• GoldCore
    07/25/2014 - 09:41
    The EU and global drive toward bail-ins continues unabated. Bail-ins are coming to financial institutions and banks in the EU, UK, U.S. and much of the western world - with painful consequences for...

Frontrunning: July 9

Tyler Durden's picture




 
  • Xi Says China Conflict With U.S. Would Be Disaster (BBG)
  • Short selling drops to lowest level since Lehman (FT)
  • Scoping the new subprime as watchdogs cry 'bubble' (Reuters)
  • Carlos Slim to break up América Móvil empire (FT)
  • Jury Acquits Rengan Rajaratnam in Insider-Trading Case (WSJ)
  • Hamas rockets land deep in Israel as it bombards Gaza Strip (Reuters)
  • Hong Kong Buyers Queue for New Homes After Prices Plunge (BBG)
  • Rebel Stronghold in Ukraine Braces for Its Showdown (WSJ)
  • Tiny Houses Big With U.S. Owners Seeking Economic Freedom (BBG)
  • Chinese Cash-Bearing Buyers Drive U.S. Foreign Sales Jump (BBG)
  • Portugal Bonds Drop With Europe Stocks as Gold Advances (BBG)
  • Why UBS Says Brazil’s 7-1 Trouncing Is Bearish for Stocks (BBG)
  • Both candidates in Indonesia election claim victory (Reuters)
  • Citigroup Nears Deal to Resolve Mortgage Probe (WSJ)

 

Overnight Media Digest

WSJ

* President Barack Obama is seeking $3.7 billion in funding and legal changes to stem the surge in children and families illegally entering the United States, creating new tensions within his party as he works to confront a crisis that is overwhelming the government's ability to hold young migrants. (http://on.wsj.com/1jnW60X)

* Israel stepped up its attacks in what it called the beginning of a prolonged assault on Palestinian militants and their infrastructure in the coastal enclave. (http://on.wsj.com/1xPSRlO)

* Medicare allowed $1.7 billion in 2010 payments to clinical laboratories for claims that raised red flags, according to a report to be released Wednesday, the latest example of how the federal insurance program for the elderly and disabled is susceptible to misspending and abuse. (http://on.wsj.com/1ncG2P0)

* The Justice Department and Citigroup are close to a deal for the bank to pay about $7 billion to settle allegations the bank sold shoddy mortgages in the run-up to the financial crisis. (http://on.wsj.com/TRFG4t)

* NorthStar Realty Finance Corp is in exclusive talks to buy Griffin-American Healthcare REIT II, a large owner of senior housing, skilled nursing facilities, hospitals and other properties, according to two people familiar with the negotiations. The cash-and-stock deal, which would value the real-estate investment trust at $3.5 billion to $3.7 billion, isn't final and could still fall apart. (http://on.wsj.com/1xPMbEq)

* Federal prosecutors suffered the first defeat in their half-decade-long crackdown on insider trading Tuesday with the acquittal of Raj Rajaratnam's younger brother, a bracing reversal after a string of 81 convictions. (http://on.wsj.com/VVXtcK)

* The SEC said a Utah accounting firm and two of its partners botched the audits of a chicken company based in China that faces allegations of defrauding investors. Child Van Wagoner & Bradshaw of Salt Lake City, Utah, along with partners Russell Anderson and Marty Van Wagoner, was deficient in its 2009 and 2010 audits of Yuhe International Inc, a Chinese provider of broiler chickens, the SEC said. (http://on.wsj.com/TRAy0d)

* Amazon, amid tense negotiations with Hachette, proposed letting the publisher's authors keep 100 percent of the revenue from their e-books until a contract is reached. Hachette rejected the proposal. (http://on.wsj.com/1zog0gP)

* The Financial Industry Regulatory Authority is pressing retail brokers for details about how they route customer orders amid mounting concerns some brokers might be sending orders to venues that provide the highest payments but not the best price for investors. (http://on.wsj.com/1r6P5Bu)

* A combative, at times emotional Donald Sterling said in court testimony Tuesday that he is fighting a $2 billion deal to sell the Clippers because he believes the basketball team will be worth more money once its television contracts are renegotiated. (http://on.wsj.com/1lSG0qt)

* Google Cloud Platform offered two terabytes of free storage for a year, through one of its partners, a startup called Panzura. The move highlights the battle among Google , Amazon and Microsoft to provide companies with remote storage, computing power and other technology services, which reduce companies' need to buy and run their own equipment. Some industry insiders predict storage will soon be free. (http://on.wsj.com/1qhLTSb)

* After another attempt to take over Newmont Mining Corp failed in April, many investors have lost patience. They are urging the miner to either rekindle this year's aborted deal with No. 1 Barrick Gold Corp, or break itself up. (http://on.wsj.com/1xQ5oFX)

 

FT

After delivering a fierce speech to foreign diplomats in Moscow last week where he accused the United States of using cold war tactics, Russian President Vladimir Putin has gone oddly silent following the Ukrainian army's swift advance against pro-Russian separatists.

