• Pivotfarm
    04/20/2014 - 17:08
    As the audience went from laughter to applause, Vladimir Putin responded to the question that he had just read out on a televised debate in Russia. What was the question?

Honeywell

testosteronepit's picture

Hang On Tight: ‘Merger Monday,’ Which Died in 2008, Is BAAACK





Like in the bubble days of 2007: the big numbers, the deal exuberance, the craziness, the hoopla

 


Tyler Durden's picture

Frontrunning: January 13





  • Full onslaught 1: New Jersey Gov. Chris Christie's Aides Pressed Hard for Endorsements (WSJ)
  • Full onslaught 2: Feds investigating Christie's use of Sandy relief funds (CNN)
  • Iran nuclear deal to take effect on January 20 (Reuters), Iran to get first $550 million of blocked $4.2 billion on February 1 (Reuters)
  • Sen. McCaskill didn’t want to be in same elevator with Hillary Clinton (Hill)
  • The banks win again: Basel Regulators Ease Leverage-Ratio Rule for Banks (BBG)
  • Ireland's Rebound Is European Blarney (NYT)
  • Democrats prove barrier for Obama in quest for trade deals (FT)
  • Federal Reserve Said to Probe Banks Over Forex Fixing (BBG)
 


Tyler Durden's picture

Pro-War Senator Votes Bought With 83% More Defense Lobby Money?





Wednesday's 10-7 vote in the Senate Foreign Relations Committee supporting an authorization of military attacks on Syria may have been affected by varying levels of financial support the senators got from political action committees representing the defense industry, and from the companies' employees. As The Daily Mail reports, on average, a 'yes'-voting senator received 83% more money from defense contractors than one who voted 'no.' Committee members who voted Wednesday to support the proposal collected an average of $72,850 in defense campaign financing between 2007 and 2012, Wired magazine reported, based on data collected by the Center for Responsive Politics. Those who dissented in the committee vote averaged $39,770, with the four senators who received the least amount of defense dollars, ranging from $14,000 to $19,250, all voted no. At a Pentagon-estimated cost of around $5 billion per month (for a 2-month deployment) - and in light of our previous discussion on lobbying ROIs - is it any wonder?

 


Tyler Durden's picture

Frontrunning: July 29





  • More Doctors Steer Clear of Medicare (WSJ)
  • Syrian Looters in Bulldozers Seek Treasure Amid Chaos (BBG)
  • Siemens CEO Peter Löscher Is Set to Leave His Post After Series of Earnings Misses (WSJ)
  • Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy (BBG)
  • Omincom and Publicis merger shows that advertising is now firmly in the business of Big Data: collecting and selling the personal information of millions of consumers (NYT)
  • Apple supplier accused of labour violations (FT)
  • 'BarCap was the Wild Wild West – that’s what we called it’ (Telegraph)
  • P&G chief seizes opportunity in era of three-day stubble (FT)
  • Federal Reserve 'Doves' Beat 'Hawks' in Economic Prognosticating (WSJ) - LOL: Fed "hawks"
 


Tyler Durden's picture

Honeywell Shareholders Shrug As ELT Blamed For 787 Fire





The UK's Aviation regulator has found that Honeywell's emergency locator beacon was responsible for the fire in the Ethiopian Airlines 787 at Heathrow last week. The AAIB is calling for the disabling of the ELT from all 787s and a review of the use of lithium ELTs on all other plane models. While this might, at first, seem like a negative for the stock price of Honeywell (and indeed was), given the surreality in which we live, it did not take long for the price of HON shares to not only rebound but to rally above where they were when the news hit. What could possibly go wrong?

 


Tyler Durden's picture

Frontrunning: July 16





  • India Joins Brazil to China in Efforts to Tighten Liquidity (BBG)
  • Seven dead as police and protesters clash in Egypt (Reuters)
  • U.S. senators fail to cut deal, head for showdown on filibuster (Reuters)
  • Gasoline Tankers Beating Crude for First Time on Record (BBG)
  • Smithfield's China bidders plan Hong Kong IPO after deal (Reuters)
  • Bitcoin ETF plan struggles to find support (FT)
  • Big Home Builders Gobble Up Rivals Starved for Cash (WSJ)
  • Putin wants Snowden to go, but asylum not ruled out (Reuters)
  • Zimmerman's lawyer calls prosecutors 'disgrace' to profession (Reuters)
  • McDonald’s to bring Big Mac to Vietnam (FT)
  • Korean Pilots Avoided Manual Flying, Former Trainers Say (BBG)
 


