Bob Diamond

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Frontrunning: September 2





  • Ukraine Shifts to Defense Against Russian Incursion (WSJ)
  • U.S. forces carry out operation against al-Shabaab in Somalia (Reuters)
  • Bond Markets Tilt Toward Frankfurt as Draghi Negates Fed (BBG)
  • Another "unexpectedly" - Swiss Economy Unexpectedly Stalls as Euro Area Takes Toll (BBG)
  • Japan's 'Abenomics' feared in trouble as challenges build (Reuters)
  • Germany Imposes Nationwide Ban on Uber's Cab-Hailing Service (WSJ)
  • Japan's 'forward guidance', the GPIF, has "already begun a highly anticipated portfolio reshuffle" (WSJ)
  • Detroit Brings Bankruptcy Plan to Court With Billionaires (BBG)
  • Burger King has maneuvered to cut U.S. tax bill for years (Reuters)
 
Tyler Durden's picture

Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders





It was almost inevitable: a week after we wrote "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold" and days after "Barclays' Head Of Gold Trading, And Gold "Fixer", Is Leaving The Bank", earlier today the UK Financial Conduct Authority finally formalized what most in the "tin-foil" hat community had known for years, when it announced that it fined Barclays £26 million for manipulating "the setting of the price of gold in order to avoid paying out on a client order." Furthermore, the FCA confirmed that those inexplicable gold raids which come as if out of nowhere, and slam gold with a vicious force so strong sometime they halt the entire market, had a very specific source: Barclays, whose trader Daniel James Plunkett, born 1976, "sent out a burst of orders aimed at moving the price of the yellow metal."

 
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Frontrunning: May 12





  • Hillary and Me: The 2008 campaign was a nightmare. Will 2016 be as bad?  (Politico)
  • What Timothy Geithner Really Thinks (NYT)
  • Rebels declare victory in east Ukraine self-rule vote (Reuters)
  • Race for AIG's Top Job Has Two Favorites (WSJ)
  • America on the Move Becomes Stay-at-Home Nation for Millennials (BBG)
  • Old, Fired at IBM: Trendsetter Offers Workers Arbitration (BBG)
  • Bad luck Jonathan: Pressure Mounts on Nigerian President (WSJ)
  • Iran leader slams West's 'stupid' missile stance before talks (Reuters)
  • Conchita Wurst of Austria Wins Eurovision Song Contest (WSJ)
  • Greek Finance Ministry expects Q1 GDP contraction of less than 1.5 pct (Kathimerini)
 
Tyler Durden's picture

Frontrunning: May 9





  • Omnicom, Publicis call off proposed $35 billion merger (Reuters)
  • Apple in talks for $3.2bn Beats deal (FT)
  • Alibaba IPO Grew Out of ’80s Chaos and Guy From Goldman (BBG)
  • Nigeria's president at WEF pledges to free kidnapped girls (Reuters)
  • JPMorgan Joins Wells Fargo in Rolling Out Jumbo Offerings (BBG)
  • It's 1999 all over again: Young Bankers Fed Up With 90-Hour Weeks Move to Startups (BBG)
  • ECB stimulus talk knocks euro, peripheral yields (Reuters)
  • Deutsche Bank Currency Crown Lost to Citigroup on Volatility (BBG)
  • London Taxis Plan 10,000-Car Protest Against Uber App Use (BBG)
  • Pfizer Holders Could Face Tax Hit in a Deal for AstraZeneca (WSJ)
 
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Frontrunning: April 9





  • Top Medicare Doctor Paid $21 Million in 2012, Data Shows (BBG)
  • Separatists build barricades in east Ukraine, Kiev warns of force (Reuters)
  • Greece launches sale of five-year bond (FT)
  • High-Frequency Trader Malyshev Mulls Accepting Outside Investors (BBG)
  • U.S. defense chief gets earful as China visit exposes tensions (Reuters)
  • GM Workers Who Built Defective Cars Fret About Recall (BBG)
  • Kerry, Congress Agree: Superpower Status Not What It Was (BBG)
  • Crimeans Homeless in Ukraine Seek Solace in Kiev Asylums (BBG)
  • JPMorgan's Dimon says U.S. banks healthy, Europe lagging (Reuters)
 
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Frontrunning: December 18





  • MOAR: BOJ Said to See Significant Room for More Bond Purchases (BBG)
  • Meltdown Averted, Bernanke Struggled to Stoke Growth (Hilsenrath)
  • New Mortgages to Get Pricier Next Year (WSJ)
  • Republicans to Seek Concessions From Obama on Debt Limit (BBG)
  • Hunting for U.S. arms technology, China enlists a legion of amateurs (Reuters)
  • Jury Begins Deliberating in Case of SAC Portfolio Manager (WSJ)
  • BP to Write Off $1 Billion on Failed Well (WSJ)
  • Rajan Unexpectedly Keeps India Rates Unchanged to Support Growth (BBG)
  • Thai protesters say they will rally to hound PM from office (Reuters)
  • SEC Brings Fewer Enforcement Actions, Slows Early-Stage Probes (WSJ)
 
