Only thing better than a double dip, is a triple dip

From CNN/Money:

Home prices heading for triple-dip

The besieged housing market has even further to fall before home prices really hit rock bottom.

According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.

Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment, explained David Stiff, Fiserv’s chief economist.

Should home values meet Fiserv’s expectations, it would make it the third (and lowest) trough for home prices since the housing bubble burst.

The first post-bubble bottom was hit in 2009, when prices fell to 31% below peak. The First-Time Homebuyer Credit helped perk prices up by mid-2010, but by the time the credit expired, prices fell again.

In the second dip, which was reached last winter, prices were down 33%before staging a mild rally that was artificially spurred as banks slowed the processing of foreclosures following the robo-signing scandal, which found that loan servicers were rapidly signing foreclosures without properly vetting them.

Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.

A few individual metro areas will do better, with 31 of the 385 markets Fiserv monitors expected to pile up double-digit gains. Another 71 markets are expected to post increases of 5% or better.

This entry was posted in Economics, Housing Bubble, National Real Estate. Bookmark the permalink.

76 Responses to Only thing better than a double dip, is a triple dip

  1. Fabius Maximus says:

    Snowed in?
    Eat Friskies!

  2. Mike says:

    Good Morning New Jersey

  3. NJCoast says:

    No snow at the shore.

    Gators sorry about your tree on the house. When we bought our present house in ’05 we intended to knock it down and rebuild like we had done at the beach. Then we got the first property tax bill after a town reval and the taxes were 50% higher. Between the high taxes and the anticipated housing crash we decided the only way we would rebuild was if one of the 20 really really big tall trees on our property fell on the house and we would get insurance money. Every storm I wait to yell “timber”. We haven’t lost a branch.

  4. Confused in NJ says:

    Christie said this snow storms damage exceeded Hurricane Irene’s damage. Seems like even towns with lower snow totals got whacked owing to weight of wet snow & leaves on trees.

  5. JJ says:

    Speaking of NJ, what day of week is Crozine going to BK MF. Heck Jon Cornize is very efficient. It took Kodak over 100 years to hit financial trouble and MF which is a 2007 spin off managed to do it in under 4 years.

    Funny was thinking about that lady who lives in NY works in NJ and whose husband works in NY who wants to move to NJ. She stated she and her husband both work for family friendly companies. I find that phrase the biggest oxymoron going. I worked for a family friendly company in my late 20’s and early 30’s. Why did I quit cause I got engaged and was getting married and wanted to start a family. Family friendly companies pay so little that both parents have to work. What is family friendly about that? Funny part is I was working a ton of hours the first 8 years of my marriage. So did a lot of my friends the wife, kids, house you need money coming in. Only downfall is I would like to work for a family friendly company out in surburbs again. However, very selfish to put wife back to work, kids in daycare, steal from my retirements and college accounts cause I want to get home at 5:30m instead of 7pm. and avoid a few late nights and a few business trips. Family Friendly is the craziest term I have ever heard of. You know you is family friendly Goldman Sachs.

  6. chicagofinance says:

    Stench of death….what a useless weasel….
    Report: MF Global to seek Ch. 11 protection, sale
    Report: MF Global to file for bankruptcy protection after making big bets on European bonds

  7. funnelcloud says:

    Friggin snow, Maples are ruined, yards a disaster area, at least I have power

  8. joyce says:

    yo

    from the previous thread, greed did not and does not cause the economic problems of the past and present. its fraud, and the corruption inherent in our Corporatist system

  9. JJ says:

    Interesting part Man group which is well over 100 years old spun that POS off at peak of market in 2007 and cashed out. Then come March 2009 when MF need liquidity they did not step in nor are they doing it now. Good companies spin off crap at peaks of market, like GE did to Genworth.

    chicagofinance says:
    October 31, 2011 at 9:07 am
    Stench of death….what a useless weasel….
    Report: MF Global to seek Ch. 11 protection, sale
    Report: MF Global to file for bankruptcy protection after making big bets on European bonds

  10. JJ says:

    New citi research on Netflix saying they were dramatically wrong when they recommended it. Sorry grandma, an apology you get but cash back no.

