Securities and Exchange Commission

Frontrunning: July 17

  • Americans Feel Good About the Economy, Not So Good About Trump (BBG)
  • GOP Leaders Brace for CBO Estimate on Revised Health-Care Bill (BBG)
  • From $2 Billion to Zero: A Private-Equity Fund Goes Bust in the Oil Patch (WSJ)
  • Turkey Building Up Army Base in Qatar, Erdogan Adviser Says (BBG)
  • U.S. Companies Have a New 401(k) Fix: Spend More (WSJ)

Don't Google "How SEC Detect Unusual Trade" Before Insider Trading

The first rule of insider trading is never to buy calls on the target of an acquisition announcement. The second rule, as Chinese research scientist Fei Yan just found out, is to never google "how sec detect unusual trade" before (while and after) trading on inside information.

Frontrunning: June 29

  • Global Bonds Gyrate as Investors Try to Parse Central Banks’ Next Stimulus Moves (WSJ)
  • Republicans struggle to salvage healthcare effort (Reuters)
  • States' Medicaid spending to increase (Reuters)
  • Apple's iPhone turns 10, bumpy start forgotten (Reuters)
  • Fed’s Stress Tests: All Banks Cleared on Payouts to Shareholders (WSJ)

The Long, Sordid Saga Of Cuban Drug Trafficking & US Looking The Other Way

"Today we are left with an international outlaw regime in Cuba, recognized as legitimate by the U.S. government, that has undermined our allies in Europe by helping to send huge shipments of drugs to their countries.  Some very important people in our government knew this and said nothing.  That is not how a friend treats friends."

Animal Spirits Are A Late-Stage Event

“While the temptations are great, and the pressures strong, illusions in numbers are only that - ephemeral, and ultimately self-destructive.

Cryptocurency Chaos: Bitcoin Bounces Back After Crashing As Asian Fever Re-Emerges

After crashing $500 from its intraday highs today, Bitcoin has bounced back $300 off its intraday lows extending gains into what is likely to be another frenetic Asian session. While there are numerous drivers of the recent action, 'scaling' and 'asian fever' are the greatest factors with Japanese and Korean premia exploding.

Krieger: Wall Street Completely Owns The Trump Administration

"While America’s corporate press remains singularly obsessed with unproven and likely fabricated Russia-collusion conspiracy theories, Wall Street’s well on its way to getting away with financial murder thanks to an army of cronies embedded within the Trump administration."

Dick's Slammed After Company Admits It Doesn't Know How To Calculate EBITDA

First it was non-GAAP adjustments, then it was stock buybacks, then it was fudging the effective tax rate; and now, in the most creative way to "boost" one's earnings, Dicks Sporting Goods admitted it blatantly fabricated its Adjusted EBITDA. But it's ok: it was a simple calculation error, and now everything is "fixed", the company reported in an 8K filed this morning.

Are US Taxpayers Now On The Hook For Risky Wall Street Real-Estate-Backed Bonds?

This is not a joke... "The BPOs are key elements in securitizations, determining basic figures such as how much rent to charge tenants, how much leverage and risk is embedded in the deal and how much investors could recover if the bonds go sour. Many of the securities were assigned AAA grades and sold off to investors such as pension funds." Is this 2006 or 2017?