Corruption

Tyler Durden's picture

The $12 Trillion Fat Finger: How A "Glitch" Nearly Crashed The Global Financial System - A True Story





... in under a minute, the hateful script had taken offline the entire system in much the same manner as chucking a spanner into a running engine might stop a car. The databases, as always, were flushing their precious data onto many different disks as this happened, so massive, irreversible data corruption occurred. That was it, the biggest computer system in the bank, maybe even the world, was down. And it wasn't coming back up again quickly. At the time this failure occurred there was more than $12 TRILLION of trades at various stages of the settlement process in the system. This represented around 20% of ALL trades on the global stock market.

 
Tyler Durden's picture

Is China's 'Black Box' Economy About To Come Apart?





After 30 years of torrid expansion, perhaps the single most consequential factor in China’s economy is how much of it is a “black box”: a system with visible inputs and outputs whose internal workings are opaque. China’s recorded history stretches back thousands of years, but in terms of applicable financial and economic parallels to the current economy, there is no precedent. China’s leadership is truly in uncharted waters. This in itself heightens the risk of miscalculation and basing policies on faulty premises.

 
Tyler Durden's picture

New York Hedge Fund Och-Ziff Under Investigation For Bribery In $100M "Loan" To Zimbabwe Dictator Mugabe





In this case, it’s not just about theft and destroying the world economy. Giant financial firms can apparently just “settle” even when grotesque human rights abuses occur. This is how “justice” works in America.

 
Tyler Durden's picture

Dentist Who Killed Cecil Hires Armed Security Guards After Vandals Sack Vacation Home





"We have armed investigators on the property, we're setting up covert cameras, we're documenting all license plates," the head of Global Investigative Group told NBC, referring to the "investigation" taking place in South Florida, where vandals, furious at Walter Palmer who killed a protected lion, placed marinated pigs' feet on the dentist's vacation home driveway.

 
Tyler Durden's picture

Is This Country Latin America's Next "Argentina"





Today, following another spike in negative news, it appears that the credit markets have finally woken up, and a quick look at Brazil's CDS shows that following today's spike to 314bps, the country's implied default risk is back to levels last seen in April of 2009! We expect more credit market participants to notice the depressionary developments in brazil, and as the country's CDS continue to blow out, many will start asking themselves: is Brazil the next Argentina?

 
Tyler Durden's picture

The Roots Of Iraq's Looming Financial Crisis





Low oil prices and the battle against Islamic State (IS) are pushing Iraq toward a financial crisis. Only fundamental reforms, especially decentralization of power, can resolve the challenges facing Iraq today.

 
Tyler Durden's picture

They Live, We Sleep: A Dictatorship Disguised As A Democracy





We’re living in two worlds, you and I. There’s the world we see (or are made to see) and then there’s the one we sense (and occasionally catch a glimpse of), the latter of which is a far cry from the propaganda-driven reality manufactured by the government and its corporate sponsors, including the media. Indeed, what most Americans perceive as life in America - privileged, progressive and free - is a far cry from reality, where economic inequality is growing, real agendas and real power are buried beneath layers of Orwellian doublespeak and corporate obfuscation, and “freedom,” such that it is, is meted out in small, legalistic doses by militarized police armed to the teeth. All is not as it seems.

 
Tyler Durden's picture

Meet Solyndra 2.0: This US-Taxpayer-Subsidized Spanish "Renewables" Firm Is Collapsing





News that bonds and stocks of Abengoa SA - the Spanish renewable-energy company - plunged after a plan to shore up capital failed to reassure investors that it can stop burning cash is likely to have passed many by. But coming just one day after President Obama unleashed his Clean Power Plan, the fact that the company received over $230 million in US taxpayer subsidies in 2014 - despite two ongoing federal investigations - may raise an eyebrow or two as images of Solyndra's government-sponsored farce come to mind.

 
Tyler Durden's picture

DOJ Launches Criminal Investigation Into Deutsche Bank Russian Trades





Just days after WSJ revealed that Deutsche Bank's $2.5 billion LIBOR settlement could be in jeopardy due to the apparent mishandling of chat records dating back to 2005, Bloomberg says Loretta Lynch’s Justice Department has launched a criminal probe into the bank’s alleged role in facilitating a series of trades which may have allowed Russian clients to launder billions through the bank's trading desks.

 
Tyler Durden's picture

Frontrunning: August 4





  • Unhappy Voters Shake Up Presidential Race (WSJ)
  • China stock exchanges step up crackdown on short-selling (Reuters)
  • China Dethroned as World’s Most Liquid Stock Market After Curbs (BBG)
  • Xiaomi retakes the smartphone lead in China as Apple slips (Engadget)
  • Impact of EPA’s Emissions Rule on Industry to Vary (WSJ)
  • Citadel’s Ken Griffin Leaves 2008 Tumble Far Behind (WSJ)
  • Greece says expects bailout deal by Aug 18 (Reuters)
 
Tyler Durden's picture

"This Is The Largest Financial Departure From Reality In Human History"





We have lived through a credit hyper-expansion for the record books, with an unprecedented generation of excess claims to underlying real wealth. In doing so we have created the largest financial departure from reality in human history. Bubbles are not new – humanity has experienced them periodically going all the way back to antiquity – but the novel aspect of this one, apart from its scale, is its occurrence at a point when we have reached or are reaching so many limits on a global scale. The retrenchment we are about to experience as this bubble bursts is also set to be unprecedented, given that the scale of a bust is predictably proportionate to the scale of the excesses during the boom that precedes it. Deflation and depression are mutually reinforcing, meaning the downward spiral will continue for many years. China is the biggest domino about to fall, and from a great height as well, threatening to flatten everything in its path on the way down. This is the beginning of a New World Disorder…

 
George Washington's picture

Politicians from Both Sides of the Aisle: Corruption Has Destroyed America





There's Always Been Some Corruption ... But Now Things Have Just Gotten Silly

 
Tyler Durden's picture

"It May Come To A Military Coup": Ukraine's "Nazis" Threaten To Overthrow Government





"Having lived in [western] Europe, I realise that they often confuse Nazism with nationalism, which for us Ukrainians is more akin to patriotism. It’s not about considering your own ethnic group as superior, but being proud of it, and of defending your country."

 
Tyler Durden's picture

Amid Escalating Violence In Turkey, Erdogan Says Putin Ready To "Give Up On Assad"





As opposition lawmakers accuse Tayyip Erdogan of blocking efforts to form a coalition government, Ankara says the PKK orchestrated a suicide attack that killed three Turkish soldiers. Meanwhile, Erdogan says Vladimir Putin is ready to "give up on" Bashar al-Assad in Syria.

 
Tyler Durden's picture

Rent Bubble = Housing Bubble = Rent Bubble





Both bubbles (rents and housing) are vulnerable to popping. The real test of valuation is: what's it worth in a recession, after all the easy money and the jobs that depended on easy money have vanished?

 
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