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Jun 12, 2014

FTC | Business Blog Update - June 12, 2014: Deceptive mortgage ads hit close to home.

Federal Trade Commission - Business Center Blog Update


By Lesley Fair

The headline read ZIP.  ZERO.  NADA.  In big print, the ads also said 0 money down* and 0 for paid closing costs*.  Heritage Homes didn’t include ZILCH, BUPKES, or (for “Buffy the Vampire Slayer” fans) THE BIG GOOSE EGG, but the FTC says the meaning to prospective buyers was clear.  So how much truth was in that across-the-board “zero” claim?   According to the FTC's complaint:  Zip. Zero. Nada.

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FTC | Enforcement Action Agreements -June 12, 2014: Scammers Settle FTC Charges They Sent Millions of Spam Text Messages.

FTC@100 Banner

Deceptive Messages Promised “Free” $1,000 Gift Cards to Major Retailers
Two affiliate-marketing scammers and their company have agreed to settle Federal Trade Commission charges that they sent millions of unwanted text messages to consumers across the U.S. with false promises of $1,000 gift cards to retailers like Best Buy, Target and Walmart.
Under the terms of their settlement with the FTC, Scott A. Dalrymple of Pennsylvania and Robert Jerrold Wence of Texas, who operated a company called Advert Marketing, Inc., will be permanently banned from sending unwanted or unsolicited commercial text messages or assisting others in doing so. In addition, the two will also be prohibited from misrepresenting to consumers whether a product is “free,” whether they have won a prize or been selected for a gift, or other behavior related to the nature of the scam.
Dalrymple, Wence and Advert Marketing were among the defendants named in the FTC’s 2013 enforcement sweep against text message spammers and affiliate marketers who used false promises of free gift cards to draw consumers into websites that asked them to provide credit card information to sign up for trial offers.
The settlement contains a monetary judgment for $4.2 million, which is partially suspended due to the defendants’ inability to pay. Under the terms of the settlement, Dalrymple and Wence will be required to pay $15,000 each to the Commission, and will be required to destroy any consumer data they may have collected while conducting the text message spam operation.
The Commission vote approving the proposed stipulated final judgment was 5-0. The FTC filed the proposed stipulated final judgment in the U.S. District Court for the Southern District of Texas, Houston Division, and the Court entered the stipulated final judgment on June 10, 2014.
NOTE: Stipulated final judgments have the force of law when approved and signed by the District Court judge.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website providesfree information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, andsubscribe to press releases for the latest FTC news and resources.

Contact Information

MEDIA CONTACT:            
Jay Mayfield,
Office of Public Affairs
202-326-2181
STAFF CONTACT:             
Jim Elliott,
Southwest Region
214-979-9373
More news from the FTC >>

Koos Jansen: March Indian gold imports highest in 10 months: GATA | THE GATA DISPATCH -June 12, 2014-.

Koos Jansen: March Indian gold imports highest in 10 months

Submitted by cpowell on 04:54PM ET Thursday, June 12, 2014. Thursday, June 12, 2014

Because of rampant smuggling, official gold import data in India grossly underestimates the nation's gold demand. But gold researcher and GATA consultant Koos Jansen today reported something meaningful in the latest import data: a hugeincrease. Jansen writes that the figures for March showed Indian gold imports up 88 percent from February -- and of course India's new government is expected to relax import restrictions soon. Jansen's report is headlined "March Indian Gold Imports Highest in 10 Months" and it's posted at his Internet site, In Gold We Trust, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

If it ever asked the right question, the FT would make itself a contrarian indicator: GATA | THE GATA DISPATCH -June 12, 2014-:

If it ever asked the right question, the FT would make itself a contrarian indicator

