• Pivotfarm
    07/07/2015 - 13:55
    Corruption has been the coveted jewel in everybody’s crown since antiquity. Aristotelian philosophy believed that everybody who had power could become corrupt.

ratings

rcwhalen's picture

Swiss Francs & Global Debt Deflation





"There will first be a pernicious excitement, and next a fatal collapse." -- Walter Bagehot, Lombard Street (1844)

 
Tyler Durden's picture

Frontrunning: January 22





  • ECB to decide on bond-buying plan to revive euro zone (Reuters)
  • Draghi Is Pushing Boundaries of Euro Region with QE Program (BBG)
  • Investors Wonder Whether ECB Will Do Enough (WSJ)
  • Treasuries Drop With Bunds Before ECB; U.S. Futures Rise (BBG)
  • European shares hit seven-year high (Reuters)
  • At least eight civilians killed in shelling of Ukrainian trolleybus (Reuters), both sides blame each other
  • OPEC Will Blink First in Battle With Shale Drillers, Poll Shows (BBG)
  • China Injects $8 Billion Into Banking System (WSJ)
  • New York says Barclays not cooperating in 'dark pool' probe (Reuters)
 
Tyler Durden's picture

Frontrunning: January 21





  • Obama Targets Income Gap in Address That Shapes 2016 Election (BBG)
  • Republicans Reject Obama’s Main Economic Proposals (WSJ)
  • Senate’s Shelby Says White House Bank Tax Is Dead on Arrival (BBG)
  • Is Dollar Next? Investors Reassess After Swiss Shock: Currencies (BBG)
  • Bank of Japan Cuts Price Forecast, Maintains Record Stimulus (BBG)
  • Pound Weakens After BOE Policy Makers Drop Call to Raise Rates (BBG)
  • Putin not flinching on Ukraine despite economic crisis (Reuters)
  • Indonesia will not make public full preliminary AirAsia crash report (Reuters)
  • Party Hasn't Stopped for Russians at Davos Even With Ukraine Sanctions (BBG)
 
Tyler Durden's picture

Russian Central Bank Bans Western Ratings Agencies





On the heels of last week's downgrades by Fitch and Moody's to just above junk status, The Central Bank of Russia (CBR) has issued a statement that it will no longer use credit ratings from Standard & Poor’s, Fitch, or Moody’s that were assigned after March 1, 2014. All credit ratings will now be at the discretion of the Board of Directors of the Bank as regulators assess whether or not the ratings made after March are accurate. Sounds like Spain, Greece, and USA's previous derision over ratings agencies proclamations is heading east.

 
Tyler Durden's picture

The End Of Fed QE Didn’t Start Market Madness, It Ended It





What we see now is the recovery of price discovery, and therefore the functioning economy, and it shouldn’t be a big surprise that it doesn’t come in a smooth transition. Six years is a long time. Moreover, it was never just QE that distorted the markets, there was – and is – the ultra-low interest rate policy developed nations’ central banks adhere to like it was the gospel, and there’s always been the narrative of economic recovery just around the corner that the politico/media system incessantly drowned the world in. That the QE madness ended with the decapitation of the price of oil seems only fitting.

 
Tyler Durden's picture

Frontrunning: January 14





  • U.S. Index Futures Decline on Commodities Slump, Growth Concerns (BBG)
  • Al Qaeda claims French attack, derides Paris rally (Reuters)
  • Charlie Hebdo With Muhammad Cover on Sale With Heavy Security Precautions (BBG)
  • How an Obscure Tax Loophole Brought Down Obama's Treasury Nominee  (BBG)
  • ECB’s bond plan is legal ‘in principle’ (FT)
  • Charlie Hebdo fallout: Specter of fascist past haunts European nationalism (Reuters)
  • DRW to acquire smaller rival Chopper Trading (FT)
  • Oil fall could lead to capex collapse: DoubleLine's Gundlach (Reuters)
 
rcwhalen's picture

Q4 2014 Large Bank Earnings Preview: Growth Amidst Deflation





Q: What is the fastest growing asset class at US banks? Leveraged loans? US Treasury debt? A: Reserves deposited at the Fed.

 
Tyler Durden's picture

Forget Cuba Opening Up To The US, Watch Out For Venezuela





Venezuela has a massive population and tremendous natural resources... and yet, the place is a real mess. Years of mismanagement and utopian socialist policies mean that the country is facing shortages of basic necessities such as food and toilet paper. You have to imagine that when a place is in such turmoil, significant regime change isn’t far off. In fact, this year’s parliamentary elections will be an important indicator of what will happen in Venezuela. Peacefully or not, things in Venezuela simply have to change. The country is reaching its day of reckoning.

