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NJ and You; Fraudulent Together…

19

August, 2010

We can’t help it. We are competitive, and we don’t like to lose! You see that’s what being from New Jersey means.

Take for example, when we heard that Tennessee was voted the most corrupt state in May 2010, outdoing even Rod Blagojevich’s Illinois, we knew that we could top that. And we did! Yesterday, the SEC charged the state of New Jersey with Securities Fraud for misrepresenting the under-funding of its pensions to municipal bond buyers. Let’s dwell on that. The SEC charged THE STATE with Securities Fraud. The WHOLE STATE. Not a person, not a staff member of a politician, and not even a politician. The whole Shebangabang STATE! We got all yous guys beat by a turnpike mile; you may have a Rangel, or a Waters, or even a Rod who is accused of crimes and wrongdoing, but this is the first time in history that the SEC charged an ENTIRE STATE!

Among New Jersey’s material misrepresentations and omissions is the failure to disclose information about Special Benefit Enhancement Funds (SBEF’s). Wait did I just say Special Benefit Enhancement Funds? Crap, I just did! SBEF’s, SBEF’s SBEF’s SBEF’s SBEF’s Say it over and over five times, and you won’t forget it. Unless you work for the State of NJ. Then you apparently won’t mention SBEF’s. And not even to your BFF.

See here: http://sec.gov/news/press/2010/2010-152.htm. And Taste It. Victory.

Where we left off 4:00pm EST:

DJIA                                             10,415.54                                            +9.69

S&P500                                        1,094.16                                             +1.62

NASDAQ 100                               2,215.70                                             +6.26

Futures now at 5:30am EST:

DJIA                                             10,386.00                                            +34.00

S&P500                                        1,091.30                                             +04.50

NASDAQ 100                               1,844.50                                             +07.75

Key Data out today:

08:30:                                     Initial Jobless Claims (478,000 expected)

08:30:                                     Continuing Claims (4,500,000 expected)

10:00:                                         Philly Fed (7.0 expected)

10:00:                                         Leading Indicators (0.1% increase)

Since the prior close, some key stories:

-           Bundesbank raises German Growth Forecast to 3%

-           GM IPO announced late yesterday

-           BHP’s bid for Potash pushes natural resource deals to record levels.

-           McDonald’s borrows in China; sells Yuan debt.

-           US Banks receive BASIL III Boost.

-           NJ settles SEC fraud charges.

-           Facebook announces new service to announce where users are;         predators salivate.

-           Some large tech companies reported last night (AMAT, BRCD,            NTAP)

Earnings:

Pre-open:              GME, ROST, SHLD, SPLS

After Close:          CRM, DELL, HPQ, INTU, MRVL

Significant Movers This Morning:

ID +10%, HGSI +5.5%, WSM + 4.7%, SHLD +4%, DLTR +3.3%, BRCD -6.6%, AYR -5.7%, NTAP -3.3%

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