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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (26142)	3/22/2005 2:31:48 PM
From: RealMuLan	Read Replies (2) \| Respond to of 116555

NASD fines Goldman Sachs unit $1 million MAR. 22 1:26 P.M. ET The brokerage industry's self-policing organization on Tuesday said it fined a unit of Goldman Sachs Group Inc. $1 million for concealing sales of IPO shares from an SEC-approved tracking system. The National Association of Securities Dealers said Spear, Leeds & Kellogg LP, which Goldman Sachs acquired in late 2000, hid sales of securities in initial public offerings from the Depositary Trust Corp. from August 1997 through January 2001. Depositary Trust set up the system in 1997 to allow underwriters to monitor the flipping of new issues, a practice of buying shares in an IPO then selling them immediately for a profit that brokerages tend to discourage. In a letter before the system was implemented, Spear Leeds objected that this tracking would prevent anonymity in the securities market and restrict secondary sales. After the Securities and Exchange Commission rejected those concerns, the firm developed and implemented a system designed to conceal sales of IPO shares by borrowing through third parties, NASD said. businessweek.com

To: mishedlo who wrote (26142)	3/22/2005 5:54:46 PM
From: Steve Lokness	Respond to of 116555

But what will break the back of the HB? Even today they were up some although well off the highs of the day. The article you mentioned points out that spec buying accounts for 25% in some area while second homes also pushes the "unneeded" homes up more yet. Just having returned from Phoenix - I can do little other than shake my head - and look for another HB to short. This isn't going to end pleasantly is it? natvik

To: mishedlo who wrote (26142)	3/22/2005 6:02:53 PM
From: Steve Lokness	Read Replies (1) \| Respond to of 116555

"no more than four mortgages" What inflation? In SD homes are up 8.98% for the quarter. Gasoline/heating oil/propane to keep us warm continues unabated. Taxes - especially property taxes are shooting up as the feds decrease their share and infrastructure demands continue. (Mine went up 100 bucks a month!!) And food also seems to be heading higher! IOW, all those things we HAVE to have are shooting up while Greenspan plays quarter, quarter, quarter. What isn't going up is the crap we don't need that is made in China and sold at WalMart. Very interesting times! steve