Jim Rogers

Mark Cuban Rants as the Big Banks Throw the Perfect Game

Mark Cuban Rants as the Big Banks Throw the Perfect Game

Whether you love him or hate him, you would have to agree that Mark Cuban is force within himself. The product of a working class family, Cuban once sold garbage bags at the age of 12 to pay for a new pair of expensive shoes. From there the entrepreneur was born, eventually earning himself a place in the Forbes 400 with a net worth of $2.4 billion. So when Cuban has something brutally honest and obvious to say about the markets it is worthwhile to listen in. Prompted by the “Flash Crash”, here’s Cuban take on the whole matter. From blog maverick entitled: What business is Wall Street In? “ The only people who know what business Wall Street is in are the traders. They know what business Wall Street is in better than everyone else. To traders, whether day traders or high frequency or somewhere in between, Wall Street has nothing to do with creating capital for businesses, its original goal. Wall Street is a platform. It’s a platform to be exploited by every technological and intellectual means possible. The best analogy for traders? They are hackers. Just as hackers search for and exploit operating system and application shortcomings, traders do the same thing. A hacker wants to jump in front of your shopping cart and grab your credit card and then sell it. A high frequency trader wants to jump in front of your trade and then sell that stock to you. A hacker will tell you that they are serving a purpose by identifying the weak links in your system. A trader will tell you they deserve the pennies they are making on the trade because they provide liquidity to the market. I recognize that one is illegal, the other is not. That isn’t the important issue. The important issue is recognizing that Wall Street is no longer what it was designed to be. Wall Street was designed to be a market to which companies provide securities (stocks/bonds), from which they received capital that would help them start/grow/sell businesses. Investors made their money by recognizing value where others did not, or by …

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GDP Jumps 3.2% as the Clock Ticks for the Unemployed

Filed in economy, Gold, Gold Market, goldman sachs, Jim Rogers, recession by on April 30, 2010 0 Comments
GDP Jumps 3.2% as the Clock Ticks for the Unemployed

    According to the BEA this morning, the U.S. economy grew at a 3.2 percent rate in the first quarter of this year, roughly in line with estimates. Growth was anchored by a rebound in consumer spending, which posted the biggest gain since 2007 before the recession actually began. According to the data, the all important consumers increased spending by 3.6 percent. That marked the third straight quarterly gain in GDP even though the figure was down from the 5.6% growth rate posted in the fourth quarter as businesses restocked inventories and the government spent heavily to stimulate the economy. In all, GDP growth is running at a 2.5% rate over the past four quarters, following the worst downturn in generations. However, that is of little solace to millions of people still unemployed-including the almost one million that are about to be pushed over a cliff. From Bloomberg by Brian Faler entitled: More Than a Million in U.S. may Lose Jobless Benefits “Since the U.S. recession began in December 2007, Congress has extended the length of unemployment benefits for the jobless three times. Now, the lawmakers may have reached their limit. They are quietly drawing the line at 99 weeks of aid, a mark

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Goldman Grilled on "Shitty" Deal

Filed in bank of america, Debt, Gold, Gold Market, goldman sachs, Jim Rogers by on April 27, 2010 0 Comments
Goldman Grilled on "Shitty" Deal

    The vampire squid is getting fried today…. From Bloomberg by Jodie Shenn and Michael J. Moore entitled: Goldman Sachs Grilled in Senate Hearing Over Mortgage Business “Goldman Sachs Group Inc. executives were grilled by U.S. senators probing the bank’s mortgage business as Senator Carl Levin asked why it sold a set of investments the lender had itself labeled “shitty.” “How about the fact that you sold hundreds of millions of that deal after your people knew it was a shitty deal?” the Michigan Democrat asked Daniel Sparks, who ran the bank’s mortgage unit at the time. “Does that bother you at all?” Levin, who heads the Senate subcommittee that’s holding today’s hearings, was referring to a June 2007 e-mail from Thomas Montag, the former head of sales and trading in the Americas at Goldman Sachs, to Sparks. The message described a set of mortgage-linked investments that his bank had been trying to sell as part of “one shitty deal.” The transaction referred to by Levin was Timberwolf Ltd., a $1 billion collateralized debt obligation holding pieces of other CDOs. The CDO also included optimistic side-bets on the performance of CDOs, derivatives in which the firm took the opposite pessimistic side in ‘‘many” cases, the panel said ‘‘Boy that timberwo[l]f was one shitty deal,” Montag, who is now Bank of America Corp.’s president of global banking and markets, said in a June 22, 2007, e-mail. Within five months of Timberwolf’s debut, the CDO had lost 80 percent of its value, and it was liquidated in 2008, according to the statement yesterday.” Watching these guys squirm is priceless. It kind of makes me hungry for a little calamari. Related Articles: Goldman Sachs and the Ghost of Ferdinand Pecora Epic Fail: Brooksley Born Demolishes Alan Greenspan Jim Rogers on the Goldman Sachs Bombshell Gerald Celente: The 2010 Crash Matt Taibbi: Goldman is “Re-creating the conditions for another crash” To learn more about Wealth Daily click here Advertisement 32% Gains. . . Each and Every Month One group of energy investors has closed 45 winners in 12 months. 39 of them were double-digit winners. Click here to see what their next move is. Goldman Grilled on “Shitty” Deal originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.

