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An Updated Look At ETF Assets

The Big Picture - Fri, 2012-04-06 14:30

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Yahoo Finance – ETF Assets Slowly Gaining on Mutual Funds
While the $10 trillion U.S. mutual fund market dwarfs the $1.1 trillion exchange traded fund
industry, inflows into ETF products have been consistently positive, whereas mutual funds
inflows are sputtering. U.S. listed ETF inflows are at a consistent $118 billion per year,
according to a Center for Due Diligence research note. U.S. equity ETFs drew in $85 billion in
net inflows in the the three years up to the end of 2011, compared to the $200 billion in outflows
experienced in equity mutual funds. Fixed-income ETFs also saw notable inflows of $121 billion
over the same period. Additionally, the growing class of “specialty” or niche strategy products is
also just getting off its feet, garnering $653 million in assets over the past three
years.BlackRock’s iShares , State Street Global Advisors and Vanguard are the three largest ETF
providers, in that order. However, Vanguard has been attracting greater inflows over the past two
years, which suggests that the company’s low-cost products are enticing more investors.

Source: Bianco Research
Categories: Big Picture

Jobs Report Reflects Bigger Problems: Opinion

The Street - Fri, 2012-04-06 14:20

The following commentary comes from an independent investor or market observer as part of
TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (TheStreet) -- The economy added only 120,000 jobs in March -- not even enough
to keep up with normal population growth. The unemployment rate fell to 8.2%, but only
because many unemployed adults became discouraged and quit looking for work.

Fourth-quarter economic growth was exceptionally strong as the global economy recovered from
first-half disruptions such as the earthquake in Japan, but first quarter growth has been slower.
Construction -- both commercial and single-unit residential -- has been hard hit, and now auto
sales are slipping. ...

Categories: Market News

I Will be Participating Today on the Live Webcast “This Week in

Truth on the market antitrust blog - Fri, 2012-04-06 14:00
Today at 11AM PT I will be participating on the live webcast “This Week in Law” along with
TechFreedom Senior Adjunct Fellow Larry Downes. Denise Howell will be hosting and we will
also be joined by fellow participant Evan Brown. This week we will be discussing various topics
in tech policy including Senator Al Franken’s [...]
Categories: The Law

10 Friday AM Reads

The Big Picture - Fri, 2012-04-06 14:00

My morning reading material:

• Low Growth in Earnings Is Expected (NYT)
• The 401(k): Americans ‘just not prepared’ to manage their own retirement funds (Washington
Post) see also How America Spends Money: 100 Years in the Life of the Family Budget (The
• Jamie Dimon’s 38 page Letter (JPM) or just read Highlights (WSJ)
• Don’t Look to the Market for Advice (Institutional Investor)
• HBS Survey on U.S. Competitiveness (Harvard Business School)
• Conference: Innovative Data Sources for Regional Economic Analysis (George Washington
Institute of Public Policy)
• Welcome to Ikea-land: Furniture giant begins urban planning project (The Globe and Mail)
• Antarctic ice shelf shrunk by 85 percent since 1995 (The Raw Story)
• Obama’s Game Plan: Let’s Make This All About the Republicans (New Yorker)
• Tax Haven Crackdown Creates Opportunities for Bankers (DealBook)

What are you reading?

Euro Zone Heading for Another Hot Summer

Source: WSJ

Categories: Big Picture

They Just Don't Get US Airways!

The Street - Fri, 2012-04-06 14:00
Marek Fuchs, senior contributing analyst at <I>TheStreet</I>, takes flight over US Airways' cost
Categories: Market News

The Morning Leverage: It's No Pool Party For Apollo And KSL Capital - Wall
Street Journal (blog)

Google Biz News - Fri, 2012-04-06 13:48

New York Times
The Morning Leverage: It's No Pool Party For Apollo And KSL Capital
Wall Street Journal (blog)
By Thomas Dunford Apparently it's not all fun and games at the water park. KSL Capital
Partners has given Apollo Global Management a cold splash of water to the face by submitting
an unsolicited $6.25-a-share bid for theme park operator Great Wolf ...
Great Wolf Gets Offer from KSL, Topping Apollo's BidBloomberg
Apollo May Again Face an Unwanted BattleNew York Times
Great Wolf Resorts shares jump on higher PE bidReuters
BusinessWeek -MarketWatch
all 64 news articles »
Categories: Market News

