Frontrunning: July 9

  • ICE's NYSE to determine the rate used by key competitor CME: NYSE Euronext to Take Over Libor (WSJ)
  • Japan slams China over maritime disputes (FT)
  • The Twinkie Returns, With Less Baggage (WSJ)
  • Pentagon Workers From Pennsylvania to Ghana Hit by Cuts (BBG)
  • Why Prostitutes Aren't Enough to Deprive the World of Eliot Spitzer (BBG)
  • Groups gather in Turkish protest park after night of clashes (Reuters)
  • Apartment Rents Rise, But the Pace Is Slowing (WSJ)
  • Asiana Seen Saving Millions With Tactic to Bar U.S. Suits (BBG)
  • Bin Laden's life on the run revealed by Pakistani inquiry (Reuters)
  • Fracking Firms Face New Crop of Competitors (WSJ)

A Look Inside Stevie Cohen's New York Duplex: The Most "Expensive" Apartment In Manhattan

Think the $90 million sale of the penthouse duplex at the still unfinished One57 to an undisclosed buyer is a milestone for New York real estate? Then you haven't looked at the asking price for Steve Cohen's duplex on the 51st story of the Bloomberg building aka One Beacon Court. At $115 million, if sold, this will represent the most expensive New york real estate transaction in history.

Frontrunning: July 8

  • Greece's Economic Future 'Uncertain,' Creditors Say (WSJ)
  • Secret Court's Redefinition of 'Relevant' Empowered Vast NSA Data-Gathering (WSJ)
  • Thomson Reuters Halts Early Peeks At Consumer Data (WSJ)
  • Larry Summers Circles as Fed Opening Looms (WSJ)
  • S&P to Argue Puffery Defense in First Courtroom Test (BBG)
  • Geithner joins top table of public speakers with lucrative appearances (FT)
  • Losing $317 Billion Makes U.S. Debt Safer for Mizuho to HSBC (BBG)
  • Pilot Error Eyed in San Francisco Plane Crash  (WSJ)
  • Investment group sues U.S. over Fannie, Freddie bailout terms (Reuters)
  • Egypt officials 'order closure of Islamist party HQ' (AFP)
  • Heinz Kerry Transferred to Boston Hospital for Treatment (BBG) - a boating accident?

Frontrunning: July 5

  • Egypt Girds for Muslim Brotherhood Protests (WSJ)
  • SAC Capital's Steven Cohen Expected to Avoid Criminal Charges (WSJ)
  • SAC insider-trading probe could last years (Reuters)
  • RBI seen selling dollars around 60.59 levels: dealers (Reuters)
  • China signals will cut off credit to rebalance economy (Reuters)
  • Egypt army arrests key Muslim Brotherhood figures (BBC)
  • Rise in Steel Prices Alarms Buyers (WSJ)
  • Draghi-Carney Seek Independence Day Break From Bernanke (BBG)
  • Samsung Warns Results Will Miss Forecasts (WSJ)
  • Russia Prosecutor Seeks 6 Years in Jail for Putin Critic Navalny (BBG)

Fact Or Fiction: Hedge Funds To Offer New Perks

With June turning out to be an ugly month across most financial markets, Hedge Funds are once again losing money. The losses come on top of the industry’s already weakening reputation thanks to back to back years of underperforming major benchmarks. To try to keep their investors from leaving, many funds are turning to promotions usually reserved for far less glamorous industries.

Steve Cohen Pleads The Fif , Declines To Testify Before A Grand Jury

If there is a better way to admit guilt, and several decades of ill-gotten billions courtesy of now legendary "information arbitrage", coupled with some heavy expert network hot tips and one year contract retentions of every biotech expert from here to Calcutta, than pleading the Fifth, we have yet to hear it. We are confident, however, that SAC FoF investor Anthony Scaramucci will provide some truly memorable examples. Or if not that, then at least a few guest passes to his "fun" and brilliant "Hooters for Hedgies" concept.

Frontrunning: June 26

  • Scalpel in Hand, Chinese Premier Li Stirs Reform Hopes (Reuters)
  • Obama Sets Conditions for Keystone Pipeline Go-Ahead (FT)
  • World’s Most Indebted Households Face Rate Pain (BBG)
  • SAC Probers Weighing 'Willful Blindness' Tack (WSJ)
  • Draghi Says ECB Ready to Act, Calls for Investment Over Tax (BBG)
  • U.S. Tops China for Foreign Investment (WSJ)
  • Basel Presses Ahead With Plans to Limit Bank Borrowing (FT)
  • Gillard Ousted as Australia PM by Rival Rudd (FT)
  • Japan Economic Strength Will Show in Stocks, Nishimura Says (BBG)

It's Acts of Journalism that Matter Not People Called "Journalists"

