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Aug 22, 2016

FT - August 22, 2016: Chinese Investors Look Liverpool | Lex

WSJ | Forex Closing on August 22, 2016

Major Currencies
Monday, August 22, 2016

WSJ | Major Indexes Closing on August 22, 2016

Major Indexes5:45 p.m. EDT 08/22/16

WSJ | Most Actives Closing on August 22, 2016

Most Active Stocks by Volume
4:46 pm ET 08/22/2016

WSJ | Biggest Gainers Closing on August 22, 2016

THE WALL STREET JOURNALBiggest Gainers Closing
Biggest Gainers
4:31 pm ET 08/22/2016

WSJ | Biggest Decliners Closing on August 22, 2016

THE WALL STREET JOURNALBiggest Decliners Closing
Biggest Decliners
4:31 pm ET 08/22/2016

Updated Investor Alert: Be on the Lookout for Investment Scams Related to the Recent Historic Rain and Flooding - August 22, 2016

SEC Seal

The SEC's Office of Investor Education and Advocacy is issuing this updated Investor Alert to help educate investors, including individuals who may receive lump sum payments from insurance companies and others following the recent historic rainfall and flooding in and around Louisiana, about investment fraud.

DealBook | Today's News Summary - August 22, 2016: Pfizer to Buy Cancer Drug Maker in $14 Billion Deal

The New York Times

Top Story
David Hung, chief executive of Medivation.
Pfizer to Buy Cancer Drug Maker in $14 Billion Deal
The frenzy over Medivation, which makes treatments for prostate and breast cancers, shows what pharmaceutical companies are willing to pay for oncology deals.

Wall Street at Close Report, by CNBC on August 22, 2016: U.S. Close Mostly Lower as Oil Sheds 3%, Yellen Speech Eyed


U.S. stocks closed mostly lower on Monday, with energy falling nearly 0.9 percent, as investors looked ahead to a key speech from the top Federal Reserve official.

FDIC Press Release - August 22, 2016: The FDIC Offers Tips on Choosing and Using the Right Bank Account


Press Release

The FDIC Offers Tips on Choosing and Using the Right Bank Account

Other topics in the latest FDIC Consumer News include depositing a check using a smartphone or tablet, protecting against fraudulent transactions on cards, and preparing financially for a disaster

The Guardian | Opinion | Labor Party Leadership - August 22, 2016: Labour Must Accept Whoever Wins The Leadership Vote – and Get Behind Them

