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Jun 30, 2014

CMI Silver & Gold | Spot Prices as of close of trading day in New York June 30, 2014.


Spot Prices as of close of trading in New York

Monday, June 30, 2014

GOLD

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,322.55+$2.30$1,318.65$1,246.50$1,226.90

SILVER

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$21.07-$0.10$20.95$18.69$19.67

PLATINUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,485.60+$1.60$1,459.00$1,454.10$1,383.60

PALLADIUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$846.90+$1.60$817.00$839.50$690.50

GOLD/SILVER RATIO

62.77

SEC | Enforcement Actions - Litigation Release - June 30, 2014: OM Investment Management LLC et al.

SEC Seal

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23034 / June 30, 2014

Securities and Exchange Commission v. OM Investment Management LLC et al., Civil Action No. 13-cv-23486-MARTINEZ/MCALILEY

District Court Enters Final Judgment Setting Disgorgement and Civil Penalties Against Hedge Fund Advisers Om Investment Management and Gignesh Movalia for Fabricating Statements of Shares in Facebook, Inc. and Making Unauthorized and Undisclosed Investments

The Commission announced that on May 29, 2014, the United States District Court for the Southern District of Florida entered a Final Judgment setting disgorgement in the amount of $1,729,800.04 against Defendants OM Investment Management LLC (“OMIM”) and Gignesh Movalia, jointly and severally, and a civil penalty in the amount of $300,000 against Movalia, pursuant to Section 20(d) of the Securities Act of 1933 (“Securities Act”); Section 21(d) of the Securities Exchange Act of 1934 (“Exchange Act”); Section 209(e) of the Investment Advisers Act of 1940 (“Advisers Act”); and Section 42(e) of the Investment Company Act of 1940 (“Investment Company Act”).
This action arose from the Defendants’ efforts to fraudulently raise money for the OM Global Investment Fund LLC, an unregistered pooled investment vehicle formed in 2009, to acquire pre-IPO shares of Facebook, Inc. In its Complaint filed on September 27, 2013, the Commission alleged OMIM and Movalia falsely represented to a group of investors their interest in Facebook stock would be segregated in a special “side pocket” within the fund, when in reality, the shares were commingled with other fund investments. OMIM and Movalia also distributed false account statements to investors reflecting the purported value of their Facebook investments, even though the fund had sold all of its Facebook positions months earlier. In addition, Movalia, among other things (i) improperly used investor proceeds to make undisclosed loans to related third parties in contravention of the fund’s stated investment strategy; (ii) attempted to evade a corporate monitorship instituted in a related Florida state court private lawsuit by forming a new entity with an almost identical name to the fund and using that entity to solicit additional investments in the fund; and (iii) failed to register the fund as an investment company and also failed to register the offer and sale of investments in the fund.
The Final Judgment follows a previous order by United States District Judge Jose E. Martinez in which the Court entered a Judgment of Permanent Injunction and Other Relief by consent against OMIM (i) enjoining the company from violations of Sections 5(a), 5(c), and 17(a) of the Securities Act; Section 10(b) of the Exchange Act and Exchange Act Rule 10b-5; Sections 203A, 206(1), 206(2), 206(4) and 207 of the Advisers Act and Advisers Act Rules 206(4)-2 and 206(4)-8; and from aiding and abetting violations of Section 7(a) of the Investment Company Act; (ii) imposing an asset freeze and preventing the destruction or concealment of documents; and (iii) ordering an accounting.
The Court also previously entered a Judgment of Permanent Injunction and Other Relief by consent against Movalia (i) enjoining him from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act; Section 10(b) of the Exchange Act and Exchange Act Rule 10b-5; Sections 206(1), 206(2), 206(4) and 207 of the Advisers Act and Advisers Act Rule 206(4)-8; and from aiding and abetting violations of Sections 203A and 206(4) of the Advisers Act and Advisers Act Rule 206(4)-2; and Section 7(a) of the Investment Company Act; (ii) imposing an asset freeze and preventing the destruction or concealment of documents; and (iii) ordering an accounting.
For more information on earlier actions in this case, see Litigation Release No. 22822 (September 27, 2013).

FTC | Business Center Blog Update - June 30, 2014: FTC to L’Oréal: Scientific claims need proof that’s more than just skin deep.