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The No Spin Zone: Bill Black Calls BS

Filed in Gold, Gold Market, goldman sachs, Jim Rogers by on April 21, 2010 0 Comments
The No Spin Zone: Bill Black Calls BS

    Here’s a video on the financial crisis that speaks for itself. It’s the Congressional testimony yesterday of Bill Black , who may just be one of the biggest thorns in the side of folks that are pushing for a return to “business as usual”. In it, Black basically calls “bullshit” on the entire crisis saying what I have all along: THIS NO WAS BOATING ACCIDENT.   People need to fry for this BS…. Related Articles: Goldman Sachs and the Ghost of Ferdinand Pecora Epic Fail: Brooksley Born Demolishes Alan Greenspan Jim Rogers on the Goldman Sachs Bombshell Gerald Celente: The 2010 Crash Matt Taibbi: Goldman is “Re-creating the conditions for another crash” To learn more about Wealth Daily click here Advertisement An Urgent National Priority GE, Google, IBM, and Cisco have quietly invested $3 billion in a new technology that Energy Secretary Steven Chu has called an “urgent national priority.” It’s all part of the emerging $2 trillion smart grid market. And claiming your share has never been easier. Click here to learn about my three best smart grid plays. The No Spin Zone: Bill Black Calls BS originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.

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Goldman Sachs and the Ghost of Ferdinand Pecora

Filed in Gold, Gold Market, goldman sachs, Jim Rogers by on April 20, 2010 0 Comments
Goldman Sachs and the Ghost of Ferdinand Pecora

      Everywhere we turn now, the similarities between today’s events and The Great Depression are springing up as fast as the daises. And like ghosts, a few forgotten figures have suddenly sprung from the pages of the past, reminding us that there really is nothing new under the sun. One of them is Marriner S. Eccles , whose description of what caused the Great Depression has an eerie an ring to it Another is someone else you’ve probably never heard of before. His name is Ferdinand Pecora. In 1932, Pecora led a Congressional commission charged with investigating the market crash of 1929. What he found was nothing short of scandalous. For instance, in a near mirror image to today, the Pecora commission revealed that National City Bank sold bad loans off to Latin American countries by packing them into securities and pawning them off on unsuspecting investors. Moreover, the hearings also unearthed evidence that the Wall Street game was largely rigged, benefiting the rich at the expense of ordinary investors. Sound familiar? In the aftermath, Ferdinand Pecora published a memoir that recounted details of the investigations entitled: Wall Street Under Oath . In it Pecora wrote: “Bitterly hostile was Wall Street to the enactment of the regulatory legislation. Had there been full disclosure of what was being done in furtherance of these schemes,

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Jim Rogers on the Goldman Sachs Bombshell