There must surely be a lesson here somewhere. As voting forms are sent out this week to an astonishing 650,000 members of the Labour party, the highest membership of a political party in memory, London mayor Sadiq Khan and Scottish Labour leader Kezia Dugdale have urged members not to vote for Jeremy Corbyn. Expect more to urge the same.
Yet if past experience is anything to go by, the more Labour’s panjandrums urge members to do one thing, the more they will simply do the other. I suspect that the vast majority of them are now heartily tired of being warned and cajoled. They didn’t ask for another leadership contest and would quite like the parliamentary party to stop bickering and backstabbing and stand with their leader rather than against him.
This whole summer of silliness began shortly after Britain voted for B​rexit. This was apparently Jeremy Corbyn’s fault and not that of a fairly significant proportion of Labour voters who were likely unpersuadable. Thus began the longest attempt at political decapitation in peacetime, and which continues to rumble ruinously on. Alternatively farcical, damaging and debilitating, it is easy to wonder why hundreds of thousands of people would actually want to join a party which immediately sends their applications to a “compliance unit”, successfully blocks their imagined right to vote, and whose deputy leader in the avuncular shape of Tom Watson who believes that they are being groomed by a malign bunch of septuagenarian Trotskyists based in Crouch End.
At this rate Labour’s general election slogan will be “Vote Labour – so long as we approve of you”. It all reminds me of the former Labour whip Ray Powell when he was presiding over the old Ogmore Labour club in south Wales. Then the refrain, I was informed, was: “So you want to join the Labour party, lad? Sorry, we’re full up.” Stories such as these would have Michael Foot quoting his hero Aneurin Bevan to us in the Tribune offices: “The right wing of the Labour party”, Michael would say, “would rather see it fall into perpetual decline than abide by its democratic decisions.”
It is 10 years since I was a member of the Labour party’s national executive committee. I remember the first meeting of the NEC that I attended in the Imperial hotel in Blackpool. Alongside three other refuseniks that I had just been elected with, we were sat, squinting in front of a large window while across a table Tony Blair, joined on either side by other sepulchral silhouettes, gave us a very stern lecture about party loyalty.
To an extent that tempered how I behaved as a one-time serial rebel, albeit one who was active before the temptations of social media. Dennis Skinner, who I used to sit next to during those interminable meetings, imparted a wisdom that I tried to take on board: “don’t question the motives of others”, he would say.
That didn’t stop me from getting into scrapes, nor can I claim pure innocence of attempted subterfuge. I was involved – I think it was with the late Michael Meacher – in an attempt to work up the 50 or so MPs’ signatures needed to trigger a leadership contest against Blair after the Iraq war. That was until a furious Angela Eagle told me to take her name off the list because it shouldn’t have been on it and we all got cold feet. But I still have a letter from Cherie Blair thanking me for a later Guardian article, which condemned subsequent parliamentary coup attempt leaders for their “cowardly” attempt to dislodge her husband through an anonymous vote of no-confidence, rather than raising the 50 or so named MPs needed to mount a challenge. It is funny how history tends to repeat itself in the Labour party.
Today we have a Labour leader elected on a landslide a year ago because, like Bernie Sanders in America, his political platform represented a break with austerity and near-permanent war. His agenda – described by pollster Peter Kellner as “hard-left” over the weekend – is nothing of the sort. It more resembles a mild form of social democracy – which has had its echoes in Guardian editorials for almost as long as I have been a reader. His challenger – who is not drawn from the serried ranks of critics who have now uncharacteristically largely fallen silent, the quite likeable Owen Smith – seems to largely share it.
So what on earth is all this about?
Perhaps it is down to electability. Jeremy Corbyn, says Khan, “can’t win us the next general election.” Yet apart from Khan (who in fact did rather well by many of Corbyn’s supporters), many of those shouting loudest haven’t exactly won Labour many of those previous elections. Then there are some of the commentators, their flame-flecked fury a reflection perhaps of their irrelevance to a generation that increasingly gets it news and views from elsewhere. Others cite pollsters who haven’t managed to call an election or a referendum correctly for years. When they keep on shouting that “Corbyn can’t win a general election” their cries risk becoming a self-fulfilling prophecy.
Do I think Corbyn can win? With parliamentary boundary re-organisations, with the atrophy and collapse of Labour in Scotland, it would be bloody hard for any Labour leader to win right now, but it has to be worth a try – whoever it is. And whoever wins will have to broaden Labour’s appeal, not by the triangulations of yesteryear, but by acknowledging that political gravity is shifting away from what has gone on for the past 40 years. I also think that members and supporters are any organisation’s lifeblood, and that before Labour became a mass party of over half a million strong, it was on full life support.
But never mind the “Trots”, in today’s Labour party we will have elections until the members either get it right, or we return to the electoral college system being demanded by many of those who wanted to get rid of it in the first place in order to marginalise the unions (but still take their money). Thus ensuring that the madness of actually allowing one-member-one-vote elections that produce winners the party establishment disapproves of, would never be allowed to happen again.
Let’s hope that the parliamentary Labour party calms down, sees sense, and gets behind whoever is elected in September. In the meantime, the only advice I can offer Corbyn’s sworn enemies is to buckle down, make that banner – and march on Islington. I suspect it would have to read “Vote Corbyn” to have any chance of success.

FTC News & Events - August 22, 2016: FTC Announces Agenda for "Putting Disclosures to the Test

FTC@100 Banner
Workshop Will Feature Research on Disclosure Effectiveness
The Federal Trade Commission has announced the agenda for its Sept. 15 workshop, Putting Disclosures to The Test, which will include 22 presentations covering a wide variety of topics on how consumers think about, notice, understand, and act on disclosures made to them in advertising and other materials.