    Netflix Inc. (NFLX)
    Downgrading to Neutral on a Major Reset
     Q3 Results Beat Lowered Expectations… — Revenue of $822MM was above
    Street/Citi at $811MM/$807MM, and EPS of $1.16 was well ahead vs. Street/Citi
    at $0.94/$0.89. Domestic results were mixed vs. our estimates (Revenues,
    Operating Income above, Subscriptions {sub} below), while International results
    were marginally above our estimates.
     …However, Q4 & 2012 Guides Were Substantially Below Expectations —
    Global Q4 Revenue/EPS midpoint of $858MM/$0.53 was below the Street at
    $923MM/$1.09. Biggest miss in the guide relates to Domestic Sub Ads, with
    NFLX guiding to “slightly up” Q4 results, but with a material mix-shift to lower
    ARPU Streaming-Only Subs. Also, NFLX guided to several 2012 quarters of
    global unprofitability due to expansion spending.
     Materially Lowering EPS & Target Price — 2012 GAAP EPS goes from $5.31
    to $0.38, due to a 20% reduction in Domestic Operating Income and a tripling in
    our International Operating Loss estimate from ($145MM) to ($456MM). Our
    Sum-of-Parts valuation generates a $94 PT, using 13X 2012E U.S. EPS,
    adjusting for Cash and International Option Value.
     Downgrading to Neutral — We upgraded NFLX from Neutral to Buy on 5/2 @
    $232 with a $300 target price. Our call has been drastically wrong. The 60% price
    increase in July & the aborted effort to separate the DVD business were 2 major
    execution errors. Incremental negatives now are: 1) a dramatic ramp-up in
    international expansion spend for 2012 without sufficient evidence of strong Latin
    American takeup — Q4 guide implies a quarter-over-quarter decline in
    International Net Sub Adds; and 2) a significant decline in U.S. Hybrid
    (Streaming/DVD) Subs post the 9/15 negative pre-release. Consumer backlash is
    mostly the cause, but increased competition is likely a factor.
     Why Not a Sell? — Given that NFLX will now carry a 200X+ P/E on 2012
    estimates and still faces consumer backlash uncertainty, why not a Sell?
    Because NFLX still has a dominant position in the hyper-growth Streaming Video
    segment. And we think the market should/will look through the NFLX P&L to see
    an asset generating over $6.00 in 2012 U.S. EPS.

  11. Anchor Baby says:

    9. Semantics

  12. JJ says:

    MF Global Holdings files Chapter 11 bankruptcy
    REUTERS — 5 MINUTES AGO
    NEW YORK (Reuters) – MF Global Holdings Ltd filed for Chapter 11 bankruptcy protection on Monday, court records show.

    The filing came after talks to sell a variety of assets to Interactive Brokers Group Inc broke down earlier Monday, a person familiar with the matter said.

    MF Global Finance USA Inc also filed for Chapter 11 protection. Both MF Global entities filed for protection from creditors with the U.S. bankruptcy court in Manhattan.

    (Reporting by Nick Brown and Jonathan Stempel in New York, editing by Gerald E. McCormick

  13. joyce says:

    13.

    I want more than I currently have, but I’m not willing to steal it
    I’m greedy, but lawful

  14. JJ says:

    “The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living.”

  15. JJ says:

    Re 9 – Greed is Good – Gordon Gecko

  16. Shore Guy says:

    La récession à trois

  17. Shore Guy says:

    Big halloween parade in TR tonight. C’mon down.

  18. Shore Guy says:

    NJE,

    How was the parade in KW yesterday?

  19. JJ says:

    So MF issued bonds in August 2011 at par with an investment grade rating. Trading at 39.5 cents on a dollar today. Investment grade Bonds issued at par going BK in two months!!! That prospectus must have been pure fantasy.

