• Marc To Market
    08/29/2015 - 10:18
    Dollar recovered from the exaggerated panic at the start of last week.  Outlook is still constructive.  Here is an overview of the technical condition of currencies, bonds, oil , and S&...

Enron

Tyler Durden's picture

Introducing The Gigantic And Dangerous Wall Street Loophole You’ve Never Heard Of





The following story is guaranteed to make you sick. Once again, we’re shown that following trillions in taxpayer funded bailouts and backstops, TBTF Wall Street banks immediately went ahead and focused all their attention obtaining loopholes in order to transfer risk and make billions upon billions of dollars in the financial matrix, as opposed to adding any benefit whatsoever to society.

 
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…

 
Tyler Durden's picture

Unholy Alliance: Blythe Masters Named Chairman Of Subprime Auto Lender





Today, an unholy alliance was born when Blythe Masters, the mother of the credit default swap and former member of the fabled "Morgan Mafia" was named chairman of Santander Consumer, the largest subprime auto lender in the US.

 
EconMatters's picture

What is a Market?





What happened in the China stock market is the latest culmination of the slippery slope of governmental and central bank intervention in financial markets.....

 
Tyler Durden's picture

The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)





It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

 
Tyler Durden's picture

What Comes Next, Part 2: The Looming Transformation





The serial bubbles of the 2000’s are nothing more than what was wrought of the 1920’s, in general. The monetary character of both is not coincidence, as the failures that bookend each of these ages induces the transformation: from monetary to fiscal and back to monetary again. That looks like progress and accountability, but in each it only leads to more extreme measures (relative to the last) to still achieve what Robert Owen and Karl Marx conceived more than a century and a half ago. That leads us to 2015 and what is certainly the ragged end of the eurodollar standard. The third socialist age was undone by August 2007, but that did not stop its proprietors of “eurodollar socialism” under the name “investor capitalism” from trying to rebuild and restore it to full capacity. The groundwork has already been laid, and it is exactly what you would expect given the history since 1907. There are no widespread details about a return to capitalism and sound money practices, only how to overcome the third installation of that timeless barrier thrown down in the collapse of each of the asset bubbles so far – value.

 
Tyler Durden's picture

Wall Street To Enter Hollow Guilty Plea On FX Rigging, Return To Business As Usual





The Justice Department looks set to extract "unprecedented" guilty pleas from some of Wall Street's largest banks in connection with their role in rigging FX markets. Nevertheless, fears of triggering an "Arthur Andersen effect" will ensure that once again, TBTF institutions will suffer no material consequences.

 
Tyler Durden's picture

Nomi Prins: The Clintons & Their Banker Friends





In the coming months, however many hours Clinton spends introducing herself to voters in small-town America, she will spend hundreds more raising money in four-star hotels and multimillion-dollar homes around the nation. The question is: "Can Clinton claim to stand for 'everyday Americans,' while hauling in huge sums of cash from the very wealthiest of us?" This much cannot be disputed: Clinton's connections to the financiers and bankers of this country - and this country's campaigns - run deep. As Nomi Prins questions, who counts more to such a candidate, the person you met over that chicken burrito bowl or the Citigroup partner you met over crudités and caviar?

 
lemetropole's picture

Rant Time





As is almost always the case, the price of gold was leaned on at the standard PLAN A time in London when The Gold Cartel traders reported for work, but their nudge was thwarted pretty quickly. Gold took off again going into the Comex trading hours and managed to reach $1200 where it was stopped dead in its tracks. James Mc early this morning…

 
Tyler Durden's picture

"Too Big To Fail Is A License For Recklessness" America's Banking System Is A "Fragile House Of Cards"





"Too Big to Fail is a license for recklessness. These institutions defy notions of fairness, accountability, and responsibility... They benefit from the upside and expose the rest of us to the downside of their decisions. These banks are too powerful politically as well... Effectively we're hostages because their failure would be so harmful. They're likely to be bailed out if their risks don't turn out well and the largest financial firms in America can hide an enormous amount of risk in derivatives which creates a house of cards — a very fragile system."

 
Tyler Durden's picture

Hillary Clinton Is Grooming A Former Goldman Banker To Become America's Next Treasury Secretary





Should Gary Gensler truly be Clinton's chief financial officer, and should Hillary become America's next president, then ladies and gentlemen, in the fine tradition started by Hank Paulson who nearly brought the entire wastern world to ruin, the next US Treasury Secretary will be the following fine former Goldman Sachs employee and "champion for everyday Americans."

 
Tyler Durden's picture

Frontrunning: April 10





  • Nikkei tops 20,000, Europe hits 15-year high (Reuters)
  • GE to sell real estate holdings, sets $50 billion share buyback (Reuters)
  • Iran’s Middle Class Plans for Life After a Deal (BBG)
  • Walgreens to Close 200 Stores as It Expands Cost Cuts (WSJ)
  • Hillary Clinton expected to announce presidential run as soon as this weekend (Reuters)
  • It will cost $1.5 billion to keep Deutsche Bank Libor Manipulators out of prison  (USA Today)
  • Police Cameras Bring Problems of Their Own (WSJ)
  • Obama says concerned China bullying others in South China Sea (Reuters)
  • Investors Revive Appetite for Asian Junk Bonds (WSJ)
 
Tyler Durden's picture

Bitcoin Default Swaps: Blythe Masters Joins Bitcoin Startup





First she tried to take over the credit derivatives world which she first had to create, and succeeded. Then, after Enron failed, she tried to take over the California electricity market and also failed. And all through this time she made sure the prices of the world's precious metals were right where she wanted them. Now, a year after an embarrassing attempt to become head of her former regulator ended in humiliation, she is back and has her sights set on the final financial frontier: Bitcoin.

 
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