Hedge funds have taken the decision to reduce their bearish bets that the value of stocks is about to fall, with the share of stocks identified for short selling at its lowest level since before the financial crisis of 2007.

Rengan Rajaratnam, the younger brother of convicted Galleon Group founder Raj Rajaratnam, was on Tuesday cleared of a charge that he conspired to engage in insider trading while working at the $8 billion hedge fund.

Danish oil and shipping group AP Moeller-Maersk revealed a $1.7 billion hit to its Brazilian oil assets, becoming the latest company to face issues trying to exploit the country's deepwater fields.

U.S. drugmaker AbbVie hiked its offer for Shire to 30 billion pounds, even as it urged its shareholders to encourage the UK-listed drugmaker to partake in a friendly deal.

The UK Serious Fraud Office has arrested and questioned four individuals at Airbus as part of a probe its long-standing investigation into alleged corruption in Saudi Arabia by a unit of the planemaker.

 

NYT

* Citigroup and the Justice Department are nearing a deal that could cost the bank roughly $7 billion to settle a civil investigation into the sale of mortgage investments, people briefed on the matter said on Tuesday. (http://nyti.ms/1me9QdR)

* After just under four hours of deliberation, a federal jury of eight women and four men found Rengan Rajaratnam, 43, not guilty of conspiracy to commit insider trading with his brother. (http://nyti.ms/U2tWfP)

* América Móvil said Tuesday that it would sell off parts of its Mexican unit, an unexpected capitulation by its controlling shareholder, Carlos Slim Helú, to strong new antimonopoly rules. (http://nyti.ms/1ozMWfg)

* A Canadian firm, 1832 Asset Management, disclosed in a filing with the Securities and Exchange Commission on Tuesday that it had sold about 11.5 million shares of American Apparel stock, or about 6.6 percent of the company's outstanding shares, liquidating its entire holding in the company. (http://nyti.ms/1rPNwud)

* New York's attorney general said on Tuesday that he had reached an agreement with Uber, the car-summoning start-up, that would limit the cost of using the company's service during emergencies. The new agreement, according to the attorney general's office, would cap Uber's surge prices during "abnormal disruptions of the market," typically citywide emergencies, in accordance with the City of New York's law against price gouging, passed in 1979. (http://nyti.ms/1kCd4mQ)

* Yelp, the online service increasingly popular on both sides of the Atlantic, has joined the critics formally opposing the European Union's proposed antitrust settlement with Google. Google officials declined to comment on the Yelp complaint. (http://nyti.ms/1jcTTVK)

* Amazon has proposed giving Hachette's authors all the revenue from their e-book sales on Amazon as the parties continue to negotiate a new contract. Hachette's response on Tuesday was to suggest that the retailer was trying to make it commit suicide. (http://nyti.ms/1zoeKdI)

 

Canada

THE GLOBE AND MAIL

** Toronto Mayor Rob Ford's staff called police after protesters disrupted a press conference on Tuesday, but an officer ended up accusing the mayor's sobriety coach of kicking a demonstrator. A handful of protesters, some of whom removed their shirts, loudly called on the mayor to resign as he spoke out against a proposal to redesign Eglinton Avenue West to make it more attractive to pedestrians and cyclists. (http://bit.ly/1k4MNxH)

** Toronto Councillor Doug Ford said a window on his SUV was smashed on Monday night, and he alleged that the incident may have been politically motivated. The outspoken councillor, who is running the re-election campaign for his brother, Mayor Rob Ford, told reporters at City Hall on Tuesday morning that the rear window on his car had been vandalized. (http://bit.ly/1r6gOT1)

Reports in the business section:

** General Electric Co chairman and chief executive officer Jeff Immelt said Canada's energy industry needs to make the crude wrung from the Alberta oil sands competitive with other sources around the world in terms of greenhouse gas emissions, and is positioning the industrial conglomerate to play a key role. (http://bit.ly/1meIswy)

