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Feb 13, 2015

FDIC Press Release - February 13, 2015: First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Capitol City Bank & Trust Company, Atlanta, Georgia.

FDIC

Press Release

First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Capitol City Bank & Trust Company, Atlanta, Georgia

FOR IMMEDIATE RELEASE
February 13, 2015
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Cell: 571-215-6027
Email: lwilliams-young@fdic.gov
Capitol City Bank & Trust Company, Atlanta, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Capitol City Bank & Trust Company.
The eight former branches of Capitol City Bank & Trust Company will reopen during normal business hours. The failed bank will operate as Capitol City Bank & Trust, a division of First-Citizens Bank & Trust Company. Depositors of Capitol City Bank & Trust Company will automatically become depositors of First-Citizens Bank & Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Capitol City Bank & Trust Company should continue to use their current branch until they receive notice from First-Citizens Bank & Trust Company that systems conversions have been completed to allow full-service banking at all branches of First-Citizens Bank & Trust Company.
Depositors of Capitol City Bank & Trust Company can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2014, Capitol City Bank & Trust Company had approximately $272.3 million in total assets and $262.7 million in total deposits. In addition to assuming all of the deposits of Capitol City Bank & Trust Company, First-Citizens Bank & Trust Company agreed to purchase essentially all of the failed bank's assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-895-3212. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; on Monday from 8:00 a.m. to 8:00 p.m., EST; and thereafter from 9:00 a.m. to 5:00 p.m., EST. Interested parties also can visit the FDIC's Web site at https://www.fdic.gov/bank/individual/failed/capitolcity.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $88.9 million. Compared to other alternatives, First-Citizens Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Capitol City Bank & Trust Company is the third FDIC-insured institution in the nation to fail this year, and the first in Georgia. The last FDIC-insured institution closed in the state was Eastside Commercial Bank, Conyers, on July 18, 2014.

SEC | Litigation Release - February 13, 2015: Mozzam “Mark” Malik and American Bridge Investment Group, LLC, d/b/a Wolf Hedge LLC

SEC Seal

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23197 / February 13, 2015

Securities and Exchange Commission v. Mozzam "Mark" Malik and American Bridge Investment Group, LLC, d/b/a Wolf Hedge LLC, Civil Action No. 15-1025 (RJS)

SEC Charges Hedge Fund Manager Mark Malik With Stealing Investor Funds

The Securities and Exchange Commission today filed an emergency enforcement action to halt an ongoing fraud by Moazzam "Mark" Malik, a Pakistani citizen and New York City resident. The SEC charged Malik and his hedge fund with stealing money from his investors.
The SEC alleges that Moazzam "Mark" Malik falsely claimed to be operating a hedge fund with approximately $100 million in assets under management, and he solicited investors with promises of consistently high returns. Although he raised $840,774 from investors, his fund never made real investments and never held more than $90,177 in assets as Malik continually withdrew the cash and spent it as his own. Despite repeated demands from investors for the return of their money, Malik has flatly refused or delayed the bulk of their redemption requests. He allegedly went so far as to create a fictitious fund employee who sent one investor an e-mail claiming that Malik had died.

The Washington Post Evening Edition - February 13, 2015.

The Washington Post
Evening Edition
The most important stories of the day  •  Fri., Feb. 13, 2015

Oregon Governor John Kitzhaber announces resignation
PORTLAND, Ore. — Oregon Gov. John Kitzhaber on Fridayannounced plans to resign amid scandal, marking a sudden and dramatic endpoint to one of the longest careers in the state’s political history. “I am announcing today that I will resign as governor of the state of Oregon,” Kitzhaber (D) said in a long statement.  Read full article »

The Scalia/Ginsburg Reality Show: A ‘not 100 percent sober’ friendship
The play based on Supreme Court Justice Antonin Scalia does not open until next month, and “Scalia/Ginsburg,” the opera celebrating the boisterous conservative and his liberal foil on the court, Ruth Bader Ginsburg, gets its premiere this summer.  Read full article »

GATA | THE GATA DISPATCH - February, 2015: Alasdair Macleod: Unemployment and groupthink.

Alasdair Macleod: Unemployment and groupthink

Submitted by cpowell on Friday, February 13, 2015. 
Friday, February 13, 2015

Markets are moving now largely on the basis of government-sponsored disinformation, GoldMoney research director Alasdair Macleod writes today, but the dismal condition of the U.S. labor market cannot be concealed from anyone who is paying a little attention. Macleod's commentary is headlined "Unemployment and Groupthink" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

DealBook P.M. Edition - February 13, 2015: Top Story: Drug Maker Salix Is Once Again a Potential Takeover Target.

