Transparency on Wall Street: SEC Chair Raises Weak Defenses

On November 8, the Securities and Exchange Commission (SEC) Chairman, Jay Clayton, delivered a speech at the Practising Law Institute’s 49thAnnual Institute on Securities Regulation. His focus was transparency on Wall Street and he had this nugget of wisdom to share with the audience:
‘Looking back at enforcement actions, a common theme emerges – where opacity exists, bad behavior tends to follow. As Joseph Pulitzer said: ‘There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice which does not live by secrecy.’ The remainder of my remarks will concentrate on topics that have proven over time to be fertile ground for fraud on investors. The SEC may not yet have policy or rulemaking answers in these areas, but we are on the lookout for ways to fight the type of opacity that can create an environment conducive to misconduct.’
The SEC was created to police Wall Street under the Securities Exchange Act of 1934. The legislation came on the heels of the U. S. Senate holding three years of hearings that showed Wall Street to be a cesspool of opaque self dealing and collusion that had led to the 1929 stock market collapse and ensuing Great Depression. The SEC has now had 83 years to hone its investigative skills and techniques. And yet, it wore blinders in the runup to the epic Wall Street crash of 2007-2009, which was caused by the same type of corruption that was ferreted out by the U. S. Senate after the 1929 crash. Its blinders remain securely in place.

This post was published at Wall Street On Parade on December 4, 2017.

SEC Targets Seeking Alpha, Benzinga In Crack Down On “Fake News” Pump And Dumps

With the recent crackdown on political “fake news”, where a handful of media mega-corporations such as Facebook and Google have emerged as the ultimate arbiter of what is real or isn’t, in the process unleashing allegations of conflicts of interest, it was only a matter of time before the SEC got the hint and brought the hammer down. That time is now, because as Reuters reports, the SEC on Monday announced a crackdown against “pump and dump” stock promotion schemes in which writers were secretly paid to post hundreds of bullish articles about public companies on financial websites.
Some 27 individuals and entities, including a Hollywood actress (shown below), were charged with misleading investors into believing they were reading “independent, unbiased analyses” on websites such as Seeking Alpha, Benzinga and Wall Street Cheat Sheet.
The SEC said many writers used pseudonyms such as Equity Options Guru, The Swiss Trader, Trading Maven and Wonderful Wizard to hype stocks. It was not immediately clear if bearish “pseudonymous characters” were also responsible for talking down stocks.
While not as pervasive as alleged “fake news” in the political realm, the SEC said had it identified more than 450 problem articles, of which more than 250 falsely said the writers were not being paid.
Unlike traditional cases where the SEC alleges fraud, usually involving trading on inside information, in this case the crackdown is not against improper market information but misrepresentation of conflicts of interest and marketing.
“This is different from the fraud cases that you usually see us bring,” Stephanie Avakian, acting director of the SEC enforcement division, said on the conference call. “Here, we allege that the fraud was in presenting the analysis as impartial,” she said. “It was bought and paid for.”

This post was published at Zero Hedge on Apr 10, 2017.

SEC Nominee Has Represented 8 of the 10 Largest Wall Street Banks in Past Three Years

President Trump’s nominee to head the Securities and Exchange Commission, Walter J. (Jay) Clayton, a law partner at Sullivan & Cromwell, has represented 8 of the 10 largest Wall Street banks as recently as within the last three years.
Clayton’s current resume at his law firm is somewhat misleading. It lists under ‘Representative Engagements’ in ‘Capital Markets/Leveraged Finance’ the following:
Initial public offering of $25 billion by Alibaba Group Holding Limited;
Initial public offering of $190 million by Moelis & Company;
Initial public offering of $2.375 billion by Ally Financial.
All three of the above IPOs occurred in 2014 – less than three years ago. A quick check of the prospectuses for the IPOs that were filed with the Securities and Exchange Commission shows that Clayton, as a law partner at Sullivan & Cromwell, was representing the underwriters in the offering, which include the largest Wall Street banks. Put the three deals together and you have 8 of the 10 largest banks on Wall Street being represented by the SEC nominee within the past three years. These are the same banks that are serially charged by the SEC for increasingly creative means of fleecing the public.
If that’s not enough to conflict Clayton out of consideration to Chair the SEC post, then conflicts of interest have lost all meaning within the legal lexicon of the United States.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Trump Concerned There Are Too Many “Goldman Guys” On His Team