Facebook Tags Nasdaq

wsj market news - Fri, 2012-04-06 13:26
Nasdaq OMX Group has scored the listing of Facebook shares, winning what is seen as the
most-coveted listing among a new guard of Internet businesses.
Categories: Market News
China's financial system could face more reforms - Los Angeles Times

Google Biz News - Fri, 2012-04-06 13:24

Malaysia Star
China's financial system could face more reforms
Los Angeles Times
By David Pierson China may be the world's second-largest economy, but its financial system still
answers to strict state controls that critics say hold back the country's development. The free
market plays little role in determining how China's ...
Chinese Premier Blasts BanksWall Street Journal
China Needs to End Big Banks' 'Monopoly,' Wen SaysBloomberg
Chinese Premier Wen Jiabao Talks Like a Bold ReformerBusinessWeek
MarketWatch -Reuters -Forbes
all 76 news articles »
Categories: Market News

Power back on at SC nuclear plant after outage - CBS News

Google Biz News - Fri, 2012-04-06 13:14

The Associated Press
Power back on at SC nuclear plant after outage
CBS News
YORK, SC — Power is back on at a South Carolina nuclear plant. Duke Energy says power was
restored to the Catawba Nuclear Station on Thursday. Generators had been running the plant
since the day before, when the plant near York, SC, about 18 miles ...
Power back on at S.C. nuclear plant after outageAnderson Independent Mail

all 122 news articles »
Categories: Market News

SEC Freezes Accounts of Six Chinese Citizens and One Offshore Entity Charged
with Insider Trading

SEC News Feed - Fri, 2012-04-06 13:10


Washington, D.C., April 6, 2012 — The Securities and Exchange Commission today announced
that it has obtained a court-ordered freeze of the assets of six Chinese citizens and one British
Virgin Islands entity charged with insider trading in Zhongpin Inc., a China-based pork
processor whose shares trade in the U.S.

Additional Materials
      SEC Complaint

The SEC’s complaint, filed in U.S. District Court in Chicago on April 4, alleges the defendants
reaped more than $9 million by trading in Zhongpin ahead of a March 27 announcement of a
proposal to take the company private. The complaint names as defendants one entity, Prestige
Trade Investments Ltd., and six individuals, Siming Yang, Caiyin Fan, Shui Chong (Eric)
Chang, Biao Cang, Jia Wu, and Ming Ni. The SEC alleged that Yang formed Prestige in January
and funded its U.S. brokerage account in March with $29 million transferred from a Hong Kong

According to the SEC’s complaint, the seven defendants bought substantial quantities of
common stock and call options in Zhongpin between March 14 and March 26. Zhongpin’s stock
price jumped 21.8% on March 27 when the company publicly announced that its Chairman and
CEO Xianfu Zhu had made a non-binding offer to acquire all of Zhongpin’s outstanding stock at
$13.50 a share, a 46% premium over the previous day’s closing price.

“The defendants in this action – all with seemingly limited resources - suddenly and inexplicably
purchased more than $20 million in Zhongpin securities just before an important public
announcement,” said Merri Jo Gillette, Director of the SEC’s Chicago Regional Office. “The
SEC’s swift action to secure a judicial freeze order prevented millions of dollars from moving

The SEC alleges that the purchases of Zhongpin stock and options were inconsistent with the
defendants’ financial situations and prior investment behavior. In particular:

      The defendants’ trades made up a significant portion of the trading in Zhongpin between
       March 14 and March 26. Prestige’s purchases alone represented about 41% of the
       common stock trading in this period.

      Only one of the defendants had traded in Zhongpin before March 14.

      For most of the individual defendants, the purchases of Zhongpin securities equaled or
       exceeded their stated annual income and represented a significant portion of their net

      Yang identified himself to his broker as an accountant in China with an annual income of
       $52,500 and a net worth of less than $250,000, when at the time he was a research analyst
       with a New York–based registered investment adviser.

      Each of the defendants placed at least some of their trades from computer networks and
       hardware that other defendants also used to place trades.

The SEC alleges that the defendants violated federal anti-fraud laws, namely Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition to the emergency relief,
the SEC is seeking permanent injunctions, disgorgement of ill-gotten gains with prejudgment
interest, and financial penalties. The emergency court order that the SEC obtained on April 4 on
an ex parte basis froze defendants’ assets held in U.S. brokerage accounts, grants expedited
discovery and prohibits the defendants from destroying evidence.

Jedediah B. Forkner, Marlene B. Key and John E. Kustusch in the Chicago Regional Office
conducted the SEC’s investigation, which is continuing. Timothy S. Leiman will lead the SEC’s
litigation effort.