NATIONAL POST

** A 31-year-old teacher is dead and two others are seriously injured after one or more people opened fire outside a public housing building in North York just after midnight on Tuesday. Abshir Hassan, 31, a supply teacher at Lawrence Heights Middle School, died at the scene, police said. The other two victims are a 22-year-old man and an 18-year-old woman. (http://bit.ly/1pZ1I4w)

** Alleged Anonymous hacker Matt DeHart has been put on suicide watch and his refugee hearing has been postponed. Instead of appearing before a Toronto refugee tribunal Tuesday he was confined in a suicide watch cell after returning to jail from hospital, where he was treated after another suicide attempt. (http://bit.ly/1lTn7DZ)

FINANCIAL POST

** Saskatchewan, and perhaps one or more Atlantic provinces, will join Ontario and British Columbia in Ottawa's proposed national securities watchdog, sources say. Finance Minister Joe Oliver will announce that Saskatchewan will sign onto the fledgling Co-operative Capital Markets Regulator, according to sources. (http://bit.ly/1qiD7mX)

** Canada's banking system isn't as solid as it was a year ago because of the federal government's plan to implement a bail-in regime for domestic, systemically important banks, but there remains little to worry about when it comes to the overall strength of the country's biggest lenders, says Moody's Investor Services Inc. (http://bit.ly/1qUEvQA)

 

China

CHINA SECURITIES JOURNAL

- A total of 122,727 investors opened A-share trading accounts last week, down 11.7 percent from the week before last.

SHANGHAI SECURITIES NEWS

- The city of Daqing in Heilongjiang province, known as the oil capital of China, has outlined plans to boost development of the photovoltaic industry as part of the city's efforts to move its economy away from traditional energy to new energy sources.

SECURITIES TIMES

- China's finance ministry said it plans to improve subsidies to rural financial institutions in order to direct social funds into the agriculture sector.

SHANGHAI DAILY

- Firms and individuals in the Sino-Singapore Tianjin Eco City on Tuesday received a 2-billion-yuan ($322 million) quota from China's central bank for cross-border yuan investment and borrowing as part of efforts to promote the international use of the yuan. The People's Bank of China has allowed companies in the zone to borrow yuan from banks in Singapore, use equity funds to invest overseas, and individuals to transact yuan under direct investment and current accounts.

CHINA DAILY

- The Chinese government will increase its input and encourage social capital to enter the industry to provide better healthcare services, Premier Li Keqiang said on Tuesday. These moves will help to minimize patients' out-of-pocket expenses and create more quality healthcare resources, he said.

 

Britain

The Times

FIRMS GET MORE POWER TO FIGHT ENERGY GIANTS

Small companies are to be given more help to challenge large energy suppliers as part of a drive to update or scrap red tape that acts as a "drag on jobs and growth".

The Guardian

LABOUR PLANS PUBLIC CONTRACTS SHAKEUP

Under a Labour government, only social enterprises with a public service mission will be allowed to bid for some government contracts in an effort to break the stranglehold of big corporate suppliers on public procurement, shadow minister Chi Onwurah will say on Wednesday.

The Telegraph

HMRC RAID ON BANK ACCOUNTS GOES AGAINST MAGNA CARTA, SAY MPS

British tax authorities have been accused of attempting to ride roughshod over Magna Carta in pursuit of new powers that will allow them to raid the bank accounts of those who fail to pay their dues.

VINCE CABLE 'CONFIDENT' IN FACE OF A FRESH PFIZER APPROACH

Pfizer would be required to make meaningful commitments to Britain's science base should it resume its takeover play for AstraZeneca in future, the Business Secretary has said.

THE MOST LOYAL SAVERS ARE PAID HALF BANK RATE, REGULATOR FINDS

Banks and building societies are exploiting their most loyal savers with rates that average a fraction of the Bank Rate, the city regulator has found.

Sky News

MOULTON IN TALKS OVER UNIPART RESCUE DEAL

City financier Jon Moulton is in talks to rescue Unipart Automotive, Britain's biggest independent car parts supplier, in a deal that could save more than 1,500 jobs.

GOODWIN HELPS RACK UP 400,000 STG RBS LEGAL BILL

Royal Bank of Scotland (RBS) has spent hundreds of thousands of pounds on law firms acting for Fred Goodwin and other former directors during the early stages of legal actions brought by thousands of its shareholders.

