Business

Submitted by Jim Quinn via The Burning Platform blog,

I find J.C. Penney to be a sick joke. The executives of this company think they can put out positive press releases and have their financial statements not properly show in the earnings press release to cover up the fact their financial results are deteriorating – not improving. CNBC will dutifully report the corporate lies. Checkout the press release where, for some reason, the financial results don’t format. Must be a glitch. Right?

For those confused by the whole power triangle between Ted Cruz, Hillary Clinton, and Donald Trump, and which candidate stood for what and represents whom, the following brief anecdote from the Guardian should explain all one needs to know.

The world’s top 25 hedge fund managers earned $13bn last year – more than the entire economies of Namibia, the Bahamas or Nicaragua. Kenneth Griffin, founder and chief executive of Citadel, and James Simons, founder and chairman of Renaissance Technologies, shared the top spot, taking home $1.7bn each.

 

Anonymous hackers claim they have taken down the Bank of England’s internal email server as part of an operation dubbed ‘OpIcarus’ The hacktivist collective Anonymous said they were launching cyber-attacks on major financial institutions across the world, including the Bank of England, in order to “start an online revolution.” RT reports: Mail.bankofengland.co.uk was down for part of Friday.

Forget the "wall of worry," former Reagan OMB Director David Stockman warns a shocked CNBC anchorette that "the frogs are in the boiling water again on Wall Street...and they don't have enough sense to get out." The last 600 days of range-bound trading marks the top he explains adding that "we have reached the cyclical top in both GDP and earnings," which leaves a market trading at extremely expensive levels - "why would you stay in?" Stockman believes that the world economy is heading into a "deep and lasting deflationary recession." There is no e

By Dylan White of Genscape

Cushing, OK, Crude Stocks, USGC Exports Hit Record Highs after U.S. Midcontinent Refinery Work

Cushing, OK, crude inventories reached a record high May 3, 2016 of more than 70mn bbls after refinery outages in the U.S. Midcontinent displaced barrels to both storage tanks and the U.S. Gulf Coast. Without significant new storage capacity, Midcontinent stocks could reach maximum operating capacity this year, according to Genscape.