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Mar 29, 2016

RT Max Keiser Report on March 29, 2016: Helicopter Money (E894)..

RT RT

Published on Mar 29, 2016
In this episode of the Keiser Report, Max and Stacy discuss billions from heaven as more economists, bankers and pundits plead for helicopter money. They also look at three charts which show the 'fundamentals' are not, in fact, improving; only the illusion is getting bigger. In the second half, Max talks to Michael Betancourt about his new book, The Critique of Digital Capitalism in which all is about flow, not real trade and where

The Guardian | World | Australia | Australian Politics - March 29, 2016: Turnbull Looks ti Income Tax-Raising for Powers States to Fix School and Hospital Funding.


DealBook P.M. Edition - March 29, 2016: Top Story: Louis Bacon's Charitable Trust Says It Was a Victim of Wall St. Scion's Fraud.

 
Tuesday, March 29, 2016
TOP STORY
Andrew Caspersen is a son of Finn M.W. Caspersen, a Wall Street financier and philanthropist who committed suicide in 2009.
Louis Bacon's Charitable Trust Says It Was a Victim of Wall St. Scion's Fraud The Moore Charitable Foundation of Louis M. Bacon says it put $25 million into what federal authorities call a fraudulent scheme by Andrew Caspersen.

NYT Afternoon Update on March 29, 2016: Victory for Unions as Supreme Court, Scalia Gone, Ties 4-4 .

Top News
Demonstrators supporting Rebecca Friedrichs, a plaintiff in the case, outside the Supreme Court in January.
Victory for Unions as Supreme Court, Scalia Gone, Ties 4-4

By ADAM LIPTAK

When the California teachers case was argued, Justice Antonin Scalia was still alive, and the court appeared ready to hand public unions a setback.

WSJ | Forex Closing on March 29, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Tuesday, March 29, 2016

WSJ | Major Indexes Closing on March 29, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:45 p.m. EDT 03/29/16

WSJ | Most Actives Closing on March 29, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 03/29/2016
NYSE

WSJ | Biggest Gainers Closing on March 29, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 03/29/2016
NYSE

WSJ | Biggest Decliners Closing on March 29, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:46 pm ET 03/29/2016
NYSE

Wall Street at Close Report on March 29, 2016, by CNBC: Dow, S&P Close at 2016 Highs After Yellen.

cnbc.com

Evelyn Cheng
 
U.S. stocks closed higher Tuesday, led by gains in tech stocks, as investors digested afternoon remarks from Fed Chair Janet Yellen.

SEC Litigation Release - March 29, 2016: AVEO Pharmaceuticals, Inc., et al.


CMI Spot Prices as of Close of Trading in New York on March 29, 2016.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Tuesday, March 29, 2016


FRB Speech by Chair Janet L. Yellen - March 29, 2016.


www.federalreserve.govChair Janet L. Yellen


At the Economic Club of New York, New York, New York


March 29, 2016


The Outlook, Uncertainty, and Monetary Policy

For more than a century, the Economic Club of New York has served as one of the nation's leading nonpartisan forums for discussion of economic policy issues. It is an honor to appear before you today to speak about the Federal Reserve's pursuit of maximum employment and price stability.

The Guardian | Opinion | European Referendum - March 29, 2016: March 29, 2016: For Brritish Muslim, There's Only One Choice on Europe: Vote Remain by Miqdaad Versi.


The Guardian | Opinion | Pakistan - March 29, 2016: The Carnage in Lahore is a Gauntlet Thrown Down to Pakistan's Rulers by Kunwar Khuldune Shahid


SEC Litigation Release - March 29, 2016: Stanley J. Kowalewski et al.

SEC Seal

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23502 / March 29, 2016

European Markets at Close Report on March 29, 2016, by CNBC: European Ends Mostly Higher Despite Oil Slump; Yellen Eyed.


Bits | The Business of Technology on March 29, 2016.

The New York Times
Tuesday, March 29, 2016

Apple iPhone Standoff Ends, for Now | The Feds solved one mystery, and may have left the rest of us with several more.

Bloomberg View - March 29, 2016: A Better Way To Measure Inequality

bloombergview.com

Noah Smith
 
Inequality is, without a doubt, the hot topic in econ circles these days. Economics conference seminars on the subject are standing-room-only. Columns and blog posts about inequality are widely read and discussed, and Thomas Piketty’s book was a bestseller.

NYT | Europe - March 29, 2016: Long Before Brussels, ISIS Sent Terror Operatives to Europe.


Bloomberg Politics - March 29, 2016: Trump Struggles With Presidential Demeanor Ahead of Wisconsin Primary.