 

 

Fly On The Wall 7:00 AM Market Snapshot

ECONOMIC REPORTS

Domestic economic reports scheduled for today include:
FOMC minutes for June 17-18 meeting to be released at 14:00

ANALYST RESEARCH

Upgrades

American Express (AXP) upgraded to Buy from Neutral at Guggenheim
Apollo Investment (AINV) upgraded to Buy from Neutral at SunTrust
Broadcom (BRCM) upgraded to Outperform from Perform at Oppenheimer
CARBO Ceramics (CRR) upgraded to Neutral from Sell at Guggenheim
Deutsche Bank (DB) upgraded to Overweight from Neutral at JPMorgan
GOL Linhas (GOL) upgraded to Outperform from Market Perform at Raymond James
HollyFrontier (HFC) upgraded to Outperform from Market Perform at Wells Fargo
KKR (KKR) upgraded to Outperform from Neutral at Credit Suisse
Royal Dutch Shell (RDS.A) upgraded to Buy from Hold at Deutsche Bank
Schlumberger (SLB) upgraded to Overweight from Neutral at HSBC
Seattle Genetics (SGEN) upgraded to Buy from Neutral at UBS
Umpqua Holdings (UMPQ) upgraded to Equal Weight from Underweight at Barclays

Downgrades

Apollo Global (APO) downgraded to Neutral from Buy at Citigroup
Artisan Partners (APAM) downgraded to Neutral from Buy at Citigroup
BP (BP) downgraded to Hold from Buy at Deutsche Bank
Carlyle Group (CG) downgraded to Neutral from Buy at Citigroup
Garmin (GRMN) downgraded to Underperform from Sector Perform at Pacific Crest
Gigamon (GIMO) downgraded to Buy from Strong Buy at Needham
Gigamon (GIMO) downgraded to Market Perform from Outperform at William Blair
Gigamon (GIMO) downgraded to Neutral from Buy at Goldman
Gigamon (GIMO) downgraded to Underperform from Neutral at BofA/Merrill
International Paper (IP) downgraded to Sector Perform from Outperform at RBC Capital
Louisiana-Pacific (LPX) downgraded to Sector Perform from Outperform at RBC Capital
Marvell (MRVL) downgraded to Underperform from Perform at Oppenheimer
McGraw Hill Financial (MHFI) downgraded to Market Perform at Raymond James
Moody's (MCO) downgraded to Market Perform from Outperform at Raymond James
Plum Creek Timber (PCL) downgraded to Sector Perform from Outperform at RBC Capital
Potash (POT) downgraded to Neutral from Overweight at JPMorgan
RGS Energy (RGSE) downgraded to Market Perform from Outperform at Cowen
Taminco (TAM) downgraded to Neutral from Buy at Citigroup
Vectren (VVC) downgraded to Hold from Buy at KeyBanc

Initiations

21st Century Fox (FOXA) initiated with an Overweight at Barclays
Ardmore Shipping (ASC) initiated with a Buy at Canaccord
Brixmor (BRX) initiated with an Outperform at RW Baird
CBS (CBS) initiated with an Equal Weight at Barclays
CTPartners (CTP) initiated with a Buy at B. Riley
Cavium (CAVM) initiated with an Outperform at Imperial Capital
ConnectOne Bancorp (CNOB) initiated with a Buy at Guggenheim
DHT Holdings (DHT) initiated with a Buy at Canaccord
Discovery (DISCA) initiated with an Overweight at Barclays
Disney (DIS) initiated with an Equal Weight at Barclays
F5 Networks (FFIV) initiated with a Buy at DA Davidson
HomeAway (AWAY) initiated with a Neutral at Macquarie
ITT Corp. (ITT) initiated with a Perform at Oppenheimer
Infosys (INFY) initiated with a Hold at Stifel
KLA-Tencor (KLAC) assumed with an Overweight at Piper Jaffray
Kate Spade (KATE) initiated with an Outperform at BMO Capital
Lam Research (LRCX) assumed with an Overweight at Piper Jaffray
MEDNAX (MD) initiated with a Positive at Susquehanna
Navios Acquisition (NNA) initiated with a Hold at Canaccord
NetApp (NTAP) initiated with a Buy at DA Davidson
Nordic American Tankers (NAT) initiated with a Sell at Canaccord
Regency Energy Partners (RGP) reinstated with an Equal Weight at Barclays
SAIC (SAIC) initiated with a Hold at Stifel
SPX Corp. (SPW) initiated with a Hold at Jefferies
Scorpio Tankers (STNG) initiated with a Hold at Canaccord
TCP Capital (TCPC) initiated with a Neutral at Citigroup
Time Warner (TWX) initiated with an Equal Weight at Barclays
Trulia (TRLA) initiated with an Outperform at Macquarie
Tsakos Energy (TNP) initiated with a Buy at Canaccord
Vantiv (VNTV) coverage resumed with an Overweight at Morgan Stanley
Viacom (VIAB) initiated with an Underweight at Barclays
Winnebago (WGO) initiated with a Neutral at SunTrust
Zillow (Z) initiated with an Outperform at Macquarie