Jim Rogers on the Goldman Sachs Bombshell

    From the guru file, here is Jim Rogers on Goldman Sachs…. From CNBC by Ee Sing Wong entitled: Goldman Could Trigger Market Correction: Jim Rogers ” Some expert investors have described the market’s reaction to the SEC’s accusations against Goldman Sachs as a ‘storm in a teacup.’ They believe the fallout would be short-lived, and eventually present buying opportunities However, billionaire investor Jim Rogers, Chairman of Rogers Holdings, feels slightly differently. “Markets are overdue for a correction,” Rogers told CNBC in a telephone interview Saturday. “Any market that goes up this much, this fast, this steadily without correction – it’s not normal. When that sort of things happens, the market could be setting itself up for a 15 – 20% correction.” Rogers does not think the Goldman issue itself would cause a correction – it would be more of a catalyst. “When the markets are ready for a correction, something will come along… the straw that breaks the camel’s back.” The investment guru did not seem all that surprised by the SEC’s actions, noting that these kind of investigations usually take place after major financial meltdowns (like dotcom). Borrowing a quote from Warren Buffett, Rogers said “when the tide goes out, you see who’s swimming naked. I’m sure there will be many many more skeletons to come.” Thoughts of more high profile lawsuits on Wall Street and a pending market correction may send some into a panic, but Rogers said it is important to stay calm. “What I am doing is watching. If this is going to be the beginning of a correction. we will know how the markets does next week, by Thursday, I suspect. It’s not time to sell in any significant way.” Related Articles: Jim Rogers on the Euro and the Greek Debt Crisis Jim Rogers on Gold, the Dollar, and Inflation Jim Rogers Warns the Dollar Faces a “currency crisis” Jim Rogers: “This is not going to solve the problem” To learn more about Wealth Daily click here Advertisement Beat Big Pharma to the Profits on A Breakthrough That’s Bigger Than Penicillin Right under the nose of the drug giants, this small American company has developed the genetic key to eradicating the world’s deadliest diseases — influenza, malaria, HIV, and many of the major killer cancers … Get in on this tiny stock before news of their breakthrough “cell-

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Jim Rogers on the Goldman Sachs Bombshell

Filed in Debt, euro, Gold, Gold Market, goldman sachs, inflation, Jim Rogers by on April 19, 2010 0 Comments
Jim Rogers on the Goldman Sachs Bombshell

    From the guru file, here is Jim Rogers on Goldman Sachs…. From CNBC by Ee Sing Wong entitled: Goldman Could Trigger Market Correction: Jim Rogers ” Some expert investors have described the market’s reaction to the SEC’s accusations against Goldman Sachs as a ‘storm in a teacup.’ They believe the fallout would be short-lived, and eventually present buying opportunities However, billionaire investor Jim Rogers, Chairman of Rogers Holdings, feels slightly differently. “Markets are overdue for a correction,” Rogers told CNBC in a telephone interview Saturday. “Any market that goes up this much, this fast, this steadily without correction – it’s not normal. When that sort of things happens, the market could be setting itself up for a 15 – 20% correction.” Rogers does not think the Goldman issue itself would cause a correction – it would be more of a catalyst. “When the markets are ready for a correction, something will come along… the straw that breaks the camel’s back.” The investment guru did not seem all that surprised by the SEC’s actions, noting that these kind of investigations usually take place after major financial meltdowns (like dotcom). Borrowing a quote from Warren Buffett, Rogers said “when the tide goes out, you see who’s swimming naked. I’m sure there will be many many more skeletons to come.” Thoughts of more high profile lawsuits on Wall Street and a pending market correction may send some into a panic, but Rogers said it is important to stay calm. “What I am doing is watching. If this is going to be the beginning of a correction. we will know how the markets does next week, by Thursday, I suspect. It’s not time to sell in any significant way.” Related Articles: Jim Rogers on the Euro and the Greek Debt Crisis Jim Rogers on Gold, the Dollar, and Inflation Jim Rogers Warns the Dollar Faces a “currency crisis” Jim Rogers: “This is not going to solve the problem” To learn more about Wealth Daily click here Advertisement Beat Big Pharma to the Profits on A Breakthrough That’s Bigger Than Penicillin Right under the nose of the drug giants, this small American company has developed the genetic key to eradicating the world’s deadliest diseases — influenza, malaria, HIV, and many of the major killer cancers … Get in on this tiny stock before news of their breakthrough “cell-shock” technology gets out — and your chance at 1000 times your money is gone forever. Jim Rogers on the Goldman Sachs Bombshell originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.

