Obama Administration Pushing Chicken, Russian Ban of U.S. Poultry Lifted.

 Livestock producers have complained loudly over the past few years about the lack of U.S. government support as producers faced challenges from ethanol expansion, rising grain costs, and unstable export markets. We think the news flow from the Obama administration has been uncharacteristically positive over the past few weeks. After years of pain, protein producers are now enjoying something a “sweet spot” in the agribusiness cycle. We maintain neutral ratings on Tyson and Smithfield Foods, however, because we think consensus already reflects the expectation that they will achieve close to peak earnings.

Peter Orszag resigned as budget director in part b/c of frustration over what he felt was the White House’s lack of seriousness

US budget outlook – the FT says Peter Orszag resigned as budget director in part b/c of
frustration over what he felt was the White House’s lack of seriousness when it came to
tackling longer-term budget problems. http://www.ft.com/cms/s/0/fa3f6bda-807d-11df-be5a-00144feabdc0.html  link

Senator's concern may complicate Wall Street bill vote

President Barack Obama's efforts to win final approval of a historic financial regulatory reform bill looked more complicated on Saturday after a Republican senator threatened to oppose it.link

"I was surprised and extremely disappointed to hear that $18 billion in new assessments and fees were added in the wee hours of the morning by the conference committee," Massachusetts Senator Scott Brown said.
He issued the statement after negotiators from the Senate and House of Representatives emerged from a marathon session early Friday morning with a final compromise on a bill that would bring about the most sweeping financial rules revamp since the 1930s.

Deepwater oil spill victims, from waitresses to cabbies and strippers, plead for $BP payouts Compensation fund

Deepwater oil spill victims, from waitresses to cabbies and strippers, plead for BP payouts Compensation fund aims to help 'small people' while blocking the fraudsters, but it is the lawyers who will benefit mosthe Mimosa Dancing Girls strip joint on the edge of New Orleans was probably not what BP chairman Carl-Henric Svanberg had in mind when he promised last week that the company would look after the "small people" affected by the Gulf oil spill. But then every day seems to be full of unpleasant surprises for BP. The Mimosa's owners have just filed a claim for compensation because the fishermen who make up their clientele can no longer afford to frequent the club. BP says that most of the 1,500 claims it is handling across the Gulf each day are from those involved in the fishing industry, unable to work because of the fishing ban. But at BP's New Orleans claims centre, officials say that fishermen no longer make up the bulk of the claimants they see. As well as strip-joint owners, in recent days restaurant waitresses, dock workers, plumbers and electricians have all been through the door. Like the gloops of brown oil that are spreading across the G ulf of Mexico, the economic ripple effects of the disaster are widening. Tourism and the fishing industry are big earners in the region and have been severely hit, but so too have all the other workers who make a living from their custom. Last week BP, under pressure from the White House, agreed to set up a $20bn independently administered fund to pay for the clean-up and meet compensation claims. Lawyers say that $20bn will not be enough, and this weekend Kenneth Feinberg, the man appointed by US President Barack Obama to run it, warned BP that it would have to pay out more if necessary. The pressure increased still further after one of BP's partners on the ill-fated drilling operation which caused the disaster accused the company of "gross negligence". Anadarko said that financial responsibility to meet compensation claims lay squarely with BP. Feinberg is set to take control of the 33 claims centres BP administers around the Gulf. The size and number of the payouts will almost certainly increase as a result. Frustration is mounting over BP's efforts to date. It only increased yesterday after BP confirmed that its chief executive, Tony Hayward, spent the first weekend after his

Tony Hayward cashed in about a third of his BP stock one month before the Deepwater Horizon rig burst $BP (He must Be Irish Thats good Luck)