    The company’s $325 million of 6.25 percent bonds, issued at par in August, fell 10.5 cents to 39.5 cents on the dollar at 10:35 a.m. in New York, for a yield of 31.6 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority

  20. Anon E. Moose says:

    JJ [23];

    fell 10.5 cents to 39.5 cents

    Just think, the guy who sold at $0.50 is wiping his brow thinking about the bullet he dodged…

  21. nj escapee says:

    Shore, Captain Morgan parade was good over 50 floats, lots of bare br__sts . We ducked out early as the crowds were a little much. The locals parade on Friday night was hoot though. Guest houses along the route provided refreshments mostly with alcohol.

  22. JJ says:

    The guy who sold at 50 cents to a guy buying at 39 cents sold to a distressed bond investor who figured if they get saved monday I got a shot at par or if they go bk I got a recovery rate of 25 cents. It looked like a 50/50 event so he gambled

    The retail investor who bought an investment grade bond at par with a prospectus is a whole different animal.

    I roll the dice alot and sometimes I get a blow up. So be it. But an investment grade bond blowing up in under three months. WOW. Plus the bond buyer did not even have time to get a single coupon payment.

    Every time you clip a coupon on a bond your risk falls a bit. Buying at par and not clipping a single coupon before BK is the biggest ouch out there.

    For instance Kodak issued a 30 year non callable bond in 1991 with a 9% coupon. Most likely will be bk by 2021. Lets say grannie bought 100K worth of bond in 1991. Well she collected 180K worth of interest already. Her perception of a bk of Kodak would be a lot different than if it happened in 1992 than today.

    Anon E. Moose says:
    October 31, 2011 at 11:52 am
    JJ [23];

    fell 10.5 cents to 39.5 cents

    Just think, the guy who sold at $0.50 is wiping his brow thinking about the bullet he dodged…

  23. The Original NJ Expat says:

    Burmese Pythons are about a dime a dozen these days in the everglades:

    http://www.nps.gov/ever/naturescience/burmesepython.htm

    More detail on the 16 footer:

    http://www.nps.gov/ever/naturescience/burmesepython.htm

  24. The Original NJ Expat says:
  25. Shore Guy says:

    Mitt Romney must be breathing a sigh of relief:

    NBC confirms one Cain accuser received cash settlement

    By NBC’s Chuck Todd, Lisa Myers, and Domenico Montanaro

    NBC News has confirmed that one woman received a settlement from the National Restaurant Association after complaining about inappropriate sexual conduct by Herman Cain.

    NBC News is not disclosing the name of the woman nor characterizing who she is.

    Cain denied the allegations, saying on FOX this morning he was “falsely accused.” “I have never sexually harassed anyone, anyone,” he said, “and absolutely, these are false accusations.”

    Despite being the chief executive officer of the National Restaurant Association, he said he was unaware of any settlement with the accusers, though he didn’t deny it.
    snip

    http://firstread.msnbc.msn.com/_news/2011/10/31/8563824-nbc-confirms-one-cain-accuser-received-cash-settlement

  26. Shore Guy says:

    Expat,

    I am sure that John had to deal with bigger ones than that out on Long Island.

  27. make money says:

    JJ,

    Fyi…Kim Kardashian is single now. I think you’d kick azz in a reality show with her.

  28. Anon E. Moose says:

    JJ [26];

    –tangent alert–

    For instance Kodak issued a 30 year non callable bond in 1991 with a 9% coupon. Most likely will be bk by 2021. Lets say grannie bought 100K worth of bond in 1991. Well she collected 180K worth of interest already. Her perception of a bk of Kodak would be a lot different than if it happened in 1992 than today.

    No it won’t. She’s going to feel the same $190k worth of pi$$ed off. Just like the banksters who collected five years worth of 7-8% sub-prime I/O payments before the mortgage went bust, but the gubbmit was stupid enough to believe them that they had to be bailed out at par in order to be “made whole”.