Tyler Durden's picture

Frontrunning: July 1





  • Pretty much as expected from George W. Bush: Edward Snowden ‘damaged’ security (Politico)
  • Gotta love the Keynesian-Monetarist religion: True 'Bullievers' Are Still Sweet on Japan (WSJ)
  • Canadian Takes Reins at Bank of England (WSJ)
  • Egypt streets quiet, political standoff goes on (Reuters)
  • Private Banks Leave Switzerland as End of Secrecy Hurts (BBG)
  • How Next Debt-Ceiling Fight Could Play Out (WSJ)
  • Easy Money Is Still Central (WSJ)
  • Lew Says China Needs Market Policies and Stop Spying (BBG) - China replies with the same
  • Ireland Preparing Plan to Tap Euro-Area Rescue Fund, Noonan Says (BBG)
  • Poll shows strong shift to Australian PM Rudd, new ministry named (Reuters)
 


Tyler Durden's picture

No Country For Rich, Fat Men





Given the increasing weight of taxation on the middle- and upper-incomes in this country and the first step towards savings 'wealth' taxation, it is perhaps no surprise that the nation's employers have decided enough is enough with another implicit tax - healthcare. As the WSJ reports, cost-conscious companies (such as spare tire manufacturer Michelin North America) are passing on the additional costs of healthcare to their obese workers. Are you a man with a waist measuring 40 inches or more? Have high blood pressure? Starting next year, your unhealthiness will cost you. Incentivizing 'healthiness' via credits is increasingly shifting to penalizing unhealthiness as six in ten employers are set to enforce a 'fat tax' in the next few years. The inability to grow top-lines and need to cut costs amid the uncertainty surrounding the surging corporate healthcare costs resulting from Obamacare means employers' balance of carrot and stick seems to be tilting increasingly to the stick. So the people got their pro-equality Obamacare but if you are an 80/20 risk factor - you will be less equal than others.

 


Tyler Durden's picture

Frontrunning: March 6





  • Kuroda to Hit ‘Wall of Reality’ at BOJ, Ex-Board Member Says (BBG)
  • Venezuelans mourn Chavez as focus turns to election (Reuters)
  • South Korea says to strike back at North if attacked (Reuters)
  • Milk Powder Surges Most in 2 1/2 Years on New Zealand Drought (BBG)
  • As Confetti Settles, Strategists Wonder: Will Dow's Rally Last?  (WSJ)
  • Pollution, Risk Are Downside of China's 'Blind Expansion' (BBG)
  • Obama Calls Republicans in Latest Round of Spending Talks (BBG)
  • Ryan Budget Plan Draws GOP Flak (WSJ)
  • Samsung buys stake in Apple-supplier Sharp (FT)
  • China Joining U.S. Shale Renaissance With $40 Billion (BBG)
  • Say Goodbye to the 4% Rule  (WSJ)
  • Traders Flee Asia Hedge Funds as Job Haven Turns Dead End (BBG)
  • Power rustlers turn the screw in Bulgaria, EU's poorest country (Reuters)
 


Tyler Durden's picture

Frontrunning: November 20





  • More QE could distort rather than deliver (FT)
  • Soros Buying Gold as Record Prices Seen on Stimulus (BBG)
  • EU Leaders Face Greek Aid Gap in Brinkmanship With IMF (BBG)
  • Weak data point to bigger economic drag from Sandy (Reuters)
  • Shirakawa Pushes Back With Criticism of Abe Unlimited Easing (BBG) But... but... Bernanke??
  • French Downgrade Widens Gulf With Germany as Talks Loom (BBG)
  • Japanese Poll Shows LDP Advantage Ahead of Election (WSJ)
  • BOJ in the Balance as Next Government Picks Top Posts (BBG)
  • Exchanges Get Closer Inspection (WSJ)
  • Greece edges closer to €44bn bailout (FT)
  • Japan Government to Spend 1 Trillion Yen on Next Stimulus (BBG)
  • China’s Richest Woman Divorces Husband, Fortune Declines (BBG)
 


