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Bitcoin Blasts Through $2200, Here's Why

Bitcoin is up almost 15% today, breaking through $2000, $2100, and now $2200. As we detail below, there are numerous drivers for this sudden surge in the virtual currency...

In Major Shake Up, Ford Fires CEO Mark Fields As Punishment For Declining Stock Price

Confirming weekend rumors of a dramatic management shakeup at Ford, late on Sunday Forbes reported that Ford would replace CEO Mark Fields with Jim Hackett, the former head of office-furniture maker Steelcase who joined the auto maker in 2016. Fields leaves after a 28-year career?at Ford, including a prominent tenure as the head of the company’s North American operation.

The Other Shoe Drops: Prime Auto Loan Losses Surge As Recoveries Tumble

With subprime auto loan delinquencies already surpassing losses last seen in the immediate aftermath of the financial crisis, the next shoe has dropped as losses in bonds tied to prime auto loans surged in recent months from a year ago, with 60+ day delinquencies and default rates in Prime ABS pools doubling from post-crisis lows.

Frontrunning: May 10

  • Trump fires FBI chief Comey, setting off political storm (Reuters)
  • Comey Firing Upends Russia Probes (WSJ)
  • White House Says Decision Stemmed From Comey’s Handling of Clinton Email Probe (WSJ)
  • Comey Ouster Threatens to Backfire on Troubled Trump White House (BBG)
  • Comey’s Deserved Dismissal (WSJ)

Crushed Vol Boosts Dollar, Commodities; Futures Flat

Asian stocks declined, while European stocks rose to the highest since 2015, led by a rebound in commodities and basic resource stocks. U.S. stock-index futures were little changed at 2,395 - just shy of all time highs - as investors focused on corporate earnings after the French election, while the VIX hovered near its lowest level since 1993.

Guest Post: Tesla Performs Stealth Recall With Misleading Messages, Customer NDAs

Tesla’s emphasis on the proactive nature of this campaign and the “non-safety related” nature of the issue was critical. If Tesla ever admitted, in any form of customer communication, that a contactor failure could result in danger to the driver or other motorists it would be required by law to issue a recall on the part.

Frontrunning: April 11

  • Tillerson: Russia Should Give Up ‘Unreliable Partner’ Assad (BBG)
  • U.S. tries to line up West, Mideast against Assad (Reuters)
  • United Airlines under fire after passenger dragged from plane; officer put on leave (Reuters)
  • Tillerson carries Syria stance to Moscow as Trump assumes West's leadership (Reuters)
  • Investors Dump French Assets as Presidential Race Opens Up (WSJ)

Preet Bharara Joins NYU School Of Law

Just ten days after the US Attorney for New York, Preet Bharara was fired by Donald Trump, prompting speculation if he was working on a probe of Trump himself when he was terminated and further speculation which employer would imminently retain Bharara's services, moments ago the former attorney gave the answer: he is joining the NYU School of Law.