Journalists should be protected, but not because of who they are or the title next to their name, but because they are engaged in acts of journalism. At the end of the day journalism is much like porn, hard to define but “you know it when you see it.” Whether you want to call Glenn Greenwald a journalist or not, what he did in the Edward Snowden affair was clearly an “act of journalism” and therefore must be protected and defended at all costs. Mike Krieger, of Liberty Blitzkrieg, is extraordinarily bothered by the manner in which the oligarch gatekeepers in the mainstream media and elsewhere are attempting to discredit Glenn Greenwald by saying he is “not a journalist.” It appears their primary strategy in fighting back against truth-tellers, whistleblowers and journalists in the wake of Edward Snowden’s revelations is by attempting to control the definition of the term “journalist.”  This way they can then proclaim who is a “real journalist” and who isn’t.

US Futures Bid On Strong China PMI; Europe Markets Offered On Weak China PMI

Nothing like a solid dose of schizophrenia to start the week, following Chinese PMI news which showed that once again the Chinese economy was both contracting and expanding at the same time. Sure, one can justify it by saying HSBC looks at smaller companies while the official data tracks larger SMEs but the reality is that just like in the US, so China has learned when all else fails, baffle with BS is the best strategy. As a result the media is attributing he drop in European stocks to the weaker than expected China PMI, while the green prints in US futures are due to... stronger than expected China PMI. There were no split-personalities in Japan, however, where Mrs. Watanable's revulsion with recent euphoria led the Nikkei to tumble over 500 points, to closed down another 3.72%, and is now on the verge from a 20% bear market from its May 23 multi-year highs. The fact that the USDJPY reached within 3 pips of the Abenomics "fail" zone of USDJPY 100 didn't help overnight sentiment.

With The Unwind Approaching, Here Are $18.6 Billion SAC Capital's Largest Stock Positions

Nearly three years ago, following the publishing of "Is The SEC's Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?" which exposed the key aspects of SAC's insider trading strategy, and which linked SAC, and the hedge fund world in general, to expert networks three weeks before virtually anyone outside of the 2 and 20 (or 3 and 50 as the case may be) world had heard of them and before they became a household euphemism for insider trading, we expected the full rabid fury of the world's best paid legal team to fall upon us. It didn't, which meant only one thing: we were correct, or they had bigger fish (to avoid harpooning) on their mind. Turns out it was both.

Frontrunning: May 24

  • The deeper agenda behind "Abenomics" (Reuters)
  • BoJ governor Haruhiko Kuroda promises to stabilise bond market (FT)
  • Obama Sees Sunset on Sept. 11 War Powers in Drone Limits (BBG)
  • Lower CPMs for everyone: FTC Begins Probe of Google's Display-Ad Business (WSJ)
  • Apple’s Tax Magic Leaves Irish Bondholders Unmoved (BBG)
  • Asia Goes on a Debt Binge as Much of World Sobers Up (WSJ)
  • All hail Gazpromia: UK gas supply six hours from running out in March (FT)
  • Spain’s banks face €10bn more provisions (FT) ... and then more, and more, and more
  • Truck strike may have caused Washington state bridge collapse, officials says (Reuters)
  • P&G Says A.G. Lafley Rejoins as Chairman, CEO (BBG)
  • Five Key Things About the SAC Insider Case (BBG)

Frontrunning: May 21

  • IMF Tells Central Europe to Spend More (WSJ)
  • Tornadoes Blast Oklahoma (WSJ)
  • Frenetic search for survivors as 91 feared dead in tornado-hit Oklahoma (Reuters)
  • JPMorgan investors on edge over vote on Dimon; what if they win? (Reuters)
  • Wealthy bank depositors to suffer losses in EU law (Reuters)
  • Yen Slips as Amari Backtracks (BBG)
  • Japan Ready for More Yen Weakness Despite Recent Comments (WSJ)
  • IRS officials back on Capitol Hill hot seat over targeting (Reuters)
  • Li Keqiang pledges China boost to India trade (FT)
  • Europe's Recession Sparks Grass-Roots Political Push (WSJ)
  • Obama and Xi to meet in effort to calm growing US-China rivalry (FT)
  • Berlin plans to streamline EU but avoid wholesale treaty change (FT)
  • France must reform or face punitive measures - EU's Oettinger (Reuters)

SACked: Cohen Considers Closing

It appears that the noose is tightening and the wobbly-chair that Steve Cohen is standing on is getting wobblier... As Bloomberg reports, after five years under investigation for insider trading Steve Cohen is considering a 'deal' with prosecutors that would shut his $15 billion fund to outside investors and (as we noted this morning) shift a family (friends and employees) office.


The deferred prosecution is intriguing as "when a company enters into a DPA with the government, or an NPA for that matter, it almost always must acknowledge wrongdoing..." and the clock is ticking with the statute of limitations up at the end of July.