NYT First Draft on Politics - March 29, 2016: Republicans to Take Their Latest Fight Inside, by Maggie Haberman.

Tuesday, March 29, 2016

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Tuesday, March 29, 2016

Donald J. Trump, left, and Senator Ted Cruz of Texas at the Republican presidential debate at the University of Miami this month.
Donald J. Trump, left, and Senator Ted Cruz of Texas at the Republican presidential debate at the University of Miami this month. Todd Heisler/The New York Times
Republicans to Take Their Latest Fight Inside
By MAGGIE HABERMAN

DealBook Today's Top Headlines - M arch 29, 2016: Private Equity Executive Accused of Faking Investments | Starwood Bidding War Escalates | ValueAct Pays a Price for Supporting Valeant.

 
Tuesday, March 29, 2016
TODAY'S TOP HEADLINES
By AMIE TSANG
PRIVATE EQUITY EXECUTIVE ACCUSED OF FAKING INVESTMENTS Federal prosecutors working for Preet Bharara, the United States attorney for Manhattan, have charged Andrew Caspersen, a former Blackstone Group managing principal, with securities and wire fraud in what was labeled a "brazen" scheme to defraud investors of up to $95 million, Alexandra Stevenson and Matthew Goldstein report in DealBook. The Securities and Exchange Commission filed parallel civil charges.

Mr. Caspersen was a partner at the Park Hill Group, which specializes in raising money for private equity firms and hedge funds, and was still trying to persuade institutional investors to give him money up until last week.

The authorities accused Mr. Caspersen of using a fraudulent investment vehicle and fake emails to dupe an unidentified hedge fund foundation to sink $25 million into the scheme last fall.

According to authorities, Mr. Caspersen had set up a shell company with a similar name to a legitimate vehicle at Park Hill and began raising money for it. He did not tell prospective investors that the shell company was controlled entirely by him, making up email accounts, inventing employees and creating a fake domain name. The scheme began to fall apart when the hedge fund asked for its $25 million plus interest to be returned. It has not yet received the money.

The authorities said he blew through most of the money he raised "as a result of aggressive options trading" in his personal brokerage account.

Park Hill, which was part of the Blackstone Group and is now part of PJT Partners, has fired Mr. Caspersen and said it was cooperating with the authorities.

The case has raised questions about the internal controls in place at Park Hill - the authorities say Mr. Caspersen's scheme went on for months. It also raises questions about how much research and checking institutional investors do and how much they are relying on personal connections and trust.
STARWOOD BIDDING WAR ESCALATES The consortium led by Anbang Insurance has increased its bid for Starwood Hotels to $14 billion, raising the stakes in the most prominent bidding war so far this year, Michael J. de la Merced reports in DealBook. Starwood declared that this was "reasonably likely to lead to a 'superior offer.' "

Starwood said that the Anbang group had offered $81 a share on Saturday, and then the current $82.75 after talks between the two sides began.

Marriott International is sticking to its $13.5 billion offer for now. It argued that its proposal was solid while Anbang's offer may not be able to close.

Analysts have said that Marriott would be hard-pressed to raise its offer to win the battle, since raising the cash portion of its offer could threaten its investment-grade rating. Adding more stock as consideration could harm its earnings per share.
ON THE AGENDA The chairwoman of the Securities and Exchange Commission, Mary Jo White, will speak at the Mutual Fund Director Forum's 2016 Policy Conference at 9 a.m. Janet L. Yellen, the chairwoman of the Federal Reserve, will speak at The Economic Club of New York at 11:30 a.m.
VALUEACT PAYS A PRICE FOR SUPPORTING VALEANT William A. Ackman receives a lot of criticism for investing in Valeant, but ValueAct has had more influence over Valeant's activities and its role has gone largely unquestioned, Andrew Ross Sorkin writes in DealBook.

ValueAct, founded by Jeffrey Ubben, has been invested in Valeant since 2006 and has held at least one seat on its board since 2007. It installed J. Michael Pearson as chief executive, oversaw the change in compensation policies and supported the company's strategy of cutting research and development while increasing the price of its drugs.

It is hard to see how ValueAct could have been unaware of Valeant's more aggressive strategies, unless it intended to claim that it was duped by management, a claim it has not made yet.

When Mason Morfit, ValueAct's representative, stepped down from the board, Mr. Pearson said he continued to "value his vision and guidance." Mr. Morfit also helped establish a compensation plan for Valeant executives that governance experts say may have led to the practices at Valeant that are now under scrutiny. Mr. Pearson's compensation plan, tied directly to the stock price, may have led to a culture that was too aggressive.

