Insider Trading

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Frontrunning: November 21





  • When it fails, do more of it - Bank of Japan hints at extending ultra-loose monetary policy (FT)
  • PBOC Says No Longer in China’s Interest to Increase Reserves (BBG)
  • Fed casts about for endgame on easy-money policy  (Hilsenrath)
  • Big trucks still rule Detroit in energy-conscious era (Reuters)
  • Debt Limit Rise May Not Be Needed Until June, CBO Says (BBG)
  • Some Insurance Regulators Turn Down White House Invitation (WSJ)
  • Say Goodbye to the Car Salesman (WSJ)
  • U.S. drone kills senior militant in Pakistani seminary (Reuters)
  • French business sector contracts sharply (FT)
  • How Germany's taxman used stolen data to squeeze Switzerland (Reuters)
  • Fed casts about for endgame on easy-money policy (WSJ)
  • France, Italy call for full-time Eurogroup chief (Reuters)
 
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Frontrunning: November 18





  • What can possibly go wrong: Tepco Successfully Removes First Nuclear Fuel Rods at Fukushima (BBG)
  • Japan's Banks Find It Hard to Lend Easy Money (WSJ)
  • U.S. Military Eyes Cut to Pay, Benefits (WSJ)
  • Airbus to Boeing Cash In on Desert Outpost Made Field of Dreams (BBG); Dubai Air Show: Boeing leads order books race (BBG)
  • Sony sells 1 million PlayStation 4 units in first 24 hours (Reuters)
  • Russian Tycoon Prokhorov to Buy Kerimov's Uralkali Stake (WSJ)
  • Google Opening Showrooms to Show Off Gadgets for Holidays (BBG)
  • Need. Moar. Prop. Trading: Federal Reserve considering a delay to Volcker rule (FT)
  • Raghuram Rajan plans ‘dramatic remaking’ of India’s banking system (FT)
  • SAC Capital's Steinberg faces insider trading trial (Reuters)
 
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Frontrunning: November 15





  • China to Ease One-Child Policy (WSJ), China announces major economic and social reforms (Reuters)
  • Consumers line up for launch of PlayStation 4 (USAToday)
  • Trust frays between Obama, Democrats (Politico)
  • Yellen Stands by Fed Strategy  (Hilsenrath)
  • Hero to zero? Philippine president feels typhoon backlash (Reuters)
  • Brussels warns Spain and Italy on budgets (FT)
  • Moody’s Downgrades Four U.S. Banks on Federal Support Review  (BBG)
  • CIA's Financial Spying Bags Data on Americans (WSJ)
  • Germany Digs In Against Risk Sharing in EU Bank-Failure Plan (BBG)
  • Bill Gates wants Norway's $800 billion fund to spend more in Africa, Asia (RTRS)
 
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NY Fed Compares The Current Reach-For-Yield To South Sea Bubble Of 1720





Financial innovation is a recurring theme in the NY Fed's review of historic crises. The 1720 South Sea Company structured the national debt in a way that was initially attractive to investors, but the scheme to finance the debt-for-equity swap ultimately proved to be noncredible and the market collapsed. Now fast-forward to 2013 and the five-year anniversary of Lehman's failure. As Fed Governor Jeremy Stein pointed out in a recent speech, a combination of factors such as financial innovation, regulation, and a change in the economic environment, contribute to an overheating of credit markets. So, the NY Fed asks - has the current reach for yield led to ever more complex, leveraged investments and the next credit market bubble? Or will the lessons from the Great Recession last at least a lifetime?

 
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Why Has Nobody Gone To Jail For The Financial Crisis? Judge Rakoff Says: "Blame The Government"





Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans  leading lives of quiet desperation: without jobs, without resources, without hope. Who was to blame?

"The government, writ large, had a hand in creating the conditions that encouraged the approval of dubious mortgages. It was the government, in the form of Congress, that repealed Glass-Steagall, thus allowing certain banks that had previously viewed mortgages as a source of interest income to become instead deeply involved in securitizing pools of mortgages in order to obtain the much greater profits available from trading. It was the government, in the form of both the executive and the legislature, that encouraged deregulation..."

- Judge Jed Rakoff

 
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Frontrunning: November 7





  • Twitter's IPO to Make Market Debut (WSJ); Twitter Raises $1.82 Billion, Pricier Value Than Facebook (BBG)
  • Worried Senators Press Obama on Health Law (WSJ)
  • Greenspan Says Yellen Was His Guide to Economics Research at Fed (BBG)
  • European Central Bank seen holding rates despite inflation tumble (Reuters)
  • Wall St. Bonuses Over All Are Predicted to Rise 5 to 10% (NYT)
  • Cautious consumers seen curbing U.S. economic growth (Reuters)
  • China Grants U.S. Investors Indirect Access to Its Stock Markets (WSJ)
  • Higher Tax Rates Give Top U.S. Earners Year-End Headaches (BBG)
  • Iran Loses Nuclear Leverage as World Ignores Export Drop (BBG)
  • NYPD Commissioner Ray Kelly in the running for JPMorgan job (Post)
 
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Frontrunning: November 6





  • Christie Sets Himself Up for Run in 2016 (WSJ)
  • De Blasio Elected Next New York City Mayor in Landslide (WSJ)
  • Hilsenrath: Fed Study: Rate Peg Off Mark (WSJ)
  • MF Global Customers Will Recover All They Lost (NYT) - amazing what happens when you look under the rug
  • Virginia, Alabama Voter Choices Show Tea Party Declining (BBG)
  • Explosions kill 1, injure 8 in north China city (Reuters)
  • Toyota boosts full-year guidance as weak yen drives revenues (FT)
  • Starbucks wants to recruit 10,000 vets, spouses to its ranks (Reuters)
  • U.S. Economy Slack Justifies Stimulus, Top Fed Staff Papers Show (BBG)
  • Israel set to become major gas exporter (FT)
 
