ECB: "information of many macroeconomic announcements is known by some market participants in advance"
Translation: the market was and remains rigged
US Government "Agrees In Principle" With Volkswagen's $10 Billion-plus 'Sorry-We-Cheated' Compensation PlanSubmitted by Tyler Durden on 04/21/2016 11:23 -0400
Judge Charles Breyer has confirmed that Volkswagen's $10 billion-plus plan to resolve claims by the U.S. government and lawsuits by American car owners over its pollution-cheating debacle has been 'agreed in principle' by the Justice Department and various other US agencies. The plan covers at least 480,000 cars in the US and over 600 lawsuits offering consumers flexibility including buybacks and "substantial compensation," but does not address fines or penalties.
What's a Couple Hundred Trillion Benjamins Between Friends?
Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.
Since the beginning of what is now considered “the zenith of unabashed central bank interventionism” few were willing to speculate, let alone admit, that without the Federal Reserve continuously pumping money in one form or another, while simultaneously keeping interest rates at the zero bound – the markets had no fundamental reason whatsoever to be at these current levels. Currently up seems to only happen in response after some jawboning or implied immediate implementation, where the theme is more mea culpa in nature. Rather, than fortitude or conviction of policy.
We were hoping that Mr. Cohen, who surely would not want his name dragged back into another insider trading scandal as he prepares to move back to managing other people's money which he will be allowed to do in two years time, now that the SEC has granted him a reprieve from the isolation of a family office, will provide us with the required information, the same information which several years ago was material enough for the Feds to unleash the most historic crackdown on a legendary hedge fund in modern capital market history.
- Oil eases off highs after output freeze agreement (Reuters)
- Saudis and Russia agree to oil output freeze, Iran still an obstacle (Reuters)
- China Loses Control of the Economic Story Line (WSJ)
- Obama starts work to pick Supreme Court justice amid political 'bluster' (Reuters)
- The Never-Ending Story: Europe’s Banks Face a Frightening Future (BBG)
- Apollo Global to buy security services company ADT for $7 billion (Reuters)
On Jan 28, the price of silver flash crashed. This irregularity occurred around the silver fix. The spot price was $14.40 but the fix was $13.58.
Courtesy of Bank of America, here is a list of the 100 top hedge funds in the US and their 100 favorite stock holdings - assuming the status quo continues, expect very substantial asset declines among these 100 when we rerun this analysis in 52 weeks time.
- Battered oil wins respite, lifts stocks (Reuters)
- Oil Halts Decline as Emerging Market Stocks Climb on China (BBG)
- Bonds Set to Beat Stocks Globally in 2015 After China Falters (BBG)
- SpaceX Falcon rocket nails safe landing in pivotal space feat (Reuters)
- China Leaders Flag More Stimulus After Top Economic Meeting (BBG)
- SEC to Retrench Case Against SAC’s Steven A. Cohen (WSJ)
“Communist Party graft busters have been taking officials, one by one, to a hotel close to the [CSRC’s] headquarters to press them to come clean or report on others."
Less than two weeks after Guotai chief Yim Fung went "missing" amid Beijing's reinvigorated crackdown on market "manipulators," Citic Securities - China's largest broker - says it cannot find two of its most prominent investment bankers. Considering recent events, you don't have to be a detective to make an educated guess as to what might have happened to Jianlin Yan and Jun Chen.
"You can't 'comply' because there is no rule of law. The best thing you can do is establish processes for who is likely to be taken away, and how to make sure they aren't disappeared forever."
Researchers at Duke University and the University of California at Berkeley point to quantitative evidence that The Fed consistently leaks non-public information about its meetings, driving an investment pattern that has led to market gains.