Reuters

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Frontrunning: May 22





  • U.S. vows to continue patrols after China warns spy plane (Reuters)
  • Bank of Japan Chief Cheers On Tokyo’s Surging Stocks (WSJ)
  • Merkel Stamps Out Optimism on Greece After Tsipras Talks (BBG)
  • Greece sees reforms deal with lenders in next 10 days (Reuters)
  • Why Greece’s Syriza party is not sticking to the script on an IMF deal (Channel4)
  • Why Does Putin Care Who Runs a Tiny Balkan Nation? Gas Pipelines (BBG)
  • U.S. Stock-Index Futures Are Little Changed Before Yellen Speech (BBG)
  • German Business Confidence Declines as Risks Cloud Outlook (BBG)
 
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Suicide Bomber Detonates In Saudi Mosque, ISIS Suspected





A suicide bomber blew himself up at a Shi'ite mosque in eastern Saudi Arabia during Friday prayers, residents said, killing and wounding several people.

 
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US Retaliates At China Escalation, Warns Sea "Sandcastles" May "Lead To Conflict"





"As China seeks to make sovereign land out of sandcastles and redraw maritime boundaries, it is eroding regional trust and undermining investor confidence" -- US Deputy Secretary of State 

 
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With ISIS Controlling "More Than Half Of Syria", The US Prepares To Pounce





Gun to our head, this is what happens next: several false flag YouTube clips once again emerge just around the time Obama announces it is time to send a tactical, contained group of troops in Syria to retake the cultural "heritage that" is Palmyra, at which point the war against ISIS morphs into what it has been from day one: the western attempt to crush and topple the Assad government, and to hand over control of Syria to Turkey and Iraq, just so the US, Saudi Arabia and Qatar can control what happens behind the scenes, by which we mean finally allow that long overdue gas pipeline to traverse the nation. We expect this scenario to start unfolding within the month.

 
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Chinese 'Virus' Spreads To Germany: Meet The Company That Went From Record High To Zero In 1 Week





It appears the frauds, falsehoods, and f##king fallacies are all being exposed at the same time. While we have noted three companies that have collapsed in the last week - destroying their billionaire owners' wealth in the process - it appears the Chinese capital destruction virus has spread to Germany. Joyou AG - a Chinese affiliate of German bathroom manufacturer Grohe - has collapsed from record highs a week ago to 0, pending bankruptcy, after admitting balance sheet manipulation.

 
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Public Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns





It was about two years ago when we summarized all the known and confirmed rigged markets. Since then things have gone from bad to worse for believers in fair and efficient markets, with not only countless more banks now admitting they rigged Libor and FX. It all culminated with yesterday's settlement in which five of the world's biggest banks, including JPM, Citi and Barclays, agreed to plead guilty in a currency-rigging probe. And, to Bloomberg's dismay, the public yawned.

 
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Frontrunning: May 21





  • Once-Unthinkable Criminal Pleas by U.S. Banks Get Investor ‘Meh’ (BBG)
  • The E-Mail That Helped Catch Barclays: ‘ISDAfix Is Manipulated’ (BBG)
  • CFTC Said Preparing ISDAfix Probe Talks in Weeks: Credit Markets (BBG)
  • Islamic State takes control of Syria's Palmyra in westward advance (Reuters)
  • Tensions High as Greece Gets Smallest Aid Rise Yet (BBG)
  • The Rise of the $50,000 Rental (BBG)
  • U.S. says South China Sea reclamations stoke instability (Reuters)
  • First Hanergy Now Goldin: Hong Kong Stocks Drop Like Stones (BBG)
 
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Guatemala Central Bank Chief Arrested





Now here's a story about something that will never happen in the United States.

 
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In India, Gold Is Not Only Money But Now Pays Interest





Despite Bernanke's previous protestations that "gold is not money... it is tradition," in an effort to mobilise 20,000 tonnes of unproductive gold owned by Indian households into cash, Reuters reports that - after unveiling the gold monetisation scheme on Feb 28th, India's FinMin Arun Jaitley released bank guidelines overnight on interest rates, reserve and liquidity ratios. The scheme "allows gold to become a dynamic, fungible asset in the hands of gold savers," offering incentives (interest payable in gold) to convince households, who sometimes have little faith in financial institutions, to break the tradition and hand over gold passed down the generations.

 
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China Bails Out Brazil In $50 Billion Regional Power Grab





On the heels of pledging $46 billion in infrastructure aid to Pakistan, China is set to invest as much as $50 billion in Brazil including $10 billion on a cross-mountain railway that will connect Latin America's largest economy with Peru's ports in what Premier Li calls "a new road to Asia." The move is a dramatic example of China's growing foothold in what is ostensibly Washington's strongest sphere of influence.

 
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The Student Loan Write-offs Have Begun: 78,000 Students File For Debt Discharge After Corinthian Closures





"More than 50 consumer and labor organizations sent a joint petition on Tuesday to U.S. Secretary of Education Arne Duncan, urging him to cancel federal student loans owed by 78,000 who attended Corinthian schools," Reuters reports, confirming the notion that for-profit colleges may represent the next multi-billion dollar taxpayer bailout.

 
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Biker Breastaurant Shootout: The Mugshots





 
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Greece To Tax Bank Transactions, Says IMF "Won't Get Any Money" On June 5





"A senior government official says that among the proposals discussed with the eurozone and the International Monetary Fund is the imposition of a levy on bank transactions, whose exact rate will depend on the exemptions that would apply. The aim is to collect 300-600 million euros on a yearly basis," Kathimerini reports. Meanwhile, parliamentary speaker Nikos Filis has a message for the IMF.

 
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UBS Gets Probation For Rigging $5 Trillion-A-Day FX Market





UBS will pay $545 million, plead guilty to one count of wire fraud, and go on DoJ "probation" for three years for its role in forex manipulation. The market's assessment of how things turned out for the bank: "It couldn't have been better."

 
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Frontrunning: May 20





  • Clinton aides sometimes blocked release of documents requested under public-records law (WSJ)
  • House Benghazi panel subpoenas former Clinton White House aide (Reuters)
  • Cash Crunch, for Many, Is a Monthly Woe (WSJ)
  • Doubts over Greece add to euro's ECB-driven frailty (Reuters)
  • For Many American States, It's Like the Recession Never Ended (BBG)
  • Japan debt plan needs BOJ to keep rates low for years (Reuters)
  • Euro Continues to Fall; European Bonds, Stocks Broadly Steady (WSJ)
  • Los Angeles gives preliminary approval to $15 minimum wage (Reuters)
 
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