Securities and Exchange Commission

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?

DOJ Probing Goldman For Rigging Treasury Auctions

While we doubt anything material will emerge for various obvious reasons, the NY Post reports that the DOJ is probing Goldman Sachs for alleged Treasury auction rigging: the charge is that Goldman, one of the 23 US primary dealers, won almost all Treasury bond auctions from 2007 to about 2011.

It's Different This Time...

Throughout history, financial bubbles have only been recognized in hindsight when their existence becomes “apparently obvious” to everyone. Of course, by that point is was far too late to be of any use to investors and the subsequent destruction of invested capital. This time will not be different. Only the catalyst, magnitude, and duration will be.

Wells Fargo Tumbles To Lowest Since November After Buffett Dumps 9 Million Shares

In an effort to keep its stake below 10%, Berkshire Hathaway has dumped 7.13 million shares of Wells Fargo in the last 2 days and intends to sell 1.86 million more shortly. The after-hours reaction in the stock is negative, dropping the bank's share price to its lowest since Nov 2016, despite reassurances from Buffett that this is a more technical sale.

Monumental Gridlock Meets Blind Euphoria

"To me, this situation feels like a slow-motion train wreck where all you can do is watch... Washington’s monumental gridlock is on a collision course with investors’ blind euphoria. We’re all on one train or the other. Hold on tight."

Frontrunning: March 29

  • British PM May fires starting gun on Brexit (Reuters); Britain Starts ‘Historic’ Brexit Process (BBG)
  • Firms stack up Brexit warnings as May triggers divorce talks (Reuters)
  • Huge range of sterling forecasts clouds horizon for Brexit talks (Reuters)
  • Merger of Deutsche Börse and LSE Blocked by EU Regulator (WSJ)
  • After crippling cost overruns, Toshiba's Westinghouse files for bankruptcy (Reuters)