Federal Trade Commission - Business Center Blog Update


By Lesley Fair

When ads for beauty products convey subjective claims – for example, L’Oréal’s long-standing “Because I’m worth it” tagline – it’s unlikely consumers would think statements like that are supported by science.  (It’s hard to imagine a testing protocol that could establish whether or not we’re worth it.)  But flip through a magazine and it’s apparent that test tubes are overtaking powder puffs in how some cosmetics are marketed.  When companies tout the scientific research behind their advertising or say their products have been “clinically proven,” those claims – like any other objective representation – need appropriate support.   According to an FTC lawsuit, L’Oréal USA overstated the science behind claims for products in its Lancôme Génifique and L’Oréal Paris Youth Code lines. The proposed settlement underscores that established legal principles apply at the cosmetics counter, too.

Read more

FDIC | Press Release - June 30, 2014: Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

FDIC

Press Release

Joint ReleaseBoard of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
For Immediate ReleaseJune 30, 2014

Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."
"Distressed nonmetropolitan middle-income geographies" and "underserved nonmetropolitan middle-income geographies" are designated by the agencies in accordance with their CRA regulations. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website (http://www.ffiec.gov/cra). The designations continue to reflect local economic conditions, including triggers such as unemployment, poverty, and population changes.
As with past releases, the agencies incorporate a one-year lag period for geographies that are no longer designated as distressed or underserved in the current release. Geographies subject to this one-year lag period are eligible to receive consideration for community development activities for 12 months after publication of the current list.
The current and previous years' lists can be found on the FFIEC website, along with information about the data sources used to generate those lists.
# # #
Media Contacts:
Federal ReserveSusan Stawick(202) 452-2955
OCCStephanie Collins(202) 649-6870
FDICGreg Hernandez(202) 898-6984
FDIC: PR-51-2014


The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.

FTC | Competition matters: Running time

Competition Matters Banner


By Mike Moiseyev, Bureau of Competition
June 30, 2014 

“The clock” is a central part of a merger lawyer’s life. HSR merger review is all about managing the clock effectively. Here are some things we’ve been known to say: Is the clock running? When does the clock start? How much time is on the clock?
Conducting a merger investigation under the Hart-Scott-Rodino Act requires that we always be aware of the timing, and where we are on the clock. Once the parties to a proposed transaction have filed an HSR notification form, the initial waiting period provided by the Act begins to run—thirty days for the vast majority of deals, less for a Cash Tender Offer (CTO) or a bankruptcy filing. During those first thirty days, we have to figure out if there are any competitive issues that warrant additional scrutiny. If there are such issues, we need to work quickly to learn as much as possible so that we can craft a Second Request that captures the data and information needed to assess the potential competitive impact if the merger were to occur. In the process, we also work hard to set aside the areas where there are no competitive issues.

NYT | Opinion - June 30, 2014: Gov. Christie's Money Trail.


The New York TimesNYTimes.com | Most Popular | Video | Search

Opinion

Monday, June 30, 2014


TODAY'S EDITORIALS
Gov. Christie's Money Trail
By THE EDITORIAL BOARD
The governor of New Jersey has found yet another questionable way to preserve his reputation as an anti-taxer.
EDITORIAL
New Rules to Address Campus Rape
The Department of Education's guidelines could bring more order to the process and help colleges meet federal requirements on safety.
EDITORIAL
Pushback on Home Care
A lawsuit against a new wage protection rule is the latest move in a misguided campaign by some states and groups representing home care agencies.
EDITORIAL
House Hypocrisy on Insider Trading
Lawmakers rebuff an attempt to enforce a law banning insider trading by members of Congress and their aides.
OP-ED CONTRIBUTOR
Let Them Eat Cash
Amanda Lanzone
By CHRISTOPHER BLATTMAN
Help the poor by giving them money. They won't waste it.
OP-ED CONTRIBUTOR
Anthrax? That's Not the Real Worry
By MARC LIPSITCH
Labs are working with virulent flu strains that could start a pandemic.

Today's Columnists
Roger Cohen
ROGER COHEN
The Socialist World Cup
In Brazil, the culture of the group vanquishes the money culture of the superstar.
Paul Krugman
PAUL KRUGMAN
Charlatans, Cranks and Kansas
The state's economy is in terrible shape after huge income-tax cuts - another case of big money selling bad ideas.