FRIDAY, FEBRUARY 13, 2015
TOP STORY
Drug Maker Salix Is Once Again a Potential Takeover TargetValeant, which failed in its attempt to acquire the Botox maker Allergan last year, is now in talks with Salix, according to a person briefed on the matter. The British drug maker Shire, too, is interested.
DEALBOOK HIGHLIGHTS
Reuters Breakingviews: Costco Customers May Come Out Ahead in Amex Divorce Severing an exclusive deal with the warehouse retailer has swiped some $8 billion in market value from the card company. Gains at MasterCard and Visa offset only part of that, note Rob Cox and Stephanie Rogan of Reuters Breakingviews.
Michael R. Milken at Drexel Burnham Lambert in 1978.
Drexel, 25 Years After Its Collapse, Only Helps a Résumé Alumni of the investment bank occupy some of the most powerful positions in finance. In fact, an association with Drexel is now worn as a badge of pride.
Prime Minister Matteo Renzi of Italy wants to streamline the banking system.
Reuters Breakingviews: When a Bad Bank Is a Good Idea A bank that takes in bad loans in Italy could help lending and spur consolidation in the country's fragmented banking system, Neil Unmack writes for Reuters Breakingviews.
Aer Lingus is open to a takeover under certain conditions.
Aer Lingus Board Urges Irish Government to Support Takeover Bid The parent company of British Airways has offered about $1.5 billion for Aer Lingus but must win the support of Ryanair and the Irish government, the airline's two largest shareholders.
The Q-ratio 
(relative to its long-run average)
Another View: The Myth of Black Swan Market EventsThe bear markets that followed periods of high corporate valuations were predictable by economic logic that says that governments cannot manipulate market prices without creating distortions, Mark Spitznagel writes in Another View.


WSJ | Biggest Gainers Closing on February 13, 2015.

Biggest Gainers Closing
Biggest Gainers
4:47 pm ET 02/13/2015
NYSE
ISSUEVOLUMEPRICECHG% CHG
HubSpot (HUBS)390,523$43.296.2216.78
Forum Energy Technologies (FET)2,393,40018.702.6116.22
Oi ADS New (OIBRC)15,3792.630.3615.86
World Wrestling Entertainment Cl A (WWE)3,238,86116.592.2315.53
Walter Investment Management (WAC)819,84320.292.5714.50
King Digital Entertainment (KING)15,145,11716.701.9613.30
Newpark Resources (NR)3,630,3759.851.0712.19
C&J Energy Services (CJES)1,567,81012.981.3611.70
New Source Energy Partners (NSLP)207,8399.010.9011.10
Pioneer Energy Services (PES)2,362,8725.740.5410.38
Banco Bradesco ADS (BBDO)8,91413.201.199.91
58.com ADS (WUBA)1,175,48942.053.799.91
Swift Energy (SFY)3,763,5792.910.269.81
Basic Energy Services (BAS)3,183,0837.280.629.31
Goodrich Petroleum (GDP)4,389,4683.580.298.81
AK Steel Holding (AKS)12,397,6164.870.398.71
Q2 Holdings (QTWO)307,93620.731.658.65
EXCO Resources (XCO)3,312,8242.520.208.62
GrafTech International (GTI)1,016,4944.160.328.33
Centrus Energy (LEU)111,6164.200.328.24
Comstock Resources (CRK)3,416,6886.090.468.17
Freescale Semiconductor (FSL)8,910,39237.532.838.16
Hornbeck Offshore Services (HOS)1,741,53820.451.528.03
Colfax (CFX)1,634,38052.023.847.97
RPC (RES)2,202,50713.360.937.48

WSJ | Most Actives Closing on February 13, 2015

Most Actives Closing
Most Active Stocks by Volume
4:47 pm ET 02/13/2015
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)91,353,419$16.61-0.06-0.36
Petroleo Brasileiro ADS (PBR)51,031,8386.980.446.73
American Express (AXP)34,647,36778.08-2.40-2.98
SeaDrill (SDRL)31,831,04912.32-0.70-5.38
General Electric (GE)31,123,53925.150.261.04
Rite Aid (RAD)29,324,2268.340.253.09
National Bank of Greece ADS (NBG)28,603,2591.610.1812.59
Vale ADS (VALE)28,430,7148.050.324.14
Itau Unibanco Holding ADS (ITUB)27,372,00512.630.463.78
Orbitz Worldwide (OWW)22,427,58511.68-0.04-0.34
Pfizer (PFE)21,556,36534.64-0.23-0.66
Twitter (TWTR)20,692,27448.500.551.15
American International Group (AIG)19,826,26853.961.512.88
Ford Motor (F)19,738,45116.30-0.06-0.37
Freeport-McMoRan (FCX)19,455,87720.290.824.21
Petroleo Brasileiro ADS A (PBRA)19,113,2257.130.487.22
Avon Products (AVP)17,447,7489.080.394.49
Citigroup (C)17,136,17351.200.310.61
Kinross Gold (KGC)16,453,9742.81-0.17-5.70
CBS Cl B (CBS)16,322,85559.832.063.57
Delta Air Lines (DAL)16,158,78844.50-0.31-0.69
Halliburton (HAL)16,156,47644.191.423.32
Alcoa (AA)15,988,88315.810.161.02
Molycorp (MCP)15,958,2510.970.055.04
Wells Fargo (WFC)15,923,13655.330.470.86