Tyler Durden's picture

SAC Capital To Plead Guilty To All Counts





While we are sure many will proclamin 'this is just a witch-hunt' - and all the hangers-on will be defending Stevie's decision... the fact is that:

  • *SAC AGREES TO PLEAD GUILTY TO END U.S. INSIDER-TRADING CASE
  • *SAC WILL PLEAD GUILTY TO EVERY COUNT IN INDICTMENT, U.S. SAYS
  • *U.S. SAYS SAC AGREEMENT PROVIDES `NO IMMUNITY' FOR  INDIVIDUALS

Seems pretty cut-and-dried to us... As part of the deal, Reuters notes that SAC will terminate its investment advisory business.

 
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Frontrunning: November 4





  • Investors are stampeding into initial public offerings at the fastest clip since the financial crisis (WSJ)
  • Kerry hails disgruntled Saudi Arabia as important U.S. ally (Reuters)
  • SAC Capital prepares for a second life (FT)
  • BlackBerry's Fate Goes Down to the Wire (WSJ)
  • Dutch Gamble on U.S. Housing Debt After Patience Wins (BBG)
  • U.S. Wants Broad Divestitures From AMR, US Airways (WSJ)
  • Tensions with allies rise, but U.S. sees improved China ties (Reuters)
  • China berates foreign media for Tiananmen attack doubts (Reuters)
  • China manufacturers squeezed as costs rise (FT)
  • European Borders Tested as Money Is Moved to Shield Wealth (NYT)
  • Zurich Probe Finds No ‘Undue Pressure’ Put on Late CFO (BBG)
 
Tyler Durden's picture

The Steve Cohen Era Is Over: S.A.C. To Plead Guilty To Securities Fraud, Stop Managing Outside Money





Nearly three years ago, before anyone had heard of expert networks, before the SEC had brought any major enforcement action against any hedge fund and long before anyone had to gall to accuse SAC of insider trading, Zero Hedge started a series of posts commencing with "Is The SEC's Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?" exposing the fraudulent transactions of Steve Cohne's hedge fund despite fears of violent legal reprisals. We are delighted to inform our readers that this particular chapter is now over: the WSJ has just reported that SAC will plead guilty to securities fraud, pay a final $1.2 billion penalty (still a tiny sum compared to all the ill-gotten gains by Steve Cohen over the years), and most importantly, end the fund's management of outside money.

 
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Frontrunning: October 22





  • Despite budget win, Obama has weak hand with Congress (Reuters)
  • Carney Brings In McKinsey for Bank of England Strategy Rethink (BBG)
  • Bill Gates Buys Stake in Spanish Construction Company FCC (WSJ)
  • Jerusalem Mayor Barkat Seeks New Term in Race Arabs Sitting Out (BBG)
  • J.P. Morgan Aimed to Limit Damage (WSJ)
  • EU Lawmakers Reject Draghi Call for Bank Bondholder Clemency (BBG)
  • Wall Street Profits May Halve in Second Half (WSJ)
  • Petrobras-led group wins Brazil oil auction with minimum bid (Reuters)
  • Apple to Refresh IPads Amid Challenges for Tablet Share (BBG)
  • Italy plans to offer guarantees on govt bond derivatives (Reuters)
  • Berkshire Beats Apple as Favorite Stock of Tiger 21 Group (BBG)
 
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Frontrunning: October 18





  • Republican Civil War Erupts: Business Groups v. Tea Party (BBG)
  • Budget fight leaves Boehner 'damaged' but still standing (Reuters)
  • Madoff Was Like a God, Wizard of Oz, Lawyers Tell Jury (BBG) - just like Bernanke
  • Republicans press U.S. officials over Obamacare snags (Reuters)
  • Brilliant: Fed Unlikely to Trim Bond Buying in October (Hilsenrath)
  • More brilliant: Fed could taper as early as December (FT)
  • Russia Roofing Billionaires Seen Among Country’s Youngest (BBG)
  • Ford's Mulally won't dismiss Boeing, Microsoft speculation (Reuters)
  • China reverses first-half slowdown (FT)
  • NY Fed’s Fired Goldman Examiner Makes Weird Case (BBG)
 
Tyler Durden's picture

Frontrunning: October 17





  • Congress Vote Ends Impasse to Be Revisited in January (BBG); Congress Passes Debt, Budget Deal (WSJ)
  • House GOP extracts no concessions (Politico)
  • Washington becomes the biggest risk to the U.S. economy (Reuters)
  • Debt Deal Seen Boosting U.S. Consumers as Holidays Approach (BBG) - only thing missing: disposable income
  • Federal Employees Head Back to Work (WSJ)
  • Regulator Suggested Shift for Dimon at J.P. Morgan Unit (WSJ)
  • Twitter hires Google ad exec ahead of IPO (CNET)
  • Teens can now post publicly, but posts are friends-only by default (WaPo)
  • Germany Moves to Finalize Coalition Deal (WSJ)
  • Draghi Turns Judge on EU Banks as ECB Studies Accounts (BBG)
  • UK nuclear deal with China a ‘new dawn’ (FT)
 
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Blast From The Past: Harry Reid Claimed Income Taxes Are "Voluntary"





With all the verbal volleys of the last few days, we thought it seemed like an appropriate time to revisit an interview in which Mr. Reid claimed on camera that income taxes are “voluntary.”

 
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