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German Coverup Scandal: Ministry Urged Erasing "Rape" From "Monstrous" Cologne Migrant Attack Report

A high-ranking police officer has alleged that his seniors tried to strike the word rape from an internal police report after the mass sexual assaults in Cologne over New Year. A chief superintendent in the Cologne police told the investigative committee established in the wake of the attacks that the interior ministry in North Rhine-Westphalia had sought to influence the investigations.


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In Latest Blow To Hedge Funds, AIG Redeems $4 Billion; CALSTRS Says "2 And 20" Model Is "Off The Table"

The pain for hedge funds is only just starting: Chris Ailman, who runs investments at CALSTRS, said in a Bloomberg Television interview from the Milken conference that the hedge fund industry’s two-and-twenty fee model is “broken” and “off the table” for large institutional investors. And then the latest blow to the suddenly struggling industry came overnight from none other than the firm which started the bailout regime, AIG, which following its earnings report announced that the insurer - burned by losses on hedge funds - has submitted notices of redemption for $4.1 billion of those holdings. “As of today, we have received $1.2 billion of proceeds from those redemptions."


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European Stocks Tumble After EU Slashes Growth, Inflation Guesses

Despite unleashing his bazooka, Mario Draghi - like his colleagues at The BoJ - appears to have hit the limit of his impotence as the European Commission cut its outlook for growth and inflation across the Union for 2016 and 2017. Citing the economic slowdown in China and other emerging markets, geopolitical tensions and uncertainty ahead of the U.K. referendum on EU membership, WSJ reports EU’s economists also cautioned that the strength of factors that have been supporting growth in the region, such as low oil prices and a weaker euro, could start to fade. This sparked modest Euro weakness (after a non-stop surge in the last week) dragging down European stocks and darkening the outlook for the banking system further.


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Aussie Dollar Crashes Through Key Support After "Surprise" Rate Cut

As a major leg of many carry trades, the collapse of the Aussie Dollar in the last week has sent ripples through many risk-on positions. Following last week's plunge in inflation to record lows, one would have assumed that expectations for a 'stimulating' rate-cut were baked in to some extent (as AUD plunged then), but this morning's surprise RBA move has sparked another leg down in the commodity currency, breaking below a crucial uptrend off the January lows as the commodity currency decouples from exuberance in Chinese metals...


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Two Wrongs Don't Make A Right - Is Fiorina The Fall Gal?

What does this absurd gimmick tell us about him, given that he cannot possibly win the required number of delegates any longer? A sign of mental illness perhaps? Probably not. We think it is telling us that he is desperately trying to ingratiate himself with the Republican establishment – which is firmly anti-Trump for the simple reason that Trump is a genuine threat to its cozy cronyism. The only purpose of Mr. Cruz’ continued participation in the primaries is an attempt to deny The Donald the majority of delegates in order to bring about a brokered convention.


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"This Has Been The Longest Selling Streak In History" - 'Smart Money' Sells For Record 14 Consecutive Weeks

"Last week, during which the S&P 500 fell 1.3% in its biggest weekly decline since early Feb., BofAML clients were net sellers of US equities for the 14th consecutive week, in the amount of $2.8bn. As we noted last week, this has been the longest uninterrupted selling streak in our data history (since ‘08)—previously the longest streak was 12 weeks (in late ‘10)."


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Frontrunning: May 3

  • Global stocks slide as yen, euro gains question policy potency (Reuters)
  • U.S. Index Futures Signal Stock Losses as AIG Drops on Earnings (BBG)
  • EU Sees Weaker Growth in Eurozone and Wider EU as China Slowdown Weighs (WSJ)
  • Euro Set for Longest Run of Gains Since 2013 as Fed Focus Fades (BBG)
  • German Bonds Advance as EU Cuts Euro-Area Inflation Outlook (BBG)

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First US Soldier In Iraq Killed By Islamic State During "Enemy Fire"

US "boots on the ground" on Iraq have just suffered their first casualty. Moments ago US Defense Secretary Ash Carter announced that the Islamic State killed the first U.S. serviceman in Iraq who was aiding Kurdish fighters near the northern Iraqi city of Mosul. A statement from the US-led forces in Iraq added the fatality was "a result of enemy fire." "It is a combat death, of course. And a very sad loss," Carter told reporters at a press conference in Germany.


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"Unexpected" Australian Rate Cut To Record Low Unleashes FX Havoc, Global "Risk Off"

Overnight Australia finally admitted it has succumbed to the global economic weakness plaguing the rest of the world when in a "surprise" move, Australia’s central bank cut its benchmark interest rate for the first time in a year to a record low and left the door open for further easing to counter a wave of disinflation that’s swept over the developed world. The move sent the local currency tumbling and local stocks climbing. Reserve Bank of Australia Governor Glenn Stevens and his board lowered the cash rate by 25 basis points to 1.75 percent Tuesday, a move predicted by just 12 of 27 economists surveyed by Bloomberg. The announcement has, not surprisingly unleashed havoc across FX markets and broadly pushed global mood into its latest "risk off" phase.


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Obamacare To Unveil "Price Shock" One Week Before The Elections

The last thing Democrats want to contend with just a week before the 2016 presidential election is an outcry over double-digit insurance hikes as millions of Americans begin signing up for Obamacare. But that looks increasingly likely as health plans socked by Obamacare losses look to regain their financial footing by raising rates.


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Visa Unveils Plan To Burden Millennials With Billions In Debt

For anyone concerned that $800 billion in student loans over the last decade simply won't be enough debt burden for millennials to carry, worry no more, a solution has been found.


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Don't Sleep Through The Revolution: A Graduation Message For A Dark Age

Unfortunately, we who should have known better failed to guard against such a future. The world is disintegrating on every front - politically, environmentally, morally - and for the next generation, the future does not look promising. The following bits of wisdom, gleaned from a lifetime of standing up to injustice and speaking truth to power, will hopefully help them survive the perils of the journey that awaits...


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China Manufacturing PMI Disappoints - In Contraction For 14th Straight Month

Despite a trillion dollars of credit spewed into the Chinese 'economy' speculative finance channels, Manufacturing remains in a slump as April's China PMI tumbled to 49.4 after a brief bounce back up to 49.8 (from the 48.0 low in Feb). This is the 14th month in a row of contraction. As Caixin reports, relatively weak market conditions and muted client demand contributed to a further solid decline in staff numbers, which seems to put a nail in the coffin of anyone who believes recent price action in industrial commodities is anything but speculative fervor.


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Ben Tanosborn: How Blacks & Latinos Will Lose The Election For The Democratic Party In 2016

The probable end result, when subtracting from the potential Democratic vote disenchanted millennials, economic-revolutionaries, and doves could easily bury any and all hope for the Clintons to return to the White House.  Many millennials won’t vote; and many impoverished whites in the Democratic Party will feel forced to switch their anti-establishment allegiance from Bernie to Donald Trump, as incongruent as that may seem, hoping for a better economic future and/or a more constructive, less confrontational hawkish attitude internationally. For all the antipathy that might exist between African-American and Latino “super-minorities” and Donald Trump, it is these major minority voting blocks that appear to be clearing the path for this Demeaner-in-Chief to exchange his ostentatious quarters in Trump Plaza for the more modest ceremonial trappings of the White House.


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