Two days after democratic senators Elizabeth Warren and Tammy Baldwin sent a letter to Goldman CEO Lloyd Blankfein, asking if Goldman effectively runs the country through its extensive alumni links at the Trump administration, and requesting details on “lobbying” activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice, as well as asking for any communication between the bank’s employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon, Bloomberg reported overnight that yet another Goldman banker, Jim Donovan, was under consideration for the No. 2 job at the Treasury Department, however it appears he has “got one big thing working against him.”
That “thing” is the overdue realization by the new president that his cabinet openly appears to have been created and staffed by populism arch nemesis #1, Goldman Sachs. Besides Steven Mnuchin, Trump’s pick for Treasury Secretary, former Goldman officials working for the new administration include former president Gary Cohn, now director of the National Economic Council; Stephen Bannon, the chief White House strategist; and Dina Powell, formerly the bank’s head of philanthropic investment, who’s an assistant to the president and senior counselor for economic initiatives.
So just like Goldman would staff every central bank’s core positions prior to Trump, after the US election, the world’s most influential investment bank has shifted all of its attention on just one person, and he is finally starting to realize that that may not be a good thing.

This post was published at Zero Hedge on Feb 12, 2017.

Bill Clinton Era SEC Chair Tells Elizabeth Warren to Muzzle Herself

Yesterday, former SEC Chair Arthur Levitt penned an OpEd for the Wall Street Journal, effectively telling Senator Elizabeth Warren to stop criticizing Mary Jo White in public. White is the current Chair of the SEC that Senator Warren publicly asked President Obama to fire this month for her bad leadership.
Senator Warren is a genuine champion of the investing public and understands how the SEC has become a lapdog to Wall Street under White’s inept leadership. Levitt is part of the Bill Clinton machine that de-regulated Wall Street and turned it into a massive looting racket in the 1990s through today. It’s important to take note of Levitt’s effort to muzzle Warren in the pages of the Wall Street Journal. Expect to see more of this coming from a lot more of Wall Street’s cronies.
Arthur Levitt was appointed as SEC Chair by President Bill Clinton in 1993. Levitt served until 2001, making him the longest serving SEC Chair. Levitt had previously been Sandy Weill’s business partner in a Wall Street brokerage firm. In 1998, when Weill wanted to create Citigroup by merging his Travelers Group, which owned an insurance company, brokerage firm and investment bank, with Citibank, an insured depository bank – an illegal merger at the time under the Glass-Steagall Act – Levitt and his other cronies in the Bill Clinton administration eagerly got the ball rolling.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Heidi Cruz Rejoins Goldman Sachs

While Goldman is best known for creating the revolving door, where it either soaks up SEC “regulators”, spawns countless central bankers, Treasury Secretaries like Hank Paulson (whose departure from the firm allowed him a tax free cash out on his vested GS equity), NJ governors and client fund comminglers like Jon Corzine, a new function was revealed today: providing sabbaticals for the spouses of presidential candidates. Case in point: Heidi Cruz, who left Goldman Sachs last year to help her husband Ted Cruz in his quest for the Republican presidential nomination, is returning to the bank in a newly created role in the Houston office.
According to Bloomberg which first reported the story, Cruz will focus on helping to win new clients, focusing on strategic relationships, and report to David Fox, head of private wealth management for the southwest region, according to a memo to staff on Friday.
Here is her latest bio:

This post was published at Zero Hedge on Sep 23, 2016.

“We Have Done Nothing Improper” – Omega’s Cooperman Responds To Insider Trading Charge: Full Letter

As reported earlier today, in a stunning crackdown on one of the hedge fund industry’s icons, the SEC accused Omega Advisors’ Leon Cooperman of insider trading in shares of Atlas Pipeline. As expected, Cooperman disagrees, and in a 5 page letter to investors, he explains why “we are highly disappointed with the Commission’s decision to file charges, and we strongly disagree with the Commission that either the firm or I have engaged in any unlawful conduct.”
We have done nothing improper and categorically deny the Commission’s allegations. As I wrote last year when we first received the subpoenas, I have throughout my fifty-year career in the securities business firmly believed in detailed, fundamental research. As I explained then, that approach has long contemplated direct, face-to-face interactions with company management. Such exchanges of information with company management are appropriate, well-established in the industry, and even necessary. As a Wall Street Journal op-ed put it just last year, ‘information is not a crime.’ Although we don’t think it would be productive to state here our views on what we believe to be a seriously misguided effort by the authorities in these matters, we would refer anyone who is interested to Three Felonies a Day: How the Feds Target the Innocent by Harvey A. Silverglate and Licensed to Lie: Exposing Corruption in the Department of Justice by Sidney Powell, both of which provide fascinating insights into the machinations of our country’s criminal justice system. This is how Cooperman justifies his internal communications with management:

This post was published at Zero Hedge on Sep 21, 2016.

