Börsipäev 12. detsember - Investeerimine - Foorum - LHV finantsportaal

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Börsipäev 12. detsember

Kommentaari jätmiseks loo konto või logi sisse

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    Auto bailout collapses in Senate

  • Asi läheb nüüd talvepuhkusele ja enne uut aastat midagi ei juhtu. Christmas-selloff?
  • Tundub jah, et sellel aastal on jõuluralli pigem allapoole...
  • Finantskriis on järjekordse ohvri nõudnud ... sedakorda siis massiivse petuskeemi päevavalgele toonud. Hiiglasliku Ponzi skeemi mahtu hinnatakse 50 miljardile dollarile.


  • "Bernard L. Madoff was arrested by federal agents, a day after his sons turned him in...

    aitähh, pojakesed... :D
  • Arvatakse, et kuni 25 hedge fondi võib sinna investeeritud rahast nüüd põhimõtteliselt käed (ja bilansid) puhtaks pühkida.
  • Erki, saad terve artikli siia pasteda? Kõigil pole WSJ juurdepääsu.
  • NYT story samal teemal.

    The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the cash received from other investors.

    Karm. Kuigi reaalsed lossid on ilmselt väiksemad, tähendab see ilmselt ikkagi $50 bln mahakirjutamist süsteemist.
  • DECEMBER 12, 2008

    Top Broker Accused of $50 Billion Fraud 

    Sons Turned In Madoff After He Allegedly Told Them His Investment-Advisory Business for the Wealthy Was 'Giant Ponzi

    Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called "a giant Ponzi scheme."

    The Securities and Exchange Commission, in a civil complaint, said it was an ongoing $50 billion swindle, and asked a judge to seize the firm and its assets. "Our complaint alleges a stunning fraud that appears to be of epic proportions," said Andrew M. Calamari, associate director of enforcement in the SEC's New York office.

    In a separate criminal complaint, Federal Bureau of Investigation agent Theodore Cacioppi said Mr. Madoff's investment advisory business had "deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in losses of approximately billions of dollars."

    Dan Horwitz, a lawyer for Mr. Madoff, declined to elaborate on the allegations. "Bernard Madoff is a longstanding leader in the financial-services industry with an unblemished record," Mr. Horwitz said in an interview. "He is a person of integrity. He intends to fight to get through this unfortunate event."

    Madoff Clients Are Shaken by ArrestSEC Press Release on Madoff's CaseSEC ComplaintPress Release on Madoff's ArrestCriminal ComplaintThe 70-year-old Mr. Madoff is the founder and primary owner of Bernard L. Madoff Investment Securities LLC. The firm is primarily known for its business in market-making, or serving as the middleman between buyers and sellers of shares. But Mr. Madoff also oversaw an investment-advisory business that managed money for high-net-worth individuals, hedge funds and other institutions.

    According to the complaints, Mr. Madoff ran the investment advisory as a secretive business, independent from the firm's proprietary trading and market-making operations. The SEC complaint said that the alleged fraud was run through this arm of Mr. Madoff's company.

    The FBI complaint quotes two senior Madoff employees as saying Mr. Madoff ran the investment arm on a separate floor of the firm's offices. The two employees said Mr. Madoff kept the financial statements from the firm under lock and key and was "cryptic" about the firm's investment business.

    The complaint did not name the two senior employees. But according to people familiar with the matter, they are Mr. Madoff's sons, Andrew and Mark. Mark Madoff is the firm's senior managing director and chief compliance officer. Andrew Madoff is its director of trading.

    A call to the sons' attorney was not returned.

    Both complaints say Mr. Madoff told his sons he believed losses from his fraud exceeded $50 billion. That figure couldn't be confirmed. But such a loss is plausible, had money been flowing in and out for years: At the beginning of 2008, according to the SEC filing, his operation had more than $17 billion under management.

    Such a scheme would dwarf past Ponzi schemes. It would also be nearly five times larger than the accounting fraud that drove telecom company WorldCom into bankruptcy proceedings in 2002.

    The criminal complaint said that when Mr. Cacioppi and another agent went to Mr. Madoff's apartment Thursday, Mr. Madoff told them: "There is no innocent explanation." Mr. Madoff told the agents that "he paid investors with money that wasn't there," adding that he was "broke" and had decided "it could not go on." He said he expected to go to jail.

    After his arrest, federal prosecutors in Manhattan charged Mr. Madoff with criminal securities fraud.