COMPANY NEWS

Boeing (BA), Emirates finalized an order for 777Xs valued at $56B
KKR (KKR) acquired majority interest in OEG Offshore, terms not disclosed
Alcoa (AA) expects Q3 EPS to 'continue to build on strong second quarter,' continues to see 2014 global aluminum demand growth of 7%
Salix (SLXP) said it will combine with Cosmo Technologies. The transaction is expected to be modestly accretive to Salix’s EPS in FY16 and increasingly accretive thereafter
Bob Evans (BOBE) sees 1Q15 SSS down 2.5%-down 3%; sees Q2 SSS flat to up low single digits; sees Q3, Q4 SSS up in high single-digit
Gaming Partners (GPIC) announced that Michael Mann resigned from position of CFO

EARNINGS

Companies that beat consensus earnings expectations last night and today include:
Alcoa (AA), AeroVironment (AVAV), Bob Evans (BOBE)

Companies that missed consensus earnings expectations include:
Synergy Resources (SYRG), Healthcare Services (HCSG), Container Store (TCS)

AeroVironment (AVAV) sees FY15 revenue $250M-$270M, consensus $256.2M
Silicon Image (SIMG) lowers Q2 revenue guidance to $58M-$60.5M from $71M-$76M
Bob Evans (BOBE) sees Q1 EPS 6c-12c, may not compare to consensus 54c
Container Store (TCS) now sees FY14 EPS 49c-54c, consensus 57c
Bob Evans (BOBE) sees FY14 EPS $1.90-$2.20, consensus $2.56

NEWSPAPERS/WEBSITES

Citigroup (C) near $7B settlement with U.S. over mortgage probe, NY Times reports
Allergan (AGN) plans broad restructuring plan, Bloomberg says
Amazon (AMZN) proposes e-book authors keep 100% of revenue, WSJ reports
AbbVie (ABBV) forced to retract CEO comments about in Shire (SHPG) takeover battle, Reuters reports
Pentagon says no decision has been made on whether grounded F-35s (LMT) will be ready for air show, Reuters reports
GM (GM) CEO, general counsel to testify before Senate subcommittee, WSJ reports
America Movil (AMX) to break up Mexico unit by divesting assets, Bloomberg reports
Delta Air Lines (DAL) shares look cheap, Barron's says

SYNDICATE

bluebird bio (BLUE) 3M share Secondary priced at $34.00
Remark Media (MARK) files to sell 2.07M shares for holders
Rentech (RTK) files to sell up to 45.05M shares for holders
Ultragenyx (RARE) 2.017M share Secondary priced at $40.00

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Wed, 07/09/2014 - 07:49 | 4938789 disabledvet
disabledvet's picture

Those are real bombs falling on Israel. And those are real sappers.

Is anyone going to do anything?
Even SAY anything?

"Meanwhile back in Baghdad."

Wed, 07/09/2014 - 07:57 | 4938806 Headbanger
Headbanger's picture

C'mon..  Obomba doesn't care bout Israel and never really did cause he's a.....

Yep.. And Israel has had enough with all the bullshit surrounding them the past few years and now ISIS.

So Israel is is going to say "Fuck you Barry!" and do it's own thing just like the French

Germany will soon follow cause it's gonna be getting really cold there in just six months.

Wed, 07/09/2014 - 08:03 | 4938821 Sudden Debt
Sudden Debt's picture

They already have a sollution for the gas shortages!!!

They're looking for households who want to, for a price reduction of course, want to shut down their power during the critical hours.

You know... when you're poor and a reduction in costs is welcomed, you're kids can sit in the freezing cold so those who have no problem paying for it stay warm.

