Treasury Department

Tyler Durden's picture

Meet The Man Responsible For Regulating $234 Trillion In Derivatives: The CFTC's New Head Timothy Massad





It's official - goodbye Gary Gensler, we hardly knew you... as a commodities regulator that is, although Bart Chilton (who is finally also stepping down due to being too burdened by lack of funding to actually do anything) was kind enough to provide much needed perspective on how the CFTC truly works. In place of the former Goldmanite, today Obama will announce that going forward America's top derivative regulator and CFTC head will be Timothy Massad, the Treasury Department official responsible for overseeing the U.S. rescue of banks and automakers after the credit crisis.

 
Tyler Durden's picture

Meet The Firm Whose $95 Billion In Assets Keeps Iran's Ayatollah In Power





Bloomberg may be in hot water for scuttling an article that "might anger China" as exposed over the weekend, but that was only after winning investigative prizes for its series of reports exposing the epic wealth of China top ruling families in 2012: a topic that has received prominence at a time when the forced wealth redistribution plans of developed and developing nations, usually originated by these same uber-wealthy families, is all the rage. Another country, whose oligarchic wealth had largely escaped press scrutiny, was Iran. At least until today, when in a six month investigation culminating in a three-part report on the assets of the Iranian Supreme Leader Ayatollah Ali Khamenei, Reuters exposed Setad, an Iranian company that manages and sells property on order from the Imam. In a nutshell, the company has built up its wealth by seizing thousands of properties from Iranian citizens. According to the investigation, Setad’s assets are worth $95 billion – 40 percent more than Iran’s total 2012 oil exports. It is this confiscated "wealth" that has allowed the Iranian clergy, and especially the Ayatollah, to preserve their power over the years.

 
Tyler Durden's picture

Hungover Markets Enter November With Quiet Overnight Session





After a blistering October for stocks, drunk on yet another month of record liquidity by the cental planners, November's first overnight trading session has been quiet so far, with the highlight being the release of both official and HSBC China PMI data. The official manufacturing PMI rose to 51.4 in October from 51.1 in September. It managed to beat expectations of 51.2 and was also the highest reading in 18 months - since April 2012. October’s PMIs are historically lower than those for September, so the MoM uptick is considered a bit more impressive. The uptrend in October was also confirmed by the final HSBC manufacturing PMI which printed at 50.9 which is higher than the preliminary reading of 50.7 and September’s reading of 50.9. The Chinese data has helped put a floor on Asian equities overnight and S&P 500 futures are nudging higher (+0.15%). The key laggard are Japanese equities where the TOPIX (-1.1%) is weaker pressured by a number of industrials, ahead of a three day weekend. Electronics-maker Sony is down 12% after surprising the market with a profit downgrade with this impacting sentiment in Japanese equities.

 
Tyler Durden's picture

US Blasts Germany's Economic Model; Germany Blasts Right Back... And May Use Snowden As Leverage





The two leading economic of the developed world are now engaged in an open pissing contest. Will anyone win, or will everyone lose? And will Germany offer Edward Snowden asylum as a result? Can US foreign policy be even more screwed up? Find out inside.

 
Tyler Durden's picture

Treasury's Deceit Exposed By This Ballsy Government Official





Do you remember the $700 billion bailout of the financial system in 2008? It seems these days that most investors do not. People are partying like it’s 1929… as if all the issues and challenges that plagued the banking sector just a few years ago have miraculously vanished. This thinking is absurd, and even a casual glance at the balance sheets of so many banks in the West shows objectively that the entire system is still precariously leveraged, undercapitalized, and illiquid. In the wake of the bailout, Congress created a special position to oversee how the funds were spent. Like anything else in government, they used an unnecessarily long name followed by a catchy acronym – Special Inspector General for the Troubled Asset Relief Program, or SIGTARP. SIGTARP just released its quarterly report to Congress… and it’s scatching, suggesting that “the toxic corporate culture that led up to the crisis and TARP has not sufficiently changed.”