  29. nj escapee says:

    There was a pbs program last week on the pythons in the everglades. These snakes are huge with 4 rows of teeth ouch!!

  30. Anchor Baby says:

    13. I need to return some video tapes.

  31. The Original NJ Expat says:

    CNBC had $845K invested in MF Global bonds? Check out creditor #7:

    CNBC
    c/o NBC Universal CFS
    Bank of America
    NBC Universal Lock Box #402971
    Atlanta, GA 30384-2971

    Looks like JPM and Deutsche Bank are the big losers, according to the BK filing:
    http://www.ft.com/intl/cms/24d2f4b2-03d0-11e1-bbc5-00144feabdc0.pdf

  32. JJ says:

    Those tie a plank to your butt so you don’t fall in girls are a turn off. Once dated a girl with her type body briefly. All squeezed in on bottom, tight low cut top she was hot, however, once you un-spanxed her it was like making love to a waterbed

    make money says:
    October 31, 2011 at 1:48 pm
    JJ,

    Fyi…Kim Kardashian is single now. I think you’d kick azz in a reality show with her

  33. JJ says:

    FYI – UN-SPANX is a word even though I just made it up.

  34. JJ says:

    Many investments such as tankers, ships, planes are all based on break-even. Once that happens and plane or ship is re-leased for 3 or 4th time it is all gravy. Gravy is reached when you have received 100% pay-back.

    Any high yielding bond with a high coupon once you have received back 100% of principal every coupon is gravy. Even when BK comes it is normally 20-30 cents on the dollar. In the Kodak bond case on the 100K investment, worst case for holder is 180K intererst and 25K recovery in BK for a total of 205K, best case bond makes it to 2021 and she gets 270k interest plus 100K principal back for a total of 370K.

    Over the last 30 years if you kept buying 30 year non-callable bonds in a mix of treasuries investment grade corporate and munis you would have beat nearly every investment. Nearly all bonds between 1991 and 2001 would have returned at least 100% of their original investment and you would have a huge income stream.

    In your logic my cousin who bought 30 year treasuries in 1981 at 16% would be furious if it defaulted next month. Never mind the 29.5 years of 16% interest.

    The power of compounding is a magical thing that people don’t understand.

    Anon E. Moose says:
    October 31, 2011 at 1:48 pm
    JJ [26];

    –tangent alert–

    For instance Kodak issued a 30 year non callable bond in 1991 with a 9% coupon. Most likely will be bk by 2021. Lets say grannie bought 100K worth of bond in 1991. Well she collected 180K worth of interest already. Her perception of a bk of Kodak would be a lot different than if it happened in 1992 than today.

    No it won’t. She’s going to feel the same $190k worth of pi$$ed off. Just like the banksters who collected five years worth of 7-8% sub-prime I/O payments before the mortgage went bust, but the gubbmit was stupid enough to believe them that they had to be bailed out at par in order to be “made whole”.

  35. chicagofinance says:

    Do mean “unattractive” or “unable to create friction”?

    JJ says:
    October 31, 2011 at 2:44 pm
    Those tie a plank to your butt so you don’t fall in girls are a turn off. Once dated a girl with her type body briefly. All squeezed in on bottom, tight low cut top she was hot, however, once you un-spanxed her it was like making love to a waterbed

  36. The Original NJ Expat says:

    I think UN-SPANXing is the only way to relieve pant-up demand.

  37. NJGator says:

    Occupy Panera Day 2 in full force. This morning the thermostat hit 50. It’s time to Lil Gator and I to abandon ship and seek refuge somewhere else.

    Things I have learned – our generator is useful to power the large screen TV and the Wii, but not our crappy Samsung Refrigerator and there is not enough alcohol in all of Essex County to get you through an indoor primary school Halloween Parade.

