Department of Justice
Earlier today, in addition to insult and injury, what everyone - and especially GTAT's shareholders - got was nothing short of a slap in the face, when the company argued it could not reveal why it filed for bankruptcy and asked a court to keep crucial documents sealed, something even Reuters dubbed a highly unusual move that may keep investors in the dark about its unexpected, and very spectacular implosion.
Who can feel confident about the tending of things just now? The diminishing returns of the Information Age are about to bite our collective asses. The sum of all that digital magic is a nation completely incapable of telling itself the truth or acting honorably. Unemployment is down without employment being up. Candy Crush is making the world safe for democracy. We have the finest health care system in the world. ISIS is trying to compete with our homegrown videogame industry for supremacy in porno-violence (actually, I thought we already won that) but now we will obliterate all the bad guys in the world by remote control from the drone bunkers of Las Vegas, and that will show them. Thank goodness the long holiday season is almost upon us to juice the so-called economy ever-higher. There has never been a crazier moment in history.
- Apple CEO Cook Goes From Record Sales to IPhone Stumbles (BBG)
- Deal With Saudis Paved Way for Syrian Airstrikes (WSJ)
- Drone delivery: DHL 'parcelcopter' flies to German isle (Reuters)
- Tory Burch Hires Ralph Lauren Veteran as Co-CEO (WSJ)
- Apple releases iOS 8 workaround to fix dropped cell service (Reuters)
- Ukraine Probes Ex-Minister Over $3 Billion Russian Bond (BBG)
- Goldman Sachs-Led Group Near Deal to Buy Messaging Startup Perzo (WSJ)
- U.K. Seeks to Criminalize Manipulation of 7 Benchmarks (BBG)
In order to do prove its undying commitment to the US, moments ago the French Defense Ministry took a page right out of the Pentagon/CNN playbook, and released footage of French warplanes striking targets belonging to the Islamic State after taking off from an airbase. Paris announced earlier this week it was taking part in military air strikes against the militant group in Iraq. The video shows a pilot inspecting his aircraft, a French Rafale, before takeoff. The footage also shows several craft being refueled in mid-flight as well as infrared shots of the targets being bombed.
- House votes to arm Syrian rebels (Reuters).... aka ISIS
- Fed Plots Cautious Course on Rate Rises (Hilsenrath)
- Scots vote in independence referendum to seal the United Kingdom's fate (Reuters)
- Yes or No, the Winner of the Referendum Is Brand Scotland (BBG)
- Draghi Loan Plan Missing Estimates Hampers ECB Stimulus (BBG) - get with the spin, it simply means "Moar QE"
- Obama Plans to Tightly Control Strikes on Syria (WSJ)
- IMF warns of risks from 'excessive' financial market bets (Reuters)
- Russia Praises Ukraine's Autonomy Law for Rebel Areas (WSJ)
This is where our economies are perverted. It’s the final excesses and steps of a broke society. It’s madness to the power of infinity. The only thing that’s certain is that in the end, your money will all be gone. That’s how Mario Draghi ‘saves’ the EU for a few more weeks, and that’s how the big boys of finance squeeze more from what little you have left (which is already much less than you think). A world headed for nowhere.
Plus: Exclusive Interview with FBI Whistleblower
It was in June of 2011 when we reported that Bank Of America agreed to pay $8.5 billion to settle mortgage (mis)representation suit, where we said the bank was "about to part with more money than it has earned since 2008 in what will soon be the biggest financial settlement in the industry." Fast forward 3 years later when Bank of America once again makes history with its latest, and literally greatest, mortgage settlement with the US government, putting all of its MBS transgressions in the past, and which will cost the bank some $16.65 billion (of which, however, some $7 billion will be "consumer relief" and the remainder likely tax-deductible), a new record, and allow the bank to continue adding back "one-time, non-recurring" litigation charges to its adjusted, non-GAAP bottom line, thus once again "beating expectations".
"At a time when so much may seem uncertain, the people of Ferguson can have confidence that the Justice Department intends to learn - in a fair and thorough manner - exactly what happened... In order to begin the healing process, however, we must first see an end to the acts of violence in the streets of Ferguson."
Of all the awful tensions roiling and coiling in American society, it’s only a little bit surprising that the racial module is blowing off now rather than, say, the stock market. Perhaps it’s a seasonal thing: race riots in the summer; stock market crashes in the fall, revolutions in the spring.
Now that everyone is finally focusing on the strategy of bloating any available company with massive leverage in order to use the proceeds to either buyback stock or engage in "synergy-creating" M&A (leading to countless pink slips), which is affectionately known as "activism", here is Bill Ackman's latest, Q2, letter with his take on this topic of how massive leverage which is great for shareholders now, but a disaster waiting to happen for employees and bondholders in the future as soon as rates rise, is the greatest thing since sliced bread.
U.S. Has Lost the Immune System Created by the Founding Fathers
Last week's first ever U.S.-Africa summit was a perfect mix of dinner-party diplomacy with some of the world’s most violent and homophobic dictators. As the Daily Mail points out, President Obama had no problem smiling and hobnobbing with a cornucopia of murders and human rights abusers. Just remember this the next time a politician tries to get you enraged about a human rights abuse somewhere. There is always an ulterior motive, because without question, the U.S. only cares about human rights when it is geopolitically or economically advantageous to do so.
- Pope Francis calls for action as Iraqi Christians forced to flee (Reuters)
- Richest Russians Deprived of Luxury Foods by Putin’s Ban (BBG)
- Exxon Drilling Russian Arctic Shows Sanction Lack Bite (BBG)
- Israeli Jets Strike Gaza Targets After Rockets Shatter Truce (BBG)
- U.S. starts aid airdrops in Iraq but no strikes yet (Reuters)
- Banks Said to Be Arranging Argentine Debt Buyer Group (BBG)
- Siberia Flight-Ban Threat Forces Airlines to Mull Options (BBG)
- Malaysia Airlines to Be Delisted in $429 Million Buyout (BBG)
- Erdogan poised to win Turkey's first popular presidential vote (Reuters)
- African Bank Fights Collapse in Espirito Santo-Like Drama (BBG)
- China to build lighthouses on five isles in defiance of U.S. call (Reuters)
The gold price manipulation scheme will go down as the biggest financial market scandal in US history for numerous reasons. They include the destruction of the free market system in the United States.