The SEC’s Former Top “HFT Expert” Joins HFT Titan Citadel

Last April, we commented on the most blatant (pre) revolving door we had ever seen at the SEC (and there have been many): the departure of the SEC’s head HFT investigator, Gregg Berman, who during his tenure at the agency (whose alleged purpose is to keep the “market” fair, efficient and unmanipulated) did everything in his power to draw attention away from HFTs. He did that, for example, by blaming Waddell and Reed for the May 2010 flash crash. This is what Berman, whose full title was the SEC’s “Associate Director of the Office of Analytics and Research in the Division of Trading and Markets” said in the final version of the agency’s Flash Crash report:
At 2:32 p.m., against this backdrop of unusually high volatility and thinning liquidity, a large fundamental trader (a mutual fund complex) [ZH: Waddell and Reed] initiated a sell program to sell a total of 75,000 E-Mini contracts (valued at approximately $4.1 billion) as a hedge to an existing equity position.” Several years later, when the HFT lobby made a coordinated push to eliminate human spoofers (which algos were apparently helpless against without regulatory intervention), the SEC changed its story entirely and blamed the flash crash on one solitary trader, Navinder Sarao. By then the SEC had lost all credibility. It had also lost Gregg Berman, who six months after quitting the SEC ended up taking a nondescript job at EY, where he joined the Financial Services Organization (FSO) of Ernst & Young LLP as a Principal focusing on market risk and data analytics.

This post was published at Zero Hedge on Sep 17, 2016.

At a Time of Political Darkness in America, Our Whistleblowers and Activists Give Us Reason to Hope

Over the past week Rasmussen polls have captured the epic disgust of voters in the direction America is heading. Only 31 percent of likely voters believe the country is heading in the right direction;67 percent of voters are angry at the current policies of the federal government; and just 24 percent trust the federal government to do the right thing most or nearly all the time.
The smooth functioning of the U. S. economy is based on citizens having confidence in the country’s leaders. Over two-thirds of the U. S. economy stems from consumer spending. When consumers lack confidence, they scale back spending. When businesses lack confidence, they lay off workers or stop hiring. When new home buyers lack confidence, they postpone signing a contract. Last Friday, Bloomberg News reported that the CEO of Signet Jewelers Ltd., Mark Light, was blaming a slowdown in diamond wedding ring sales on ‘a presidential campaign season that has scared couples into closing their checkbooks.’
No Federal agency has done more to drain investor and consumer confidence than the crony Securities and Exchange Commission. Public revulsion of the SEC has now reached such epic proportions that a whistleblower, Eric Ben-Artzi, has turned down his half of a $16.5 million whistleblower award from the SEC for alerting the agency that his former employer, Deutsche Bank, had been inflating the value of its credit derivatives to avoid taking losses. The SEC imposed a $55 million fine on the bank but took no further actions against the employees who were responsible for misspricing the derivatives and hiding the losses.

This post was published at Wall Street On Parade on August 30, 2016.

WIDESPREAD CORRUPTION: 71 CITIES, COUNTIES, AND STATES WERE JUST CHARGED WITH FRAUD

How widespread is the corruption in this country?
Well just this week, the Securities and Exchange Commission (SEC) announced that 71 cities, counties, schools, departments of transportation, and the entire states of Hawaii and Minnesota, have all been charged with fraud for violations in municipal bond offerings – misleading investors.
Between 2011 and 2014, the SEC found that these municipal issuers sold municipal bonds that contained ‘materially false statements or omissions about their compliance with continuing disclosure obligations’:
‘The diversity among the 71 entities in these actions demonstrates that continuing disclosure failures were a widespread and pervasive problem in the municipal bond market,’ said Andrew Ceresney, Director of the SEC Enforcement Division.
Foregoing trials, all 71 entities agreed to settle and update their policies and procedures, etc.

This post was published at The Daily Sheeple on AUGUST 26, 2016.

What Oil Price Recovery – – -It’s August Again, Stupid!

