Occupy Wall Street: Welcome Governor Corzine

Nov 1, 2011
J. Webster
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A friendly protester down at Occupy Wall Street was kind and savvy enough to welcome former governor and Goldman Sachs chief Jon Corzine to Occupy Wall Street. Corzine of course was the CEO of MF Global, which just went bankrupt and regulators aren now saying failed to protect its customers' money. In fact, over $700 million is missing. Yes, missing. Getty

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$700 Million Gone Missing at MF Global

Nov 1, 2011
J. Webster
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If you need any more evidence as to why people are protesting the behavior on Wall Street, look no further than MF Global, the firm run by former New Jersey Governor Jon Corzine and Goldman Sachs chief. I'm guessing Corzine is shaving off his famous beard and going into hiding. And yes, it's another firm run by someone who worked at Goldman Sachs - the so called vampire squid. MF Global is going through bankruptcy but now $700 million has gone missing. Details from DealBook:
The discovery that money could not be located might simply reflect sloppy internal controls

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The Short Squeeze Is On In Shares of BankAtlantic

Nov 1, 2011
J. Webster
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There was a rush to the exits for all the shorts in BankAtlantic after BB&T agreed to pay $301 million to acquire roughly $2.1 billion in loans and $3.3 billion in deposits from BankAtlantic. And it was a huge short squeeze as nearly 90% of the float was short BankAtlantic's stock. At one point shares of BankAtlantic (BBX) shot up to $7 a share this morning, as the shorts were forced to buy back shares if they wanted to get out. The stock is now trading around $4.85 a share, just under an 85% increase from yesterday. Here are the

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60 Minutes: Ruth Madoff Describes Hearing Bernard Confess

Oct 30, 2011
J. Webster
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As crazy as it may seem, I have to say I believe Ruth and Andrew Madoff when they say they had no idea that Bernie Madoff was running a Ponzi scheme. They certainly should have known, and it's amazing that they didn't ever ask any questions or dig deeper, especially when there were people who suspected that Madoff was running a scheme, but they seem like they are telling the truth. Ruth Madoff tells Morley Safer that after her husband confessed to running a massive Ponzi scheme the couple attended the company Christmas party.

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Peter Schiff Speaks for the 1% at Occupy Wall Street

Oct 30, 2011
J. Webster
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Schiff doesn't think Wall Street is to blame, rather he blames Washington. However, Wall Street is to blame when they're paying out excessive bonuses during a recession. See The Reformed Broker's Call to Action.
The problem is that many of these people are under the mistaken impression that Wall Street banks are to blame for this state of affairs. That's like blaming the dogs for getting into the trashcan. Sure, it's bad behavior, but the ultimate responsibility lies with the authority figures - in this case, Washington. (Business Insider)

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Arch Coal Misses Earnings But Stock Soars Higher

Oct 28, 2011
J. Webster
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The stock market is a funny thing sometimes. When stocks seems like they should go up they go down. And when stocks seems like they should go down they go up. The later was the case for Arch Coal's stock (ACI) today. And, for those not used to the market's sometimes maddening logic, it was frustrating, confounding and confusing. Over on the Yahoo Finance message board for Arch Coal, one board member was in utter disbelief as to why the stock soared nearly 10% after it missed earnings:
Complete and Total Earnings Miss Will someone please explain to me WTF is

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Quote: Bernie Madoff Feels Safer in Prison

Oct 27, 2011
J. Webster
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"I feel safer here (in prison) than outside. I have people to talk to, no decisions to make. I know I will die in prison. I lived the last 20 years of my life in fear. Now, I have no fear because I'm no longer in control." (

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Steve Cortes Wants to Short Apple, Says It’s a Highflier

Oct 26, 2011
J. Webster
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Yesterday, on the Fast Money Halftime report on CNBC, Steve Cortes again talked about his desire to short shares of Apple. It was all in the context of the momentum and high growth stocks getting chopped down recently when they missed on earnings or had other internal problems. The highfliers like Green Mountain, Netflix, First Solar and even Amazon. What's absurd though is for Cortes to lump Apple in with these other momentum or high growth stocks. Apple is in a world unto itself. The company has nearly the biggest market capitalization in the whole stock market. It has piles of

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Jon Najarian’s Gutsy MF Global Trade

Oct 26, 2011
J. Webster
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CNBC's Fast Money regular and co-founder of OptionMonster.com, Jon Najarian, made a very gutsy trade in MF Global today. The stock was said to be on the verge of complete collapse when he stepped in to make the trade. Talk about buying stocks when there's blood on the streets, this was one of those cases. After a poor earnings release due to weaker-than-expected trading revenue and fears about the company's exposure to European debt (rumored to be upwards of $6 billion), the stock plummeted. Yes, the entire market cap for the company wasn't even worth $1 billion a few days

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Why Whitney Tilson Is Now Long Shares of Netflix

Oct 26, 2011
J. Webster
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You have to give the man some credit: he doesn't shy away from his mistakes and he isn't afraid to reverse course when he thinks the valuations change in a stock. Whitney Tilson went on CNBC's Fast Money Halftime report to discuss why he is now going long shares of Netflix, which he once famously shorted. "Today, we see a company with $4 billion market cap, down from $16 billion about 3 months ago. And on number of metrics we think that’s very cheap,” he says.

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