STOCK MARKET WATCH -- Wednesday, 20 November 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 20 November 2013[font color=black][/font]

SMW for 19 November 2013

AT THE CLOSING BELL ON 19 November 2013
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Dow Jones 15,967.03 -8.99 (-0.06%)
S&P 500 1,787.87 -3.66 (-0.20%)
Nasdaq 3,931.55 -17.52 (-0.44%)


[font color=red]10 Year 2.71% +0.01 (0.37%)
30 Year 3.80% +0.02 (0.53%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Fuddnik]

1. Five year coma?

More like 50.

[Tansy_Gold]

2. At least they're admitting it's a coma.

We'll quibble about the length later.

[Fuddnik]

3. I'll quibble about the coma.

Vital signs are flat-lined. They're on a ventilator.

[Demeter]

5. Our newspaper of record these days is....the Guardian!

because it's not even in the USA.

[Demeter]

6. And our TV station is Al-Jezeera

Is this a great country, or what?

[Demeter]

4. Since Carter, anyway

That's when the mysterious dark pools of influence started filling, and overflowing....and drowning democracy in the fields.

[Demeter]

7. 10 companies paying Americans the least

http://www.marketwatch.com/story/10-companies-paying-americans-the-least-2013-11-19?siteid=YAHOOB



This summer, thousands of fast-food workers in the U.S. went on strike in cities across the country, demanding their wages be increased to $15 an hour and the ability to unionize. To no one’s surprise, they didn’t get it. As of 2012, an estimated 4.7% of hourly workers are paid at or below the federal minimum wage of $7.25 an hour. According to several groups, low- and minimum-wage workers are growing faster than any other group of earners.

Meanwhile, profits at many of the corporations that employ the most minimum-wage workers have risen. McDonald’s, Wal-Mart and Target together employ several million Americans. While these companies’ profits have grown in recent years, most of their workers continue to earn low or minimum wages.

Based on the methodology used by the National Employment Law Project in its 2012 report “Big Business, Corporate Profits, and the Minimum Wage,” 24/7 Wall St. identified the 10 companies in industries that are primarily low-wage employers. These are the 10 companies paying Americans the least:

10. Starbucks
9. TJX Cos. ( TJ MAXX)
8. Macy’s
7. Darden Restaurants (OLIVE GARDEN, RED LOBSTER)
6. Sears Holdings
5. Yum Brands (PIZZA HUT, KFC, TACO BELL)
4. Kroger
3. Target
2. McDonald’s
1. Wal-Mart

AND THAT PRETTY MUCH SUMS UP THE RETAIL IN MY NECK OF THE WOODS...

[Demeter]

8. Some cyber security experts recommend shutting Obamacare site

OR, PERHAPS IF THEY SHUT DOWN THE NSA, OBAMACARE WOULD BE ALL RIGHT....

http://news.yahoo.com/exclusive-expert-warn-congress-healthcare-gov-security-bugs-144729835--sector.html

President Barack Obama's HealthCare.gov site is riddled with security flaws that put user data of millions of people at risk and it should be shut down until fixed, several technology experts warned lawmakers on Tuesday.

The testimony at a congressional hearing could increase concerns among many Americans about Obama's healthcare overhaul, popularly known as Obamacare. Opinion polls show the botched rollout of the online marketplace for health insurance policies has hurt the popularity of the effort.

The website collects personal data such as names, birth dates, social security numbers, email addresses and other information that criminals could use for a variety of scams.

In a rapid "yes" or "no" question-and-answer session during a Republican-sponsored hearing by the House of Representatives Science, Space and Technology Committee, Republican Representative Chris Collins of New York asked four experts about the security of the site:

"Do any of you think today that the site is secure?"

The answer from the experts, which included two academics and two private sector technical researchers, was a unanimous "no."

MORE

[Demeter]

9. Sebelius says 'Come back,' insists Obamacare website improved

http://news.yahoo.com/sebelius-says-come-back-insists-obamacare-website-improved-204121286--sector.html

U.S. Health and Human Services Secretary Kathleen Sebelius on Tuesday encouraged people looking to sign up for medical insurance under President Barack Obama's healthcare law to return to the government's HealthCare.gov website, promising them a better experience.

