Testimony

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Mossack Fonseca: The Nazi, CIA And Nevada Connections... And Why It's Now Rothschild's Turn





"Jurgen Mossack’s family landed here in the 1960s. During World War II, his father had served in the Nazi Party’s Waffen-SS, according to U.S. Army intelligence files obtained by the ICIJ. Once in Panama, the elder Mossack offered to spy on communists in Cuba for the CIA."  And yes, Mossack Fonseca may now be history, and its countless uberwealthy clients exposed, but none other than Rothschild is now delighted to be able to fill its rather large shoes.

 
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Noose Tightens On Clinton As Second Federal Judge Grants Discovery In E-Mail Fiasco





In the latest developments from the never-ending Hillary Clinton e-mail saga, a second federal judge will allow Judicial Watch to seek sworn testimony from officials. "Where there is evidence of government wrong-doing and bad faith, as here, limited discovery is appropriate, even though it is exceedingly rare in FOIA cases," U.S. District Court Judge Royce Lamberth said, in an order entered on Tuesday.

 
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The Hits Just Keep On Coming: Valeant CEO To Tesity Under Oath, Following Accusation Of Merger Agreement Violation





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.

 
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"It's An Attack On Higher Education": Connecticut Seeks To Tax Yale Endowment As Plug To Surging Deficit





In the aftermath of Connecticut yield spreads blowing out to the widest ever over fears of surging budget deficits, a proposed Connecticut bill is seeking a share of Yale's endowment gains as a source of state tax revenue. According to the introduced legislature, schools with funds of $10 billion or more, which is clearly aimed at Yale as that is the only university to fit the criteria. Yale’s record $25.6 billion fund is the second largest in U.S. higher education.

 
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Hawaii May Become First State In US To Decriminalize All Drugs





Following Portugal’s model, Hawai`i could become the first state in the U.S. to decriminalize all drugs - including cocaine and even heroin.

 
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The Stock Market Is A Monetary Policy Junkie - Quantifying The Fed's Unprecedented Impact On The S&P





The bulls will presumably argue that this Fed impact is now part of the accepted wisdom, and that P/Es should remain higher than history in order to reflect the Greenspan/Bernanke/Yellen Put. The bears will suggest that if ever there were a time for the scales to fall from investors’ eyes over the Wizard-of-Oz-like nature of the Fed, then this is it. We are inclined to the latter view. Betting on the Fed’s ability to generate continued market levitation seems like a dangerous game to us, but as Newton long ago opined, “I can calculate the motion of heavenly bodies, but not the madness of people.”

 
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Explosive Accusation: Belgium Had "Advance And Precise" Warning About Terrorist Attacks, Did Nothing





In what, if true, is the most incendiary allegation of the day, Israel's Haaretz newspaper reports that Belgian security services and other Western intelligence agencies had "advance and precise intelligence warnings" regarding Tuesday’s bombings. According to the paper, "the security services knew, with a high degree of certainty, that attacks were planned in the very near future for the airport and, apparently, for the underground railway as well."

 
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Brazil's President Digs In: "I Will Never Resign Under Any Circumstances!"





It's all falling apart for Brazil's embattled President Dilma Rousseff whose political career could be over in a matter of months. With the impeachment committee in place and VP Michel Temer's PMDB set to break from the government, the fate of Lula's Worker's Party hangs in the balance. Meanwhile, the economy continues to collapse as last month was the worst February on record for jobs. As for the central bank, Alexandre Tombini is attempting to use reverse FX swaps to keep the BRL just weak enough to help the economy adjust and just strong enough to permit a Selic cut (or two). What could go wrong?

 
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Mystery Of New York Fed Robbery Has Central Banks Asking Who's Next





From the NY Fed, to a local branch of a commercial bank in the Philippines, to a remittances company, to three casinos, and then... nothing. A cold trail. Who's at the end of the central bank heist rabbit hole? And do any of the people along the paper trail actually know who's pulling the strings? 

 
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Gawker Ordered To Pay Hulk Hogan $115 Million In Sex Tape Lawsuit





In a closely watched trial by the media community, shortly after 7pm on Friday night, and less than six hours after starting deliberations, the jury sided with ex-pro wrestler Hulk Hogan and awarded him $115 million in his sex tape lawsuit against Gawker Media. The trial lasted two weeks. The award consists of $55 million for economic injuries, and $60 million for emotional distress. It may also mean the end of Gawker.

 
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"It's All F**ked": Brazil Descends Into Chaos As Rousseff, Lula Wiretaps Trigger Mass Protests





On Wednesday evening, it all fell apart in Brazil when the judge spearheading government corruption probes released wiretaps which seem to prove that Dilma Rousseff indeed appointed former President Lula to chief of staff in order to shield him from prosecution. When the tapes were released, Congress broke into a shouting match and Brazilians poured into the streets in 17 of 26 states calling for an overthrow of the government.

 
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Will The Fed Follow The BoJ Down The NIRP Rabbit Hole?





At this point, one wonders why any central banker would chase down the NIRP rabbit hole only to find themselves the protagonist in the latest retelling of "Krugman in Wonderland," but alas, the experiment continues. The only question now is this: will the FOMC take the plunge? Here's a chronological list of Fed NIRP commentary.

 
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Fed Mouthpiece Parses Timid Janet's Latest Pronouncement





"Federal Reserve officials reduced estimates of how much they expect to raise short-term interest rates in 2016 and beyond, nodding to lingering risks to the economic outlook posed by soft global economic growth and financial-market volatility."

 
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Head Of Brazilian Central Bank Ready To Quit Amid Political Insanity





It seems as though Brazil can’t get through a single day without some piece of political news or economic data creating confusion and turmoil. Wednesday was no different.

 
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