• GoldCore
    05/01/2015 - 08:09
    JP Morgan’s massive silver buying brings to mind the Hunt Brothers' attempt to corner the silver market in the late 1970s. The Texas oil-tycoons tried to corner the silver market by accumulating a...

Puerto Rico

Tyler Durden's picture

Puerto Rico Warns Of Imminent Government Shutdown Due To "Liquidity Crisis"





"A government shutdown is very probable in the next three months due to the absence of liquidity to operate," Puerto Rico's finance officials warn, in an effort to shock lawmakers into action and avoid a potential "PRimbo".

 
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It's April 15th - Do You Know Where Your Tax Dollar Went?





This will make every American feel much better about handing over that check today... as Simon Black notes today "I believe we have an obligation to starve the beast..."

 
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Fed’s Dudley Warns about Wave of Municipal Bankruptcies





At the New York Fed’s evocatively named workshop, “Chapter 9 and Alternatives for Distressed Municipalities and States.”

 
Tyler Durden's picture

Frontrunning: April 13





  • As reported here first a month ago: The $9 Trillion Short That May Send the Dollar Even Higher (BBG)
  • As an instant target for foes, Clinton may struggle to get message heard (Reuters)
  • Emerging Stocks Rally 11th Day as Aussie Weakens on China (BBG)
  • Puerto Rico, Investors Enlist Ex-IMF Officials (WSJ)
  • Dollar’s Rise Reshuffles Global Economy (BBG)
  • Indonesia eyes regular navy exercises with U.S. in South China Sea (Reuters)
  • Banca Monte dei Paschi Breaches Exposure Limits to Nomura (WSJ)
  • European Bond Buyers Find Negative Doesn’t Necessarily Mean Bad (BBG)
 
Tyler Durden's picture

Puerto Rico's 3rd Largest Bank Fails





Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico...or rather was. After a 58% collapse in the share price today, news broke after the close:

*PUERTO RICO'S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP, BANCO POPULAR AGREES TO BUY DORAL BANK OPERATIONS

It appears Non-Performing Loans were over 40%. Popular will take the deposits (and 8 of Doral's 26 branches) and the FDIC eats the bad debt (estimates to cost the Deposit Insurance Fund (DIF) will be $748.9 million).

 
Tyler Durden's picture

Puerto Rico Is Not Greece, But Their Bonds Are Yielding Almost The Same





While PRexit is yet to hit the headlines, Puerto Rico bonds joined an illustrious club of ne'er-do-wells today with its 10Y yield spiking above 10%...

 
Tyler Durden's picture

Market Wrap: Stocks Drift, Dollar Stronger, Oil Snaps Rally, Treasurys Slide On Microsoft Deal





So far it has been largely a repeat of the previous overnight session, where absent significant macro drivers, the attention again remains focused both on China, which reported some truly ugly inflation (with 0.8% Y/Y CPI the lowest since Lehman, just call it deflation net of the "goalseeking") data (which as usually is "good for stocks" pushing the SHCOMP 1.5% higher as it means even more easing), and on Greece, which has not made any major headlines in the past 24 hours as patience on both sides is growing thin ahead of the final "bluff" showdown between Greece and the Eurozone is imminent. The question as usual is who will have just a fraction more leverage in the final assessment - Greece has made its ask known, and it comes in the form of 10 billion euros in short-term "bridge" financing consisting of €8 billion increase in Bills issuance and €1.9 billion in ECB profits, as it tries to stave off a funding crunch, a proposal which will be presented on the Wednesday meeting of euro area finance ministers in Brussels. The question remains what Europe's countrbid, if any, will be. For the answer: stay tuned in 24 hours.

 
Tyler Durden's picture

Frontrunning: February 9





  • Greek Risk Draws Global Concern on Lehman Echo Warnings (BBG)
  • Merkel to urge caution in U.S. as pressure builds to arm Ukraine forces (Reuters)
  • West Races to Defuse Ukraine Crisis (WSJ)
  • German-French Push Yields Ukraine Summit Plan With Putin (BBG)
  • Swiss Leaks lifts the veil on a secretive banking system (ICIJ)
  • Italy Lenders Seen Cleansing Books Amid Bad-Bank Plans (BBG)
  • G-20 Finance Chiefs Face Tough Test in Istanbul (WSJ)
  • Demand for OPEC Crude Will Rise This Year, Says Group (WSJ)... or rather prays
  • U.S. Banks Say Soaring Dollar Puts Them at Disadvantage (WSJ)
 
Tyler Durden's picture

Frontrunning: January 13





  • Oil Drops Below $45; U.S. Stockpiles May Speed Collapse (BBG)
  • Pound Drops as Traders Write Off Higher Rates on Inflation Slump (BBG)
  • Oil prices down again as UAE defends holding production (Reuters)
  • The Politics Behind the ECB's Threat to Cut Greece Funding (BBG)
  • France dispatched thousands of police and military personnel to protect synagogues and Jewish schools, as the government warned of continued terror threats after three days of deadly violence (WSJ)
  • Chinese Car Dealers Find Days of ‘Printing Money’ Ending (BBG)
  • Gold Rises to Highest Since October as U.S. Rate Outlook Weighed (BBG)
  • Divers retrieve crashed AirAsia jet's cockpit voice recorder (Reuters)
 
Tyler Durden's picture

Investment Guide For The American Dystopia: Go Long the 1%, Short The Middle Class





The Long/Short Strategy for the New Reality
1. Go long companies that cater to the 1%.
2. Short companies that cater to the middle class.
3. Go long companies that cater to the poor.

 
Tyler Durden's picture

2014 Year In Review (Part 1): The Final Throes Of A Geopolitical Game Of Tetris





Every year, David Collum writes a detailed "Year in Review" synopsis full of keen perspective and plenty of wit. This year's is no exception. "I have not seen a year in which so many risks - some truly existential - piled up so quickly. Each risk has its own, often unknown, probability of morphing into a destructive force. It feels like we’re in the final throes of a geopolitical Game of Tetris as financial and political authorities race to place the pieces correctly. But the acceleration is palpable. The proximate trigger for pain and ultimately a collapse can be small, as anyone who’s ever stepped barefoot on a Lego knows..."

 
Tyler Durden's picture

American CEOs Sum Up The Economic Outlook: "Softness, Stagnant, Cautious, Challenging"





Since May, CEO confidence among America's largest companies had stagnated - even as stocks did what they do and rise, rise, rise. That changed when Bullard (now explained as "misunderstood" by the market) set fire to stocks with his QE4 hints and Plunge Protection Team rescue. However, the last 2 weeks have seen a noticable collapse once again in CEO confidence, according to Bloomberg's Orange Book index, even as stocks reach new higher all-time-er highs. As Bloomberg's Rich Yamarone notes, recent earnings calls highlight the headwinds companies face: Executives cite “softness in consumer spending,” a “challenging” climate, “fairly stagnant economy,” and “cautious” optimism. Currency valuations are front and center.

 
Tyler Durden's picture

New International Gang Of Thieves Make Somali Pirates Look Like Amateurs





This past month, a real-life guild of thieves was formed. With 51 governments pledging their support to each other for the protection of their ignoble craft of theft. And another 30 pledging to join by 2018.

 
Tyler Durden's picture

Peak Empire 2.0





Based on the lessons of history, all empires collapse eventually; thus, the probability that the US empire will collapse can be set at 100% with a great deal of confidence. The question is, When? (Everyone keeps asking that annoying question.)

 
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