The Commission thanks the Options Regulatory Surveillance Authority and the Financial
Industry Regulatory Authority for their assistance in this matter.


For more information about this enforcement action, contact:

Robert J. Burson
Associate Regional Director
SEC Chicago Regional Office
(312) 353-7428


Categories: All Feeds

BlueGold Fund Fades to Black

NYT Dealbook - Fri, 2012-04-06 13:08
An oil-focused hedge fund, BlueGold Capital, which surged in its first year in 2008, is closing,
Reuters reports
Categories: All Feeds, Hedge Funds, Private Equity

March Jobs: Five Things You Need to Know - BusinessWeek

Google Biz News - Fri, 2012-04-06 13:05

March Jobs: Five Things You Need to Know
By Peter Coy on April 06, 2012 The government reported today that the economy added just
120000 jobs in March, below market expectations, while the unemployment rate fell a notch to
8.2 percent from 8.3 percent in February.
March jobs data comes up shortWashington Business Journal
US Misses Unemployment Target, Adding 120000 Jobs in MarchThe Atlantic Wire

all 6 news articles »
Categories: Market News
A Greentech VC Bridge Too Far?

CleanTechInvesting - Fri, 2012-04-06 13:00

I've been talking with a lot of fellow cleantech investors lately, and we all commiserate about
how busy we have been so far this year.

I think this is tied to a couple of things. First, as of the beginning of the year, it seems like just
about every startup hit the fundraising trail. And secondly, the sector is maturing, and so a much
greater percentage of these startups are investable as compared to in the past: strong management
teams, good revenue prospects, attractive markets, etc. So it's a really good problem to have as
an investor, to be overwhelmed with intriguing dealflow. It's a good sign for the sector, and a
sign that it's a great time to have capital to deploy as an investor.

But what's curious is that a lot of investors I speak with have been more busy with existing
portfolios than with incoming dealflow. It's interesting, because it feels like cleantech markets
and startups are on an upswing. So it's not like the spring of 2009, when cleantech investors were
more focused on their portfolios than on new deals out of necessity, since the world had basically
come to a crashing halt. That was damage control and triage time.

Instead, I think the universe of cleantech investors is seeing a lot of progress in its portfolios,
which is good. But because of the lean times over the past couple of years, their portfolio
companies also need an infusion of capital to keep growing.

And right now, new outside lead investors are still hard to come by. We're seeing progress
among cleantech VCs in terms of their own fundraising and fund closings, which bodes well for
later on. But for now, there remain few investors with significant new capital, and thus few doing
many new investments in the sector, and meanwhile, LPs remain highly skeptical.

So cleantech VCs see promising signs out of portfolio companies, but they lack outside lead
investors because few are available. And so they feel like they should continue to support their
startups themselves. Why stop backing a company that's making progress?

The problem is, many of these investors are themselves out of capital. And even for those with
dry powder, there's a healthy reticence to do internal-only fundraisings where no outsider prices
are around. So they do a smaller-than-needed bridge round instead, kicking the can down the
road, putting a convertible note into a company in the expectation of a new, larger round of
financing in the second half of the year. It's a pretty standard and appropriate decision for such
circumstances, where the company needs more financing, has made progress since the last round,
but would have trouble pricing a round at the current moment. A textbook decision, if such
textbooks existed.

But unfortunately, I just see a whole lot of these bridges going on right now. So while each one
is an appropriate decision under the specific circumstances of each company, I do fear that in the
aggregate there won't be nearly enough new lead investors in 2H12 to support so many bridges.
Will these be bridges to nowhere? And what happens to these companies if the bridge doesn't
lead to a new outside-led equity round?

Entrepreneurs that have taken in bridges in the first quarter should be looking at their existing
investors and developing backup plans. Figure out which existing investors have dry powder and
think about what an insider-led round should look like as a Plan B. Still, outside pitches lead in
2H12 as Plan A, but be prepared for it to be a crowded market chasing few outside leads. And
plan ahead, in tight coordination with those inside investors who aren't themselves tight on

And for companies and investors still thinking about doing a bridge financing intended to lead
into a new outside-led financing in the second half of the year -- be careful. It's looking like the
second half of the year will be better than the first half of the year, so hope for the best. But
there's a possible capital supply and demand imbalance looming as well, so plan for the worst.

