Corruption

Tyler Durden's picture

Ban Russian Track And Field Athletes From 2016 Olympics, Commission Urges





An "independent" commission of the World Anti-Doping Agency has found that Russia engaged in state-sponsored doping and more importantly, recommended that Russia’s track and field athletes be suspended from Olympic competition in 2016.  The "Independent" commission was led by  Canadian Dick Pound. Joining him on the commission was Richard McLaren, another Canadian lawyer and a long-standing member of the Court of Arbitration for Sport, as well as Günter Younger, head of department of cybercrime with Bavarian Landeskriminalamt. So two Canadians and a German made up an "independent" commission that now wants to bar Russia from the marquee event of the upcoming olympics.

 
Tyler Durden's picture

Frontrunning: November 9





  • Global Stocks Slip Lower (WSJ)
  • Dollar sits pretty, bond yields rise as Fed bets firm (Reuters)
  • Takeover Loans Have Few Takers on Wall Street (WSJ)
  • Chinese Buyers Seek Dollar Assets as Promise of Yuan Gains Fades (BBG)
  • Banking Giants Learn Cost of Preventing Another Lehman Moment (BBG)
  • Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece (WSJ)
 
Tyler Durden's picture

BRICs Finally Broke: Goldman Pulls The Plug On "Revolutionary" Acronym Fund After 88% Loss





Back in February 2013, the creater of the BRIC acronym, Goldman's Jim O'Neill retired, but not before some very (traditionally) optimistic words of parting, namely that there is "clear evidence things are doing better economically." Nearly three years later, things are not only not doing better economically, with the entire world now engaged in outright, or quasi QE (with helicopter money to follow as Adair Turner infamous warned) just to support global asset prices, but the very emerging markets that made up the BRICs, have devolved to a state of economic freefall. And nowhere is this more obvious than in Goldman's decision to pull the plug on the infamous fund that bears the name of Goldman's most bullish acronym in history.

 
Tyler Durden's picture

Frontrunning: November 6





  • Dollar at three-month high as payrolls paralysis sets in (Reuters)
  • 5 Things to Watch in the October Jobs Report (WSJ)
  • China to Lift Ban on IPOs (WSJ)
  • ArcelorMittal Is Latest Victim of China's Steel-Export Glut (BBG)
  • 'Hope to see you again': China warship to U.S. destroyer after South China Sea patrol (Reuters)
  • Giants Tighten Grip on Internet Economy (WSJ)
  • Questions Surround Valeant CEO Pearson (WSJ)
 
Sprott Money's picture

Russia and China: Victory-by-default





History tells us that empires are rarely defeated, by any external rival. 

 
Sprott Money's picture

China Proposes Phasing-Out Manipulative Trading Algorithms





Over the past decade; our markets have ceased to behave like “markets”, at all. 

 
Tyler Durden's picture

The Real Issues You Won't Hear From The 2016 Presidential Candidates This Election Year





These are not problems that can be glibly dismissed with a few well-chosen words, as most politicians are inclined to do. Nor will the 2016 elections do much to alter our present course towards a police state. Indeed, it is doubtful whether the popularity contest for the new occupant of the White House will significantly alter the day-to-day life of the average American greatly at all. Those life-changing decisions are made elsewhere, by nameless, unelected government officials who have turned bureaucracy into a full-time and profitable business.

 
Tyler Durden's picture

"Shocking And Incredible": IG Slams DOD For "Having No Knowledge" About $800 Million Program





By now most have heard of the infamous gas station in Sheberghan, northern Afghanistan which "cost" the U.S. Department of Defense nearly $43 million to "build."As it turns out this was nothing.  As the IG notes, somehow the Department of Defense lost all track and knowledge of a "reconstruction" program that amounted to a whopping $800 million...

 
Tyler Durden's picture

Widening Probe Snags Most Senior Chinese Banker Yet, Sends Stocks Lower; RBA Sparks Commodity Slide, FX Turbulence





It's a busy night in AsiaPac. The ubiquitous Japanese stock buying-panic at the open quickly faded. China weakened the Yuan fix quite notably and injected another CNY10bn of liquidity but news of the arrest of the President of China's 3rd largest bank and a graft investigation into Dongfeng Motor's general manager sparked greater uncertainty and Chinese stocks extended the losses from yesterday. Commodities had started to creep lower, with Dalian Iron Ore pushing 2-month lows with its biggest daily drop in 3 months, were extended when the Aussie central bank kept rates steady (as expected) but sparked turmoil in FX markets with forward guidance of th epotential for more easing.

 
Tyler Durden's picture

Blatant Gold/Silver Manipulation Reflects The Complete Corruption Of The U.S. System





The only way that the Fed and the politicians can claim that the economy is “fine” and QE “worked” is to make sure that the one piece of obvious evidence which would say otherwise is kept highly restrained. The manipulation of the gold and silver market is a nothing but a product of complete systemic corruption.

 
Tyler Durden's picture

Did The PBOC Just Exacerbate China's Credit & Currency Peg Time Bomb?





China as the global Bubble’s focal point – the weak link yet, at the same time, the key marginal source of Bubble finance. China’s policy course appears to focus on two facets: to stabilize the yuan versus the dollar and to resuscitate Credit expansion. For better than two decades, similar policy courses were followed by myriad EM policymakers in hopes of sustaining financial and economic booms. Many cases ended in abject failure – often spectacularly. Why? Because when officials resort to such measures to sustain faltering Bubbles it generally works to only exacerbate systemic fragilities. For one, late-stage reflationary measures compound Credit system vulnerability while compounding structural impairment to the real economy. Secondly, central bank and banking system Credit-bolstering measures create liquidity that invariably feeds destabilizing “capital” and “hot money” outflows.

 
Tyler Durden's picture

Obamacare Is A Disaster: Co-Op Insurers Across America Are Collapsing, And Now There Is Fraud





Just when you thought it couldn't get any worse for Obamacare, it gets worse.

 
Tyler Durden's picture

The Constitution's Big Lie





One of the greatest hoaxes ever perpetrated upon Americans at the time of its telling and which is still trumpeted to this very day is the notion that the U.S. Constitution contains within its framework mechanisms which limit its power. The “separation of powers,” where power is distributed among the three branches – legislative, executive, judicial – is supposedly the primary check on the federal government’s aggrandizement. This week, once again, this sacred held tenet of American political history has once again been disproved.

 
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