Perry Capital Shutting Down His Iconic Flagship Fund

The writing was on the wall three weeks ago when we reported that iconic hedge fund Perry Capital had lost some 60% of his AUM as LPs were rushing to withdraw their money.  So it is probably not very surprising that having lost more than half his assets moments ago Bloomberg reported that Perry's flagship fund is shutting down: PERRY CAPITAL TO CLOSE FLAGSHIP FUND AFTER ALMOST THREE DECADES

What Do We Know?

"These linear thinkers can’t understand why their playbook of lies, misinformation, pointless social justice issues and a myriad of other inane distractions aren’t working this time. They fail to acknowledge that history is cyclical and we’ve entered the phase when generational cohorts are aligned for dramatic sweeping change. The data is there for all to see, but those benefiting from the current perverted paradigm will not be swept aside without a bloody fight."

Germany "Other" Bank: Commerzbank To Fire 9,000, 18% Of Its Entire Workforce

Germany's second biggest bank, Commerzbank, is planning to cut around 9,000 jobs over the coming years as Germany's second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported earlier today. citing unnamed sources in the finance industry. The round of layoffs would eliminate a massive 18% of the bank's entire workforce.

26 Incredible Facts About The Economy That Every American Should Know Before The Trump-Clinton Debate

Are you ready for the most anticipated presidential debate in decades? There will likely be quite a few questions about the economy, and without a doubt this is an area where Trump and Clinton have some very sharp differences.  The mainstream media would have us believe that the U.S. economy is in pretty good shape, and if that was true that would seem to favor Clinton.  But is it actually true?

Trauma Programming: "Up To Our Eyeballs In Manufactured Strife"

As the nation awaits the gruesome spectacle of the so-called debate between Trump and Clinton in an election campaign beneath the dignity of a third-world shit-hole, we are once again up to our eyeballs in manufactured racial strife...

Saudi Arabia Cancels Public Sector Bonuses, Slashes Salaries

Saudi Arabia's government has decided to curb to some financial perks for public sector employees, according to a live broadcast of the cabinet's weekly meeting. "The cabinet has decided to stop and cancel some bonuses and financial benefits," read a line of text on Ekhbariya TV, as a minister read to assembled ministers and royals, including King Salman, a list of cuts to be made in various grades in the civil service.

Latest Repo Squeeze Helps 2 Year Auction Prices Through When Issued

As a result of the latest repo market squeeze, the just concluded 2Y auction came in somewhat better than expected, printing at 0.75%, stopping 0.3bps through the When Issued. On the other hand, the Bid to Cover of 2.65 was modestly less than the 2.831 in August, and below the 6MMA of 2.72.

US Bank Stocks Slide After New Fed Tests Suggest Need For "Significant Increase In Capital"

Two weeks after European and Japanese banks threatened mutiny against new banking capital requirements set forth by the Basel Committee, Bloomberg reports that Wall Street would have to come up with billions of dollars in additional capital in a proposed revamp of the Fed’s stress tests. US bank stocks are sliding on the news, falling back to the reality of lower and flatter yield curves as well as systemic threats from Deutsche Bank.

BofA Fined $12.5 Million For Creating At Least 15 Mini "Flash Crashes"

The SEC announced that BofA/Merrill Lynch agreed to pay a $12.5 million penalty for "maintaining ineffective trading controls" that failed to prevent erroneous orders from being sent to the markets and causing at least 15 mini-flash crashes between 2012 and 2014.

Saudi Arabia Bails Out Banking System After Interbank Rates Hit 2009 Highs

Amid what some might call self-inflicted economic collapse, Saudi Arablia has announced a $5.3 billion bailout of its banking system as interbank borrowing rates near the highest since Lehman. In what the supposedly central bank calls "supportive monetary policy...on behalf of government entities," is easing liquidity constraints with 28-day repo agreements and is the second liquidty injection this year.