AND THAT KIDS! IS HOW WE FIX OUR PROBLEMS!

GIVE US YOUR POOR AND WE'LL FREEEZE THEM TO DEATH!

Wed, 07/09/2014 - 08:00 | 4938812 Sudden Debt
Sudden Debt's picture

well, because back in 1945.... does that shit still fly as they themselves have turned into mass murderers?

I bet if Isreal would be leveled, everybody in the west would understand. These guys are even worse than nazi's! The nazi's only did bad stuff for 5 years in a row, these isrealistes are at it for over 5 decades already! They're the nazi's X10!

Wed, 07/09/2014 - 08:02 | 4938815 Headbanger
Headbanger's picture

Now that's fucked up dude.

Wed, 07/09/2014 - 08:16 | 4938831 Sudden Debt
Sudden Debt's picture

what part? really, these guys don't mind killing kids playing outside. And they sure like to kill them from 5 miles away so there's totally no risk for them being hit by a stone.

They even kill journalists who want to have a look and see the situation!

And wouldn't you hate the isrealites if they would keep supressing you for 5 decades in a row? Killing your family, starving you, destroying your house because they like the view and would love to build a house there themselves for free?

 

I don't have a problem with the jews AT ALL!! It's their militairy who is the evil one here!

If you want to kill somebody just because he's from another race, you're a racist. And a evil one at it! And that's exactly what they're doing!

 

Wed, 07/09/2014 - 08:56 | 4938999 Headbanger
Headbanger's picture

No not nearly the horrors done by the Nazis

Wed, 07/09/2014 - 09:12 | 4939064 Sudden Debt
Sudden Debt's picture

and because they don't have gas chambers, it's okay to shoot kids because that's less evil right?

you think they use quota's to kill people so they keep below the "real evil guy" benchmark?

Wed, 07/09/2014 - 09:47 | 4939203 Uncle Remus
Uncle Remus's picture

Oh great, a Zionist Apologist Poodle.

Wed, 07/09/2014 - 08:17 | 4938855 muleskinner
muleskinner's picture

Hamas schamas, Israel schmisrael, they're nuts, insane, flying over the cuckoos nest.  What schmucks they have become.

Hamas and Israel should have a pig roast, set up a keg of beer and talk things over, then if they can't see eye-to-eye, then they should have a horseshoe tournament to see who the better horseshoe players are.

There's enough killing going on in this world and it is best to just stop.

Must be time to start drinking.

 

Wed, 07/09/2014 - 09:48 | 4939206 Uncle Remus
Uncle Remus's picture

PORK FOR PEACE! PORK FOR PEACE!

Wed, 07/09/2014 - 08:24 | 4938873 Being Free
Being Free's picture

Tiny Houses Big With U.S. Owners Seeking Economic Freedom (BBG)

Another hedonic quality adjustment opportunity just to make sure the data, and more importantly, the lifestyle and attitude of the serfs is in-line with elitists desires.

Wed, 07/09/2014 - 08:47 | 4938896 dizzyfingers
Wed, 07/09/2014 - 08:51 | 4938979 dizzyfingers
dizzyfingers's picture

...Now we discover that chicken sold in US is from China too? Which chicken, sold at which stores?

"The SEC said a Utah accounting firm and two of its partners botched the audits of a chicken company based in China that faces allegations of defrauding investors. Child Van Wagoner & Bradshaw of Salt Lake City, Utah, along with partners Russell Anderson and Marty Van Wagoner, was deficient in its 2009 and 2010 audits of Yuhe International Inc, a Chinese provider of broiler chickens, the SEC said."

Wed, 07/09/2014 - 08:57 | 4939004 dizzyfingers
dizzyfingers's picture

..."Obama is seeking $3.7 billion in funding and legal changes to stem the surge in children and families illegally entering the United States"...

Waves crashing over the taxpayer-slave-seats of our ship of state...mayday, mayday, ma..... Blub.

Wed, 07/09/2014 - 09:50 | 4939215 Uncle Remus
Uncle Remus's picture

Row master! Flank speed!

Wed, 07/09/2014 - 12:00 | 4939756 Otto Zitte
Otto Zitte's picture

2 billion for master + 1.6 billion for campaign grease = 3.7B 

Wed, 07/09/2014 - 19:17 | 4941337 SmittyinLA
SmittyinLA's picture

Slim must have looked at the US crony socialist monopoly communications market and realized he can ream as well or better than American phone and cable companies

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