    We are the only local school district to open schools today. Yay we get something for out taxes. Glen Ridge and Montclair have postponed Trick or Treating until Friday. And that double dipping bastard Joe D apparently doesn’t have any connections with PSEG because Turtle Back Zoo is still without power so safe trick or treating has been postponed as well. I wonder if our new county funded boat house restaurant has any juice.

  38. joyce says:

    41

    JJ you’re right that compound interest is a remarkable thing, until it stops. Exponential growth FOREVER is impossible.

  39. nj escapee says:

    Gator, holy halloween blackout! Our power came back on the next day after Hurricane Wilma swamped the Keys back on Oct 25, 2005.

  40. NJGator says:

    NJ escapee – we have been told Weds or Thurs. The area looks like a war zone with every third tree damaged. Also complicating things is that most of the power lines run above ground through trees in people’s back yards, so repair is difficult.

  41. Shore Guy says:

    gator,

    Early wet-snow storms and ice storms just devastate deciduous trees. The sickening sound of snapping leaves in the dark stays with a homeowner for a long time.

  42. Shore Guy says:

    “huge with 4 rows of teeth ouch!!”

    Sounds like the beginning of a John story.

  43. nj escapee says:

    Shore, I hate to say it but I see some improvement
    Shore Guy says:
    October 31, 2011 at 3:57 pm
    Egads!

    http://www.blogcdn.com/www.spinner.com/media/2011/10/steven-tyler-456-102711.jpg

  44. JJ says:

    Girls who are pretty like Kim but have an ugly downstairs neighbor they don’t want the guests to see have all types of ways of hiding it. I guess Kris Humpries did the humpty dumpty and fell off that butt.

    This girl in particular I briefly knew who was kadashain like did an excelent job. Our relationship consisted of five or six booty calls which she tried to turn into a bf/gf. I give her props. Her tricks were as follows: (Short ladies with pretty faces and big butts pay attention:. Kim would have been so proud of this girl.

    Always show up in full make up.
    Always wore a low coat blouse with a push up bra of silky material.
    Always were garters and high heels.
    Always had spanx
    Always kept lipts moist and red.
    Always had a short skirt or pulled the I just stopped by with out a nighty can I wear your white dress shirt.
    Needless to say she would somehow keep the short dress on but nothing else or somehow sheet would be just covering magically her butt. Like the Lock Ness Monster or a NJ Unicorn you knew the butt existed but you just never saw it. Only the great assets.

    Like a scene from twilight she appeared after midnight and left before dawn. All “dates” involved not starting till 11 pm, lots of alchol, a fight and make up sx all in a three hour period she was very Kashadian. Somehow the Police, FBI, Mafia, restraining orders, a cat fight, a pushing incident and a full blown bar fight occured in a two week period. This girl could of had her own reality tv show that would have put Kim to shame. After I told her no more, even I can handle this drama train, like being on a reality TV show with no cameras or pay she would throw wild head games into mix. Once she rang my apt buzzer at two am on a weeknight told me it was important just buzz her in and unlock door, absolutely crazy girl turns out took a cab to my apt at two am in the middle of winter on a weeknight and had cab wait for her, she was in a coat basically with nothing under. She climbed into bed, and I swear re-entacted a scene from move you could only buy in times square for ten minutes and left all lipsticked smeared and sticky without saying a word and hopped back in her cab. I think the butt which was her only downfall made her into a booty call girl in spite of fact she was very pretty and had an MBA and worked for an IB. But she was off the wall insane. Sadly if reality TV existed back then Snooky and Kim could not hold a candle to this girl. So insane was this girl that she got ditched by another guy, thank god not me and she wrote numerous letters to the Pope requesting he be excommunicated due to the nasty things he did like making her swallow and put his real name and address and cc’d his local priest and bishop. OMG. I am so lucky. That somehow after her ten minute booty call I resisted the urge to dial that number. She is most likely either a CEO, in prision or dead by now. Girl was type AAAAAAAA.

    chicagofinance says:
    October 31, 2011 at 3:14 pm
    Do mean “unattractive” or “unable to create friction”?

