{"id":33739,"date":"2016-10-06T00:52:12","date_gmt":"2016-10-06T05:52:12","guid":{"rendered":"http:\/\/prefblog.com\/?p=33739"},"modified":"2016-10-06T00:52:12","modified_gmt":"2016-10-06T05:52:12","slug":"october-5-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33739","title":{"rendered":"October 5, 2016"},"content":{"rendered":"

Amidst all the high-tech excitement, it’s nice to know there are still lots of people making a buck the old fashioned way. Bloomberg investigated Parmesan cheese in February<\/a>:<\/p>\n

How serious is the problem? Bloomberg News had store-bought grated cheese tested for wood-pulp content by an independent laboratory.<\/p>\n

Cellulose is a safe additive, and an acceptable level is 2 percent to 4 percent, according to Dean Sommer, a cheese technologist at the Center for Dairy Research in Madison, Wisconsin. Essential Everyday 100% Grated Parmesan Cheese, from Jewel-Osco, was 8.8 percent cellulose, while Wal-Mart Stores Inc.\u2019s Great Value 100% Grated Parmesan Cheese registered 7.8 percent, according to test results. Whole Foods 365 brand didn\u2019t list cellulose as an ingredient on the label, but still tested at 0.3 percent. Kraft had 3.8 percent.
…<\/b>
According to the FDA\u2019s report on Castle [Cheese Inc.], obtained through the Freedom of Information Act, \u201cno parmesan cheese was used to manufacture\u201d the Market Pantry brand 100% grated Parmesan Cheese, sold at Target Corp. stores, and Always Save Grated Parmesan Cheese and Best Choice 100% Grated Parmesan Cheese, sold by Associated Wholesale Grocers Inc., which along with its subsidiaries supplies 3,400 retail stores in 30 states. Instead, there was a mixture of Swiss, mozzarella, white cheddar and cellulose, according to the FDA.
…<\/b>
Of all the popular cheeses in the U.S., the hard Italian varieties are the most likely to have fillers because of their expense. Parmesan wheels sit in curing rooms for months, losing moisture, which results in a smaller yield than other cheeses offer. While 100 pounds of milk might produce 10 pounds of cheddar, it makes only eight pounds of Parmesan.<\/p><\/blockquote>\n

But it doesn’t always work as planned<\/a>:<\/p>\n

In a request seeking to fit the punishment to the crime, the U.S. is asking that the head of a company that passed off fake grated Parmesan cheese as the real thing be sentenced to time at a food pantry or soup kitchen.<\/p>\n

While jail remains an option, sentencing documents filed Tuesday by federal prosecutors in U.S. District Court for western Pennsylvania are only asking that Michelle Myrter, president of Castle Cheese Inc. in Slippery Rock, Pennsylvania, receive 0 to 6 months in lockup, along with her community service. Her attorney has asked for probation.<\/p>\n

Myrter pleaded guilty seven months ago to federal misdemeanor charges involving food adulteration. The prosecutors said her company and two others controlled by her family made and distributed hundreds of thousands of pounds of fake cheese, passing it off as 100 percent Parmesan to stores around the country between 2010 and 2013.<\/p>\n

The other two companies charged — Universal Cheese & Drying Inc. and International Packing LLC — also pleaded guilty earlier this year to charges of conspiracy and money laundering. These companies are no longer operating and have been unable to pay $1 million in fines that were part of their plea agreements.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 5.07%, equivalent to 6.59% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 3.7% so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 290bp, unchanged from the September 28<\/a> report.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6003 %<\/td>\n1,723.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6003 %<\/td>\n3,147.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.34 %<\/td>\n4.49 %<\/td>\n40,079<\/td>\n16.48<\/td>\n4<\/td>\n0.6003 %<\/td>\n1,813.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1393 %<\/td>\n2,894.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n4.68 %<\/td>\n54,090<\/td>\n2.14<\/td>\n6<\/td>\n0.1393 %<\/td>\n3,457.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1393 %<\/td>\n2,697.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n4.69 %<\/td>\n68,486<\/td>\n1.92<\/td>\n23<\/td>\n0.1175 %<\/td>\n2,689.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.11 %<\/td>\n5.07 %<\/td>\n98,152<\/td>\n15.17<\/td>\n15<\/td>\n0.0874 %<\/td>\n2,914.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n4.28 %<\/td>\n149,416<\/td>\n6.94<\/td>\n92<\/td>\n0.0530 %<\/td>\n2,044.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.03 %<\/td>\n2.17 %<\/td>\n111,019<\/td>\n0.31<\/td>\n32<\/td>\n0.1645 %<\/td>\n2,800.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.00 %<\/td>\n4.34 %<\/td>\n40,012<\/td>\n4.99<\/td>\n12<\/td>\n0.3751 %<\/td>\n2,215.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 18.47
\nEvaluated at bid price : 18.47
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.80
\nBid-YTW : 10.23 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 10.49
\nEvaluated at bid price : 10.49
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 13.36
\nEvaluated at bid price : 13.36
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 10.60
\nEvaluated at bid price : 10.60
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 10.85 %<\/td>\n<\/tr>\n
SLF.PR.K<\/td>\nFloatingReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.30
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n531,126<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.63
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset<\/td>\n113,662<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.74
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n111,997<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 10.56
\nEvaluated at bid price : 10.56
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n105,546<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.56
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n78,902<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n61,376<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 10.60
\nEvaluated at bid price : 10.60
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
There were 25 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.44 – 24.80
\nSpot Rate : 0.3600
\nAverage : 0.2822<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 13.57 – 13.82
\nSpot Rate : 0.2500
\nAverage : 0.1775<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 13.57
\nEvaluated at bid price : 13.57
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.47 – 18.82
\nSpot Rate : 0.3500
\nAverage : 0.2788<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 18.47
\nEvaluated at bid price : 18.47
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.69 – 25.97
\nSpot Rate : 0.2800
\nAverage : 0.2127<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-11-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : -24.63 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 10.46 – 10.66
\nSpot Rate : 0.2000
\nAverage : 0.1335<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 10.46
\nEvaluated at bid price : 10.46
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 11.74 – 11.95
\nSpot Rate : 0.2100
\nAverage : 0.1470<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-05
\nMaturity Price : 11.74
\nEvaluated at bid price : 11.74
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Amidst all the high-tech excitement, it’s nice to know there are still lots of people making a buck the old fashioned way. Bloomberg investigated Parmesan cheese in February: How serious is the problem? Bloomberg News …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-33739","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33739"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33739\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}