"Do no evil..." that is part from the racist stuff, would appear to be Google's new meme as The Guardian reports the somewhat unbelievable fact that searches which include the racist slur “nigger” were shown to find the White House in Google Maps. “Some inappropriate results are surfacing in Google Maps that should not be, and we apologise for any offence this may have caused. Our teams are working to fix this issue quickly,” a Google spokesperson said, claiming that it had been experiencing “escalated attacks to spam Google Maps over the past few months”.
One Barclays FX trader, when he became the main Euro trader for Barclays in 2011, was desperate to be invited to join the Cartel because of the trading advantages from sharing information with the other main traders of the Euro.After extensive discussion of whether or not this trader “would add value” to the Cartel, he was invited to join for a “1 month trial,” but was advised “mess this up and sleep with one eye open at night.”
No lesser establishment economist than Martin Feldstein - Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research - has some warning words of wisdom for The Fed today: "...the Fed’s unconventional monetary policies have also created dangerous risks to the financial sector and the economy as a whole." When even The Ivory Tower is losing faith, you know The Fed is in trouble...
To put Caterpillar's ongoing second great depression in context, during the Great Financial Crisis, CAT suffered "only" 19 months of consecutive retail sales declines. As of April 2015, this number is now 29, and there is no hope in sight of seeing an annual rebounce any time soon.
Following last night's 5.2 million barrel inventory draw reported by API, crude prices surged once again (bouncing off levels before the first inventory draw at the end of April). Consensus appears confused since Bloomberg median estimates were for a 1.75mm draw while survey respondents expected a 3.82 million barrel draw this morning. DOE data showed a disappointly lower than API, 2.67 million barrel draw - which initially sent crude prices tumbling... machines bid them back, and now they are plunging again. Production dropped 1.2% overall - its biggest weekly drop since July 2014.
Li Hejun began the day as either China’s second-richest man according to Forbes, or richest, according to the Hurun Report and Le Figaro, with a fortune worth more than $30 billion. By 11am, his net worth was amazingly cut by half, and he was almost $14 billion "poorer" as shares in Li’s flagship Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended - due to Li's absence at the company's annual meeting.
As the live webcast from US AG Loretta Lynch indicates, moments ago the DOJ announced five global banks including Citi, J.P. Morgan, Barclays, RBS would plead guilty to criminal charges to conspiring to manipulate FX Prices, and would pay some $5.6 billion in combined penalties to resolve a long running U.S. investigation into whether traders at the banks colluded to move foreign currency rates in directions to benefit their own positions.
It appears investors in ETSY just barely missed out on its 30 day IPO-back guarantee...
Awkward: After Bashing Cold Weather Excuses, Bank Of America Jumps On The "2nd Seasonal Adjustment" BandwagonSubmitted by Tyler Durden on 05/20/2015 - 09:55
When there is so much bullshit floating around that you forget what you wrote just a month ago, and when the central planners can't even agree on what lie to agree to use, then the status quo truly be in jeopardy.
Bond yields are leaking higher, The USDollar is flat (but noisy), but with no macro data to spark a momo run, US equities have tumbled out of the gate... especially Dow Transports. Dow & S&P are back to unchanged on the week...
That the Fed and other central banks have unleashed the speculative furies is an unassailable and baleful reality. What is going on here plain and simple is a one-sided game of chicken. The robo-traders and hedge fund buccaneers on Wall Street press the market higher on virtually no volume or conviction whenever macro-economic weakness presents itself, virtually daring the Fed to maintain is ultra-accommodative stance still longer. The casino gamblers will keep chop, chop choppin’ higher until they finally lose confidence that the Eccles building is heaven’s door to further riches. Then the machines will sell, sell, sell. There will be no credible Fed speakers to stop them.
"A senior government official says that among the proposals discussed with the eurozone and the International Monetary Fund is the imposition of a levy on bank transactions, whose exact rate will depend on the exemptions that would apply. The aim is to collect 300-600 million euros on a yearly basis," Kathimerini reports. Meanwhile, parliamentary speaker Nikos Filis has a message for the IMF.
Goldman "Solves" The Lack Of Cheap Gas Consumption "Puzzle" - Spending Set To Rise... Just As Gas Prices SurgeSubmitted by Tyler Durden on 05/20/2015 - 08:11
According to Goldman, "low gas prices should have boosted Q1 consumption growth by 0.5-1pp, reinforcing the Q1 disappointment. However, the models also imply that only one-fourth to one-half of the eventual consumption impact should have been felt by Q1, suggesting plenty of remaining upside in coming quarters." Here is the one problem with that assumption...