On February 6, 2008, oil prices (WTI) dropped to $87.16, the lowest price since the prior October. Oil had been rising as the market misunderstood and dramatically mispriced what was going on; buying on the idea of monetary policy accommodation in growing intensity, while at the same time not factoring the hidden monetary destruction that was far greater. It was in many ways an extension of then-Fed Chair Ben Bernanke’s March 2007 Congressional testimony that, ‘problems in the subprime market seems likely to be contained.’ Whatever was happening in global finance, the illiquidity was expected both to stick to MBS and mortgages exclusively while being overcome by the ‘Greenspan put’ of greater monetary effort under Bernanke.
From early February on, despite all the unfolding disaster leading up to Bear Stearns that March, oil prices were financially insulated by those misconceptions. There was only a brief pause in the surge just after Bear, as WTI fell from about $110 to $100 only to take off again once it appeared (as was repeatedly claimed and emphasized) that monetary policy was working. It wouldn’t screech to a halt until oil hit $145 per barrel the day before the July 4th holiday.
There was some volatility in the days following, but on July 14, 2008, WTI was right back at $145. In between, Indymac had failed and, more troubling, the giant GSE’s had come under severe funding strain, with their stock prices tanking dramatically. As a result, the SEC announced on July 15 that it would effective July 22 ban naked short selling of not just the GSE’s but also primary dealer banks. It was, effectively, an announcement that dollar funding was really much more than Fed talk, and that all the optimism about the dollar in response to monetary policy was dangerously misplaced.

This post was published at David Stockmans Contra Corner by Jeffrey P. Snider ‘ July 27, 2016.

What Is Helicopter Money? Goldman Explains

Whether Japan admits it or not, helicopter money – thanks to Ben Bernanke – is here, and the market’s reaction this week was simply the first stage of pricing it in, as confirmed by the biggest drop in the Japanese currency this century.
Incidentally, we are “confident” that the SEC will inquire whether Citadel- Ben Bernanke’s official employer – was actually short the Yen ahead of its employee going to Japan and advising the Bank of Japan what to do, and how to crush its currency. Obviously that would be a grandiouse, and criminal, conflict of interest.
We won’t be holding our breath, but while we wait here is a useful primer for all those wondering just what is coming, courtesy of Goldman Sachs, which explains the nuances of monetary policy’s endgame: Helicopter Money.
Q1: What does helicopter money refer to in the first place?
A1: Literally, it is a policy whereby the government or central bank supplies large amounts of money, as if it were scattering money from a helicopter. A more practical definition, however, is a policy whereby the central bank has primary responsibility for funding to facilitate more flexible and active fiscal spending by the government. The concept of helicopter money has been around for years. Professor Milton Friedman was first to propose the idea in 1969, and in the early 2000s then Federal Reserve Board Governor Ben Bernanke raised it as one prescription to prevent deflation.[1] Very recently, a July 13 Sankei Newspaper article suggesting Prime Minister Abe and his advisers were considering helicopter money sparked debate on the subject in Japan.

This post was published at Zero Hedge on Jul 15, 2016.

A Rare Loss For The HFT Lobby? SEC Staff Recommends Approval Of IEX Exchange Application

In what may be a long overdue victory for the “good guys”, the WSJ reports that the SECs staff has recommended that the agency approve IEX Group Inc.’s “controversial” bid to launch a new stock exchange, signaling likely approval when the agency’s commissioners vote on the order Friday. This decision takes place despite vocal objections of not only Nasdaq, by not only the entire HFT lobby, as IEX’s technology would provide an HFT-free exchange as a result of its 350-microsecond speed bump which would force all traders to be on an equal footing, but most notably despite the repeated complaints by NY Fed darling, HFT powerhouse Citadel (and employer of one Ben Bernanke), which has argued in the past that granting IEX an exchange status would corrupt US equity markets.
That would end months of debate and lobbying over the startup’s proposal to launch the first platform that slows down trading, countering the decadelong trend toward ever-greater speed.
There is still a chance IEX may be rejected in the last moment: according to the WSJ, “the SEC’s three sitting commissioners aren’t required to support the staff’s views, and one may vote no. But the full commission rarely rejects a formal staff recommendation. If the SEC’s commissioners give the green light to IEX, which stands for Investors’ Exchange, it would be the first major new stock exchange in the U. S. since the SEC approved several venues in 2010 that are now owned by BATS Global Markets Inc.”
For regular readers, IEX’ campaign – and symbolism, in a dramatically fragmented market, catering exclusively to well-paying HFT clients who spend millions for the opportunity to frontrun orderflow – is familiar, but here is a brief recap:

This post was published at Zero Hedge by Tyler Durden – Jun 14, 2016.