    JJ says:
    October 31, 2011 at 2:44 pm
    Those tie a plank to your butt so you don’t fall in girls are a turn off. Once dated a girl with her type body briefly. All squeezed in on bottom, tight low cut top she was hot, however, once you un-spanxed her it was like making love to a waterbed

  45. JJ says:

    Black and Decker Pecker Wrecker

    Shore Guy says:
    October 31, 2011 at 4:02 pm
    “huge with 4 rows of teeth ouch!!”

    Sounds like the beginning of a John story.

  46. nj escapee says:

    Memories of Wilma and she was no lady. This was just down the street from us. http://en.wikipedia.org/wiki/File:Flood102405.JPG

  47. Confused in NJ says:

    Jersey Central Power & Light is providing free water and ice to northern New Jersey residents who have not had power since Saturday’s snowstorm.

    The water and ice can be picked up by JCP&L customers at the courtesy desks in 11 stores. At least 356,000 JCP&L customers do not have electricity in Essex, Hunterdon, Morris, Passaic, Somerset, Sussex, Union and Warren counties.

    Public Service Electric and Gas is not offering water and ice to customers, said spokeswoman Annette Hicks. “We are focusing all our efforts on restoring people’s power,” she said.

    JCP&L should just give free water. Without heat it’s customers can make their own ice.

  48. grim says:

    Stu – Lit up the fireplace for the first time at the house, burning the wood we took down earlier this year. I’ll probably run through half of it this winter (smaller dead wood and branch wood), the bigger trunk wood has yet to be split and seasoned, so green I couldn’t burn it if I tried.

    My luck I’ll burn the house down, so stay tuned.

  49. JCer says:

    This storm was bad news in downtown jersey city, on my way to work I had to go the most circuitous route because of downed trees and I saw at least one car with a tree on it! Thankfully I still have power, at least I did this morning, who knows what the wizards at PSEG did while I was at work.

  50. nj escapee says:

    Buy cannal coal. It is very good for heating in a woodburning fireplace or stove.

  51. nj escapee says:

    that is cannel

  52. chicagofinance says:

    The End Is Nigh (Star Wars Edition):

    The Force most certainly was not with this “Yoda.”

    A 42-year-old German man was dressed like the famed Jedi Master when he hit a pedestrian and jumped into light speed Sunday morning in Darmstadt, near Frankfurt, authorities said in a statement.

    Police pulled him over minutes later.

    “The officers were especially surprised to see Grand Master Yoda at the wheel,” a spokeperson for the Darmstadt police said, Agence France-Presse reported.

    The man, who was not identified, was wearing the Yoda costume – complete with mask – and had been drinking, according to AFP.

    The victim suffered only minor injuries, authorities said.

    The Jedi was taken to the police station and his license was confis-cated.

    “The hapless Jedi returned home on foot,” police said. “In this case, the force was not with him.”

  53. All Hype says:

    Freedy (61):

    Nice to see the Fed doing their job monitoring the primary dealers.

    The Fed is nothing more than a bunch of monkeys f@cking a football.

  54. Libtard at a friend's house temporarily with heat and internet says:

    Grim,

    Whose this Stu guy?

    Congrats on the fire. Lighting our first fire was probably my single happiest moment in the new place. I’ve raised the temperature in my living room from a low of 50 all the way up to 52 with our super efficient fireplace. On the bright side, our Champion $275 generator appears to be a lucky find. We’ve been running it about 5 hours per day and she keeps on kicking.

  55. Libtard at a friend's house temporarily with heat and internet says:

    What the F with the SEC/FED. They rewarded the crooks the first time around. Why should they behave differently? I wish the occupiers were more successful getting this point across. Instead, their hippie stylings are ruining our perception of them. Eh. Time to bunker down in the old igloo with the dog. Gator and Lil’ Gator are bunking at a friends.

