Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Morgan Stanley’

Smithfield Foods Chinese Pork Project is a Wall Street Happy Meal Deal: American Prices Will Increase

Posted by Warm Southern Breeze on Wednesday, May 29, 2013

If you like bacon, ham, pork sausage, barbecue, ribs, or any other pork product – including cold cuts & pizza – get ready to pay at least 2 – 4 times more, and for shortages.

Why?

Wall Street minions – who manage Smithfield, an American company no more – have no patriotic qualms about taking food off your table and out of your mouth to feed the mouths of the people who steal our nation’s military secrets, defraud our motion picture & music copyrights, and have an historical track record of Shanghai-ing anyone & everyone who gets in their way.

You think I’m kidding, or that I don’t know what I’m writing about?

Just recollect back a few months – oh, say about 7 – to Thanksgiving in November 2012 when pecans were 2x – 3x the price they were usually.

And why was that?

After all, pecan farmers had a record bumper crop… and that typically translates into lower prices for consumers.

It’s because the Chinese suddenly discovered they liked pecans, and were willing to pay premium prices (translate: much MORE then you’re willing to pay), and so the growers shipped pecans over to China.

As I continue to contend, IT’S ALL ABOUT THE MONEY.

Okay… so it may cost more. So what?

How about this?

Were you aware that the Chinese company that bought Smithfield sold pigs that had been fed a substance banned in the USA & England & other nations?

Yup.

Shuanghui Group, China’s largest meat processor, sold pigs fed Clenbuterol in 2011. Here are three links about the ordeal.

And, would it surprise you to find out that Goldman Sachs is one of the top investors?

1.) “According to Chinese government data, 18 outbreaks of food-related clenbuterol poisoning occurred between 1998 and 2007. The most recent report indicates one person died and more than 1,700 others fell ill.”

2.) “Meanwhile, at Jiyuan Shuanghui’s processing facilities, of the 689 pigs awaiting slaughter, 19 tested positive for clenbuterol. Shuanghui, which counts Goldman Sachs among its investors, has shut down the Jiyuan branch affected by the contamination so it can conduct its own inspection.”

3.) “And in recent months the additive has earned notoriety in China after a string of people got sick from eating pork products full of it. Hundreds took ill in one incident in March, and this week, 286 people in Hunan province after eating pork contaminated with ractopamine, a chemical very similar to clenbuterol. Chinese livestock farmers began using clenbuterol in pig feed in the late 1980s to boost growth and get animals to market faster, but it was banned in 2002 as the health risks of eating the meat became better understood. Clenbuterol-tainted meat dizziness, headaches, hand tremors, and other unpleasantness. It’s especially risky for people with heart troubles.”

Shuanghui Agrees to Acquire Smithfield Foods for $4.72B

By Shruti Date Singh and Jeffrey McCracken – May 29, 2013

Shuanghui International Holdings Ltd., China’s biggest pork producer, agreed to acquire Smithfield Foods Inc. (SFD) for about $4.72 billion to boost supplies for the nation that’s the biggest consumer of the meat.

Closely held Shuanghui, parent of Henan Shuanghui Investment & Development Co. (000895), will pay $34 a share for the Smithfield, Virginia-based producer, both companies said today in a statement. The offer is 31 percent more than yesterday’s closing share price.

China’s consumption of pork is rising with the expansion of its middle class while there are questions being asked about the safety of the country’s food supply. Smithfield’s livestock unit is the world’s largest hog producer, bringing about 15.8 million of the animals to market a year, according to the company’s website. It owns 460 farms and has contracts with 2,100 others across 12 U.S. states.

The takeover is valued at $7.1 billion including debt, which would make it the largest Chinese takeover of a U.S. company, according to Read the rest of this entry »

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Are there good reasons to leave FaceBook?

Posted by Warm Southern Breeze on Saturday, May 26, 2012

Sure there are!

However, there are probably as many good reasons to stay.

And yet, for the good reasons to stay, there are genuine concerns, not only with governmental agencies worldwide, but with FaceBook itself.

It IS possible to almost wholesale “lock down” your FaceBook account, but one must decide if those actions are worth it, or not.