"It is far faster than it was when we first opened," Sebelius said of the website. "The error rate is down to less than one percent and the volume capacity is continuing to be added to."

...On a swing through Florida to encourage enrollment in the Affordable Care Act, commonly called Obamacare, Sebelius said: "Come back now. Don't wait until December 1."


EVEN WITH GOLD=PLATED PENSION AND MEDICAL BENEFITS, I WOULDN'T WANT HER JOB.

[Demeter]

10. Enduring Nazi Law Impedes Recovery of Art

http://www.nytimes.com/2013/11/20/arts/design/enduring-nazi-law-impedes-recovery-of-art.html?_r=0

Wolfgang Büche was amazed this month when a watercolor seized by the Nazis from the small museum in this eastern city, where he is the curator, reappeared, part of a vast trove uncovered in a Munich apartment. But his excitement at seeing the work, “Landscape With Horses,” a possible study for a 1911 painting by the German Expressionist Franz Marc, was tempered by one fact he called “irrefutable”: The 1938 law that allowed the Nazis to seize it — and thousands of other Modernist artworks deemed “degenerate” because Hitler viewed them as un-German or Jewish in nature — remains on the books to this day.

The German authorities say they believe that 380 works confiscated from German public museums under the Nazi-era law may be among the more than 1,200 paintings, lithographs and drawings found stashed away in the apartment of Cornelius Gurlitt, the reclusive 80-year-old son of a Nazi-era art dealer. The law’s existence renders slim the likelihood that Mr. Büche’s museum or dozens of others in Germany can reclaim their works, German legal experts and museum and government officials say. And that law is likely to remain in place.

The Nazis sold thousands of the confiscated works on the open art market to fill wartime coffers. Repeal or reform of the 1938 law could unravel an intricate web of art deals involving such works that have been negotiated around the world in the decades since, something that even many museum curators like Mr. Büche are loath to consider. Despite the lengths Germany has gone to to repair the moral and material damage done during World War II, for decades the restitution of confiscated art was not a topic of discussion or action here, and no German government has sought to repeal the Nazi law.

“The legal situation is relatively obvious and clear,” said Mr. Büche, who oversees the collection at the Moritzburg Foundation in Halle. “With art taken from Jewish collectors, there are sometimes legal or at least moral circumstances under which they can seek to have their works restituted. We can only seek to buy them back.”

A TRAVESTY! THEY CALL THIS JUSTICE?

[xchrom]

11. Japan in biggest annual exports rise for three years

http://www.bbc.co.uk/news/business-25016029

Japan's exports have seen their biggest annual rise for three years.

Exports rose 18.6% to 6.1 trillion yen ($61bn; £38bn) in the year to October, largely thanks to more car shipments, its ministry of finance said.

This was above analysts' forecasts of about 16.5%.

A weak yen and an improving global economy has seen oversees demand pick up, but despite this and Prime Minister Shinzo Abe's looser monetary policies, Japan's economy remains fragile.

[xchrom]

12. Poorest families 'need more help over debt'

http://www.bbc.co.uk/news/uk-25012492

Much more must be done to help the UK's poorest families tackle problem debt, a Conservative-leaning think tank says.

The Centre for Social Justice, which helped shape the 2010 Tory manifesto, says the average UK household has debts of £54,000, including mortgages - nearly twice the level of a decade ago.

It says the poorest 10% of households have average debts that are more than four times their income.

Those households need affordable credit and free debt advice, it adds.

[xchrom]

13. AVERAGE CREDIT CARD DEBT PER BORROWER FALLS IN 3Q

http://hosted.ap.org/dynamic/stories/U/US_CREDIT_CARDS_LATE_PAYMENTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-20-00-07-49

LOS ANGELES (AP) -- More Americans fell behind on their credit card payments in the third quarter, when many consumers traditionally hit stores for back-to-school supplies.

Even so, the national late-payment rate remained close to its lowest level in six years, credit reporting agency TransUnion said Wednesday.

The rate of credit card payments at least 90 days overdue rose in the July-September quarter to 1.36 percent from the previous three-month period, when it was 1.27 percent - the lowest level on records going back to 2007, the firm said.