  56. Shore Guy says:

    A friend with heat is a friend in deed.

  57. Shore Guy says:

    A San Diego-based company that served as the middleman between mortgage lenders and home-value appraisers has abruptly stopped operations.

    The sudden decision from AppraiserLoft has left appraisers across the country with unpaid invoices for hundreds to thousands of dollars, some dating back three to four months.

    “I am in shock that they did not even have the courtesy of contacting their appraiser clients and inform any of us of what was happening,” said Miami-based appraiser Ron Schwartz, who says he’s owed $5,500 for 20 appraisals. Several appraisers, from as far away as New York and Florida, expressed similar concerns this month.

    AppraiserLoft left the business but has not dissolved, CEO Aman Makkar said. He said AppraiserLoft is merging with another company, which he declined to name, and debts will be paid when the transaction goes through.

    Makkar earlier this year agreed to return $1.5 million of his earnings from a $35 million Ponzi scheme broken up by the Securities and Exchange Commission. He blamed the U.S. economic downturn for the appraisal-management company’s declining business. Earlier this month, he laid off nearly all his staff.

    snip

    http://www.signonsandiego.com/news/2011/oct/28/appraiser-complain-theyre-left-holding-the-bag/

  58. Shore Guy says:

    Even better than a vacation home or a boat is a friend with one, or both:

    http://online.wsj.com/article/SB10001424053111903885604576488062713503134.html?mod=googlenews_wsj

  59. Shore Guy says:

    Maybe Corzine can do some time in Northeast Kansas. I hear that Leavenworth is lovely this time of reat, right Hawk?:

    http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

    Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.

    The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.

    Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.

    What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said.
    snip

  60. Shore Guy says:

    NJE,

    Sure, you have loads of hot topl ess women in Key west, with warm weather, and tropical breezes but you lack both this http://cmsimg.app.com/apps/pbcsi.dll/bilde?Site=B3&Date=20111028&Category=NJNEWS&ArtNo=310280077&Ref=AR&MaxW=640&Border=0&Toms-River-Halloween-Parade-set-Monday and proximity to NY, so there.

  61. nj escapee says:

    Shore, kinda creepy looking. okay, I didn’t see anyone quite like that.

  62. Shore Guy says:

    Just another fine yute from TR.

  63. Shore Guy says:

    If true, this is not good:

    http://www.nytimes.com/2011/10/28/nyregion/charges-in-lirr-disability-scheme.html

    11 Charged in L.I.R.R. Disability Fraud Plot

    Eleven people were charged on Thursday in an enormous fraud scheme in which hundreds of Long Island Rail Road workers falsely claimed to have disabling injuries, with some of them collecting tens of thousands of dollars in annual pensions while spending time playing golf, law enforcement officials said.

    The fraudulent payouts in the scheme, officials estimate, could end up costing a federal pension agency more than $1 billion if fully disbursed.

    Ten of the defendants were taken into custody early Thursday at their homes by agents from the Federal Bureau of Investigation and state investigators, officials said. They included seven former railroad workers, including a former union president; a former federal railroad pension agency employee who helped the workers file claims; a doctor; and a doctor’s office manager. A second doctor is expected to surrender on Friday.

    The United States attorney in Manhattan, Preet Bharara, said, “Employees, in many cases, after claiming to be too disabled to stand, sit, walk or climb steps, retired to lives of regular golf, tennis, biking and aerobics.”

    The charges involving the railroad come at a time when public workers’ unions across the country have faced heavy criticism for negotiating pension obligations that led many government agencies to slash services and lay off teachers, police officers and other workers.

    A sampling of hundreds of cases approved by two doctors showed that $121 million had been paid to workers whose disabilities were either fabricated or exaggerated, according to court papers, though the total was quite likely more. It was unclear if officials would try to stop the payouts, or could even legally do so, before the disbursements hit $1 billion.