CMI Spot Prices Closing on August 22, 2016

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Monday, August 22, 2016

FDIC Weekly National Rates and Rate Caps Update on August 22, 2016


Rates updated August 22, 2016

European Markets at Close Report, by CNBC on August 22, 2016:: Europe Ends Under Pressure as Oil Tumbles 3%; Yellen Speech

European markets closed under pressure on Monday as investors failed to shake off the sharp declines seen in both oil prices and mining stocks.

FDIC | Financial Institution Letter - August 22, 2016: FIL-57-2016: Supervisory Insights Journal: Summer 2016 Issue Now Available


Financial Institution Letters

Summer 2016 Issue Now Available

Printable Format:


The Summer 2016 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors. The first article provides an overview of the current state of de novo bank formation, and the second article summarizes the types of issues most frequently observed by FDIC risk management examiners as reflected in the Matters Requiring Board Attention page of recent Reports of Examination. The publication is available at

NYT First Draft - August 22, 2016: Trump, With Bare -Bones Campaign, Relies on G.O.P for Vital Tasks

Monday, August 22, 2016

The New York Times

The New York Times

Monday, August 22, 2016

Donald J. Trump on Saturday in Fredericksburg, Va. Much of his support is from small donors.
Donald J. Trump on Saturday in Fredericksburg, Va. Much of his support is from small donors. Al Drago/The New York Times
Trump, With Bare-Bones Campaign, Relies on G.O.P. for Vital Tasks

DealBook Morning News - August 22, 2016: Tenants Struggle in Win-Win Contracts for Landlord.

The New York Times

By Amie Tsang
If you pay rent to a property management company with the aim of eventually owning the place, are you a renter or a homeowner? Some companies are blurring that line.

U.S. Stock Market Future Indications - August 22, 2016: Dow Futures Dip as Buyers Dither Until Yellen Speaks

U.S. stock futures signaled a dip at the open Monday, as a drop in oil prices outweighed deal news.

Asian Markets at Close Report, by MarketWatch on August 22, 2016: Asian Markets Choppy as Investors Eye Fed

Asian shares ended mixed on Monday, with traders braced for hawkish commentary from U.S. Federal Reserve officials at its annual conference this week.

Bloomberg View - August 22, 2016: Fighting Fraud in Chinese Markets

Fighting Fraud in Chinese Markets

Why No One Trusts China's Markets (Yet)
Earlier this summer, China's top securities regulator said that it would take the rare step of delisting a company from Shenzhen's ChiNext board. Its offense: falsifying IPO documents. Christopher Balding says this crackdown on fraud is welcome, but it might not be enough to fix Chinese markets' credibility problem.
In a Normal Election, We'd Be Talking Taxes
The issue is serious; the candidates' differences are clear. (Just one example: The Clintons would pay $224,000 more in taxes under Hillary's plan, and $1.7 million less under Trump's.) Albert R. Hunt says substantive debate on tax policy is long overdue.
The Brexit Question That Nobody Asked
With or without Britain, where is the European Union headed?Nowhere good, according to Mervyn King, former governor of the Bank of England, and Clive Crook is inclined to agree. The EU is structurally unsound and lacking in popular support, Crook says, and not even its strongest defenders seem to have a plan for its future.
Another Reason to Cheer for Local U
Higher education pays off for students, and apparently it does for communities, too. Stephen Carter says new research shows regions with universities have stronger economies than those without (and not just because they have better-educated workers).
The Fed's Impact on Black Americans
Central-bank policy makers try to do what's best for the nation as a whole, but their choices don't affect white and black Americans equally. Narayana Kocherlakota applauds the Federal Reserve for paying more attention to a long-neglected issue.  
Ritholtz's Reads
(Read Barry Ritholtz's full daily news roundup.)
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The Guardian | UK | Media | Media Briefing - August 22, 2016: Fox News, BBC Closure, Simon Cowel

The big story