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Greece Gets $61 Billion Bailout From EU, IMF

Filed in bank of america, citigroup, Debt, economy, euro, Gold Market, Jim Rogers by on April 12, 2010 0 Comments

Spain and Portugal must be licking their chops… After endless speculation, the EU is getting closer to bailing out Greece. The deal isn’t finalized yet — despite the headlines and leaders trumpeting a deal, which almost reeks of desperation. But there has been progress… if you can call it that. Germany is caving from pressure to put a deal together, after making a lot of noise about moral hazard in recent months. They’ve tentatively agreed to provide roughly one-third of a massive $61 billion package. The aid will come in the form of low-interest three-year loans. Greece has $9 billion in notes coming due this May, which explains the announcement’s timing. Advertisement Little-Known “Profit Algorithm” PROVEN The numbers are in – and they prove that huge profits from one specific kind of resource investment can be predicted with startling accuracy… And right now, this “algorithm” points to a historic chance at as much as 57 times your money . Get the proof and details FREE right here . The EU’s Bazooka But Greece will only use the lifeline if a rescue becomes necessary. So they say… (That should sound familiar to U.S. readers. Remember Hank Paulson and his financial bazooka?) Back in mid-2008 — when he was selling Congress on unlimited bailouts for Freddie and Fannie — then Treasury Sec. Paulson said, “If you have a bazooka in your pocket and people know it, you probably won’t have to use it.” We all know how that turned out. Pretty well — at least for Paulson’s buddies. It let them keep dumping questionable loans onto the public’s lap. Meanwhile, Freddie and Fannie continue to hemorrhage billions and require government backing. It looks like EU financiers are using a similar ploy to sell this bailout to their citizens. It’s a lot easier to sell an expensive plan when it “may not be needed at all.” There’s no doubt that Greece is going to need the cash. The question should be whether $61 billion will be enough. All this does is buy Greece a little time. They now have three …

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Greece Gets $61 Billion Bailout From EU, IMF

Spain and Portugal must be licking their chops… After endless speculation, the EU is getting closer to bailing out Greece. The deal isn’t finalized yet — despite the headlines and leaders trumpeting a deal, which almost reeks of desperation. But there has been progress… if you can call it that. Germany is caving from pressure to put a deal together, after making a lot of noise about moral hazard in recent months. They’ve tentatively agreed to provide roughly one-third of a massive $61 billion package. The aid will come in the form of low-interest three-year loans. Greece has $9 billion in notes coming due this May, which explains the announcement’s timing. Advertisement Little-Known “Profit Algorithm” PROVEN The numbers are in – and they prove that huge profits from one specific kind of resource investment can be predicted with startling accuracy… And right now, this “algorithm” points to a historic chance at as much as 57 times your money . Get the proof and details FREE right here . The EU’s Bazooka But Greece will only use the lifeline if a rescue becomes necessary. So they say… (That should sound familiar to U.S. readers. Remember Hank Paulson and his financial bazooka?) Back in mid-2008 — when he was selling Congress on unlimited bailouts for Freddie and Fannie — then Treasury Sec. Paulson said, “If you have a bazooka in your pocket and people know it, you probably won’t have to use it.” We all know how that turned out. Pretty well — at least for Paulson’s buddies. It let them keep dumping questionable loans onto the public’s lap. Meanwhile, Freddie and Fannie continue to hemorrhage billions and require government backing. It looks like EU financiers are using a similar ploy to sell this bailout to their citizens. It’s a lot easier to sell an expensive plan when it “may not be needed at all.” There’s no doubt that Greece is going to need the cash. The question should be whether $61 billion will be enough. All this does is buy Greece a little time. They now have three years to fix decades of systemic mismanagement, excess, and corruption… Three years to slash budget deficits from 12.9% this year — recently revised upward from 12.7% to 3% in 2012. Probably…

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Jim Rogers: Keep Your Gold

Jim Rogers on GoldJim Rogers reminded investors in gold to hold onto it and not sell, as he maintains gold could go as high as $2,000 over the next 10 years, and those discarding it will miss out on a lot of profits.Of course it also must be considered as the best place of safety at this time, and there is no paper currency close to it for those who understand the staying power of gold.For the

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Jim Rogers: Don’t Buy Gold

Jim Rogers who is a bull on commodities throughout the next decade or possibly more, has stated recently that he wouldn’t acquire any more gold at this time, as the price has surged and could go sideways for awhile. At the same time, Rogers said he won’t be selling any of his gold for some time either. Along with the high price, speculators have now entered the gold and oil markets, and they

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Jim Rogers: Speculators in Gold and Oil

Jim Rogers says gold and oil attracting speculatorsJim Rogers said in a recent interview with CNBC that gold and other precious metals have made some big upward moves since 2009 and for now should “consolidate and rest.”While reiterating he owns gold, he believes speculators have now entered the market for gold and oil, and for now he thinks it’s best to sit on the sidelines while they do their

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