Trump States as Fact: ‘If You Collude in the Stock Market, They Put You in Jail.’ Seriously?

Yesterday, speaking before a rally audience in Rhode Island, Donald Trump called the coordination of election strategy between presidential candidates Senator Ted Cruz and Governor John Kasich ‘collusion.’ (See video clip below.) He then made the following off the wall statement:
‘If you collude in business, or if you collude in the stock market, they put you in jail.’
That statement is profoundly important on multiple levels. For one, it raises the question of just how closely Donald Trump has followed the serial crimes of Wall Street and the Justice Department’s failure to deliver jail time.
Despite holding a degree from the Wharton School, perhaps Trump thumbs through the real estate section of the New York Times and skips over the Wall Street news. Maybe Trump is entrenched in an illusion that it’s his charisma and star quality that is responsible for his meteoric rise in the primary races rather than a citizenry outraged that one percenters on Wall Street created the greatest financial crash since the Great Depression through fraud, deceit, cooked books, and yes, lots of collusion, and not oneof the executives of these firms has seen the inside of the Hoosegow.
A retired, veteran trial lawyer at the Securities and Exchange Commission, James Kidney, is one such outraged citizen. In April 2014, Kidney set off pandemonium inside the SEC by giving an interview with Bloomberg News and releasing the full text of his March 27 retirement speech. In the speech, Kidney excoriated the SEC’s leadership for policing ‘the broken windows on the street level’ while ignoring the ‘penthouse floors.’ Kidney linked the demoralization at the agency to its revolving door to Wall Street since the most talented and ambitious ‘see no place to go in the agency and eventually decide they are just going to get their own ticket to a law firm or corporate job punched.’ (Retirement Remarks of SEC Attorney, James Kidney (Full Text)

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Yelling ‘Stay’ In A Burning Theater – – Yellen Ignites Another Robo-Trader Spasm

Simple Janet has attained a new milestone as a public menace with her speech to the Economic Club of New York. It amounted to yelling ‘stay’ in a burning theater!
The stock market has been desperately trying to correct for months now because even the casino regulars can read the tea leaves. That is, earnings are plunging, global trade and growth are swooning and central bank ‘wealth effects’ pumping has not trickled down to the main street economy. Besides, there are too many hints of market-killing recessionary forces for even the gamblers to believe that the Fed has abolished the business cycle.
So by the sheer cowardice and risibility of her speech, Simple Janet has triggered still another robo-trader spasm in the casino. Yet this latest run at resistance points on a stock chart that has been rolling over for nearly a year now underscores how absurd and dangerous 87 months of ZIRP and wealth effects pumping have become.
As we have indicated repeatedly, S&P 500 earnings – – as measured by the honest GAAP accounting that the SEC demands on penalty of jail – – -have now fallen 18.5% from their peak. The latter was registered in the LTM period ending in September 2014 and clocked in at $106 per share.
As is shown in the graph below, the index was trading at 1950 at that time. The valuation multiple at a sporty 18.4X, therefore, was already pushing the envelope given the extended age of the expansion.
Indeed, even back then there were plenty of headwinds becoming evident. These included global commodity deflation, a rapid slowdown in the pace of capital spending and the vast build-up of debt and structural barriers to growth throughout China and its EM supply train, as well as Japan, Europe and the US.

This post was published at David Stockmans Contra Corner on April 2, 2016.

It’s No longer A Prediction – -The Crash Of Valeant Means The High Yield Collapse Is Here

Today, we begin with a warning…
Please read carefully. Something critical happened this week.
Never have so many of the smartest people on Wall Street been so wrong. And what happens next could send ripples throughout the entire market.
But first, a little background…
Until last year, most folks had never heard of Valeant Pharmaceuticals (VRX).
That all changed when a Wall Street Journal report made the company a ‘poster child’ for an outrageous new trend: companies buying the rights to existing drugs and treatments, then immediately jacking up their prices.
The report earned the company widespread criticism and even congressional inquiries, but it didn’t stop the stock from hitting an all-time high of $264 per share last August.
Unfortunately, Valeant’s problems were just starting…
Last fall, questions began to surface about the company’s accounting and business practices.
In simple terms, it appears the company may have tried to hide its relationship with a smaller, specialty pharmaceutical company in order to increase insurance company reimbursements.
All you really need to know is that these were serious allegations.
Several short-sellers published reports alleging outright fraud. One in particular went so far as to call the company a ‘pharmaceutical Enron.’
The news got even worse last month…
On February 23, Valeant finally admitted it might have to restate prior-year earnings after an internal review ‘raised questions about its accounting practices.’
The following week, the company officially announced it was under investigation by the Securities and Exchange Commission (‘SEC’). But that wasn’t even the worst news of the day. From a February 29 article in the Wall Street Journal…

This post was published at David Stockmans Contra Corner on March 25, 2016.

