" The Korean authorities should limit foreign exchange intervention to the exceptional circumstances of disorderly market conditions" - US Treasury
In the interests of transparency and on the heels of Mary Barra's suggestion that some of those involved in the ignition switch problem are still employed at the firm, she has decided to place 2 employees on paid leave...
- *GM BARRA CONFIRMED 2 ENGINEERS PLACED ON PAID LEAVE
- *GM SAID TO PLACE DEGIORGIO, ALTMAN ON PAID LEAVE
- *GM CREATES SPEAK UP FOR SAFETY PROGRAM FOR EMPLOYEES
To distract from the main headlines, GM has created a "speak up for safety" spy-on-your-neighbor plan as part of her safety-first strategy.
The top 1% of 825,000 individual medical providers accounted for 14% of the $77 billion in medicare billing in 2012, according to new federal data reported by the WSJ. The data shows a very small number of doctors and medical providers account for a huge amount of the costs for treating the elderly and, as WSJ notes, suggest in some cases, may be enriching themselves in the process. As Bloomberg notes, one doctor, who treats degenerative eye disease in seniors, was paid $21 million (twice the 2nd highest paid doctor on the list) with some top earners making 100 times the average for their respective fields. One researcher summed it up, "There's all sorts of services that are low-value for patients, high-revenue to providers," and leaves us wondering, once again, how the government will manage as Obamacare's "success" washes ashore.
So much for new GM's transparency... After failing to respond to over a third of NHTSA's requests:
- *NHTSA: GM STILL HAS 'FAILED' TO PROVIDE SUBSTANTIVE RESPONSE
NHTSA has thrown the book at General Motors (kinda)..
- *NHTSA SAYS GM SUBJECT TO CIVIL PENALTY UP TO $7,000/DAY
That will teach them!! There are some teeth there, as NHTSA added that it may refer GM to the Justice department.
- Russia's Gazprom says Ukraine did not pay for gas on time (Reuters)
- Ukraine Moves to Keep Control in East (BBG)
- Banks Set to Report Lower Earnings as Debt Trading Slumps (BBG)
- More DeGeners and Obama selfies needed: Samsung's lower first-quarter estimate highlights smartphone challenges (Reuters)
- Citi Is Bracing to Miss a Profit Target (WSJ)
- Another slam from GM? Safety group calls for U.S. probe of Chevy Impala air bags (Reuters)
- Japan drugmaker Takeda to fight $6 billion damages imposed by U.S. jury (Reuters)
- EU court rules against requirement to keep data of telecom users (Reuters)
- White House may ban selfies with president after Ortiz-Obama photo promotes Samsung (Syracuse)
What is there in this world that is transparent? Is there anything left? You just need to take a look around you. The growing number of corruption cases, the people that embezzle, fraudulently take, borrow, beg and steal at whim.
The ethical problems associated with the US 'drone war', as well as the enormous blow-back potential it harbors are seemingly finally rousing Congress into asking questions. After hundreds of civilian deaths and the enormous help they have reportedly provided to Al Qaeda's recruitment drive in the regions concerned, it may indeed be time to wonder 'who is actually killed' by US drone strikes. It would surely be a case of 'better late than never', but one should actually better not get one's hopes up...
There is a gloriously simple solution to all the world's TBTF problems, one that could be enacted in a HFT millisecond by pulling the trigger, so to speak. The solution comes from none other than that historic US nemesis, Vietnam, where unscrupulous financiers don't just go to jail. Sometimes, they get death row.
Monetary Blockade Of Russia Begins: JPMorgan Blocks Russian Money Transfer "Under Pretext" Of SanctionsSubmitted by Tyler Durden on 04/01/2014 14:56 -0400
JP Morgan blocked money transfer from #Russia diplomatic mission in Kazakhstan "under pretext" of sanctions, says Foreign Ministry
— Thomas Grove (@tggrove) April 1, 2014
Widening income disparity has been a feature of many advanced and developing economies for the past few years and has myriad investment implications. As we noted yesterday, the USA is at levels of income disparity not seen since the roaring 20s (and by some counts worse) but how does that stack up to the rest of the world? Fed fans will be proud to say that once again USA in Number 1... in global income inequality.
Gazprom must really be demanding payment on overdue Ukraine invoices which is the only way we can explain the unprecedented speed with which the IMF has managed to cobble together a makeshift bailout package of up to $27 billion - the bulk of which will naturally go to Russia - which has just made Ukraine its latest vassal state. There are of course, conditions: "Approval is “expected in April, following the authorities’ adoption of a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth,” IMF mission chief Nikolay Gueorguiev said in the statement. Disbursement may start next month, he said at a news conference in Kiev." And then comes the hyperinflation: "Monetary policy will target domestic price stability while maintaining a flexible exchange rate. This will help eliminate external imbalances, improve competitiveness, support exports and growth, and facilitate the gradual rebuilding of international reserves. The NBU plans to introduce an inflation targeting framework over the next twelve months to firmly anchor inflation expectations"... Very high inflation targeting.
- One-Ship Ukraine Navy Defies Russia to the End (WSJ)
- Crimea-Induced Trading Surge Stokes Moscow Exchange Rally (BBG)
- Moscow says Ukraine stops Russian crews disembarking in Kiev (Reuters)
- New images show more than 100 objects that could be plane debris (Reuters)
- Anger of Flight 370 Families Explodes in Beijing (BBG)
- Murdoch Promotes Son Lachlan in Succession Plan for Empire (BBG)
- Facebook to buy virtual reality goggles maker for $2 billion (Reuters)
- Syrian Regime Exploits Rebel Despair (WSJ)
- King Digital IPO price may not bode well for stock (Reuters)
- Rothschild in Twitter Spat as Bakries Cut Ties With Miner (BBG)
Venezuela's exchange rate is a Gordian Knot of rules and regulations meant to baffle onlookers with bullshit and, we suspect, hide the hyperinflation from prying eyes just a little longer. Today's launch of SICAD II, a new currency market which allows the free-market to bid for USD (in Bolivars), appears to be an effort to provide liquidity to a black-market for dollars. SICAD II priced at 55 Bolivars today - an 88% devaluation from the official rate of 6.29.
"When you bundle bots, clicks fraud, viewability and the lack of transparency [in automated ad buying], the total digital-media value equation is being questioned and totally challenged," warns one advertising group executive as the WSJ reports about 36% of all Web traffic is considered fake, the product of computers hijacked by viruses and programmed to visit sites. This means, simply put, that marketers, who are pouring billion of dollars into online advertising, are confronting an uncomfortable reality: rampant fraud... and the fraud is only going to get worse...
Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market bubble since stock-ownership is low in China), the WSJ reports that the people are restless as the PBOC actually takes actions - and prices are falling. With new project prices down over 20%, 'homeowners' exclaim "return our hard-earned money" and "this is very unfair" - who could have seen this coming... "We aren't speculators. We just want an explanation from the developer," said one 35-year-old home buyer, who said he had bought an apartment and gave his surname as Wu. "This is very unfair." Unfair indeed. How long before we hear they are "entitled" to a fair return on their housing (non) speculation investment? Alas for China's "non-speculators", as we reported last week in "The Music Just Ended: "Wealthy" Chinese Are Liquidating Offshore Luxury Homes In Scramble For Cash" the real anger is only just beginning.