Submitted by cpowell on 04:33PM ET Thursday, June 12, 2014. Section: Daily Dispatches
7:43p ET Thursday, June 12, 2014
In an interview today with King World News, Hinde Capital CEO Ben Davies cites as a likely contrarian indicator a story published this week on the front page of the Financial Times noting the collapse of market volatility. The FT story, whose first two paragraphs are appended, said the decline of market volatility is a matter of suppression of interest rates by central banks and acknowledged that this is a consequence of their "intervention."
While acknowledging "intervention" by central banks is unusual for the FT, this acknowledgment is terribly understated and implies that interest rate suppression is the extent of it. But what good would interest rate suppression do central banks if it came at the expense of the collapse of their currencies, or at least resulted in more devaluation than they wanted at the moment?
And what has become of the historic inverse relationship of real interest rates and the gold price, a relationship in which, when real interest rates go down, gold is supposed to go up?:
In a free market, when real and even nominal interest rates go negative, as they have been going lately, shouldn't gold be going to the moon?
Extensive proof of longstanding and current surreptitious intervention by central banks in the gold market has been compiled by GATA here --
-- and it has been delivered to the FT many times, sometimes in person. But the newspaper has been unable to put "intervention" and "gold" in the same sentence in a news report or to put even one question about gold market intervention to a single central bank.
If the FT could ever do that much, its story this week about the death of volatility might become almost instantly the contrarian indicator Davies suspects it will become, even as the FT thereby in effect would be repudiating years of its own misleading journalism.
Davies' interview with KWN, accompanied by an image of the FT front page carrying the volatility story, is posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Volatility 'Extinguished' by Moves from Central Banks
By Ralph Atkins and Michael MacKenzie
Financial Times, London
Monday, June 9, 2014
Global markets are less volatile than at any time in almost a decade as central bank intervention has sent share prices to record highs and interest rates to historic lows.
Gauges of market volatility for currencies, equities, bonds, and oil have all plummeted, with analysts attributing the falls to the widespread view that official interest rates will remain exceptionally low for a long time. ...
... For the rest of the story:
Join GATA here:
Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014
* * *

South Korea hunts for ferry disaster fugitive: YouTube | Al Jazeera English -June 12, 2014-.



Al Jazeera English has uploaded South Korea hunts for ferry disaster fugitive



South Korea hunts for ferry disaster fugitive
Al Jazeera English
South Korean police have extended their search for the billionaire Yoo Byung-eun, a co-owner of a ferry that sank in April killing more than 300 people.

About 4000 police on Thursday stormed the Evangelical Baptist Church compound, about 80km south of Seoul, for the second consecutive day.

Al Jazeera's Harry Fawcett reports from Seoul, South Korea

has Uploaded 'Phosphorus' reports: Ukraine military 'dropped incendiary bombs' on Slavyansk and To GMO or not to GMO: EU to let members decide on modified crops: YouTube | RT -June 12, 2014



RT has uploaded 'Phosphorus' reports: Ukraine military 'dropped incendiary bombs' on Slavyansk,


DealBook P.M. Edition - June 12, 2014: TOP STORY Mr. Obama has used the executive branch's rule-making authority to make policy changes on student loans and other areas. Standard Deduction: How Obama Can Increase Taxes on Carried Interest

