Harvey Organ Monday, May  16,2011

Scorched earth policy by Bankers in silver

posted by Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 1 hour ago

Good evening Ladies and Gentlemen: It seems to me that the bankers are undergoing a scorched earth policy as demand for physical silver explodes globally and our clever bankers continue to raid in the paper...

 

 

 

 

Silver remonetization gaining in Mexico, Hugo Salinas Price tells KWN

 

 

Weekly Insider Buying And Selling: $2.8 Million In Purchases; $1 Billion In Sales 

Submitted by Tyler Durden on 05/16/2011 16:23 -0400

There was once a rule of thumb that insider selling over 20x in any given period is bearish. We would be overly generous and say bearish is 30x, no 50x, oh why not: 100x more sellers than buyers. So what does a ratio of 351.3x sellers to buyers indicate? Because this according to Bloomberg is last week's insider activity in S&P500 names in the past week. Indeed, in the past week insiders purchased a total of $2.75 million notional in corporate stock, across 13 different companies, with the bulk focusing on Mead Johnson and Comcast. This was offset by a whopping $1 billion + in insider sales, as corporate officers couldn't wait to dump MetroPCS ($151 million), Sara Lee ($133 million), and, surprise, Microsoft ($127 million). Compare this to last week's insider purchases of just over $1 million and sales of $650 million and make your own conclusions.

Tepper Gives Up On Fins, Cuts Stakes In Citi, Bank Of America, Wells Fargo, GM; Adds Apple, Valero, MetLife 

Submitted by Tyler Durden on 05/16/2011 16:51 -0400

So much for the financial stock renaissance. David "Balls to the Wall" Tepper appears to have played out his QE card, and at least in the quarter ended March 31, decided to dump a substantial portion of his financial holdings, cutting his stake in Bank of America, Citi and Wells Fargo by 31.3%, 34.8% and 58.6% respectively. Tepper also appears to have lost his faith in GM, trimming his holdings from over a million shares to just 38,700 shares. On the additions side, Tepper did add 200,000 shares of Apple, his biggest new position, followed by a new $76 million Valero Energy position and a new $67 million MetLife holding. Based on this report we fail to see Tepper as showing up on CNBC for another Tepper rally iteration any time soon. 

 

 

 

 

 

Hewlett-Packard Predicts "Another Tough Quarter" In Internal Memo, Warns Of Layoffs, Profit Margins 

Submitted by Tyler Durden on 05/16/2011 17:11 -0400

Wondering what is causing the quicksand under HP stock after hours? Nothing more and nothing less than what we have been predicting, namely that on its public call had such a bullish outlook on the economy, has been warning internally of that another "tough quarter" is coming. "The company’s existing headcount plans are “unaffordable given the pressures on our business,” Apotheker wrote in the May 4 memo to deputies including Todd Bradley, executive vice president of the personal systems business, and Chief Financial Officer Cathie Lesjak. The memo was obtained by Bloomberg. “Q3 is going to be another tough quarter, one in which we will be driving hard for revenue and profit,” Apotheker wrote. “We have absolutely no room for profitless revenue or any discretionary expenditures." And now the deluge of real, and very much deferred profit warnings, is about to hit Wall Street like a redirected Mississippi river. 

 

 

 

 

 

Complete Paulson Q1 Holdings Breakdown, And How Soros Sold His Gold... Two Months Ago 

Submitted by Tyler Durden on 05/16/2011 19:55 -0400

Below is a chart summarizing all the moves in the Paulson & Co. just released 13F. The total equity AUM increased to $34.6 billion, pushing the hedge fund further into mutual fund territory. The key addition in the fund was 25 million shares in Hewlett Packard, or roughly $1 billion, a position which is since at least 3% underwater. Other key additions included 17.3 million shares in Transocean (a 240% increase), which made the total stake worth nearly $2 billion and is now the 3rd largest Paulson holding, and make the fund the firm's largest holder: a move most likely predicated by expectations of an acquisition. Of course, RIG has been no stranger to the M&A/LBO arena, and should crude drop further, this could be another largely wrong way bet. Other major additions included a 6 million share stake in Lubrizol, and a $780 million new stake in Weyerhaeuser, in keeping with the fund's recent addition of paper stocks. In that vein, Paulson also added $353 million worth of Smurfit-Stone: a new position, and added 10 million shares to his holding of International Paper. Gold continues to be the fund's largest exposure: GLD, for the gold denominated share class (unchanged), and at number 2 Anglogold Ashanti, at $2 billion. Just like Tepper, Paulson reduced his holdings of Citi, Bank of America and SunTrust. The firm cut its entire holding of Alcoa, Pfizer, Del Monte, McAfee and Walter Energy. 

 

 

 

 

 

Guest Post: Indiana Supreme Court Dispenses With Magna Carta, Constitution 

Submitted by Tyler Durden on 05/16/2011 20:50 -0400

Constitution toilet paper Indiana Supreme Court dispenses with Magna Carta, ConstitutionOn June 10, 1215 AD, after prolonged rebellion and frustrating negotiation, a group of England’s most influential barons entered London to force the disastrous King John Softsword into accepting a revolutionary charter of individual freedoms. Five days later in the Runnymede meadow of Surrey County, John affixed his royal seal onto what became known as the Magna Carta. It still exists on the books today in England and Wales. This document was one of the more important antecedents to the US Constitution; its proclamations ended the absolutism of England’s monarchy and spelled out very clear rights and freedoms, including, among others, the right of a man to enjoy his private property without trespass from government officials. Over 550 years later, the framers of the Constitution codified this right in the 4th Amendment to be secure in one’s private property. Last week, the Indiana Supreme Court effectively rejected both documents in two separate cases. 

 

 

 

 

 

Guest Post: The Good, The Bad And The Ugly - Part 3 

The economic peril that we find ourselves confronted with, has been ninety-eight years in the making. The confluence of debt, demographics, delusion, and denial has left the country at the precipice of annihilation. There are two kinds of people in the world, those who control the money and those that are controlled by those who control the money. The last century has been marked by a methodical looting of the good (working middle class) by the bad (Federal Reserve & bankers) and supported by the ugly (Washington D.C. politicians). When historians pinpoint the year in which the Great American Empire began its downward spiral they will conclude that year to be 1913. In this dark year for the Republic, slimy politicians, at the behest of the biggest bankers in the country, created a private central bank that has since controlled the currency of the United States. This same Congress staked their claim as the most damaging group of politicians in US history by passing the personal income tax in the same year. These two acts unleashed the two headed monster of inflation and taxation on the American people.