Goldfarb Branham Law Firm Investigating Claims for Shareholders of BP DALLAS, Jun 16, 2010 (BUSINESS WIRE) -- Goldfarb Branham -- a national securities law firm -- is investigating claims for shareholders of BP (NYSE: BP) (LSE: BP) due to the company's well-publicized and repeated safety lapses. Concerned shareholders are urged to contact attorney Hamilton Lindley at 877-583-2855 or by email at hlindley@goldfarbbranham.com to pursue a claim. BP has a history of spills, fires and explosions at its facilities. Before the Deepwater Horizon rig presumably killed 11 and filled the Gulf of Mexico with oil, BP had a 2005 explosion in Texas City, Texas, that killed 15 people, and a 2006 oil leak in its Prudhoe Bay, Alaska, operations pipeline. BP stock plummeted 50% since the Gulf of Mexico spill -- losing $90 billion in shareholder value. However, BP CEO Tony Hayward cashed in about a third of his BP stock one month before the Deepwater Horizon rig burst, according to The Daily Telegraph. Today, BP executives met with President Barack Obama to discuss setting aside approximately $20 billion to pay victims of the spill. Goldfarb Branham's lawyers have an outstanding reputation for complex litigation and experience in precedent setting securities fraud cases that have resulted in substantial recoveries for shareholders. If you purchased BP stock before May 12, 2010, contact attorney Hamilton Lindley at 877-583-2855 or hlindley@goldfarbbranham.com. The firm is not afraid to give advice, stand by it, and go to court to get results. SOURCE: Goldfarb Branham LLP CONTACT: Goldfarb Branham LLP Hamilton Lindley, 214-583-2233 Toll Free: 877-583-2855 Fax: 214-583-2234

Obama Administration Tells Senate Democrats: No Bailout Fund in Regulatory Reform Bill $GS $JPM

SEE UPDATE BELOW:

The Obama administration told Senate Democrats Friday to drop a proposed $50 billion fund designed to finance the liquidation of a big financial institution facing collapse, a victory for Senate Republicans who opposed government-supervised and government-funded corporate bailouts.

"The fund was not in our original proposal we announced almost a year ago and we don't feel it is an essential part of final legislation," a senior administration source told Fox. "The President will only sign a bill if it passes the test of putting an end to bailouts."

President Obama also issued a veto threat on regulatory reform, saying he will reject legislation that "does not bring the derivatives market under control in some sort of regulatory framework."

The Senate Republican leader, Mitch McConnell of Kentucky, offered mute praise for the administration's formal dismissal of a so-called bailout fund.

"I appreciate the Obama administration's recognition of the need to substantively improve this bill," McConnell said from Louisville. "And I hope we can work with them to close the remaining bailout loopholes that put American taxpayers on the hook for financial institutions that become 'too big to fail.'"

The administration has never been a fan of the bailout reserve fund, a mechanism in both the House-passed bill and legislation passed out of the Senate Banking Committee.

Storm Clouds Gathering in Washington Threaten to Rain on Wall Street’s Parade

Image via Wikipedia

The political climate in Washington has become progressively more hostile. President
Obama unveiled plans to impose a special tax on big banks two weeks ago, and last week
he proposed an overhaul of financial regulations with new restrictions on the size and
scope of activity for large banks. Ronald Reagan, our 40th President and famous political
philosopher, may have captured the White House’s attitude best when he said,
“Government’s view of the economy could be summed up in a few short phrases: If it
moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”

It appears to us that President Obama’s proposals would intensify the financial sector’s
problems because they would lower profits, increase uncertainty and lessen credit
availability without benefiting economic growth. The wave of anti-Wall Street sentiment
sweeping through the White House and the halls of Congress is deeply distressing to
investors. As detailed in this report, stocks have traditionally reacted violently to the type
of anti-business rhetoric flowing from Washington and the odds of a politically driven bear
market are rising.

Although erratic stock market performance is likely to continue as a result of this political
uncertainty, we maintain our positive perspective. Profit trends seem to support our
optimistic strategy. Fourth quarter earnings reports have exceeded elevated expectations by
a huge margin, corporations are raising guidance for the second straight reporting season
(see chart below) and we believe S&P 500 profits could increase an additional 20% in the
next four quarters. As a consequence of strong profit performance, companies are
generating extraordinary amounts of surplus cash, which is increasingly being used to
repurchase shares and to make acquisitions. MORE RESEARCH
Storm Clouds Gathering in Washington Threaten to Rain on Wall Street s Parade