Monsanto: Patenting Death - By Randall Amster (18/3/13) PDF Print E-mail
Randall Amster   
Monday, 18 March 2013 09:22

Monsanto has yet another case pending in the court system, this time before the U.S. Supreme Court on the exclusivity of its genetically modified seed patents. Narrowly at issue is whether Monsanto retains patent rights on soybeans that have been replanted after showing up in generic stocks rather than being sold specifically as seeds, or whether those patent rights are “exhausted” after the initial planting. But more broadly the case also raises implications regarding control of the food supply and the patenting of life – questions that current patent laws are ill-equipped to meaningfully address.

On the specific legal issues, Monsanto is likely to win the case (they almost always do). The extant facts make this a relatively poor platform to serve as a test case of Monsanto's right to exert such expansive powers. The farmer in this situation had previously purchased Monsanto soybeans for planting (back in 1999), and in this instance bought previously harvested soybeans with the intention of planting them – even spraying Monsanto's Roundup herbicide on them in the hopes that at least some of the generic stock would be of the so-called "Roundup Ready" variety.

Despite this unfortunate posture, the case does provide another opportunity for critical inquiry regarding the unprecedented and perverse level of control Monsanto is asserting over the food supply. It is estimated that 90 percent of the soybeans in the U.S. are genetically modified and thus subject to potential patents. A random handful of soybeans procured anywhere is likely to contain at least some Monsanto-altered beans. Such a near-monopoly effectively gives Monsanto the right to control access to a staple food item that is found in a wide range of consumer products.

Other variations on this theme include pollen from Monsanto corn (similarly dominant in the U.S. market) pollinating a farmer's crop, or seeds from Monsanto-engineered grains being distributed by animals, winds, or waterways and commingling with non-GMO plantings. In each case, Monsanto could have a cause of action against an unwitting farmer by claiming patent infringement.

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Europe Does It Again: Cyprus Depositor Haircut "Bailout" Turns Into Saver "Panic", Frozen Assets, Bank Runs, Broken ATMs - By Tyler Durden (18/3/13) PDF Print E-mail
Tyler Durden   
Monday, 18 March 2013 09:20

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Senate Report - JPMorgan Chase Whale Trades: A Case History Of Derivatives Risks And Abuses (15/3/13) PDF Print E-mail
Administrator   
Friday, 15 March 2013 10:42

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"Too Big To Regulate" JP Morgan "Lied" And "Deceived" Regulators, Investors And Public, Senate Finds - By Tyler Durden (15/3/13) PDF Print E-mail
Tyler Durden   
Friday, 15 March 2013 10:35

Zero Hedge

Moments ago, ahead of tomorrow's 9:30 am Senate hearing on JP Morgan's 2012 attempt to corner the IG9 market through its London-based CIO office using depositor cash which as everyone now knows went horribly wrong, titled "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses,” the Permanent Subcommittee on Investigations has released its comprehensive 300 pages review of the London Whale fiasco. The report, in a nutshell, finds that both Jamie Dimon and JP Morgan lied and misled investors, regulators and Congress, that it forced its traders to hide growing losses, that it hid trades banned by the Volcker rule (just as we first said in April 2012 in "Why JPM's "Chief Investment Office" Is The World's Largest Prop Trading Desk: Fact And Fiction") and that JP Morgan may, by extension, be "too big to manage" or "too big to regulate" as Carl "Shitty Deal" Levin summarized.

From the FT:

Mr Dimon had initially played down the significance of credit derivatives trading activity in the bank’s London chief investment office during an earnings call in April last year, saying it was “a tempest in a teapot”.

However, the Senate report found that he was “already in possession of information about the . . . complex and sizeable portfolio, its sustained losses for three straight months, the exponential increase in those losses during March and the difficulty of exiting the . . . positions”.

Additional disclosures from Mr Braunstein, now a vice-chairman at the bank – including that regulators were given “information on those positions on a regular and recurring basis” – are described in the report as “inaccurate at best, and deceptive at worst”.
The panel said Mr Braunstein may have misled investors and, overall, “the written and verbal representations made by the bank were incomplete, contained numerous inaccuracies, and misinformed investors, regulators, and the public”.

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A Salute To Bradley Manning, Whistleblower, As We Hear His Words For The First Time - By Daniel Ellsberg (15/3/13) PDF Print E-mail
Daniel Ellsberg   
Friday, 15 March 2013 10:31

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