A real-estate firm that has been a favored investment of Sen. Bob Corker, R-Tenn. is under investigation by federal law-enforcement officials for alleged accounting fraud. The FBI and the SEC are focusing their examination of CBL & Associates Properties on whether officials at the Chattanooga, Tenn., company falsified information on financial statements to banks when applying for financing arrangements. The FBI and SEC are also inquiring into the trades of Bob Corker who has made millions of dollars in profits trading the company’s stock in recent years
The United States conducted a drone strike on Saturday against the leader of Afghan Taliban, Mullah Akhtar Mansour, likely killing him on the Pakistan side of the remote border region with Afghanistan in a mission authorized by U.S. President Barack Obama. The assassination could further fracture the Taliban - an outcome that experts cautioned might make the insurgents even less likely to participate in long-stalled peace efforts. Alternatively, it could lead to far more violent and deadly retaliation against the US both in Afghanistan and around the world.
- Lacking new ideas, G7 to agree on 'go-your-own-way' approach (Reuters)
- Japan's Aso tells G7 FX stability vital, no competitive devaluations (Reuters)
- Snubbed by West, Russia rolls out red carpet for Asian leaders (Reuters)
- The Fed Has Something to Prove to Wall Street (BBG)
- Trump's Supreme Court list: all conservative, some provocative (Reuters)
- Nasdaq Raises Lawsuit Threat Over SEC’s IEX Speed-Bump Plan (WSJ)
Over a decade ago, the US cracked down on Marth Stewart as an example of all that is wrong with the US financial system. The same US which did not put any bankers in prison after the financial crisis. We now get a repeat. The United States Attorney for the Southern District of New York Preet Bharara announces charges against William “Billy” Walters and Thomas Davis, the former Chairman of the Board of Directors of Dean Foods Company, for insider trading.
"[Mickelson] has entered into an agreement with the SEC under which he will return all the money he made on that 2012 investment. Phil understands and deeply respects the high professional and ethical standards that the companies he represents expect of their employees, associates and of Phil himself. He subscribes to the same values and regrets any appearance that, on this occasion, he fell short. He takes full responsibility for the decisions and associations that led him to becoming part of this investigation."
Having denied any investigation as "inflammatory and speculative" when the Phil Mickelson insider-trading brouhaha initialy erupted two years ago, it appears the golfer's lawyers may have to shift from the "deny deny deny" defense to "let's make a deal." Having been unable to pin anything on Wall Street insider Carl Icahn, Vegas sports gambler Billy Walters, and pro-golfer Mickelson with regard their trading in Clorox (during Icahn's takeover bid); the SEC has arrested Walters and announced criminal charges against Dean Foods' Chairman Thomas Davis (who stepped down after suspicions of leaking insider tips) and after generating nearly $1million in profits from the Dean Foods trading tip Phil Mickelson is charged with insider trading and wilb be forced to disgorge ill-gotten gains.
- Nerves dominate before U.S. retail numbers (Reuters)
- Stocks Give Up Week’s Gains as Commodities Fall; Yen, Bonds Rise (BBG)
- Apple Invests $1 Billion in Didi, Uber’s Rival in China (WSJ)
- Dollar hits two-week high, posts best fortnight since February (Reuters)
- OPEC Sees Rival Oil Production Declining as Markets Rebalance (WSJ)
- Trump on best behavior as he woos Republicans but differences remain (Reuters)
Deustche Bank Brokers Jailed After "Prolonged, Persistent Bad Behavior" In Biggest Insider Trading Bust EverSubmitted by Tyler Durden on 05/12/2016 09:06 -0400
Two former Deutsche Bank corporate brokers have been sentenced to one of the longest prison terms possible for the crime of insider trading in the UK. As US financial market participants walk free in the streets managing their own "home office" money, Martyn Dodgson and Andrew Hind will be rotting in a Wandsworth prison cell (among the worst reputed of England's prisons) for up to four and half years for what the judge called "persistent, prolonged and deliberately dishonest behavior." As Bloomberg reports, the group, including three other defendants, formed part of the FCA’s biggest insider-trading investigation dubbed Operation Tabernula.
If yesterday's selloff had a specific catalyst, namely some of the worst consumer retail earnings seen in years, it merely undid the Tuesday rally which levitated global risk with no fundamental driver, aside for a 200 pip spike in the USDJPY. Some central bankers may even say it was a "magical" levitation. Fast forward to the overnight session when following a muted Asian session, it was once again up to the "magical" USDJPY to send stocks well into the green without any actual catalyst whatsoever, but what merely appears to have been another "magical" intervention session by the BOJ.
An Update From the Front Lines ...
The ECB released a report that 'implies' there's insider information taking place. Reuters sells data front running as a service, it's called 'low latency news.'
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?