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AgDay Daily Recap -May 23, 2013

May 23, 2013
 
 

TODAY ON AGDAY

MAY 23, 2013

 

BERNANKE:

GOOD MORNING I'M TYNE MORGAN IN FOR CLINTON GRIFFITHS. DON'T LOOK FOR THE "FED" TO CHANGE ITS STANCE ON THESE HISTORICALLY LOW INTEREST RATES ANYTIME SOON.

FARM BILL:

IT'S NOT A SPRINT, BUT A MARATHON. THAT'S THE REMINDER AGRICULTURAL GROUPS ARE GIVING AS SIGNALS COMING FROM THE SENATE INDICATE THE FARM BILL WON'T LIKELY BE PASSED UNTIL AFTER THEIR MEMORIAL DAY RECESS.

IMMIGRATION REFORM:

MEANWHILE, THE SEANTE JUDICIARY COMMITTEE FINSIHED MARK-UP OF ITS IMMIGRATION REFORM BILL. IT CLEARED WITH A 13 TO 5 VOTE AND IS EXPECTED TO MAKE ITS WAY TO THE FULL SENATE EARLY NEXT MONTH. PRESIDENT OBAMA APPROVED THEIR BI-PARTISAN EFFORTS.

EASTER LIVESTOCK COMPANY:

TOP EXECUTIVES AT THE NOW-DEFUNCT "EASTERN LIVESTOCK COMPANY" WERE SENTENCED TO PRISON THIS WEEK FOR THEIR ROLES IN A SCHEME THAT COST FARMERS MILLIONS OF DOLLARS. A FEDERAL JUDGE IN LOUISVILLE, KENTUCKY SENTENCED FORMER OWNER THOMAS GIBSON TO 70 MONTHS IN JAIL. AND THE EX-CHIEF OPERATING OFFICER MICHAEL MCDONALD WAS GIVEN 60 MONTHS. THE GOVERNMENT SAYS THE TWO MEN RAN A FRAUDULENT BUSINESS THAT COST 200 CATTLE PRODUCERS MILLIONS OF DOLLARS. PROSECUTORS SAY THE CHECK-KITING SCHEME GROSSLY INFLATED BALANCES IN THE COMPANY'S BANK ACCOUNT WHEN IT WAS SEEKING A LINE OF CREDIT. EASTERN LIVESTOCK WAS ONE OF THE LARGEST CATTLE BROKERAGES IN THE COUNTRY. IT PROCESSED CATTLE SALES IN 11 STATES. IT WAS SHUT DOWN IN 2010.

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