We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
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Reuters reports shares in UBS (UBS) plunged on Friday after U.S. tax authorities said they were widening a probe into the bank and wanted 52,000 client names, a day after UBS agreed to a fine to settle criminal charges.
The stock was down 9.4% at 11.60 Swiss francs at 3:29 a.m. EST, reversing some of Thursday's strong gains.
The DJ Stoxx index of European banks was down 3.8 percent, and rival Credit Suisse (CS) was down 8.65%. Analysts had welcomed Wednesday's news in the hope it would settle the U.S. probe, which is investigating help given to rich Americans to dodge tax, and allow crisis-hit UBS to focus on a badly needed restructuring.
But the civil U.S. lawsuit announced late on Thursday will continue to keep UBS under pressure and will be watched by the whole $7 trln offshore banking industry, as it could open further cracks in the secrecy that helped the sector thrive.
Prepare yourself for the "New Economy"
We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
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The Wall Street Journal reports Bank of America (BAC) Chairman and Chief Executive Kenneth Lewis was issued a subpoena by New York State AG Andrew Cuomo, who is investigating whether the bank withheld information from investors in violation of state law, according to people familiar with the matter. Mr. Lewis, who received the subpoena late last week, is the highest-profile subject of Mr. Cuomo's investigation into the Charlotte, N.C., bank's purchase of Merrill Lynch & Co. on Jan. 1. Mr. Cuomo's office is trying to determine if investors were misled about the depth of Merrill's losses in late 2008 and whether details of the bonuses to Merrill employees, contained in a nonpublic document, should have been disclosed to investors.
A BofA spokesman declined to comment on the subpoena. Investigators also took testimony from former Merrill CEO John Thain on Thursday. Mr. Thain was questioned all day, say the people familiar with the matter. They asked Mr. Thain about the nature of some $4 bln in bonuses to employees.
In particular, they wanted to know why the September merger agreement contained a nonpublic attachment that outlined the maximum Merrill could pay.
A Thain spokesman declined to comment. The person close to the matter said regulators are turning their attention to Mr. Lewis and are looking at his testimony to Congress earlier this month when he said he had "no authority" over bonuses given they were detailed in the merger agreement and part of the bonuses were paid in Bank of America stock.
Mr. Cuomo's investigators are exploring how Merrill could have set and then informed employees about the bonuses before the quarter closed, according to a person familiar with the matter.
They are probing whether trading losses were adequately disclosed to shareholders and boards of each company and what the top executives approving the bonuses knew about the losses.
Prepare yourself for the "New Economy"
We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
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SMF NOTES WSJ reports new research at DNA is challenging conventional thinking about Alzheimer's disease, providing a provocative theory about its cause and suggesting potential new targets for therapies to treat it.
The researchers propose that a normal process in which excess nerve cells and nerve fibers are pruned from the brain during prenatal development is somehow reactivated in the adult brain and "hijacked" to cause the death of such cells in Alzheimer's patients.
The dominant view of Alzheimer's disease today is that it is caused by deposits called beta amyloid that accumulate in the brain because of bad luck or other unknown reasons, degrading and destroying nerve cells and robbing victims of their memory.
The new findings offer evidence that "Alzheimer's is not just bad luck, but rather it is the activation of a pathway that is there for development purposes," says Marc Tessier-Lavigne, executive vice president, research drug discovery, at Genentech. "It suggests a different way of looking at Alzheimer's disease."
Prepare yourself for the "New Economy"
We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
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SMF NOTES reports the co's unit sales of computers through U.S. retail channels fell 6% in January from the same month in 2008, the first monthly decline in three years, according to market-research firm NPD Group. The data suggest that Apple's premium pricing, which helped boost revenue when demand was strong, may be hurting the company now that consumers are being more careful about their spending amid the recession. Demand for Apple's laptop computers, in particular, had remained relatively solid for months despite the economic downturn as consumers were willing to pay higher prices for a sleek design and unique operating system. But NPD analyst Stephen Baker said consumers are becoming more price-sensitive as the economic climate continues to worsen. "Casual buyers or people who are trying to make a choice are trading down," Mr. Baker said.
Prepare yourself for the "New Economy"
AP reports a family desperate to save a child from a lethal brain disease sought highly experimental injections of fetal stem cells — injections that triggered tumors in the boy's brain and spinal cord, Israeli scientists reported Tuesday.
Tuesday's report in the journal PLoS Medicine is the first documented case of a human brain tumor — albeit a benign, slow-growing one — after fetal stem cell therapy, and hammers home the need for careful research. The journal is published by the Public Library of Science.
"Patients, please beware," said Dr. John Gearhart, a stem cell scientist at the University of Pennsylvania who wasn't involved in the Israeli boy's care but who sees similarly desperate U.S. patients head abroad to clinics that offer unproven stem cell injections. "Cells are not drugs.
They can misbehave in so many different ways, it just is going to take a good deal of time" to prove how best to pursue the potential therapy, Gearhart said. (Related stocks: GERN, ASTM, STEM)
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