The third-quarter card delinquency rate was down from 1.50 percent in the same period last year, however.

[xchrom]

14. GERMAN OFFICIAL CAUTIONS OVER MORE ECB STIMULUS

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-20-07-10-41

FRANKFURT, Germany (AP) -- Germany's top central banker says it's too soon for the European Central Bank to talk about giving the struggling eurozone economy a further shot of stimulus.

In an interview with Die Zeit newspaper made available Wednesday, Jens Weidmann said the ECB only this month loosened monetary policy with an interest rate cut.

"I don't think it's a good idea to announce the next round right away," he said.

Weidmann's caution follows remarks by ECB executive board member Peter Praet last week that the ECB could purchase financial assets such as bonds if the bank thought the economy was threatened by deflation. Other central banks including the U.S. Federal Reserve have made such purchases with newly created money to lower interest rates and spur growth.

[xchrom]

15. BERNANKE: PUBLIC TRANSPARENCY VITAL TO FED POLICY

http://hosted.ap.org/dynamic/stories/U/US_BERNANKE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-19-20-28-31

WASHINGTON (AP) -- Ben Bernanke offered a broad defense Tuesday of the Federal Reserve's policies under his leadership a little over two months before his eight-year tenure ends.

Bernanke said the Great Recession made it essential for the Fed to become more publicly transparent so it could explain why record-low interest rates were needed to support the economy.

The recession meant that the Fed's communications had to evolve in ways he didn't envision when he became chairman in 2006, Bernanke said. Still, he became leader with a long-held view that a less secretive Fed was in the public's interest.

"I believed then, as I do today, that transparency in monetary policy enhances public understanding and confidence," Bernanke said in his remarks at the annual dinner of the National Economists Club.

[xchrom]

16. YELLEN REITERATES SUPPORT FOR FED'S BOND BUYING

http://hosted.ap.org/dynamic/stories/U/US_YELLEN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-19-19-14-42

WASHINGTON (AP) -- Janet Yellen says a "strong majority" of Federal Reserve officials think the Fed's low-interest-rate policies have supported a still-recovering U.S. economy.

Responding to questions from members of the Senate Banking Committee, Yellen said the U.S. economy would likely be weaker if the central bank had not acted aggressively.

Yellen's responses were released Tuesday, two days before the committee is expected to vote to back her nomination to succeed Ben Bernanke as Fed chairman.

In letters to the committee, Yellen defended the Fed's monthly bond purchases, which have been intended to keep long-term rates down to encourage borrowing and spending. Critics have charged that the bond purchases haven't helped the economy and have raised the risks of high inflation or asset bubbles.

[xchrom]

17. Here's Why All The Big World Markets Have Rallied This Year

http://www.businessinsider.com/heres-why-all-the-big-world-markets-have-rallied-this-year-2013-11

This is a cool chart from Morgan Stanley.

It shows why the world's biggest markets have rallied this year. In the case of US and European stock markets, it's largely about higher PEs, whereas in Japan it's largely about higher underlying earnings.

Emerging markets, obviously, have seen declines on both the PE and EPS front.



Read more: http://www.businessinsider.com/heres-why-all-the-big-world-markets-have-rallied-this-year-2013-11#ixzz2lBsL6mx1

[xchrom]

18. Up to 40% Of The Obamacare Website Isn't Even Built Yet

http://www.businessinsider.com/up-to-40-of-the-obamacare-website-isnt-even-built-yet-2013-11

WASHINGTON (Reuters) - Up to 40 percent of the technology needed to run the new Obamacare health insurance marketplace has not yet been built and will not be ready when insurance companies start sending in bills when coverage begins January 1, the project manager of HealthCare.gov told the U.S. Congress on Tuesday.

The missing "back-end" technology may not be ready until mid-January, Henry Chao, deputy chief information officer for Centers for Medicare and Medicaid Services, told a House of Representatives oversight subcommittee.

If the business functions are not in place on time, it could create havoc with a system through which billions of dollars in federal tax money will flow to subsidize coverage for consumers who otherwise could not afford it, insurance industry officials said. The first payments are due in mid- to late January.

