.571.59
iShares MSCI Brazil Capped ETF (EWZ)35,454,78847.29-0.10-0.21
Verizon Communications (VZ)35,404,38848.210.621.30
Microsoft (MSFT)35,403,30939.820.020.05
Yahoo! (YHOO)35,342,58433.830.762.30
Itau Unibanco Holding ADS (ITUB)33,641,45015.57-0.23-1.46
Pfizer (PFE)33,198,15130.87-0.33-1.06
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)32,822,19124.880.622.56
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)30,582,81342.02-0.78-1.82
See All Most Actives
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group