The California DOJ has launched a criminal probe into Wells Fargo on allegations of identity theft over its creation of millions of unauthorized accounts, according to a search warrant sent to the bank’s San Francisco headquarters this month. As Reuters adds, the AG warrant seeks to seize documents at Wells, and cites probable cause that felonies were committed at the bank.
"Trump represents what is likely to be a once-in-a-lifetime opportunity to bring real change to a government that is bloated and self-serving. Reasonable people can disagree on policies and priorities. But Trump is the bigger agent for change, if that’s what you think the country needs. I want voters to see that choice for what it is... And it isn’t a pink elephant. "
With former Fox News boss Roger Ailes facing his own sexual harrassment scandal over the summer, some questioned his proximity to Donald Trump - now facing his own allegations - but as Vanity Fair claims the long-time allies have reportedly parted ways. The reason for the fall-out depends on who is asked...
The ink wasn't even dry yet on the just concluded historic, upsized and dramatically oversubscribed bond sale by Saudi Arabia which raised $17.5 billion and Saudi Arabia was already begun spending the money. Roughly at the same time as the wire transfers were taking place, the Saudis were busy repaying debts to state contractors, after long delays that squeezed company finances and hurt investor sentiment.
So-called "forward guidance" is aimed at trying to fool the marginal investor into believing “there is no need for worry, central bankers have everything under control”. Unsurprisingly, as with all psychological conditioning, forward guidance has lost its effect as more and more market participants lose confidence in central banks and their promise that everything will eventually mean revert to happier days... However, this unfortunate practice is making in-roads into the most important of commodity markets: crude oil.
Every "revolution" has it: the moment when the sequence of events unleashed by the initial decision ultimately boomerangs and takes down the very people who started the revolution. For Eduardo Cunha, who spearheaded the ouster of President Dilma Rousseff, that moment came today when he was arrested early on Wednesday as part of a sprawling graft probe involving state oil giant Petrobras.
Apple has all but thrown in the towel on its self-driving car endeavors. Its project Titan, which was supposed to release a fully autonomous vehicle in the early years of the next decade, has been scaled back substantially and will from now on focus on developing just the self-driving software used in autonomous cars.
The Norwegian military has released pictures taken by surveillance aircraft of a fleet of Russian warships sailing in international waters off the coast of Norway and reported to be heading to Syria. Among the ships observed was the aircraft carrier Admiral Kuznetsov and the Pyotr Velikiy battle cruiser, on their way to join the Russian military effort in Syria.
"We don’t expect the current situation to end well for investors who insist on taking larger investment exposures than they’re actually willing to hold, with discipline, through a period of severe market losses. From present valuation extremes, a 40-55% market loss would represent a fairly run-of-the-mill resolution to the current market cycle... By the completion of the current cycle, I expect over $10 trillion of what investors count as paper “wealth” in U.S. equities to disappear without a trace."
It’s difficult to make a case for a great holiday sales season or robust third quarter GDP based on the Cass Freight Index which shows shipments sank 0.4% for the month and are down 3.1% from shipments a year ago. As Cass warns, the "glimmer of ‘less bad’ hope in August" was "false hope."
"We’ve been in the eye of the storm since then... and it’s a huge hurricane with a big eye... they’ve papered it over with trillion of currency units... Now, as we speak, we’re moving into the trailing edge and it’s going to be much worse, much longer lasting, and much different than the unpleasantness that we experienced back in 2008..."
"Has the bull market in government bonds finally ended... A change in the wind is being felt as governments listen to the central banks’ recent call for fiscal, rather than monetary policy, to do the heavy policy lifting from hereon in. Is the long bull market in bonds now over."
"Mrs. Clinton, like Nixon in 1972, may not get a honeymoon no matter how big her win. The debate we aren’t having in the campaign, we will continue not to have: how to foster a modern state that doesn’t metastasize corruption, cronyism, elites helping themselves. "
The daily dump continues. In the now traditional daily routine, one which forces the Clinton campaign to resort to ever more stark sexual scandals involving Trump to provide a media distraction, moments ago Wikileaks released yet another 1,803 emails in Part 12 of its ongoing Podesta Email dump, which brings the total number of released emails to 18,953.