The disclosure added to an atmosphere of uncertainty that has engulfed President Barack Obama's signature domestic policy achievement since HealthCare.gov crashed soon after its October 1 launch.



Read more: http://www.businessinsider.com/up-to-40-of-the-obamacare-website-isnt-even-built-yet-2013-11#ixzz2lBt0xgqK

[Demeter]

19. I'm trying to work up a little concern, but it just isn't happening

Good morning X!

We've got a hard frost (unexpected) and the Kid says her stomach hurts...I'm fine, other than the shell-shock.

How's every little thing with you? Keeping warm, I trust?

[xchrom]

20. Hi, Miss Demeter!

the cold you're getting now will be here saturday -- shiver!

i hope she gets over her stomach ache -- and that it's just a little thing.

other than that -- i'm putting in stores for thanksgiving - i'm going to try my first ever heritage turkey.
i'm a little concerned as there seems to be no consensus over how many minutes per pound and at what temperature.

i probably shouldn't try something new at a holiday feast -- but i couldn't resist.

[Demeter]

21. The lower the temperature, the more tender

I'd figure 15 minutes/lb at 350F....and 20 at 325, 25 at 300, etc. That's unstuffed. They seem to feel it's safer to cook the stuffing separately....Fannie Farmer says: at 325F, 8-12 lbs/4-5 hours, but I always find turkey cooks faster than that. Unless stuffed.

You might want to put it in a bag, for best results, too.

I'm hosting the party Sunday...getting it catered by the grocer's deli dept. Our condo community has a lot to be grateful for, this year. I'm just grateful for not having to cook!

[xchrom]

22. you are a hero -- thanks for the info!

i hope your thanksgiving party is a blast.

[Demeter]

28. If you have a meat thermometer, it helps

After it cooks the basic 15 minutes per pound, you can check for doneness every half hour or so, in the coldest, innermost thickest part of the turkey.

[Fuddnik]

27. I always cook it in the bag.

It always seems to come out much better.

Once again we're subjected to my SIL's bland, taste-free Thanksgiving dinner. But, I always make my own turkey and apple-walnut-raisin stuffing. And my giblet gravy is to die for.

However, I may be deceased by thanksgiving. When UPS arrives with several packages today and tomorrow laden with new golf clubs, my wife is gonna kick my ass. The UPS driver always arrives at about 5:30pm, just as she's pulling in from work.

Been nice knowing you all.

[xchrom]

29. RIP mr fuddnik -- we will hold a candle light vigil for you

please keep us informed of your demise.

[xchrom]

23. Retail Sales in U.S. Increased More Than Forecast in October

http://www.bloomberg.com/news/2013-11-20/retail-sales-in-u-s-increased-more-than-forecast-in-october.html

Retail sales in the U.S. rose more than forecast in October, a sign that consumer spending was resilient even during the government shutdown.

The 0.4 percent increase was the most in three months and followed no change in September, Commerce Department figures showed today in Washington. The median forecast of 86 economists surveyed by Bloomberg called for a 0.1 percent October advance. Sales excluding gasoline climbed 0.5 percent.

Fuel costs near their lowest levels in more than two years and household wealth boosted by rising stock and home prices may keep underpinning consumers’ ability to buy. The pickup boosts the outlook for retailers such as Macy’s Inc. (M) heading into the holiday-shopping season.

“Maybe the rhetoric was just a little bit overblown in terms of the magnitude of the economic impact behind the partial government shutdown,” said Michael Brown, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina. The firm is the best forecaster of retail sales during the last two years, according to data compiled by Bloomberg. “As we get ready to go into the holiday shopping season, this is welcome news.”

[xchrom]

24. Swiss Rage Against CEO Pay Provokes Vote on Salary Limits

http://www.bloomberg.com/news/2013-11-19/ceo-salaries-spark-passions-as-swiss-split-ahead-of-vote.html

Thomas Aebischer, who grew up on a farm, studied at Harvard Business School and traversed four continents to secure the top finance post at the world’s largest cement maker, Holcim Ltd. (HOLN) On Sunday, Swiss voters will decide if he deserves his salary.