Tyler Durden's picture

Frontrunning: October 19





  • Debt Fuels a Dividend Boom - Firms Collect Payouts, and Investors Get Yield; 'Reminiscent of the Bubble Era' (WSJ)
  • Black Monday Echoes With Computers Failing to Restore Confidence (BBG)
  • Poll: Obama Leads in Wisconsin, Iowa (WSJ)
  • Gold Imports by India Seen Climbing First Time in Six Quarters (BBG)
  • Europe pushes ahead towards ECB bank supervision (Reuters)
  • ... And fails: Summit fails to agree timetable for aid to failing lenders (FT)
  • Toyota Prius Dominates California as State’s No. 1 Model (BBG)
  • Italy raises €18bn in huge bond sale (FT)
  • Diplomacy inbox fills up as U.N. awaits U.S. presidential vote (Reuters)
  • Goldman braced for more revelations (FT)
  • China power brokers agree preferred leadership team (Reuters)
  • EU, Japan Warn Against New US Swaps Rules (WSJ)
  • Why VaR is the most meaningless contraption ever: Morgan Stanley shows the ‘flaky’ side of model (FT)
  • Made in France Trumps Consumer Choice in Hollande Jobs Quest (BBG)
  • North Korea threatens South over propaganda balloons (Reuters)
 


Tyler Durden's picture

Guest Post: An Example Of Why This Country Is Headed In The Wrong Direction





This past Friday, Barack Obama was at a Minneapolis-area Honeywell plant touting his economic recovery credentials to cheering disciples. One of the excited faithful was a young boy, fifth-grader Tyler Sullivan, who took the day off from school to hear the President speak. The President was full of the usual bombast about how Congress needs to work with him to ‘build a strong economy’, and how he wants to get $3,000 to everyone in the American middle class so that people can go out and buy ‘thingamajigs’. Naturally, the crowd cheered. It was the typical sort of gross misunderstanding of economic prosperity that you see from politicians… and most people at this point. People these days think it’s a great idea when the government sprinkles money around the middle class, and love the idea of politicians ‘coming together’ to build a better economy. In reality, when people hear talk about politicians ‘building an economy’ they should run away like a scalded dog. Throughout history, a lot of other politicians have also tried building an economy– it’s called central planning, and it just doesn’t work.

 


Tyler Durden's picture

US Companies Are Furiously Creating Jobs... Abroad





Whatever one thinks of the practical implications of the Kalecki equation (and as we pointed out a month ago, GMO's James Montier sure doesn't think much particularly when one accounts for the ever critical issue of asset depreciation), it intuitively has one important implication: every incremental dollar of debt created at the public level during a time of stagnant growth (such as Q1 2012 as already shown earlier) should offset one dollar of deleveraging in the private sector. In turn, this should facilitate the growth of private America so it can eventually take back the reins of debt creation back from the public sector (and ostensibly help it delever, although that would mean running a surplus - something America has done only once in the post-war period). This growth would manifest itself directly by the hiring of Americans by US corporations, small, medium and large, who in turn, courtesy of their newly found job safety, would proceed to spend, and slowly but surely restart the frozen velocity of money which would then spur inflation, growth, public sector deleveraging, and all those other things we learn about in Econ 101. All of the above works... in theory. In practice, not so much. Because as the WSJ demonstrates, in the period 2009-2011, America's largest multinational companies: those who benefit the most from the public sector increasing its debt/GDP to the most since WWII, or just over 100% and rapidly rising, and thus those who should return the favor by hiring American workers, have instead hired three times as many foreigners as they have hired US workers. Those among us cynically inclined could say, correctly, that the US is incurring record levels of leverage to fund foreign leverage, foreign employment, and, most importantly, foreign leverage.

 


Tyler Durden's picture

Frontrunning: April 18





  • First Japan now... Australia Ready to Help IMF (WSJ)
  • "Not if, but when" for Spanish bailout, experts believe (Reuters)
  • Spain’s Surging Bad Loans Cast New Doubts on Bank Cleanup (Bloomberg)
  • Spain weighs financing options (FT)
  • Spanish Banks Gorging on Sovereign Bonds Shifts Risk to Taxpayer (Bloomberg)
  • Spain and Italy Bank on Banks (WSJ)
  • Chesapeake CEO took out $1.1 billion in unreported loans (Reuters)
  • China preparing to roll out OTC equity market – regulator (Reuters)
  • Angry North Korea threatens retaliation, nuclear test expected (Reuters)
  • North Korea Breaks Off Nuclear Accord as Food Aid Halted (Bloomberg)
 


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