Theft of Your Money on Wall Street: Another GAO Report Won’t Help

It was considered big news last week that House members Maxine Waters of the Financial Services Committee and Al Green of the Subcommittee on Oversight and Investigations have requested that the Government Accountability Office (GAO) launch an investigation of ‘regulatory capture’ on Wall Street.
That news broke on Friday, one day after Senator Elizabeth Warren grilled the head of a Wall Street self-regulatory agency in a Senate hearing on a new study showing that stockbrokers with serial records of misconduct are allowed to remain in the industry. Warren also cited another recent study showing that even when investors prevail in arbitrations against bad brokers, they may never get paid. According to the study, over $60 million in fines owed to investors have not been paid since 2013.
The individual that Senator Warren was grilling is Richard Ketchum, head of the Financial Industry Regulatory Authority (FINRA), a self-regulatory body financed by Wall Street that oversees brokerage firms and has a division that runs a private justice system known as mandatory arbitration that hears all claims against bad brokers. FINRA was previously known as the National Association of Securities Dealers (NASD) but its reputation became so damaged as a self-regulator that it changed its name to FINRA. (Like that was really going to help.)
What the public doesn’t know is that for over 30 years, the GAO has been investigating these identical problems on Wall Street and making recommendations for cleaning up the mess. After 30 years, it should be abundantly clear that reading GAO reports and shaking one’s head isn’t getting the job done. Serious, radical reform of Wall Street is necessary and that means eliminating crony regulators and the entire self-regulatory system.
As far back as 1978, the GAO published the results of an investigation into the Securities and Exchange Commission’s oversight of the self-regulatory actions of the NASD. The report found flaws in the NASD’s examinations of brokerage firms and that the SEC had ‘not dealt aggressively enough with inspection oversight problems.’

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Another Hedge Fund Hotel Massacre – -Valeant Holders Getting Slaughtered

Valeant Pharmaceuticals got hammered on Monday, and it’s bad news for a bunch of hedge funds.
The embattled Canadian pharma company confirmed its part in several ongoing investigations. They include ones by the US Attorney’s Offices for Massachusetts and the Southern District of New York, the US Securities and Exchange Commission (SEC), and Congress.
The stock collapsed 18.44%, or $14.87, to close at $65.78 per share. The stock hit a 52-week low on Monday of $63.75.
The traumatic start to the week extends a tough run for Valeant, which has been sliding since late 2015 because of scrutiny in Washington, DC, over drug-price increases and accusations from a short seller.
The stock has been a hedge fund darling. According to Goldman Sachs’ most recent Hedge Fund Trend Monitor, Valeant ranked No. 26 on its list of the stocks that ‘matter most’ to funds. Valeant had fallen off Goldman’s list amid the stock’s sell-off in Q3, but it reentered the ranking in Q4.

This post was published at David Stockmans Contra Corner on March 1, 2016.

HOW CORRUPT IS THE AMERICAN GOVERNMENT? (SEE FOR YOURSELF)

Government corruption has become rampant:
Senior SEC employees spent up to 8 hours a day surfing porn sites instead of cracking down on financial crimes Nuclear Regulatory Commission workers watch porn instead of cracking down on unsafe conditions at nuclear plants An EPA employee who downloaded 7,000 porn files, thenspent 2-6 hours each workday watching porn. He’s been doing it for years … but the EPA never fired him. Another EPA employee harassed 16 women co-workers … and then was promoted to a higher-paying job with more responsibility, where he harassed more women NSA spies pass around homemade sexual videos and pictures they’ve collected from spying on the American people NSA employees have also been caught using their mass surveillance powers to spy on love interests, such asgirlfriends, obsessions or former wives … and to eavesdrop on American soldiers’ intimate conversations with their wivesback home.

This post was published at The Daily Sheeple on JANUARY 6, 2016.