    Mr. Madoff didn't enter a plea during a court hearing Thursday evening. He was released after agreeing to post a $10 million bond secured by his Manhattan apartment. A preliminary hearing was scheduled for Jan. 12. He declined to comment after the hearing.
    Under 'Great Stress'

    Earlier this month, the criminal complaint says, Mr. Madoff told one of his sons that "clients had requested approximately $7 billion in redemptions, that he was struggling to obtain the liquidity necessary to meet those obligations." On Tuesday, the complaint alleges, Mr. Madoff added that he wanted to pay bonuses to employees this month, which was earlier than usual.

    The next day, the sons met with Mr. Madoff at his office to ask about the bonus situation because he had appeared to be under "great stress" in prior weeks, they told the FBI. Mr. Madoff refused to answer their questions and arranged to meet them at his Manhattan apartment, the complaint says.

    Mr. Madoff "wasn't sure he would be able to hold it together" if they continued to discuss the issue at the office, the complaint quotes one of the sons as saying. At the apartment, Mr. Madoff confessed that his business was a fraud and that he was "finished." He said he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." He told them the firm was insolvent, according to the complaint.

    Mr. Madoff told them he planned to surrender to authorities, but first, he wanted to pay certain employees portions of the $200 million to $300 million dollars that was left.

    According to a person familiar with the firm, the sons brought the matter to the attention of their attorney, who notified federal officials Wednesday night.

    Since its inception almost a half-century ago, the Madoff firm has been a family affair. Mr. Madoff started his company with $5,000 he saved from a lifeguarding at Rockaway Beach in Queens and a job installing underground sprinkler systems, according to a 2000 report in a trade magazine, "Wall Street + Technology."

    Mr. Madoff's brother, Peter Madoff, joined the firm around 1970 and is the senior managing director. Peter Madoff did not return calls for comment.

    The two sons, Andrew and Mark, have worked for the securities firm since graduating from college 20 or so years ago. Neither is involved in the asset-management business that their father runs, according to a person familiar with the situation.
    "All of his family members grew up with this being our lives. When it is a family operated business you don't go home at night and shut everything off. So you take things home with you, which is how all of us grew up," Mark Madoff told "Wall Street + Technology."
    According to a 1986 report in a monthly financial magazine, Financial World, titled "The Highest Paid People on Wall Street," Mr. Madoff owned three homes and kept a yacht moored in the Bahamas. The report said he earned $6 million in 1985. Property records show at one point he owned a home in Montauk, N.Y., and paid more than a $1 million in annual taxes. He has made major donations to Democratic candidates and organizations.

    Mr. Madoff's asset-management business appealed to investors for its remarkably steady returns for investing in the stock market. His investors consistently enjoyed small monthly gains, usually between zero and 2%. Mr. Madoff told investors his strategy was to trade in and out of large-cap stocks and buy options on those shares to help smooth the ups and downs. When he failed to see opportunities in the market, he would shift to U.S. Treasurys, according to fund marketing documents and people familiar with his strategy.

    Widespread Skepticism

    Mr. Madoff's Fairfield Sentry Ltd., a hedge fund run by Madoff Investment Services to invest in shares in the S&P 100, claimed to be up 5.6% through the end of November, a period when the Standard & Poor's 500-stock index was down 37.65%. In October, Fairfield Sentry was said to be down 0.06%, a month when the S&P 500 lost 16.8%. Since its inception in December 1990, the fund averaged a 10.5% annual return, according to fund documents.

    Such returns sparked widespread skepticism for years on Wall Street. News stories raised questions about his approach. A number of traders suggested his firm could be buying shares for its own account just before it filled orders for customers, an illegal act called front-running.

    In 2001, Mr. Madoff told Barron's that charges of front-running were "ridiculous."

    An executive in the securities industry, Harry Markopolos, contacted the SEC's Boston office in May 1999, urging regulators to investigate Mr. Madoff. Mr. Markopolos continued to pursue his accusations over the past nine years, he said in an interview on Thursday, and according to documents he sent to the SEC that were reviewed by The Wall Street Journal.

    "Bernie Madoff's returns aren't real and if they are real, then they would almost certainly have been generated by front-running customer order flow from the broker-dealer arm of Madoff Investment Securities LLC," Mr. Markopolos wrote to the SEC in November 2005.

    The SEC declined to comment on the matter.

    Mr. Madoff's investors described their shock and panic on Thursday. Susan Leavitt of Tampa Bay, Fla., said she had several million dollars of inherited money invested in the firm and added $500,000 earlier this year. A stay-at-home mother with two children, the 46-year-old Ms. Leavitt says she is considering going back to work. "That was my nest egg for the children, and my future. I'll never see much back, I'm sure," she said.

