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Michael Krieger on the Loss of Investor Confidence in the Rigged, Wall Street Casino

from CapitalAccount

Welcome to Capital Account. Jobs numbers are out for July. Total non-farm payroll employment rose by 163,000, beating expectations of 100,000, and the headline unemployment rate inched up from last month to 8.3%. But given seasonal and birth-death adjustments how much stock can you put in these numbers, and how does the election year factor in? We talk to Michael Krieger, author and creator of .

Also, US stocks rose today after the jobs report, sending the S&P toward the highest level since May, according to Bloomberg. We talk to Michael Krieger about if and when the stock market will catch up with a reality far more dismal than the adjusted and doctored economic data reflects.

Plus, the London Whale was encouraged to boost London Whale trade valuations, according to the Wall Street Journal. Also Bank of America is in the thick of the Libor probe, receiving subpoenas for information from investigators over how the bank set Libor. Plus, RBS has dismissed four employees for trying to rig Libor and set aside £310 million to deal with its misdeeds. Should average folks get out of this ‘rigged casino’ and where can they go? We talk to Michael Krieger, Principal of Krieger Asset Management.

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