For the latest updates, go to dealbook.nytimes.com »
THURSDAY, JUNE 12, 2014
TOP STORY
Mr. Obama has used the executive branch's rule-making authority to make policy changes on student loans and other areas.
Standard Deduction: How Obama Can Increase Taxes on Carried Interest The White House has the legal authority to change the carried interest tax treatment of fund managers without consulting Congress, Victor Fleischer writes in the Standard Deduction column.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
The chancellor of the Exchequer, George Osborne, will elaborate on proposed new rules during an annual speech to prominent financial figures.
Osborne to Propose New Market Rules in Britain The British chancellor of the Exchequer, George Osborne, will propose new rules on Thursday, including criminal sanctions, to clean up abusive activity in some of the world's largest financial markets.
Georges Chodron de Courcel, one of BNP Paribas's three chief operating officers.
Senior BNP Paribas Executive to Depart Amid Investigation Georges Chodron de Courcel, one of the French bank's chief operating officers, is retiring after a 42-year career, the bank said in a statement that made no mention of a United States sanctions investigation.
Bain Capital's Mark Nunnelly Retires Mark Nunnelly, 55, a longtime managing director of Bain Capital, will continue to serve on the boards of a number of Bain's portfolio companies.
The Caesars Palace Hotel and Casino in Las Vegas.
In Debt: Caesars Redefines Itself, but Still Has Mountain of Debt Caesars Entertainment has sliced and diced its assets in a way that will save something for shareholders, but it still has a lot of debt, writes Stephen J. Lubben, the In Debt columnist.
UBS Hires Veteran Bank of America Executive UBS has hired Jerry Marcus, a former head of Bank of America Merrill Lynch's retail investment banking group, as a vice chairman for its Americas investment bank, the Swiss firm said on Thursday.
Mary J. Miller, the Treasury Department's top official for domestic finance.
Treasury's Domestic Finance Chief to Leave The Treasury Department's top official for domestic finance, Mary J. Miller, plans to step down this fall after having helped to oversee the rollout of the Dodd-Frank overhaul of financial regulations.
Western banks suspect that a Chinese company pledged the same stockpiles of copper and aluminum as collateral for multiple loans.
Reuters Breakingviews: Missing Collateral a Sign of Weakness in China's Financing Chains The direct damage looks manageable, but confidence in the country's giant credit system has eroded, writes John Foley of Reuters Breakingviews.
Bill Gates Asks, 'How Would You Give Away $50K?'Bill Gates, the wealthiest American and an advocate of philanthropic giving, turned to his 16.2 million Twitter followers on Thursday to solicit ideas for how to give away $50,000.
Allergan is the maker of Botox.
Goldman's Unusually Quiet Role in Battle for Botox Maker The Wall Street firm is helping Allergan defend itself against a takeover effort by Valeant Pharmaceuticals, but it also underwrote a Valeant stock offering less than a year ago.
David Tepper, the founder of Appaloosa Management, sounded a note of caution in May.
Street Scene: Markets Are Restacking the Building Blocks of a Financial Crisis Credit markets are once again badly mispricing risk. Many of the elements that caused the financial crisis are starting to align again, William D. Cohan writes in the Street Scene column.
Freshdesk Raises $31 Million for Customer Support SoftwareThe financing round in the start-up, which offers cloud-based software on a subscription basis, is being led by Tiger Global Management and includes Google Capital and Accel Partners.
Oil Rig Operator Shelf Drilling to List in London The Dubai-based company, which operates in the Middle East, Southeast Asia, India and parts of Africa, said it hoped to issue shares valued at a minimum of $500 million later this year.
British Discount Retailer B&M Raises $1.81 Billion in I.P.O. The company will receive about $126 million, while the rest will be divided between the Arora family and the United States private equity firm Clayton, Dubilier & Rice.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Most Active Closing June 12, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:33 pm ET 06/12/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)64,751,176$15.42-0.17-1.09
Twitter (TWTR)57,573,39236.791.253.52
Exelon (EXC)44,272,16735.07-0.68-1.90
Delta Air Lines (DAL)36,095,94038.50-2.21-5.43
SouFun Holdings (SFUN)34,350,7018.83-1.81-17.01
Ford Motor (F)27,832,66116.52-0.38-2.25
Vale ADS (VALE)26,918,24212.71-0.48-3.64
Advanced Micro Devices (AMD)26,000,6014.290.000.00
General Electric (GE)25,300,18126.96-0.19-0.70
Boston Scientific (BSX)25,135,34412.80-0.07-0.54
Rite Aid (RAD)24,900,3127.34-0.22-2.91
