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Art Cashin, UBS’ director of floor operations at the New York Stock Exchange who spent more than 60 years on Wall Street, has died aged 83. “It is with a heavy heart that I inform you of the passing of Arthur Cashin, Jr., a true giant in our industry, highly regarded market pundit,” Bill Carroll, head of sales and development at UBS Wealth Management USA, said in a memo to employees which was seen by Reuters on Monday. Cashin, dubbed ‘Wall Street’s version of Walter Cronkite’ by The Washington Post, was a regular on CNBC, delivering stock market commentary and...

The US Navy has fired a nuclear submarine's Commanding Officer, Executive Officer and Chief of the Boat for 'loss of confidence' after their vessel collided with an 'uncharted seamount' in the South China Sea. The $3.1 billion USS Connecticut's CO Cmdr Cameron Aljilani, XO Lt Cmdr Patrick Cashin and COB Cory Rodgers were relieved of their positions on Wednesday. A seamount is a mountain which rises from the ocean floor. A statement from the Navy said that the October 2 crash, which injured 11 crew members, could have been prevented with 'sound judgement, prudent decision-making and adherence to required procedures...

U.S. stocks closed deep in the red on Friday as global growth concerns accelerated selling pressure to push the Dow into correction territory. The Dow Jones industrial average closed at session lows, off 531 points and in correction territory for the first time since 2011 as all blue chips declined. The last time the index closed more than 500 points lower was on Aug. 10, 2011. In the last five years, the index has only had four instances with closing losses of more than 400 points. "For investors the momentum and the drive of the market is now lower (than)...

Inflation has been notably absent from the economy this summer, despite bullish moves in gold and a continued debate over the tapering of asset purchases by the Federal Reserve. According to Art Cashin, director of floor operations at UBS Financial Services, the central bank's effect on the financial system has worrying parallels to the period leading up to the Great Depression. "The weak data that we've gotten, particularly the housing on Friday, hints that tapering may be held back or may not be a factor, " Cashin told "Squawk on the Street" on Monday. "Many of the proponents of gold...

An international investment guru who has ties to left-wing billionaire George Soros and a number of controversial West African politicians is raising money for President Obama’s re-election campaign. Stephen Cashin, the chief executive officer at Pan African Capital Group (PACG), an international private equity firm, recently pledged to raise between $200,000 and $500,000 for the Obama campaign, records show. Cashin and his wife Molly, who have personally donated at least $7,000 to Obama since 2007, hosted a $2,500-per-head campaign fundraiser at their Washington, D.C., home earlier this year. The multimillionaire son of a U.S. Foreign Service officer, Cashin was born...

The take from UBS floor guy Art Cashin probably perfectly sums up the Wall Street take on the new millionaire tax. The Millionaire’s Tax - Three Observations - The expected proposal by the President to tax annual income above a million dollars may be too cute by half. It clearly looks like a “populist” initiative and a clever political maneuver ... it looks so much like an “in your face” political challenge to his opponents, that may have evaporated all that talk about “constructive compromise” ... Third, the proposal flies in the face of the lessons of history. According to...

A very good summation of voter attitudes towards entitlements and spending from UBS floor guy Art Cashin: That “Made Up” Quote Looks Truer And Truer Each Day – The continuing loud cautions of “Don’t Tread On MyEntitlements”, and the imminence of a majority of voters not paying any taxes, recalls yet again the rather prophetic but apparently fictitious quote of Alexander Tytler... "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates...

Carbon offset cash-in questioned 10:00 13 May 2007 NewScientist.com news service Some firms are making a killing from schemes designed to curb greenhouse gas emissions, while doing little or nothing in return. The market in carbon offsets, which allows companies to invest in renewable energy as a way of mitigating their own greenhouse gas emissions - almost doubled in 2006 to $5 billion, the World Bank said on 2 May. According to a recent report in the London-based Financial Times, some of that money is going to oil companies that are simply pumping CO2 into oilfields to extract more oil....

[Snip highlights] "...Crude oil markets will continue to show heightened volatility and price spikes cannotbe ruled out, as participants react to short-term developments ranging from politicalcrises to the weather forecast. However, under our baseline forecast, to which weattach a probability of 50%, markets respond to the price signal. Consequently, drilling activity continues to increase while consumption growth continues to slow, and inventories are replenished. As the factors underlying the recent price spikes unwind, we see crude oil reverting to its long-term average price of $40-45 in nominal terms. This assumes that demand growth is roughly offset by advances in productivity,...