Nine months after putting checks on excessive payouts for executives in a referendum, Europe’s best-paid voters will decide whether to cap the highest wages in a company at 12 times the lowest pay. Swiss corporations and the government have joined forces to oppose the so-called 1:12 initiative, which is forecast to be rejected.

“When you read the text of the proposal -- it’s very simple, very clever, very misleading,” Holcim Chief Financial Officer Aebischer said in an interview in Zurich. “You would never go to the U.S. and think: how much can I pay people now? You pay whatever you need to pay in order to attract them.”

Multinational companies including Nestle SA (NESN), the world’s biggest food company, provide one in three jobs in land-locked Switzerland and also pay a third of all taxes on company profits to fund schools, roads and infrastructure. Still, ballooning executive payouts in recent years while company profits slumped and taxpayers bailed out Switzerland’s largest bank UBS AG (UBSN) have led to calls for a more equal distribution of wealth.

[xchrom]

25. Consumer Prices in U.S. Decline for First Time in Six Months

http://www.bloomberg.com/news/2013-11-20/consumer-prices-in-u-s-decline-for-first-time-in-six-months.html

The cost of living in the U.S. declined in October for the first time in six months, showing inflation remains below the Federal Reserve’s goal.

The consumer-price index dropped 0.1 percent, reflecting cheaper energy, clothing and new cars, after a 0.2 percent gain the prior month, a Labor Department report showed today in Washington. The median forecast of 85 economists surveyed by Bloomberg called for no change. Excluding volatile food and fuel, the so-called core measure rose 0.1 percent.

Companies from Wal-Mart Stores Inc. (WMT) to Macy’s Inc. (M) are holding the line on prices to attract more customers heading into the holiday-shopping period. Limited inflation also gives Fed officials the flexibility to maintain their $85 billion-a-month bond purchase program to stimulate the economy.

“Inflation is a distant concern at this time,” Russell Price, senior economist at Ameriprise Financial Inc. in Detroit, said before the report. “It gives the Fed room for its continued quantitative-easing efforts.”

[xchrom]

26. Obama Intensifies CEO Outreach as Tea Party Draws Business Ire

http://www.bloomberg.com/news/2013-11-20/obama-intensifies-ceo-outreach-as-tea-party-draws-business-ire.html

During a meeting in the West Wing of the White House this month, President Barack Obama’s aides posed an unusual question to business leaders across the table: How can the administration help House Speaker John Boehner?

Obama’s interest in helping Boehner is part of a broader White House effort to enlist executives to support Republicans who are willing to deal with the administration. It’s also aimed at exposing divisions within the opposition party.

The White House session sought to coordinate efforts to pass immigration legislation, an achievement that would boost the electoral chances of some of Boehner’s Republicans even as it sparks opposition from Tea Party lawmakers.

As corporate America grows frustrated with Tea Party influence over Republican leaders, the president, who in his first term once derided “fat-cat bankers on Wall Street,” is now reaching out to chief executive officers for help on issues from the budget to immigration laws.

[Demeter]

30. One of us is nuts

and I don't think it's those who post or read here....

[antigop]

31. JP Morgan can deduct big chunk of $13 billion

http://money.cnn.com/2013/11/19/news/companies/jpmorgan-doj-deal/index.html

The majority of the $13 billion settlement JPMorgan struck with the government Tuesday is likely to be tax deductible, reducing the bank's financial hit.

Here's why: Many of the costs associated with corporate legal cases are treated as deductible under the tax code, in much the same way that a company's wages or equipment expenses are.

That means JPMorgan will be able to reduce its tax bill because of many of the settlement payments that it must make.

"From 1913, our tax laws have permitted companies to deduct their 'ordinary and necessary' expenses, which include compensation and restitution payments," said Steve Rosenthal, a lawyer specializing in financial institution taxation and a visiting fellow at the Tax Policy Center.

But not all types of settlement payments are deductible. For instance, companies are prohibited from deducting fines and penalties payable to the federal government.

[jtuck004]

32. Why No Bankers Go To Jail.

http://www.democraticunderground.com/10024051782

Just thought this was worth reading...