    Ms. Leavitt said she recently discussed her investment with a friend who told her he was suspicious about the firm's ability to generate such profits amid the economic crisis. "I thought, 'He's probably just jealous,' " said Ms. Leavitt. "We've been with [Mr. Madoff] for 15 years, and it's grown every year at 10%."

    U.S. District Judge Louis Stanton, who is overseeing the SEC's case against Mr. Madoff and his firm, on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm's receiver in order to preserve its assets and accounts outside the U.S. The judge also ordered Mr. Madoff and his firm not to move assets. At a hearing set for Friday, the judge will consider the SEC's request to grant powers to the receiver over the entire firm, and a complete asset freeze.

    —Chad Bray, Robert Frank and Gregory Zuckerman contributed to this article.

  • http://www.thenewstribune.com/news/promos/wirepicks/story/565264.html
  • huvitav, palju siit varasid sundmüüki läheb ?
  • http://online.wsj.com/article/SB122903010173099377.html?mod=googlenews_wsj

    läbi Google Newsi paistavad paljud muidu tasulised asjad kätte
  • Pressure on UK banks intensified after HBOS, the UK’s biggest listed mortgage lender which is in the process of being taken over by Lloyds TSB, revealed an additional £3.2bn in bad debt since the end of September.
  • speedy, artiklis on öeldud, et alles on ainult 200-300 miljonit ja seegi vist cashis, kuna taheti boonust maksta töötajatele. seega pole nagu midagi turgu müüa.
  • American Express (AXP) saab järjekordse "Sell" reitingu osaliseks:

    Deutsche Bank initiates American Express (AXP 20.13) and Capital One (COF 27.85) with Sells.
  • According to Reuters, U.S. sales of video game hardware and software rose 10 percent in November from a year earlier

    põgenemine reaalsusest?
  • Henno, novembris tuli PC-le GTA IV välja :)
  • SideKick
    kui palju oli sinna raha pannud teised fondid, kelle osa varadest ühe ööga haihtus ?
    mõni leveraged fond peab hakkama tänu sellele positsioone likvideerima
  • http://www.businesspundit.com/after-the-crisis-a-parody-of-15-corporate-logos/
  • kohutavalt käed sügelevad,et shortida SPY või QQQQ ja seda jub eelturult
  • November Core PPI y/y +4.2% vs +4.2% consensus, prior +4.4%
    November Retail Sales -1.8% vs -2.0% consensus; prior revised to -2.9% from -2.8%
    November Core PPI m/m +0.1% vs +0.1% consensus
    November PPI y/y +0.4% vs +0.2% consensus, prior +5.2%
    November Retail Sales ex-autos -1.6% vs -1.8% consensus; prior revised to -2.4% from -2.2%
    November PPI m/m -2.2% vs -2.0% consensus
  • Hope If You Must, but Protect Your Capital
    By Rev Shark
    RealMoney.com Contributor
    12/12/2008 7:38 AM EST

    He that lives upon hope will die fasting.
    -- Benjamin Franklin

    What makes a bear market so painful for most investors is the inclination to constantly guess when they might end. Getting your hopes up just to be disappointed again takes a much greater emotional toll on investors than just accepting the idea that the struggles may continue for a while.

    Nonetheless, Wall Street has always been and always will be a dealer in hope. Without hope, it would be awfully hard to hold on to the funds of investors. Thus, they must always be told that the market is on the verge of recovering its large losses and if they pull out now it will be at the worst possible time. The No. 1 goal of Wall Street isn't to be correct about market direction but to hold on to client assets.

    So here we are again, a week after a slew of bottom-calling, and the market is set to open very ugly and test key technical support. The reasons for the weakness are painfully obvious: Auto bailouts fail in the Senate, a massive investment fraud perpetrated by the ex-head of the Nasdaq is uncovered and analysts issue a host of downgrades.

    There has been a lot of cheering lately over the ability of the market to shrug off bad news, such as the huge jump in job losses, but the bad news has just kept on flowing, and the buyers just couldn't dismiss all of it. The argument that we have anticipated and priced in the worst is looking problematic this morning as we gap down, but the bulls do have the opportunity to show us once again that they really have seen this coming and are still willing to anticipate the lows and buy into it.

    My attitude about the market remains what it has been for a while now: We are in a bear market, and while we will have some countertrend bounces and rallies, we shouldn't constantly be hoping and predicting that we have seen the lows. As I said on Monday morning, that sort of prediction not only isn't helpful, it is dangerous, because it sets you up to get your hopes dashed in a situation just like we are seeing this morning.