Tyler Durden's picture

Frontrunning: December 9





  • Glass-Steagall Fans Plan New Assault If Volcker Rule Deemed Weak (BBG) ... "if"? The banks control the legislators and regulators...
  • Cellphone data spying: It's not just the NSA (USA Today)
  • Major tech companies push for limits on government surveillance (Reuters)
  • Shanghai Warns Kids to Stay Indoors for Seventh Day on Smog (BBG)
  • Protesters fell Lenin statue, tell Ukraine's president 'you're next' (Reuters)
  • Everyone must be flying private these days: EADS to cut 5000-6000 jobs, close Paris HQ in restructuring (FT)
  • Big Players Trade 'Upstairs' (WSJ)
  • There’s no way to tell how many people who think they’ve signed up for health insurance through the U.S. exchange actually have (BBG)
  • Slower China inflation reduces worries of tighter policy (Reuters)
 
Tyler Durden's picture

Frontrunning: September 16





  • Summers Quit Fed Quest After Democrats Spurned Obama Favorite (BBG)
  • Geithner Still Not Interested in Fed Chair Slot (WSJ)
  • Gross’s Trade Sours as Bonds Lose Faith in Fed Guidance (BBG)
  • Bob Diamond calls for bank rules shake-up (FT)
  • Russia says may be time to force Assad's foes to talk peace (Reuters)
  • Iran Dials Up Syria Presence (WSJ)
  • Kerry Seeks to Sell Syria Deal (WSJ)
  • Shutdown of Japan’s Last Nuclear Reactor Raises Power Concerns (BBG)
  • Emerging Stocks Rise to 3-Month High as Bonds Gain on Fed (BBG)
  • Bernanke’s Maradona swerve hits bonds (FT)
 
Tyler Durden's picture

Frontrunning: April 19





  • Police Searching for 19-Year-Old Boston Bombing Suspect (BBG)
  • Mayhem Erupts in Boston After MIT Campus Officer Slain (BBG)
  • Elvis Impersonator Accused of Ricin Letters Sowing Fear (BBG)
  • Blackstone Pulls Out of Dell Bid on Rapidly Falling PC Sales (BBG)
  • Before Texas plant exploded: What did regulators know? (Reuters)
  • Aso Says Japan Policy Unopposed at G-20 Meeting as Yen Falls (BBG)
  • Bipartisan pair target $2.5tn US savings (FT)
  • Plan for new Cyprus vote casts uncertainty on bailout (Cyprus Mail)
  • Ireland picks through debtors’ lifestyles (FT)
 
Tyler Durden's picture

Barclays Fined Record Amount For Channelling Enron, Manipulating California's Electricity Market





It just is not Barclays' year. After being exposed (so far the only one) as a ringleader in a massive LIBOR-rigging scandal which cost Bob Diamond his job, yesterday the British bank added insult to injury, after the Federal Energy Regulatory Commission (FERC) fined it $470 million - the largest penalty ever levied by the energy regulator, and even larger than the bank's LIBOR fine - for getting caught doing what Enron got caught doing about a decade ago: manipulating California's electricity markets. Although while the former ended up being the biggest corporate bankruptcy at the time, led to the end of one of the nation's largest auditors and sparked a scandal so great it was all corporate America spoke for about for the next year, this time the news has come and gone, and nobody cares. Perhaps this is to be expected: in a time when none other than the central bank intervenes each and every day in every single market to preserve the "wealth effect", habituation to epic corporate manipulation of every imaginable kind is perfectly normal.

 
williambanzai7's picture

OCCuPY THiS!





Nothing has changed, it has only gotten worse...

 
Tyler Durden's picture

"Sense And Nonsense" - Assorted Deep Thoughts





With newsflow today non-existent, and the market acting somewhat bizarrely (i.e., not soaring on endless revenue misses and GDP forecast cuts, and in fact, selling off) we take this opportunity to share some philosophical "deep thoughts", although not from Jack Handey, but from the latest issue of the Edelweiss Journal.

 
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Lieborgate's Next Casualty: Bob Diamond's Daughter





Instead of having to fire 1900 people, Deutsche Bank will now have to only let go 1899. The reason: the second most prominent casualty of the Lieborgate scandal is now none other than Bob Diamond's daughter Nell, who made quite a splash in the aftermath of the Barclays Libor manipulation revelations when the social circuit butterfly tweeted that "George Osborne and Ed Miliband can go ahead and #hmd.” As it turns out after graduation from Princeton University in June 2011, and following a stint in UNICEF, the philanthropist, whose twitter profile is riddled with photos of shoes and runway poses, joined Deutsche Bank in November 2011, whether due to her natural curiosity into the minutae of Investment Banking, or for other reasons. Of course, considering her Princeton thesis was on "The Cultural Myth of Female Hair in the Victorian Imagination" (strinkingly comparable to "The Power Of Women's Hair In The Victorian Imagination" but we digress), it likely was the latter. As it turns out, 9 months after joining the firm full time (she had a part-time stint in the summer of 2010, following comparable stints at the Abernathy Macgregor Group, Nantucket Ice Cream Company, Abercrombie and Fitch), the young woman who sold "Rates" products (Libor and other IR derivatives? Surely that would be ironic at a bank which is now front and center into the Lieborgate investigation) at Deutsche Bank has decided to call it quits, in the process saving the job of at least one low level banker who now will not have to be let go because of the lack of an English thesis focusing on Female hair during Victorian times

 
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Barclays' Disgraced COO Gets £8.75 Million Golden Parachute Instead Of Jail Time





The guy who openly admitted he was getting notification from the BOE to manipulate Libor, and was advising his traders appropriately, Barclays' COO Jerry del Missier, and who quit the same day as his boss Bob Diamond, has finally had his pay package revealed. The payoff to get him out and shut him up? £8,750,000.

 
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