Valeant's admission that it had wrongly booked $58 million of revenue has given way to the possibility of bigger problems at the company. Its confession has given credibility to critics who have produced analyses suggesting that its books could be flawed in other ways, Peter Eavis reports in DealBook.

And the issue of accounting is likely to remain at the heart of the debate over Valeant because it was so central to its strategy.

Valeant has been accused of channel-stuffing - trying to bolster revenue artificially by granting unsustainable or improper inducements to wholesalers and customers to get them to take its products. Channel-stuffing companies may also book revenue by transferring goods to an entity that is not totally separate.

There were also concerns about spring-loading - when one company acquires another and, between the announcement of the deal and the actual merger, finds a way to book a higher level of costs and lower revenue at the company being acquired.

With the number of inquiries and lawsuits it is facing, the question may well devolve into whether Valeant can survive everything being thrown at it, Peter J. Henning writes in White Collar Watch.

Valeant has sought to portray itself as cooperative with regulators by pointing the finger at the former chief financial officer, Howard B. Schiller. But Mr. Schiller has refused to step down from the board, giving him a front-row seat to observe how the company responds to investigations. He will also be a key player in the investigation of the company's accounting.

Valeant must also foot the bills for Mr. Schiller's lawyers related to any inquiry or face even more litigation if it decides not to do so.
MERGERS & ACQUISITIONS »
Affymetrix to Stick With Thermo Fisher's Takeover Proposal After examining a new offer from Origin Technologies, Affymetrix concluded that Thermo Fisher's bid, while $3 a share lower, remained superior.
Yahoo Said to Set Deadline for Preliminary Bids Yahoo has given potential suitors two weeks to submit preliminary bids for its core Web business and Asian assets, The Wall Street Journal reports, citing people familiar with the matter.
INVESTMENT BANKING »
U.K. Regulator Said to Step Up Checks on Chinese Banks Britain's Financial Conduct Authority may step up its scrutiny of the London branches of Industrial & Commercial Bank of China and China Construction Bank , Caixin reported on its website, citing unidentified people.
A Financial-Crisis Mystery Is Solved Recently released materials from the government's investigation into the financial crisis give new detail on how confidence in Bear Stearns quickly evaporated.
For the latest updates, go to NYTimes.com/DealBook
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I.P.O./OFFERINGS »
Chi-Med Taps Nasdaq to Help Break Innovation Drought A $100 million Nasdaq flotation has given a fresh impetus to efforts by Hutchison China MediTech to produce the first drug to originate from China for decades.
LEGAL/REGULATORY »
A Walmart in San Juan, P.R. Walmart employs more than 14,000 people in Puerto Rico, second only to the government.
Federal Judge in Puerto Rico Calls Walmart Tax Unlawful A federal court throws out the island's new tax, saying a financial crisis is no reason to demand revenue it isn't entitled to.
Lin-Manuel Miranda: Give Puerto Rico Its Chance to Thrive Alexander Hamilton fought to help his island home. Now the creator of "Hamilton" is asking Congress to help his.
S.E.C. Said to Investigate SunEdison's Disclosures to Investors The Securities and Exchange Commission is investigating SunEdison's disclosures to investors about how much cash the solar-power company had on hand as its stock price collapsed last year, The Wall Street Journal reports, citing people familiar with the matter.
Elizabeth Holmes received considerable news media attention as the founder of Theranos, a medical testing start-up that has come under scrutiny.
Study of Theranos Medical Tests Finds Irregular Results A report published in The Journal of Clinical Investigation compared blood test results from Theranos with some from two large laboratories.
A Skechers center in Moreno Valley, Calif. Legislation would require hourly pay of $15 by 2022.
$15-an-Hour Minimum Wage in California? Plan Has Some Worried The move to raise the statewide minimum wage would make California a guinea pig in a bold economic experiment.
A Cadillac exhibited under water with goldfish in Guangzhou, China. Automakers have pinned their hopes on China, but its economy is cooling.
Automakers Expanding in China May Soon Face Weakening Demand China is the world's largest market for new cars, but its slowing economy could leave automakers with too many factories and not enough buyers.

U.S. Stock Market Future Indications - March 29, 2016: U.S. Stock Futures Edge Lower Ahead of Yellen Speech.


Asian Markets at Close Report on March 29, 2016, by CNBC: Asia Markets Mostly Lower Before Yellen Speech


The Guardian | UK | Media Briefing - March 29, 2016: Today's Mrdia Stories From the Papers.