 
Tyler Durden's picture

Legal Glitch "Has The Potential To Sink Obamacare"





As if the technological problems facing Obamacare were not enough, a potentially major "legal glitch" could cause the healthcare law to unravel in 36 states. As the LA Times reports, The Affordable Care Act proposes to make health insurance affordable to millions of low-income Americans by offering them tax credits to help cover the cost. To receive the credit, the law twice says they must buy insurance "through an exchange established by the state." But 36 states have decided against opening exchanges for now. Critics of the law have seized on the glitch. They have filed four lawsuits that urge judges to rule the Obama administration must abide by the strict wording of the law, even if doing so dismantles it in nearly two-thirds of the states. And the Obama administration has no hope of repairing the glitch by legislation as long as the Republicans control the House..."This has the potential to sink Obamacare. It could make the current website problems seem minor by comparison," noted on policy expert.

 
GoldCore's picture

U.S. National Debt Over $17 Trillion - Surges $328 Billion In A Single Day





If Obama’s budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the National Debt increased by 87%, or $9.34 trillion, during his two terms.

 
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The Debt Ceiling Was Hit Back in May... So Why Did It Become a Crisis Five Months Later





 

The only problem is that this entire “crisis” was a lie. The US actually hit its debt ceiling back in May 2013, a full five months ago.At that time neither the Treasury Department, nor the White House, nor Congress talked about this.

 
Tyler Durden's picture

Slowly At First, Then All At Once





Last night, after more than two weeks of utterly embarrassing theater, the government in the Land of the Free inked a deal to kick the can down the road a few more months. And in doing so, they set a very dangerous precedent. As part of the bargain codified in HR 2775 (which President Obama signed into law), the Treasury Department is authorized to SUSPEND the debt ceiling. In other words, for all intents and purposes, there is now NO LIMIT government borrowing. This limitless borrowing authority will expire on February 7, 2014. But it sets the precedent that dismissing the debt ceiling is a perfectly viable course of action. Congress has effectively removed their handcuffs… so you can almost assuredly bet down the road that this provision will be extended, and ultimately become permanent.

 
Tyler Durden's picture

Guest Post: Non-Participation As An Effective Weapon Against Tyranny





Legitimate revolution takes time, patience and fortitude. Unfortunately, this is a strategic concept that is lost on many Americans today who suffer from a now common ailment of attention deficit disorder and an obsession with immediate gratification. Even some who have their hearts in the right place and who work to defend and resurrect our nation’s founding ideals seem to believe that any action to defeat corrupt oligarchy must be effective immediately, otherwise, it’s not worth the attempt. History, of course, teaches us the opposite. As things stand at this moment, though, the death of the system is not something to cheer, no matter how much we might wish it to crumble under the weight of its own criminality. The collapse of the existing system will not be the end of our troubles, only the beginning. Chaos always opens doors for evil men, and they will certainly take full advantage of the chaos triggered by shutdown, default or continued inflationary debt spending. We must make ourselves ready to resist by making ourselves separate from the monster we plan to fight. Crisis waits for no one, and on the path our nation now walks, crisis is assured.

 
Tyler Durden's picture

Guest Post: Are You Ready To Be An Unpaid Government Spy?





Apparently the IRS has fallen on hard times in light of all this government shutdown and sequestration nonsense. Too bad. According to a recent report from the Treasury Department, ‘enforcement revenue’ at the IRS has fallen for the second straight year. Tax enforcement is one of the only ‘money makers’ for the US government; according to the IRS, every dollar spent on tax enforcement generates six dollars in additional tax revenue.  Unfortunately for the IRS, though, the agency’s head count has been thinning. They no longer have enough people, and enforcement revenue has been declining. Ordinarily the IRS supplements its ranks with legions of unpaid spies in the financial sector. Starting July 1, 2014, though, the Foreign Account Tax Compliance Act (FATCA) will give the IRS a new addition in its ever-growing list of unpaid spies. You.

 
Tyler Durden's picture

What The Three Month Can-Kicking "Deal" Looks Like





Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell will soon announce an agreement to reopen the government and avert default on U.S. debt, Politico reports, according to several sources familiar with the talks. Here is what that "stunning reversal for the speaker" deal looks like. In short: the can has been kicked for three months, to early February.

 
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