Monday, July 18, 2011

The July 18 2011 round-up

The Murdoch/media empire story not only has grown legs, but is jumping hurdles like an Olympian.

A whistleblower, former News of the World reporter Sean Hoare, was found dead today (10:40am GMT).  The UK Guardian reports "The death is currently being treated as unexplained, but not thought to be suspicious. Police investigations into this incident are ongoing."

Just like Gary Webb and Hunter S. Thompson committed suicide.

The two top London cops got off comparitively easy - they resigned.  BBC reports:  "The Met has lost its highly respected Commissioner, Sir Paul Stephenson and its top counter-terrorism policeman, Assistant Commissioner John Yates, who have both resigned over the phone hacking scandal."

Meanwhile, on this side of the Atlantic Egan-Jones downgraded U.S. debt.  Gold is at 1603.9 and silver at 40.295 at the time of this writing.  Equities and bonds are both selling off:  DJIA at 12,350.65, -128.70.  The 30 year US Treasury is at 125 13/32, down 20/32.  (When the price goes down, yield goes up.)

And Bank of America (BAC), ahead of their Q2 report Tuesday, 7/19/2011, admits it needs to raise capital and therefore will not increase the dividend.  The stock is at 9.73, down only 0.27 on 165.42 million shares traded.  Nothing nefarious going on there.

And Goldman's Sigma-X platform is showing UK banking stocks under attack, just like Italian banks were under attack 3 weeks ago.

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