    Today is going to be a particularly interesting test for the bulls who want to believe that we have already priced in the worst. If they really believe it, they are going to buy this weakness this morning and shrug off this bad news. There still is some technical support before we test the lows of November, which could bring in some buyers, but it's very heavy lifting here.

    After digesting this news today, the bulls still have the chance for some end-of-the-year games in the next two weeks, but this market is likely to remain very skittish and nervous. The volatility is not investor-friendly, and I don't expect trading to be easy. We'll navigate as best we can, but above all, also continue to protect that capital.
    Ülespoole avanevate aktsiate read on täna hõredad:

    In reaction to strong earnings/guidance: SHO +4.9%, AEIS +3.5% (light volume)... Other news: EXEL +23.3% (Exelixis and Bristol-Myers enter global collaboration on two novel cancer programs), SHPGY +2.5% (still checking).

    Allapoole avanevad:

    In reaction to disappointing earnings/guidance: WAT -16.6% (downgraded to Equal Weight at Morgan Stanley, downgraded to Market Perform at Leerink, downgraded to Neutral from Outperform at Cowen and downgraded to Hold at Baird), MATK -6.7% DHR -4.5%, UTX -2.5%, SMSC -1.8%... Select auto-related names trading lower following WSJ report that rescue bid for Detroit collapses in Senate: GM -26.9% (retains bankruptcy counsel - WSJ), LEA -26.4% (withdraws 2008 guidance; also downgraded to Sell at Deutsche Bank), JCI -19.7%, F -15.2% (downgraded to Sell at Deutsche Bank), CTB -15.1%, SAH -13.2%, GT -10.5%, TM -6.0%... Select financial stocks trading lower: GNW -15.7%, XL -15.4%, NFP -14.6%, LYG -14.6% (HBOS losses won't hit capital adjustments on deal - DJ), RBS -14.1%, BCS -13.4%, RF -8.6%, STD -7.6%, COF -7.2% (initiated with Sell at Deutsche), C -6.6%, CIT -6.6%, JPM -6.0%, CS -5.8%, HBC -5.4%, BAC -5.2% (plans to reduce work force; 30,000 to 35,000 positions over the next three years), UBS -5.1%, WFC -4.5%, DB -4.3%, ING -4.2%, GS -3.9%, BBD -2.7%, USB -2.4%... Select oil/gas related names showing weakness with crude lower: REXX -16.6%, CPE -15.6% (pulling back after this week's 100%+ surge), SD -15.0%, NOV -9.8%, CHK -8.9%, HAL -8.0%, WFT -7.4%, COP -5.3%, SLB -5.2%, PBR -4.8%, BP -4.2%, STO -3.9%, RDS.A -3.9%, TOT -3.0%, XOM -2.5%, CVX -2.2%... Select solar names trading lower: JASO -12.3%, SOL -8.5%, LDK -6.8%, FSLR -6.4% (downgraded to Source of Funds at ThinkEquity), STP -6.4%, SPWRA -4.7%, SOLF -2.8%... Select metals/mining related names showing weakness: FCX -8.9%, PCU -8.5%, MT -5.4%, RIO -4.9%, AUY -3.7%, RTP -3.0%, ABX -2.9%, BHP -2.9%, AAUK -2.9%, AU -2.4%, GOLD 1.9%... Select drybulk shippers trading lower: EGLE -15.0%, DRYS -13.4% (downgraded to Underperform at Credit Suisse), PRGN -9.7%, EXM -9.5%, GNK -8.6%, DSX -5.8%... Other news: ALU -7.9% (announces cost reduction initiatives), GGP -6.2% (Gen Growth Prop faces debt deadline - Washington Post), RIG -3.7% (EQT will replace RIG in S&P 500), LVS -3.6% (drops jobs, bonuses as slump buffets Las Vegas - WSJ), NOK -2.8% (still checking), CMO -2.5% (announces that it will pay Q4 dividend of $0.36, down from prior dividend of $0.55)... Analyst comments: CBI -15.9% (downgraded to Sell at Goldman - DJ), TRW -11.5% (downgraded to Sell at Deutsche Bank), ATPG -8.5% (downgraded to Sell at Calyon), VE -7.0% (downgraded to Underperform at JPMorgan), FWLT -6.8% (downgraded to Neutral at Goldman - DJ), FLR -6.7% (downgraded to Sell at Goldman - DJ), JEC -5.7% (downgraded to Neutral at Goldman - DJ), CAT -5.7% (downgraded to Sell at Goldman - DJ), EXPD -4.5% (downgraded to Sell at UBS), SWK -4.0% (downgraded to Neutral at Baird), AXP -3.9% (initiated with Sell at Deutsche), ED -2.9% (downgraded to Sell at Goldman-DJ), SAP -1.5% (downgraded to Hold at Jefferies).
  • Põõsas annab jamatootjatele pappi. Surprise-surprise!
  • Äkki keegi seletab paari sõnaga mis on 'Giant Ponzi Scheme'?
  • Saksamaa DAX -3.7%