 
Tyler Durden's picture

Even Mark Zandi Admits It: Auto Loan "Credit Quality Is Eroding Now, And Pretty Quickly"





Just 2 days after President Obama reflected on his glorious 'save' of the US auto industry - forgetting to explain how so much of this 'buying frenzy' has been predicated on massive low-quality-borrower-based credit extensions - The Wall Street Journal bursts the bubble of 'contained-ness'. Auto loan delinquency rates are surging to levels not seen since 2008 and stunningly, more than 8.4% of borrowers with weak credit scores who took out loans in the first quarter of 2014 had missed payments by November. As even glass-half-full-status-quo-hugger Mark Zandi is forced to admit, "It’s clear that credit quality is eroding now, and pretty quickly."

 

 
Tyler Durden's picture

Oil & The Economy: The Limits Of A Finite World In 2015-16





Mainstream Media in the US seem to emphasize the positive aspects of the drop in prices. If our only problem were high oil prices, then low oil prices would seem to be a solution. Unfortunately, the problem we are encountering now is extremely low prices. If prices continue at this low level, or go even lower, we are in deep trouble with respect to future oil extraction. The situation is much more worrisome than most people would expect. Even if there are some temporary good effects, they will be more than offset by bad effects, some of which could be very bad indeed. We may be reaching limits of a finite world.

 
Tyler Durden's picture

Days After Zero Hedge Report Of Its Plunging Ratings, CNBC Stops Using Nielsen





It was less than a week ago when Zero Hedge broke the news that for CNBC, 2014 Was The Worst. Year. Ever. Much to the embarassment of CNBC, its staunch defender David Rosenberg, and not to mention its advertisers who realized they overspent substantially for the reach they were promised and received instead, the report promptly went viral. Five days after our Nielsen-sourced report before the Comcast-owned channel announced it would no longer be subject to the humiliation of Zero Hedge periodically revealing its crashing viewership and, as WSJ revealed today, "CNBC will no longer rely on TV ratings specialist Nielsen to measure its daytime audience, beginning later this year. Instead, it has retained marketing and research firm Cogent Reports for the task."

 
Tyler Durden's picture

Frontrunning: January 6





  • Average 10-year yield of U.S., Japan and Germany dropped below 1% for the first time ever: Free Money in Bond Markets Shows Global Economy Still Struggling (BBG)
  • Brent falls below $52 as oil hits new five and a half year lows (Reuters)
  • China Fast-Tracks $1 Trillion in Projects to Spur Growth (BBG)
  • Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers (BBG)
  • Oilfield Writedowns Loom as Crude Slump Guts Drilling Values (BBG)
  • Biggest Oil-Rig Drop Since 2009 Spells Tough Year Ahead (BBG)
  • CIA says its inspector general is resigning at end of month (Reuters)
  • Pipeline IPOs Climb on Demand for Returns Immune to Oil (BBG)
  • Natural Gas No Savior for Investors Seeking Oil Refuge (BBG)
  • Euro zone economy ended 2014 in poor shape (Reuters)
 
Tyler Durden's picture

For CNBC, 2014 Was The Worst. Year. Ever.





Another year of putting lipstick on the zombie known as the global economy, kept walking only thanks to $11 trillion in liquidity injections by the world's central banks and tens of trillions of new Chinese credit created out of thin air and promptly misallocated and embezzled, and the results are in. The bottom line: according to Nielsen, is that despite the S&P recording a whopping 53 all time highs, and the Dow rising over 18,000, the channel that was once must watch financial TV for mom and pop, and has since devolved into endless cheerleading of failed policies and rigged markets, namely CNBC, just suffered its worst year in, well, ever.

 
Tyler Durden's picture

And 2015 Starts Off With A Bang - First Chinese Default Of The Year Hits





Well that didn't take long... With the smell of fireworks still lingering in the air, Bloomberg reports that Chinese developer Kaisa Group defaulted on a HK$400 million ($51.6 million) loan triggered by forced repayment terms after the firm's chairman resigned. With shares already down over 50% in December alone, trading is suspended as the company faces what S&P calls "more challenges" ahead and the 2018 bonds have collapsed to just 43c on the dollar (yields over 42%).

 
Tyler Durden's picture

Is The CDS Market Manipulated?





As investors and market participants become increasingly aware of the regulatory failures that allowed for manipulation of LIBOR, FOREX, municipal bond bidding and certain commodities markets, regulatory sources are increasingly expressing concern that they have paid too little attention to potential manipulations of an arguably larger, more systemically important and less regulated market – the CDS market as self-governed, through ‘regulatory license’, by the International Swaps and Derivatives Association (ISDA).

 
Syndicate content
Do NOT follow this link or you will be banned from the site!