When it rains - for hedge fund managers, it pours - If it's not lack of alpha, it's insider trading. Moments ago, the SEC charged iconic hedge fund manager, Omega Advisors' Leon Cooperman with insider trading, accusing him of generating substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma.
While Italy's prime minister Matteo Renzi may be wrong about almost everything else, he is right about the elephant in the room: Deutsche Bank's "hundreds and hundreds and hundreds of billions of euros of derivatives." €42 trillion to be precise.
Following June's proposal, the merger of kissing-cousins TSLA and SCTY was confirmed in early August. Since then, the market has begun to aggressively price out the probability that the deal goes through as SCTY tumbles relative to SCTY's offer. Even more concerning is the massive bet someone just made that in the options market that the deal will not go through in Q4 as expected.
"There is something in the human psyche which denies economic truths. The explanation as to why free markets work is logical and simple to understand. The contrary evidence, that statist attempts to interfere with Adam Smith’s invisible hand always fail, is irrefutable. Yet the blame for failure is always laid at the door of capitalism. The few of us that persistently insist that right is not wrong and wrong is not right attempt a seemingly hopeless task of persuading the unwilling..."
"The Clinton Foundation appears to be a rogue charity that has neither been organized nor operated lawfully from inception to date-as you will grow to realize, it is a case study in international charity fraud, of mammoth proportions... Foundation entities are part of a network that has defrauded donors and created illegal private gains of approximately $100 billion in combined magnitude since 1997."
As momentum builds in the developing deflationary spiral, we are seeing increasingly desperate measures to keep the global credit ponzi scheme from its inevitable conclusion. Credit bubbles are dynamic - they must grow continually or implode - hence they require ever more money to be lent into existence. As the peak of a credit bubble is reached, all these necessary factors first become problematic and then cease to be available at all. Past a certain point, there are hard limits to financial expansions, and the global economy is set to hit one imminently.
After finding what appears to be a slam dunk case of fraud, provable by even the most mediocre civil litigator, we uncover DB apparently preparing for much more of the same. DB stakeholders, Caveat Emptor!
“They’ve tried to solve the debt crisis by printing trillions of dollars of more debt, and somehow they expect the economy to grow under the weight of those burdens. We’re just borrowing new money to pay back old money. I would say that we’re in the late stages of Ponzi finance.”
Would fate permit it, the election of Hillary Clinton will be the supreme and perhaps terminal act in an Anything-Goes-And-Nothing-Matters society. Her reward in office may be to dodge indictment for four years while the nation crumbles around her. This is the way the world ends: not with a bang or a whimper but with a cackle.
"I just got word from the Securities and Exchange Commission that I am to receive half of a $16.5m whistleblower award. But I refuse to take my share. Deutsche did not commit this wrongdoing. Deutsche was the victim. Meanwhile, top executives retired with multimillion-dollar bonuses."
Dealers, the bedrock of the global monetary system, are hoarding collateral and it shows. That, however, doesn’t fit within the recovery narrative, so the media resorts to the easy and absurd to obscure what “should” not be happening...
there was renewed speculation if Icahn had given up on his record bearish bet. So when overnight IEP released its latest 10-Q, we were eager to find out if Carl had unwound his record short, or perhaps, added more to it. What we found is that one quarter after having a net short position of -149%, as of June 30, Icahn's net position was once again -149%, or in other words, he has once again never been shorter the market.
The first bank to admit that it engaged in massive manipulation of the LIBOR rate was Barclays back in 2012, and traders are still being scapegoated tried in court to this day. As Bloomberg reports, five traders learned their fate recently, nearly four years since the bank admitted to the charge. Three traders were convicted, while the jury was unable to reach a verdict on the final two.