Categories: VC Blogs

Legal Jobs Report: March

WSJ Law Blog - Fri, 2012-04-06 12:59

The legal services sector shed 1,300 jobs last month, according to the Labor Department.
Overall, the economy added 120,000 jobs in March, and the unemployment rate decreased to

The dip in March erased modest gains in February, when the Labor
Department recorded 1,117,700 legal jobs. Since January, the sector has dropped 1,100 jobs.

Conditions at law firms have stabilized since 2009, when the legal industry shed 41,900
positions, according to the Labor Department. Cuts were more moderate last year, with some
2,700 positions eliminated.

Professional and technical services as a group — which includes legal, accounting and
bookkeeping, architecture and engineering, computer systems design, and management and
technical consulting – accounted for 13,800 new jobs in March, according to the Labor

Categories: Legal Feed, The Law

Soft Jobs Data Boost Treasurys

wsj market news - Fri, 2012-04-06 12:53
Investors flocked back to the safe-harbor of Treasury bonds following a disappointing monthly
payrolls report.
Categories: Market News
Dollar Drops on Jobs Report

wsj market news - Fri, 2012-04-06 12:48
The dollar fell sharply and swiftly against other major currencies after a much weaker-than-
expected report on U.S. employment.
Categories: Market News

The AM Roundup: Pain-Pill Crackdown, Immigration Bill, More

WSJ Law Blog - Fri, 2012-04-06 12:38

Pain pills: A federal crackdown on abuse of prescription pain pills has reached the nation’s
biggest drugstore chain, Walgreen Co., with drug agents searching six Walgreen stores and a
distribution center in Florida. Robert Elfinger, a spokesman for the Deerfield, Ill.-based
company, said Walgreen is “working with and cooperating with the DEA on this matter.” He
declined to comment further. WSJ

Immigration legislation: Alabama lawmakers introduced a bill Thursday that would revise the
state’s anti-illegal-immigration law so that police would be required to perform such a check
only if the individual receives a traffic citation or is arrested. Under the existing law, which took
effect in September, police are required to check the legal status of individuals they stop whom
they suspect of being in the country illegally. WSJ

Antitrust: A federal judge temporarily halted the merger of two Rockford, Ill., hospitals in a
victory for the Federal Trade Commission, which is targeting deals it says create local health-
care monopolies. WSJ

Different but co-equal: At a recent speech, Justice Sonia Sotomayor said that judges can’t
debate and exchange ideas with the public in the same way politicians do, but that they can and
do interact with the public in other ways — by teaching constitutional law, presiding over moot
courts and giving public lectures. ”We’re all participating publicly, just maybe not in the way the
public would like us to,” she said. AP

Revived: The U.S. Court of Appeals for the Second Circuit has revived a $1 billion lawsuit
by Viacom Inc.against Google Inc.’s YouTube over alleged unauthorized posting of Viacom
content. WSJ

Categories: Legal Feed, The Law

Iran halts Greek oil sales, may cut Shell supply - MarketWatch

Google Biz News - Fri, 2012-04-06 12:30
Iran halts Greek oil sales, may cut Shell supply
By Benoit Faucon LONDON -(MarketWatch)- Iran has stopped shipping oil to Greece and may
halt supplies to Royal Dutch Shell PLC over unpaid bills, Iran media said Friday, as the impact
of sanctions widens. The news suggests a decline in Iranian oil ...
US not backing off as Iran sanctions biteReuters
Afghanistan Needs Leeway on Iran Sanctions, Minister SaysBloomberg
Obama's Coming Sanctions CrisisForbes
Al-Arabiya -Fars News Agency
all 235 news articles »
Categories: Market News

Real Estate Market to Bloom in 2Q? - Fox Business

Google Biz News - Fri, 2012-04-06 12:15

Real Estate Market to Bloom in 2Q?
Fox Business
Ah, spring. Flowers, baseball — and the prime real estate season, in which eager, young first-
time buyers go in search of their dream home. But will second-quarter 2012′s housing market
bring us a garden of blooms or a handful of ugly weeds?
Real Estate Q&A: Is this the year to buy?Kansas City Star
Mortgage rule change could be a painCharlotte Observer
Real Estate: How to catch a homebuyer's eyeSan Jose Mercury News
Hartford Courant
all 30 news articles »
Categories: Market News

Talking Money Before Marriage

The Street - Fri, 2012-04-06 12:00

The following commentary comes from an independent investor or market observer as part of
TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (TheStreet) -- Q: I recently asked my girlfriend of two years to marry me. My
friends keep telling me that we need to have a real discussion about money before the big day.
We are both financially responsible people, so I have never seen this as a problem. What do you
think the best way to proceed is?


Categories: Market News

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