The Big Picture

A Social Media Revolution – China’s Answer to Social Networking
How Can I Stop Facebook Following Me Around the Web?
Radioheads: How Students Listen to Music
SEC Suit vs GSE Execs Is About False Statements, Fraud
Felix Zulauf, Interviewed by King World
Bloomberg’s: Best Cars of 2011

A Social Media Revolution – China’s Answer to Social Networking

Posted: 18 Dec 2011 02:00 AM PST

Click to enlarge:

Source:
A Social Media Revolution – China’s Answer to Social Networking
by G+, November 2011

How Can I Stop Facebook Following Me Around the Web?

Posted: 17 Dec 2011 03:30 PM PST

Some years ago, I seem to have posted a comment on some blog somewhere via Facebook. Now, it seems that every website I go to is defaulted to commenting with Facebook.

I have the ugly sensation that Facebook is tracking, storing and potentially making available to third parties every site I visit.

I have logged out, but several days later it seems that option returns. Its more than creepy.

On my General Account Settings, I have no networks, and no Linked Accounts. In terms of Apps, TypePad, dlvr.it, and Klout are the only three.

Any ideas as to how to get this security and privacy annoyance resolved?

My next option is to cancel the FB account.

Radioheads: How Students Listen to Music

Posted: 17 Dec 2011 09:00 AM PST

How students listen to music, via Adweek

Source: Adweek

SEC Suit vs GSE Execs Is About False Statements, Fraud

Posted: 17 Dec 2011 05:20 AM PST

Yes, we know: The usual liars and assclowns have latched onto the SEC litigation against the F&F execs for their the own biased reasons, as if lying executives somehow vindicates their own lies about the causes of the crisis. The suit is about statements made after housing peaked in both price and sales volume and was already heading south.

Let’s take a look at the SEC suit, and note what is being litigated, and what it might mean for other banking and mortgage execs.

This is a relatively straightforward case of securities fraud. The defendants knowingly misled investors about the volumes of risky mortgages that their companies were purchasing as the housing boom turned to bust. The complaint names former Freddie Mac execs CEO Richard Syron and former Fannie Mae CEO Daniel Mudd as defendants. Four other high-ranking former GSE execs are also named.*

Proving these charges is a simple matter of comparing the actual holdings against what the execs said to investors in public statements.

Note that CNBC erroneously tweeted/reported that the government was effectively suing itself. This is incorrect, as the Non-Prosecution Agreements with Fannie & Freddie prevent that.

What does the SEC actually allege?

Misleading and false disclosures to investors about GSE exposure to subprime and Alt-A as of the end of 2006, in 2007 and 2008.

As of year end 2006, Fannie Mae execs were reporting its exposure to subprime loans as just 0.2% — about $4.8 billion. This omitted borrowers with weaker credit histories — more than $43 billion in mortgages.

As of 2007, Fannie Mae executives disclosed that 11% of the total book of business was Alt-A mortgages. The reality was 18% of the actual holdings were Alt A. That is larger by some 63.6%.

Both Freddie and Fannie execs also misled investors regarding their subprime exposure, claiming it to be substantially smaller than it really was. Freddie Mac disclosed they held $6 billion, while Fannie Mae disclosed $8 billion. The actual holdings, according to the SEC, were magnitudes greater at $250 billion and $110 billion respectively.

Here is SEC enforcement chief Robert Khuzami:

“These material misstatements occurred during a time of acute investor interest in financial institutions’ exposure to subprime loans, and misled the market about the amount of risk on the company’s books. All individuals, regardless of their rank or position, will be held accountable for perpetuating half-truths or misrepresentations about matters materially important to the interest of our country’s investors.” (emphasis added)

What makes this case so very interesting is that last sentence: It raises the possibility of very similar analyses for the execs at AIG, Citigroup, Lehman Bros, Bear Stearns, Merrill Lynch, Indy Mac, Bank of America, Countrywide and even Goldman Sachs.

Let’s hope this was not a one off . . .

>
Previously:
10 Things You Don't Know (or were misinformed) About the GS Case (April 23rd, 2010)

Examining the big lie: How the facts of the economic crisis stack up (November 26th, 2011)

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* Named to the suit were: Former CEO Daniel H. Mudd, Chief Risk Officer Enrico Dallavecchia, and EVP Single Family Mortgage business, Thomas A. Lund; former Freddie Mac executives Chairman/CEO Richard F. Syron, EVP/Chief Business Officer Patricia L. Cook, and EVP Single Family Guarantee business Donald J. Bisenius

Felix Zulauf, Interviewed by King World

Posted: 17 Dec 2011 05:00 AM PST

Terrific interview from Kingworld with Felix Zulauf, member of Barron's Roundtable for over 20 years, and founder of Zulauf Asset Management AG

Felix Zulauf 12_11_2011

Synopsis:

• Bottom line be defensive. This is not a usual economic cycle.
• Need large cash position to buy projected turmoil next year. Says maybe we chop around first few months, but expects severe turmoil next year. Says we need stimulus and money printing, but the austerity campaign is preventing this.
• Expects 1-3 countries to exit Euro 2012
• If the crisis is mishandled, even 2013 may be at risk for turmoil and continued recession.
• Buy gold, maybe dip to 1500
• No equities and stressed this point of no equities.

Source: King World News

This posting includes an audio/video/photo media file: Download Now

Bloomberg’s: Best Cars of 2011

Posted: 17 Dec 2011 04:00 AM PST

Range Rover Evoque