    Prantsusmaa CAC 40 -4.5%

    Inglismaa FTSE 100 -3.6%

    Hispaania IBEX 35 -4.5%

    Venemaa MICEX -3.7%

    Poola WIG -2.4%

    Aasia turud:

    Jaapani Nikkei 225 -5.6%

    Hong Kongi Hang Seng -5.5%

    Hiina Shanghai A (kodumaine)  -3.8%

    Hiina Shanghai B (välismaine)  -4.9%

    Lõuna-Korea Kosdaq -2.6%

    Tai Set 50 -0.0%

    India Sensex 30 +0.5%

  • US Treasury says stands ready to prevent imminent failure of automakers after Congress fails to act - Reuters
  • I love the smell of bailout in the morning.
  • Al Bundy skeem näeb midagi samasugust välja. Vahitakse telekat ning kui kuuldakse, et põõsas annab jamatootjatele pappi, saab teleka tagant lahkumata aktsiad ostma tormata.
  • December Univ of Michigan Sentiment-prelim 59.1 vs 54.5 consensus, prior month 55.3
  • Kust see üllatus nüüd tuli, et Jüri Põõsas annab tranduletitootjatele raha? See, et see nii peaks minema, oli kirjas absoluutselt IGAS hommikuülevaates, mida ma täna hommikul lugesin.
  • Karumõmm, ameeriklaste hommik on mõnevõrra hiljem, siit ka Euroopa traderite suur eelis :)
  • October Business Inventories -0.6% vs -0.2% consensus, prior revised to -0.4% from -0.2%
  • Sen Dodd says "hopeful there is money in TARP fund that can help here"; would suggest to Bush admin "this is not a time to be up here looking to utilize" additional $350 bln of TARP funds - Reuters
  • Turg kenasti tõusu kosunud, kas suudetakse ka päev lõpetada tõusus?
  • kõik on sellises ootusäraevuses, et kas ikka lõpetab plussis
    võiks anda mõne põhjuse, miks turg peaks üldse tõusma praegu, mina ei suuda midagi sellist leida
    (TI poolel on samad meeleolud, long bias)
  • ja põhjused võiks olla natuke paremad kui see, et "detsember ongi tugev kuu" ja "palju on langenud ju" ja "jõulude ootus"
  • On analüütikuid, kes arvavad, et võimalik tugi autotootjatele on tilk meres. Esiteks sellest ei piisa ja teiseks kukub autode müük jätkuvalt. Selle põhjal usun ka, et languseks on põhjuseid küllaga (see siis tänase autoeufooria tõusu tasandamiseks).
  • Floor Talk: Dow drops more than 120 pts from intraday highs; move lower coincides with Senator Dodd comments suggesting Senate is not ready to release additional TARP funds if asked for them
  • mida see autokolmiku toetus annab?
    see ei pane ju kedagi nende autosid ostma
    restruktureerimine ? mida see tähendab ?
    igasugune restruktureerimine sellistes tingimustes tähendab inimeste koondamist
    võibolla jäävad need ettevõtted alles. ehk see ongi eesmärk. kuid pärast põhjast läbi käimist tulevad vee pinnale oluliselt väiksemad (aga loodetavasti efektiivsemad) organisatsioonid
    kaua see jama aega võtab ? aastaid
  • Autotööstusele kuluks käestlaskmine ära - saaksid suure kollapsi keskel ehk impulsi autosid välja mõelda, mida ostetaks ka sital ajal.
  • 3 aastapärast ostan järgmise auto ja seda võite hakata pidama autokolmiku uue elu alguseks.
    Obama hoiab pöialt, et Ma saksast vanat bemarit ei tooks...
  • Minu meelest on ka õige, et saurused põhja lasta. Muidu on see ju kõlvatu konkurents. Äh, on jah sellised autod, mida keegi ei osta, aga küll valitsus padja alla panab, kui kehvasti läheb. Kas see üldse paneb lombitaguseid teistmoodi mõtlema? Arvan, et ei.
  • 2 korda on viimase 15 minutiga kõrge käibega turg kiirelt alla surutud, hetkel siiski pasitab, et pullid veel ostmas.
  • Jääaeg ehk aitab sauruste väljasuremisel
  • 14:48 Fed buys $3 bln of Fannie, Freddie, FHLB debt - Reuters

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