fareastwarriors

US urged to examine oversight of $4tn muni bond market http://www.ft.com/intl/cms/s/0/f4644372-7ca3-11e3-b514-00144feabdc0.html#axzz2qIcZZaE0 The US should re-examine oversight of the $4tn municipal bond market, where states and municipalities raise money, according to a task force co-chaired by Paul Volcker, former Federal Reserve chairman. Funding practices in the muni bond market have been thrust into the spotlight after Detroit last year filed the largest municipal bankruptcy and concerns arose that Puerto Rico risked defaulting on $70bn of debt that it accumulated predominantly in the muni market. Both continued to borrow over the past decade even as their finances foundered. The so-called Tower Amendment to the Securities Exchange Act of 1934 limits the jurisdiction of the Securities and Exchange Commission in the municipal bond market to fraud cases. Unlike corporate issuers, municipal bond borrowers are not required to register securities with the SEC nor are they held to the same standards of disclosure. But muni issuers agree to file annual financial statements and disclose significant events, such as ratings downgrades or missed interest payments. “The Tower Amendment should be revisited to see if the SEC should be given the same jurisdiction over the issuance of municipal securities as it has over issuance of corporate securities,” says a report from the State Budget Crisis Task Force, which is co-chaired by New York’s former lieutenant-governor Richard Ravitch, and was formed to study state finances. The call was part of a larger package of recommendations meant to make state finances more sustainable. Tax revenues have rebounded since the financial crisis and recession, which ripped holes in state and local budgets and revealed chronic underfunding of public pensions. But the task force argues that problems, including rising retirement and healthcare costs, poor administrative practices and a lack of co-ordination between federal and state policy makers, continue to imperil the financial health of states. Among the measures the group is recommending are changes to state and local budgeting, including preventing them from accounting for borrowed funds as revenue. “Too many cities are in peril because they over-borrowed,” Mr Ravitch said. Budgetary actions by the federal government have ramifications for state and local governments, but there is scant analysis and dialogue about these effects. For example, the report says, proposals have called for raising the eligibility age for Medicare. But most states and local governments provide medical benefits for their eligible retirees and employees until they qualify for Medicare. The task force called for a centralised entity within the federal government to measure and report publicly the impact of federal initiatives on state and local governments.

http://www.bloomberg.com/news/2014-01-12/heinz-ceo-names-luz-third-north-america-chief-in-seven-months.html Heinz Names Luz Third North America Chief in 7 Months

When I was at cashier at Whole Foods, everyone was called a team member.

Just his thoughts on Berkshire and Fairfax alone is worth the price of admission.

http://www.bloomberg.com/news/2014-01-09/natural-gas-drops-third-day-on-forecasts-for-warmer-u-s-weather.html

So many white-collar professionals here. I thought we have a bunch of students/ppl just starting here.

US senators push for Fannie and Freddie wind-down http://www.ft.com/intl/cms/s/0/a6f86c3e-7876-11e3-831c-00144feabdc0.html?siteedition=intl#axzz2peR8ivRx

saw the preview and looking forward to it.

http://www.bloomberg.com/news/2014-01-07/speculators-cut-natural-gas-wager-on-fading-polar-blast-energy.html Speculators Cut Natural Gas Wager on Fading Polar Blast

US shale boom times look to be over for railcar makers http://www.ft.com/intl/cms/s/0/446a4b52-6906-11e3-bb3e-00144feabdc0.html?siteedition=intl#axzz2peR8ivRx

Fannie/Freddie: price and principle http://www.ft.com/intl/cms/s/3/91562730-73d6-11e3-a0c0-00144feabdc0.html#axzz2peR8ivRx

http://www.nytimes.com/2014/01/04/business/energy-environment/solar-power-craze-on-wall-st-propels-start-up.html?ref=business Solar Power Craze on Wall St. Propels Start-Up

http://www.bloomberg.com/news/2014-01-02/gazprom-top-pick-to-bernstein-for-2014-russia-overnight.html Gazprom Top Pick to Bernstein for 2014

Your perspective reminds me of the research on luck vs skill within investing. The EMT people will essentially look at any length of time and say "2/5/10/25 years isn't long enough to know." I've even heard debates around whether equities outperform because 120 years of data isn't a big enough sample size and we truly won't know until we have hundreds of years worth of samples. I have family and friends in mutual funds of their own choosing, they nearly matched the market or underperformed and are happy about it because the benchmark did so well. If you want to see how the average joe did check out this thread: http://www.bogleheads.org/forum/viewtopic.php?f=1&t=129562&newpost=1906410 (index fund investor performance thread) OT but I have to say bogleheads.org is such a great site for index investors/personal financial mgmt/taxes/etc. Wonderful community of people.

The thing is even if Obama approves the pipeline, what are the environmentalists going to do about it? Vote Republicans? I don't think so.

I watch it online at their site. I think Consuelo Mack is a great interviewer. She gets some great guests sometimes.

http://www.bloomberg.com/news/2013-12-26/utilities-feeling-rooftop-solar-heat-start-fighting-back.html Utilities Feeling Rooftop Solar Heat Start Fighting Back

Merry Christmas/Happy Holidays. Cheers from California!

Good health and happiness to all.

Banking 101 by DB. Banking_101_Handbook_DB_May2011.pdf

Bought some GM/Bs this Monday.

the KITCHEN! update kitchen

Can you re-post it? :)

time for another poll!

26 in a month.