• EconMatters
    04/27/2015 - 14:18
    If the DOJ and CFTC is going to be consistent, then they have to indict the entire financial community from the CME, Exchanges, Brokers, Institutions, Investment Banks, Hedge Funds, Management Funds...

ratings

Tyler Durden's picture

Days Of Crony Capitalist Plunder - The Deplorable Truth About GE Capital





GE’s announcement that its getting out of the finance business should be a reminder of how crony capitalism is corrupting and debilitating the American economy. The ostensible reason the company is unceremoniously dumping its 25-year long build-up of the GE Capital mega-bank is that it doesn’t want to be regulated by Washington as a systematically important financial institution under Dodd-Frank. Oh, and that its core industrial businesses have better prospects. We will see soon enough about its oilfield equipment and wind turbine business, or indeed all of its capital goods oriented businesses in a radically deflationary world drowning in excess capacity. But at least you can say good riddance to GE Capital because it was based on a phony business model that was actually a menace to free market capitalism. Its deplorable raid on the public purse during the Lehman crisis had already demonstrated that in spades.

 
Sprout Money's picture

The Reason Why the Japanese Central Bank is Playing With Fire





There is much more going on than just a problem in the Japanese bond market...

 
Tyler Durden's picture

Spelling Out The Big Reset





Wiping out creditors by inflation is the easy part. Re-establishing money to restart the world economy is the harder one.

 
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What De-Leveraging? ECB QE To Drive $600 Billion in New Issuance





The ECB’s €1 trillion plus in asset purchases should drive demand for euro corporate credit as yields on sovereign debt and SSAs are driven relentlessly lower. UBS is now forecasting €600 billion in supply for 2015, up a fifth from last year with up to €140 billion in HY issuance. With liquidity in the secodary market constrained by regulation, does this increase the risk that a tail event could trigger a bond market meltdown? 

 
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CNBC's SquawkBox Has Lowest Nielsen Rating In Its History





As the following update of CNBC's perhaps most popular (if least watched, lagging even Mad Money) day breaking segment, SquawkBox, the show that features Joe Kernen, Becky Quick  and Andrew Ross Sorkin just suffered its worst quarterly Nielsen rating in the show's history.

 
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Four TBTF Banks Threaten To Withhold Funds To Democrats Over Elizabeth Warren's Wall Street Rants





Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege. What Wall Street wants is one hundred Chucky Schumers in the Senate.

 
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Meet Andorra: Europe's Next Failed State





Nestling idyllically between France and Spain in the foothills of the Pyrenees, Andorra - which has enjoyed the benefits of European borders without the restrictions of EU membership - has seen its risk "increase beyond our expectations," according to S&P. As a reminder, when Cyprus was "templated" and depositors awoke with a 47% haircut, its total financial assets to GDP was around 8x, Andorra is now at a stunning 17x. As The Telegrpah explains, in the last three weeks, the state has been gripped by a banking crisis that threatens to take it to the brink; and Andorra, which is not a member of the eurozone but uses the single currency on an informal basis, would have no way of bailing them out (with no central bank or lender of last resort). In short, the country faces a catastrophe if its banks fall apart.

 
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Putin Is Becoming A "Vulture" Bond Investor





With Washington throwing its full faith and credit behind a new Ukrainian bond issue, it appears it’s time for Moscow to play spoiler to current debt restructuring talks between Kiev and its creditors. Russia holds some $3 billion of Ukraine's debt and doesn't think it should have to incur losses as part of any deal because Vladimir Putin is no average joe private creditor.

 
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Fed Vice-Chair Stan Fischer Explains What Yellen Really Meant Last Week - Live Feed





*FISCHER SAYS RATE LIFTOFF LIKELY WARRANTED BEFORE END-2015

With the world now convinmced that Janet Yellen is as dovish as she has ever been on rate hikes, today comes the first post-FOMC speech. None other than Vice-chair Stanley Fischer is due to address The Economic Club of New York on the topic of "Monetary-policy lessons and the way ahead." As Art Cashin warned this morning, Fischer "seems to feel that the Fed must raise rates this year. He is also the only Fed official to concede that any rate hike will be different than any seen before."

 
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Amid "US Coup", Venezuela Takes Another $5 Billion Loan From China





The people of Venezuela can rejoice... not so fast. Amid paranoid-sounding (though not unlikely) rantings about US-created coups (and blaming 'economic' war for his nation's Socialist utopia hyperinflation), it appears President Maduro just got another life-line (or more rope to hang himself). After begging China's leader Xi early in January for moar money (and getting it), China - which is already Venezuela's biggest creditor with over $50 billion loaned since 2007 - as Reuters reports, is said to plan on signing another $5bn loan to Venezuela for "wide-ranging" projects like "mature oil fields." So, it appears China is enabling Maduro to hollow out his economy even more.

 
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Goldman Underwrites MBLY Secondary, Sells 4.6 Million Shares One Day After Upgrade





Goldman is so confident in the upside for shares of company which "saves lives" by helping cars drive themselves that the bank sells 4.6 million shares to muppets. 

 
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Sign Of The Times: Santander Floats First "Deep" Subprime Deal Since Crisis





Santander, fresh off the largest auto repossession-related settlement in history, finds voracious demand for a $712 million ABS deal backed by loans made to buyers classified as "deep" subprime.

 
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The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out





Moments ago we got confirmation that the next domino from the appearance of the Austrian black swan has tipped over, following a Reuters report that Germany's deposit protection fund will take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has "run into problems" due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta.

 
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