Further, another option is, that one could delete everything that could be deleted from FB – likes, comments, posts, etc. – and make invisible those things that cannot be deleted.

Of course, there’s no reason one could not have more than one FB account, either.

However, with all this, it might be wise to consider the ultimate in security, which was proposed several years ago: Public Key Encryption.

Leaving Facebookistan

May 24, 2012
Posted by
Welcome to FaceBookistan!

Welcome to FaceBookistan! You are now leaving FaceBookistan.

I established a Facebook account in 2008. My motivation was ignoble: I wanted to distribute my journalism more widely. I have acquired since then just over four thousand “friends”—in Afghanistan, Pakistan, India, the Middle East, and of course, closer to home. I have discovered the appeal of Facebook’s community—for example, the extraordinary emotional support that swells in virtual space when people come together online around a friend’s illness or life celebrations.Through its bedrock appeals to friendship, community, public identity, and activism—and its commercial exploitation of these values—Facebook is an unprecedented synthesis of corporate and public spaces. The corporation’s social contract with users is ambitious, yet neither its governance system nor its young ruler seem trustworthy. Then came this month’s initial public offeringof stock—a chaotic and revealing event—which promises to put the whole enterprise under even greater pressure.There are many reasons to be Read the rest of this entry »

Posted in - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , | 2 Comments »

JPMorgan Chase CEO blames “Errors, Sloppiness & Bad Judgement” for $2B Credit Default Swap & Derivatives loss

Posted by Warm Southern Breeze on Thursday, May 10, 2012

Give particular attention to this sentence, which is found later in the article: “Bank executives, including Dimon, have argued for weaker rules and broader exemptions.”

Give attention also to the last paragraph of the second story: “Of course, this loss only goes to show how weak the Volcker Rule is: Dimon is adamant, and probably correct, in saying that Iksil’s bets were Volcker-compliant, despite the fact that they clearly violate the spirit of the rule. Now that we’ve entered election season, Congress isn’t going to step in to tighten things up — but maybe the SEC will pay more attention to Occupy’s letter, now. JP Morgan more or less invented risk management. If they can’t do it, no bank can. And no sensible regulator can ever trust the banks to self-regulate.”

Is there any remaining argument against deregulating banks?

Is there any remaining argument against re-instituting the Glass-Steagall Act (which separated Banks, Insurance & Wall Street and forbade them from commingling in each others’ businesses)?

Ahead of the Greek financial crisis – in which Goldman Sachs had a direct and unscrupulous role by hiding sales of financial vehicles from Greek, European & American regulators – German chancellor Angela Merkel said this at a March 5, 2010 press conference in Berlin with Greek Prime Minister George Papandreou, (ref: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a26n.U6qS6cU):

Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb.”  

Now, I wouldn’t expect you or the average reader to be knowledgeable about these things. Honestly, most folks aren’t. But that’s not a condemnation of you, dear reader. Rather, it is a statement acknowledging that banks, bankers, Wall Street types, and Insurance firms do not want to be regulated, and would rather operate free-willy-nilly – without any rules. You and I must  abide by rules. Why shouldn’t they? And as they have consistently demonstrated, they cannot be trusted to do the right thing.

For additional information on Goldman Sachs involvement in the Greek Debt Crisis, I refer you to this 02/08/2010 news item from German news magazine, Der Spiegel: “Greek Debt Crisis How Goldman Sachs Helped Greece to Mask its True Debt,” By Beat Balzli.

JPMorgan Chase acknowledges $2 billion trading loss and ‘many errors’

By Associated Press, Updated: Thursday, May 10, 6:05 PM

JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

The company’s stock plunged almost 7 percent in after-hours trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.

“The portfolio has proved to be riskier, more volatile and less effective as an economic hedge than we thought,” CEO Jamie Dimon told reporters. “There were many errors, sloppiness and bad judgment.”

The trading loss is an embarrassment for a bank that came through the 2008 financial crisis in much better health than its peers. It kept clear of risky investments that hurt many other banks.

The loss came in a portfolio of the complex financial instruments known as derivatives, and in a division of JPMorgan designed to help control its exposure to risk in the financial markets and invest excess money in its corporate treasury.

Bloomberg News reported in April that Read the rest of this entry »

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