Bad Bank

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U.K. Prime Minister Theresa May was hoping to bypass Parliament on when and how to trigger divorce proceedings with the European Union. Then the Supreme Court set her straight. So this week lawmakers discuss for the first time a short bill giving her permission to invoke Article 50 of the EU’s Lisbon Treaty.

Pivotfarm's picture

U.K. Prime Minister Theresa May was hoping to bypass Parliament on when and how to trigger divorce proceedings with the European Union. Then the Supreme Court set her straight. So this week lawmakers discuss for the first time a short bill giving her permission to invoke Article 50 of the EU’s Lisbon Treaty.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Six Impossible Things Before Breakfast

We live in an age when the level of deceit and propaganda is at an all-time high. Joseph Goebbels, Vladimir Lenin, and others did their best to force-feed propaganda to the masses, but they were rank amateurs compared to the spin doctors employed by the political leaders of today. They’re masters at convincing people of impossible things. Here are six impossible things that many seem to have little trouble accepting as reality.

Wells Fargo CEO Grilled In Senate - Live Feed

Just when the images of Too-Big-To-Fail Bank CEOs facing faux-angry (but impotent under lobbying fees) politicians had moved to the back of the mind, Wells Fargo CEO John Stumpf will visit Capitol Hill to explain to the Senate Banking why he is "deeply sorry" about the massive and systemic fraud his bank visited upon Americans, and why he "accepts full responsibility" but will not resign (because he really owes it to the company to stay around and fix this mess).

Wells CEO To Tell American People He Is "Deeply Sorry" And "Accepts Full Responsibility", But Won't Resign

“I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members and to the American public. I accept full responsibility for all unethical sales practices in our retail banking business. I am fully committed to doing everything possible to fix this issue, strengthen our culture and take the necessary actions to restore our customers’ trust."

US Futures Rebound Sharply From Friday's Coup Fears, Focus Shifts To M&A

Having panciked briefly on Friday night on news of a Turkish coup, which has since not only failed but been cast away as speculation rises that it was staged and designed to give Erdogan even more authoritarian power, markets have moved on and are now focusing on the main overnight event which was the surprising $32 billion bid by Japan's SoftBank for U.K.’s semiconductor giant ARM which has sent comparable semis higher in European trading and pushing the Stoxx Europe 600 Index up by 0.6%, after surging 3.2% last week. After sliding sharply on Friday, US equity futures are up 0.1% in early trading.

Italy Tasks JPMorgan With Creating A €50 Billion Bank Bailout

JPMorgan has been appointed by the Italian government to work on plans to set up a bank to buy troubled loans from the country’s lenders at approximately 20% of face value. The gross notional size of Italy's Bad Bank #2 would be €50 billion. As part of JPM's plan, the government would acquire some of the bad loans at a price of 20 cents in the euro.

Eurogroup Head Dashes Italy Bank Bailout Hopes: "I Will Resist Taxpayer Bailouts Very Strongly"

Jeroen Dijsselbloem poured cold water on Italy's ongoing attempts to force a bank bailout when he said earlier today that not only was he not "particularly" worried about italian banks but that “there have always been and will always be bankers that say ’we need more public money to recapitalize our banks.... and I will resist that very strongly because it is, again and again, hitting on the taxpayer." He then added that "the problems with the banks need to be sorted out in the banks and by banks.”

Global Stocks Rebound, US Futures Jump On Expectation Of "Coordinated Intervention By Central Banks"

After a historic two-day selloff, which as shown yesterday slammed European banks by the most on record the wildly oversold conditions, coupled with hopes for yet another global, coordinated central bank intervention, coupled with modest hope that David Cameron's trip to Brussels today may resolve some of the Article 50 gridlock, have been sufficient to prompt a modest buying scramble among European stocks in early trading, with the pound and commodities all gaining for the first time since the shock Brexit vote.