QUOTATION OF THE DAY

"It is unrealistic, I think - and by 'unrealistic' I mean it is a demand that cannot be met - to assume that if all goes well in a child's life, he or she will be happy."
Sam Island
OP-ED CONTRIBUTOR
Blame War, Not Safaris
By LOUISA LOMBARD
Hunters aren't the problem in the Central African Republic.
ADVERTISEMENT
ROOM FOR DEBATE
The Water Crisis in the West
What are the best ways to share water and ensure it lasts for the foreseeable future?
OPINIONATOR | THE GREAT DIVIDE
Inequality Is Not Inevitable
By JOSEPH E. STIGLITZ
Inexorable laws of economics aren't tearing us apart. Our policies are.
OPINIONATOR | THE STONE
Why Not Just Weigh the Fish?
By ROBERT PASNAU
When scientists dismiss philosophy as an antiquated relic of our pre-scientific past, they are making a very large and dubious assumption.
OPINIONATOR | MENAGERIE
Little Lambs: A Pastoral
By IAIN GATELY
Our local "lambing event" was a magical outing for my young daughter. For the grown ups, it was somewhat more complicated.
Hye Jin Chung
LETTERS
Admissions Criteria at Top City Schools
Readers discuss the paucity of blacks and Latinos at New York City's elite public schools.
PAUL KRUGMAN BLOG
Oldies But Goodies
By PAUL KRUGMAN
There's nothing wrong with long-established truths.
NICHOLAS KRISTOF BLOG
Kids Behind Bars
By NICHOLAS KRISTOF
Readers comment on my column about a 16-year-old girl, "Jane Doe," who underscores how our system fails kids.
OP-TALK
The Perils of Too Much Happy Talk
By ANNA NORTH
A new study shows that while parents say they want their children to be caring, they may be sending the message that personal happiness matters more. And this could be hurting kids.

