"Money was a lazy b*tch, until you put it to work! And look how it works! Look how it grows! Materializes out of nowhere! As leaders, innovators, captains of finance, you will always be subject of the jealous resentment, the petty tantrums of the unwashed masses, the insolvent, the irresponsible, the invidious, the losers. They will envy you, your successes, they will despise you, but they secretly want to be like you! Irresponsible single mothers, uneducated immigrants, lead-drinking ghetto-strutters, homeless, crying, babies, starving senior citizens, obnoxious, entitled African Americans who object to having bullets pumped into their bodies by police: all these people are angry, entitled, and making noise, and they are endangering our democracy and economy, our greatness."
“Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.”
- Gloomy start to results season hits shares (Reuters)
- Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
- Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
- Rosneft chief Igor Sechin says low oil prices will not last (FT)
- Banks Face Massive New Headache on Oil Loans (WSJ)
- Wells Fargo Misjudged the Risks of Energy Financing (BBG)
Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.
In a shocking development, earlier today a highly reputable executive with a just as reputable private equity firm was arrested and charged with securities fraud. Andrew Caspersen, a Harvard Law School graduate and a partner at the Park Hill Group, an advisory firm that up until last fall had been a part of the Blackstone Group, was accused of defrauding numerous institutional investors out of $95 million through fake private equity investments.
The Hits Just Keep On Coming: Valeant CEO To Tesity Under Oath, Following Accusation Of Merger Agreement ViolationSubmitted by Tyler Durden on 03/28/2016 12:24 -0400
It's been a terrible month for investors in Valeant (and Pershing Square) and it is about to get even worse following news that the outgoing CEO of the troubled company, which is under scrutiny for dramatically hiking the price of older drugs, has been summoned to testify at a U.S. congressional hearing on April 27, the panel said on Monday.
In a market where fraud is tolerated or even encouraged, no amount of capital will suffice to maintain investor confidence.
- January Jobs Report Closely Watched for Momentum, Wages (WSJ)
- Oil prices steady, weak fundamentals weigh after volatile week (Reuters)
- How Much Global Oil Output Halted Due to Low Prices? Just 0.1% (BBG)
- Congress Tweet 'Unfortunate,' Lawyer Says as Shkreli Goes Online (BBG)
- Syrians Flee Aleppo to Escape Damascus Offensive Against Rebels (WSJ)
- Dollar Set for Biggest Weekly Loss Since 2009 Before Jobs Data (BBG)
- U.S. jobs market seen fairly healthy despite slowing economy (Reuters)
- China State Funds Said to Buy More Shares After Market Rout (BBG)
- Global Stocks Gain Some Respite (WSJ)
- U.S. Jobs Data Take on Added Importance With Markets in Turmoil (BBG)
- GOP Health Plans Are Works in Progress (WSJ)
- For economy czar of crisis-hit Venezuela, inflation 'does not exist' (Reuters)
"Devastated" Short Who Launched Online Begging Campaign To Fund Margin Call Was Right: KaloBios DisintegratesSubmitted by Tyler Durden on 12/23/2015 17:44 -0400
"... this until recently bankrupt company whose price has exploded in the past two days, has become not only a poster child for everything broken and manipulated with the market (think 2014's CYNK one year forward) but has the market following with morbid to find out how the tragicomedy of "Shkreli vs the Shorters" concludes." - November 20, 2015
- Battered oil wins respite, lifts stocks (Reuters)
- Oil Halts Decline as Emerging Market Stocks Climb on China (BBG)
- Bonds Set to Beat Stocks Globally in 2015 After China Falters (BBG)
- SpaceX Falcon rocket nails safe landing in pivotal space feat (Reuters)
- China Leaders Flag More Stimulus After Top Economic Meeting (BBG)
- SEC to Retrench Case Against SAC’s Steven A. Cohen (WSJ)
- Oil heads for third straight weekly loss as supply weighs (Reuters)
- BOJ's $2.5 Billion ETF Boost Seen Having Little Impact on Stocks (BBG)
- Japan core CPI seen flat in November, household spending down (Reuters)
- Dollar gets altitude sickness as BOJ disappoints (Reuters)
- Fed Hikes, but Some Rates Veer Lower (WSJ)
- White House calls for 'common sense steps' to help Puerto Rico (Reuters)
Martin Shkreli, "America's Most Hated", "Price Gouging" Biotech Mogul Arrested For Securities Fraud, Released On $5 MM BondSubmitted by Tyler Durden on 12/17/2015 22:20 -0400
"I’ll show up with $2 million bail money no fucking problem.”
“Compared to what he pays for an hour of Wu-Tang Clan, sixty thou is a bargain"...
Impunity has been the norm. The reason there have been no efforts made to criminally investigate is obvious. Former banking regulator and current securities Professor Bill Black told Bill Moyers that "Timothy Geithner, then Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong."