In The News:

Letting Go:

China’s central bank will scrap its controls on leading interest rates instead letting bank set their own rates.

You can run but you can’t hide:

Steve Cohen, founder of the hedge fund SAC Capital, was charged on Friday with failure to stop insider trading by two employees he supervised. Over the last year the SEC has charged two of SAC employees with insider trader but failed to get the top dog or so we thought. The charges brought are civil in nature and the SEC will seek to bar Cohen from overseeing investor funds.

Calling a meeting:

G20 finance ministers are meeting in Moscow the next few days. Their agenda included discussions on: tax evasion in offshore accounts, financial reforms, and surging deficits.

Miami Mislead:

The SEC (Securities and Exchange Commission) has charged the City of Miami and its former budget director with securities fraud. The SEC alleges the city mislead investors by issuing false and misleading information in its 2007 & 2008 financial reports. The reports made it appear that the city was doing a lot better than in reality therefore they received better credit ratings and better terms. Better credit ratings plus better terms equal more people wanting to buy what you are selling.

 

In The Markets:

Asia:

Asian markets glowed with green Monday. Voters in China overwhelming elected Abe back as PM adding a sense of stability to the markets.

Europe:

European stock markets closed up on Friday after the People’s Bank of China said it would stop being so controlling of the lending rates at financial institutions.

US:

US Markets closed mostly flat on Friday as investors digested earnings misses from Microsoft and Google. The S&P hit a new record high passing the 1692 mark.

In Dinner or Drink:

Miami Sunset

2 oz Windsor® Canadian whisky
1 oz Sauza® blanco tequila
1 oz DeKuyper® triple sec
4 oz orange juice
1 splash grenadine syrup

Pour ingredients together on the rocks in an old-fashioned glass. Mix with a stirring stick, and garnish with a slice of orange.

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