Lloyds Banking Group ADS (LYG)23,287,6105.41-0.03-0.55
Pfizer (PFE)22,741,45029.450.020.07
Nokia ADS (NOK)21,534,5638.04-0.01-0.12
AT&T (T)18,825,22234.830.020.06
United Continental Holdings (UAL)17,001,24342.60-2.66-5.88
General Motors (GM)16,654,66435.52-0.60-1.66
Citigroup (C)15,406,77648.27-0.54-1.11
J.C. Penney (JCP)14,957,8928.46-0.23-2.65
EMC (EMC)13,958,20026.54-0.35-1.30
Southwest Airlines (LUV)13,550,44925.72-1.22-4.53
Cemex ADS (CX)13,365,93113.16-0.19-1.42
Wells Fargo (WFC)13,095,04751.71-0.53-1.01
Petroleo Brasileiro ADS (PBR)12,447,44715.48-0.18-1.15
Hewlett-Packard (HPQ)12,431,41233.390.140.42
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Facebook Cl A (FB)55,349,481$64.29-1.49-2.27
Apple (AAPL)53,570,21992.29-1.57-1.67
Geron (GERN)47,464,9873.150.5521.15
American Airlines Group (AAL)37,249,81840.20-2.09-4.94
Sirius XM Holdings (SIRI)34,977,8873.34-0.01-0.30
lululemon athletica (LULU)33,231,12737.25-7.05-15.91
PowerShares QQQ Trust Series 1 (QQQ)30,851,61592.05-0.84-0.90
Microsoft (MSFT)28,288,84540.58-0.28-0.69
Micron Technology (MU)27,965,78930.86-0.13-0.44
Cisco Systems (CSCO)25,519,25824.66-0.38-1.52
Intel (INTC)22,408,82727.960.030.11
Zynga (ZNGA)21,626,3553.10-0.08-2.52
Achillion Pharmaceuticals (ACHN)20,931,9566.83-0.46-6.32
JetBlue Airways (JBLU)18,959,1079.94-0.49-4.70
Ariad Pharmaceuticals (ARIA)18,469,4946.41-0.61-8.69
American Realty Capital Properties (ARCP)18,110,83311.950.010.08
MannKind (MNKD)14,777,3769.78-0.57-5.49
GT Advanced Technologies (GTAT)13,879,13017.720.311.78
VelocityShares Daily 2x VIX Short Term ETN (TVIX)13,721,8693.880.3710.54
21st Century Fox Cl A (FOXA)13,662,93735.41-0.71-1.97
eBay (EBAY)13,106,13248.56-0.27-0.55
MobileIron (MOBL)12,524,90711.022.0222.44
Yahoo! (YHOO)11,996,64036.780.150.41
BlackBerry (BBRY)11,833,8078.120.344.37
VelocityShares Daily Inverse VIX Short Term ETN (XIV)11,689,25240.08-2.03-4.82
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)91,391,541$193.54-1.38-0.71
iShares MSCI Emerging Markets ETF (EEM)38,382,88343.59-0.21-0.48
iShares Russell 2000 ETF (IWM)37,940,937115.39-0.71-0.61
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)35,486,72624.030.622.65
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)33,957,87132.371.484.79
Select Sector SPDR-Financial (XLF)29,948,15422.60-0.14-0.62
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)29,068,6402.59-0.46-15.08
Direxion Daily Small Cap Bear 3x Shares (TZA)22,134,71715.300.271.80
iShares MSCI Japan ETF (EWJ)19,405,53111.770.040.34
Select Sector SPDR-Utilities (XLU)16,525,55642.280.130.31
iShares China Large-Cap ETF (FXI)12,014,59237.52-0.10-0.27
Select Sector SPDR-Energy (XLE)11,814,09897.490.320.33
ProShares Ultra VIX Short-Term Futures ETF (UVXY)11,634,50134.593.1710.09
iShares U.S. Real Estate ETF (IYR)11,309,79471.10-0.21-0.29
Select Sector SPDR-Industrial (XLI)10,119,10554.31-0.74-1.34
iShares MSCI EAFE ETF (EFA)10,077,41169.670.020.03
iShares Silver Trust (SLV)9,116,93818.760.301.63
Vanguard FTSE Emerging Markets ETF (VWO)9,108,95943.45-0.20-0.46
iShares 20+ Year Treasury Bond ETF (TLT)9,102,719112.210.990.89
Market Vectors Junior Gold Minets ETF (GDXJ)8,914,57239.632.175.78
Direxion Daily Small Cap Bull 3x Shares (TNA)8,276,01174.55-1.37-1.80
iShares MSCI Brazil Capped ETF (EWZ)8,275,41349.33-0.40-0.80
ProShares UltraShort S&P500 (SDS)8,270,10326.280.381.47
Market Vectors Russia ETF Trust SBI (RSX)7,363,64426.29-0.37-1.39
iShares MSCI Taiwan ETF (EWT)7,292,88615.36-0.02-0.13
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)91,391,541$193.54-1.38-0.71
Bank of America (BAC)64,751,17615.42-0.17-1.09
Twitter (TWTR)57,573,39236.791.253.52
Facebook Cl A (FB)55,349,48164.29-1.49-2.27
Apple (AAPL)53,570,21992.29-1.57-1.67
Geron (GERN)47,464,9873.150.5521.15
Exelon (EXC)44,272,16735.07-0.68-1.90
iShares MSCI Emerging Markets ETF (EEM)38,382,88343.59-0.21-0.48
iShares Russell 2000 ETF (IWM)37,940,937115.39-0.71-0.61
American Airlines Group (AAL)37,249,81840.20-2.09-4.94
Delta Air Lines (DAL)36,095,94038.50-2.21-5.43
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)35,486,72624.030.622.65
Sirius XM Holdings (SIRI)34,977,8873.34-0.01-0.30
SouFun Holdings (SFUN)34,350,7018.83-1.81-17.01
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)33,957,87132.371.484.79
lululemon athletica (LULU)33,231,12737.25-7.05-15.91
PowerShares QQQ Trust Series 1 (QQQ)30,851,61592.05-0.84-0.90
Select Sector SPDR-Financial (XLF)29,948,15422.60-0.14-0.62
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)29,068,6402.59-0.46-15.08
Microsoft (MSFT)28,288,84540.58-0.28-0.69
Micron Technology (MU)27,965,78930.86-0.13-0.44
Ford Motor (F)27,832,66116.52-0.38-2.25
Vale ADS (VALE)26,918,24212.71-0.48-3.64
Advanced Micro Devices (AMD)26,000,6014.290.000.00
Cisco Systems (CSCO)25,519,25824.66-0.38-1.52
 
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Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group