WSJ | Most Actives Closing June 30, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:33 pm ET 06/30/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)46,387,574$15.370.040.26
Fidelity National Financial (FNF)29,621,63232.76-0.31-0.94
General Electric (GE)28,771,05126.28-0.15-0.57
Advanced Micro Devices (AMD)25,670,0044.190.081.95
Ford Motor (F)23,511,52217.24-0.04-0.23
Twitter (TWTR)22,682,68340.970.040.10
General Motors (GM)20,481,91136.30-0.32-0.87
Weyerhaeuser (WY)19,457,77433.090.511.57
Pfizer (PFE)19,097,35629.680.010.03
AT&T (T)18,588,78435.36-0.05-0.14
Rite Aid (RAD)16,947,3367.17-0.01-0.14
Verizon Communications (VZ)16,310,29848.93-0.39-0.79
J.C. Penney (JCP)15,786,9889.050.101.12
Coca-Cola (KO)13,649,72342.360.170.40
Oracle (ORCL)13,587,35840.530.000.00
Petroleo Brasileiro ADS (PBR)13,159,11414.630.000.00
Valero Energy (VLO)13,151,39850.10-1.57-3.04
Alcoa (AA)12,801,48014.89-0.04-0.27
Northstar Realty Finance (NRF)12,423,33817.38-0.26-1.47
Wells Fargo (WFC)12,408,77752.56-0.34-0.64
Bank of New York Mellon (BK)12,064,34237.481.253.45
Vale ADS (VALE)12,038,89113.23-0.06-0.45
Citigroup (C)12,027,00547.10-0.04-0.08
SunEdison (SUNE)11,926,93222.60-0.27-1.18
Delta Air Lines (DAL)11,703,35338.72-0.61-1.55
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
MannKind (MNKD)48,637,154$10.960.969.60
Apple (AAPL)47,845,04892.930.951.03
Sirius XM Holdings (SIRI)44,215,8473.460.030.87
Micron Technology (MU)29,648,49332.951.444.57
Microsoft (MSFT)29,323,31741.70-0.55-1.30
Facebook Cl A (FB)26,617,11467.29-0.31-0.46
BlackBerry (BBRY)24,636,51810.240.464.70
GoPro (GPRO)24,630,87740.554.7913.39
Cisco Systems (CSCO)22,775,92224.850.150.61
Intel (INTC)20,419,67330.90-0.03-0.10
Yahoo! (YHOO)20,247,01335.130.882.57
PowerShares QQQ Trust Series 1 (QQQ)18,623,08793.910.160.17
Amicus Therapeutics (FOLD)18,509,1243.340.3110.23
Zynga (ZNGA)15,694,4933.21-0.02-0.62
Comcast Cl A (CMCSA)15,153,49153.68-0.23-0.42
Geron (GERN)13,467,9643.210.248.08
Frontier Communications (FTR)12,895,1385.840.111.92
Glu Mobile (GLUU)10,767,9375.000.337.07
VelocityShares Daily 2x VIX Short Term ETN (TVIX)10,764,3832.98-0.08-2.61
Applied Materials (AMAT)10,701,07422.550.150.67
21st Century Fox Cl A (FOXA)10,489,68935.15-0.10-0.28
American Airlines Group (AAL)10,392,55342.96-1.04-2.36
eBay (EBAY)10,319,42050.06-0.02-0.04
Gilead Sciences (GILD)10,286,96982.91-0.03-0.04
JetBlue Airways (JBLU)10,023,45810.85-0.03-0.28
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)61,983,252$195.72-0.10-0.05
Select Sector SPDR-Financial (XLF)36,100,82722.74-0.02-0.09
iShares MSCI Emerging Markets ETF (EEM)30,913,75243.23-0.12-0.28
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)30,661,77226.450.471.81
iShares Russell 2000 ETF (IWM)30,138,174118.810.470.40
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)20,587,67928.60-0.26-0.90
SPDR Gold Trust (GLD)17,524,699128.041.381.09
Direxion Daily Small Cap Bear 3x Shares (TZA)15,037,40313.96-0.18-1.27
iShares MSCI EAFE ETF (EFA)14,315,26268.370.060.09
iShares MSCI Japan ETF (EWJ)13,878,83612.040.060.50
Select Sector SPDR-Materials (XLB)12,945,60749.640.170.35
Select Sector SPDR-Consumer Staples (XLP)12,049,09744.62-0.04-0.08
iShares MSCI Brazil Capped ETF (EWZ)10,783,52447.78-0.33-0.69
Select Sector SPDR-Utilities (XLU)10,227,62544.260.350.80
Vanguard FTSE Developed Markets ETF (VEA)9,523,53842.590.050.12
PowerShares DB Commodity Index Tracking Fund (DBC)9,264,00626.58-0.16-0.60
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)9,167,3973.07-0.07-2.23
iShares U.S. Real Estate ETF (IYR)8,596,69471.79-0.06-0.08
Vanguard FTSE Emerging Markets ETF (VWO)8,407,13943.13-0.07-0.16
Select Sector SPDR-Industrial (XLI)7,919,04254.06-0.23-0.42
iShares China Large-Cap ETF (FXI)7,653,75237.04-0.17-0.46
Market Vectors Junior Gold Minets ETF (GDXJ)7,639,74442.261.724.24
iShares Silver Trust (SLV)7,467,28720.250.080.40
ProShares UltraShort S&P500 (SDS)6,503,30125.440.030.12
SPDR Dow Jones Industrial Average ETF Trust (DIA)6,401,568167.89-0.28-0.17
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)61,983,252$195.72-0.10-0.05
NewLead Holdings (NEWL)49,850,2570.25-0.03-10.71
MannKind (MNKD)48,637,15410.960.969.60
Apple (AAPL)47,845,04892.930.951.03
Bank of America (BAC)46,387,57415.370.040.26
Sirius XM Holdings (SIRI)44,215,8473.460.030.87
Select Sector SPDR-Financial (XLF)36,100,82722.74-0.02-0.09
iShares MSCI Emerging Markets ETF (EEM)30,913,75243.23-0.12-0.28
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)30,661,77226.450.471.81
iShares Russell 2000 ETF (IWM)30,138,174118.810.470.40
Micron Technology (MU)29,648,49332.951.444.57
Fidelity National Financial (FNF)29,621,63232.76-0.31-0.94
Microsoft (MSFT)29,323,31741.70-0.55-1.30
General Electric (GE)28,771,05126.28-0.15-0.57
Facebook Cl A (FB)26,617,11467.29-0.31-0.46
Advanced Micro Devices (AMD)25,670,0044.190.081.95
BlackBerry (BBRY)24,636,51810.240.464.70
GoPro (GPRO)24,630,87740.554.7913.39
Ford Motor (F)23,511,52217.24-0.04-0.23
Cisco Systems (CSCO)22,775,92224.850.150.61
Twitter (TWTR)22,682,68340.970.040.10
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)20,587,67928.60-0.26-0.90
General Motors (GM)20,481,91136.30-0.32-0.87
Intel (INTC)20,419,67330.90-0.03-0.10
Yahoo! (YHOO)20,247,01335.130.882.57
 
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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