AIG

Preet Bharara Explains Why He Let Wall Street Bank Executives Avoid Prison

"Recently dismissed U.S. Attorney for the Southern District of New York, Preet Bharara, is suddenly being celebrated as an aggressive warrior in the fight against Wall Street corruption. Really? You could’ve fooled me. Perhaps I was in a coma when a string of big bank executives were arrested and sent to prison."

Frontrunning: March 14

  • U.S. East Coast Braces for Late-Winter Blizzard (WSJ)
  • U.S. Blizzard Grounds Flights, Raises Power as Trump Tweets (BBG)
  • Debt Ceiling Fight May Be Too Tempting for Trump to Pass Up (BBG)
  • Russia appears to deploy forces in Egypt, eyes on Libya role (Reuters)
  • EU headscarf ban ruling sparks faith group backlash (Reuters)

When It Comes To Wall Street, Preet Bharara Is No Hero

The prominent U.S. attorney fired by Donald Trump this weekend has been justly acclaimed for his pursuit of political corruption. But his treatment of the Wall Street executives involved in the financial meltdown was far less confrontational.

Frontrunning: March 10

  • Futures rise as investors count down to jobs report (Reuters)
  • Individuals Tiptoe Further Into Long-Running Stock Rally (WSJ)
  • American Diplomats’ Comfort With Tillerson Gives Way to Unease (BBG)
  • EU leaders grope for unity as Britain walks out  (Reuters)
  • Trump's disputes with local governments could create fresh conflicts of interest (Reuters)
  • May Hears Hard Truths About Brexit as EU Prepares for Talks (BBG)

13-F Summary: Who Bought And Sold What In The Fourth Quarter

Yesterday's barrage of 13F releases showed that hedge funds like Third Point, Eton Park and Blue Ridge piled into shares of major banks, David Tepper's Appaloosa jumped into the pharma sector starting new positions in Teva, Pfizer and Mylan while Buffett aggressively added to airline steaks and nearly quadrupled his Apple position to $7.7 billion. Here is a full breakdown of who bought what in the fourth quarter.

Daniel Tarullo, Fed's "Regulatory Point Man", Unexpectedly Resigns

"After more than eight years as a member of the Board of Governors of the Federal Reserve System, I intend to resign my position on or around April 5, 2017. It has been a great privilege to work with former Chairman Bemanke and Chair Yellen during such a challenging period for the nation's economy and financial system."

Extreme Vetting, But Not For Banks

Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers...

Frontrunning: November 22

  • Record highs for Wall Street quartet send other stocks higher (Reuters)
  • Oil prices rise to highest this month on hopes of OPEC deal (Reuters)
  • OPEC Likely to Reach Output Consensus, Delegate Says (WSJ)
  • Trump’s Targets in First 100 Days: Trade, Regulation, Corruption (BBG)
  • Trump Poised to Push Nafta Changes, Pressure Mexico on Trade (WSJ)

What Hedge Funds Bought And Sold In Q3: The Full 13-F Summary

Today was the deadline for hedge funds to submit their Q3 13-F filings, which considering they represent a snapshot in time as of Sept 30, prior to both the October volatility spike and the presidential election, are likely totally irrelevant by this time. Still, for those who religiously focus on hedge fund position changes, here is the list.