    The federal investigation followed reporting by The New York Times for a series of articles published in 2008 that revealed systematic abuses of federal Railroad Retirement Board pensions by Long Island Rail Road workers.

    The claims of disability made by the seven people charged with obtaining their pensions fraudulently contrasted sharply with their lifestyles, according to court papers. One of the defendants, Gregory Noone, 62, of East Islip, N.Y., who receives $105,000 in pension and disability payments each year, plays tennis several times a week and played golf 140 days over the course of one nine-month period, despite his reports that he had severe pain when gripping objects, bending or crouching, the complaint filed in the case said.

    Another defendant, Regina Walsh, 63, a railroad office worker who lives in New Hyde Park, N.Y., collects $108,000 a year in pension and disability payments; she had complained of significant neck, shoulder and hand pain caused by sitting at a desk and using a computer, and leg pain caused by standing for more than five minutes. But surveillance showed her shoveling snow for over an hour and walking with a baby stroller for 40 minutes, the complaint said.

    And a third defendant, Steven Gagliano, 55, of North Babylon, N.Y., who receives more than $75,000 in payments annually and claimed to be suffering from severe and disabling back pain, went on a 400-mile bike tour around New York State, the complaint said.

    The complaint, 74 pages long, said that “the fraudulent scheme could cause the R.R.B. to pay unwarranted occupational disability benefits exceeding $1 billion dollars if disbursed in full.”

    Federal prosecutors and the F.B.I. were helped in the investigation by inspectors general from the Railroad Retirement Board and the Metropolitan Transportation Authority, the parent agency of the Long Island Rail Road.

    Nine defendants appeared on Thursday before United States Magistrate Judge Theodore H. Katz in Manhattan; eight were released on personal recognizance bonds. A ninth defendant was taken to a hospital after becoming ill. The 10th defendant is to appear on Friday. Each defendant faces a maximum of 20 years in prison if convicted.

    The Times articles reported that virtually every career employee of the railroad was applying for and receiving disability payments, giving the Long Island Rail Road a disability rate three to four times that of the average railroad.
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  64. Shore Guy says:

    Nom,

    What do you think about this?

    http://www.washingtonpost.com/politics/campaigns/herman-cain-campaigns-financial-ties-to-wisconsin-charity-questioned/2011/10/31/gIQAJ61gZM_story.html

    By Dan Eggen, Updated: Monday, October 31, 3:27 PM

    Republican presidential hopeful Herman Cain, hit with a barrage of questions Monday about allegations of sexual harassment, also faced new questions about financial ties between his campaign and a private charity run by two of his top aides.

    Citing internal financial documents, the Milwaukee Journal Sentinel reported that a Wisconsin tax-exempt charity called Prosperity USA footed the bill for about $40,000 worth of iPads, chartered airplanes and other expenses as Cain’s campaign got off the ground early this year.

    Expenses totaling $37,372 are listed in the group’s financial records as “due from FOH,” or Friends of Herman Cain, the name of his campaign committee, the newspaper said. It is not clear whether Cain repaid the alleged debts, which are not listed in his personal or campaign disclosures.

    Such payments are forbidden under federal tax and election laws, because nonprofit charities are not allowed to donate money or services to political campaigns, according to election law experts.

    “It looks like a law school exam on potential campaign finance violations,” said Lawrence H. Norton of Womble Carlyle, a former general counsel at the Federal Election Commission. “Many of these payments would be prohibited contributions under federal election law.”

    snip

  65. Juice Box says:

    Perp walk time? nah………

    SAN FRANCISCO (MarketWatch) — MF Global Holdings Ltd. admitted to federal officials that client funds were tapped as the firm’s financial troubles mounted, the Associated Press reported Tuesday, citing an unidentified official close to the matter.

  66. Tim Jonson says:

    I think it’s very nice post for real estate sector. I like it. Thank you. free government cell phone

  67. Barrett says:

    Fine piece of writing, I seriously enjoy fresh news by you.

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