• williambanzai7
    02/27/2015 - 10:24
    You can't be what you want to be...You're a Trillion Euros from reality...

Bank of America

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Frontrunning: February 27





  • Central Banks With Negative Rates Spur Question of How Low to Go (BBG)
  • DHS to keep running: Congress edges toward domestic security funding patch (Reuters)
  • Setbacks for Tsipras Stir Discord in Greek Ruling Party (BBG)
  • Greece’s Challenge: Appeasing Its Creditors and Its Population (WSJ)
  • Buffett, a cheerleader for America, takes his checkbook abroad (Reuters)
  • Oil’s Big Swings Are the New Normal: Market has rarely been more volatile (WSJ)
  • Ukraine Left Behind as Russian Stock Gains Are Unmatched (BBG)
  • Brent rises to $61, set for first monthly gain since July (Reuters)
 
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The Pathetic 'Talk Therapy' Of Janet Yellen





What in god’s name does Janet Yellen think she is doing? Just a few weeks ago she established the ridiculous Fedspeak convention that “patient” means money market rates will not rise from the zero bound for at least two meetings. Now she has modified that message into “not exactly”.

 
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Janet Yellen Is Freaking Out About "Audit The Fed" – Here Are 100 Reasons Why She Should Be





Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. During testimony this week, she made “central bank independence” sound like it was the holy grail. Even though every other government function is debated politically in this country, Janet Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people. Does any other government agency ever dare to make that claim? If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide?

 
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NIRP Officially Arrives In The US As JPM Starts Charging Fees On Deposits





The nebulous threat of NIRP in the US "some time in the future" became tangible after J.P. Morgan Chase, the largest US bank by assets (and second largest in the US by total derivative notional) is preparing to charge large institutional customers for some deposits. WSJ adds that JPM "is aiming to reduce the affected deposits by billions of dollars, with a focus on bringing the number down this year. "The moves have thrown into question a cornerstone of banking, in which deposits have been seen as one of the industry’s most attractive forms of funding."

 
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Why ZIRP/NIRP Is Killing Fractional Reserve Banking & Forcing Deposits Into Gold





With historically low long-term interest rates, the opportunity cost of holding gold and silver are close to zero or even negative, in other words you would “lose” money if you buy bonds (the benchmark) instead of gold and silver. When people realize that their money is not “safe” with the banks they will start withdrawing cash from their accounts and buy physical gold and silver instead. Depending on circumstances this could possibly bring down the (fractional) banking system. Why keep money in an account that gives you a negative return? Swiss banks are already witnessing stronger than normal interest for physical gold.

 
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Frontrunning: February 18





  • Greece to submit loan request to euro zone, Germany resists (Reuters)
  • Ukrainian forces start to quit besieged town (Reuters)
  • Bank of Japan maintains policy, no surprises (FT)
  • China Considering Mergers Among Its Big State Oil Companies (WSJ)
  • Soros Shifts to Europe, Asia as Investors Cut U.S. Equities (BBG)
  • Putin tells Kiev to let troops surrender as Ukraine ceasefire unravels (Reuters)
  • Venezuela Squanders Its Oil Wealth (BBG)
  • Swiss prosecutor raids HSBC office, opens criminal inquiry (Reuters)
 
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Stocks In Holding Pattern With All Eyes On Draghi And Whether ECB Will Pull Greek Liquidity





There was much confusion yesterday when algos went into a buying frenzy on news that Greece would submit a request for a 6 month loan extension, believing this means Greece has caved and will agree to a bailout programme extension as well. Nothing could have been further from the truth as we explained first moments after the headline struck, and also as Reuters validated moments ago when it said that "Greece will submit a request to the euro zone on Wednesday to extend a "loan agreement" for up to six months but EU paymaster Germany says no such deal is on offer and Athens must stick to the terms of its existing international bailout." But since the political nuances of diplomacy are lost on the math Ph.Ds who program the market-moving algos, the S&P did manage to roar above 2100 on what was another headfake and then forgot to sell off on the reality.

 
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How To Trade The Grexit Scenarios, And What The "Worst-Case" Looks Like





When it comes to trading the possibility of a Grexit, Bloomberg strategist Vassilis Karamanis writes,that there are three possible outcomes.

Scenario 1: Greece exits the euro
Scenario 2: Capital controls are imposed on Greek banks
Scenario 3: Agreement is reached within the next days

 
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West Coast Ports Shut Down For Holiday Weekend: Supply Chain Halt Threatens Havoc On Reeling Economy





the latest news out of the West Coast is not good for anyone hoping for a quick resolution to the congestion problem. According to Reuters, after the clogged ports briefly reopened on Friday after a daylong closure, "shippers planned to re-impose a partial shutdown through the holiday weekend barring a settlement in stalled labor talks with the dockworkers union."

 
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Retail Sales Plunge Twice As Much As Expected. Worst Back-To-Back Drop Since Oct 2009





Following last month's narrative-crushing drop in retail sales, despite all that low interest rate low gas price stimulus, January was more of the same as hopeful expectations for a modest rebound were denied. Falling 0.8% (against a 0.9% drop in Dec), missing expectations of -0.4%, this is the worst back-to-back drop in retail sales since Oct 2009. Retail sales declined in 6 of the 13 categories.

 
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Frontrunning: February 12





  • 'Glimmer of hope' for Ukraine after deal at Minsk peace summit (Reuters)
  • Ruble Rebounds, Russian Stocks Surge on Ukraine Cease-Fire Deal (BBG)
  • Greek PM Tsipras in Brussels as clock ticks on EU bailout (Reuters)
  • Emerging-Market Currencies Rout Not Over for Traders (BBG)
  • Little noticed, new Saudi king shapes contours of power (Reuters)
  • In Wake of Financial Crisis, Goldman Goes It Alone (WSJ)
  • AmEx Is Losing Its Millionaires (BBG)
  • Thousands to Lose Health Insurance Over Residency Questions (WSJ)
 
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Bank Of America Used Government-Backed Funds For "Reckless, Extremely Levered" Tax Avoiding Trades





A current Bank of America employee has made a number of whistleblower submissions to the U.S. Securities and Exchange Commission about the role played by the U.S. banking subsidiary in financing dividend-arbitrage trades: trades which used taxpayer-backed funds to allow hedge funds to avoid paying taxes. The employee’s submissions allege that Bank of America’s London-based Merrill Lynch International unit has extended “extreme levels of BANA leverage” to fund “increasingly aggressive and reckless” tax-avoidance trades. The submissions said the practices risked causing the bank “serious financial and reputational damage.”

 
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If You Listen Carefully, The Bankers Are Actually Telling Us What Is Going To Happen Next





Are we on the verge of a major worldwide economic downturn? Well, if recent warnings from prominent bankers all over the world are to be believed, that may be precisely what we are facing in the months ahead.

 
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