Housekeeping

Top NSA Whistleblower Claims "Russiagate" A Fake To Increase War-Spending

"If the idiots in the intelligence community expect us to believe them after all the crap they have told us (like WMD’s in Iraq and “no we don’t collect data on millions or hundreds of millions of Americans”) then they need to give clear proof of what they say. So far, they have failed to prove anything."

Frontrunning: October 19

  • Rajoy Deploys Ultimate Weapon of Law on Catalonia (BBG)
  • Congress Rolls Toward Shutdown Fight Over Immigration, Obamacare (BBG)
  • Hong Kong Stocks Tumble Most This Year as Geely, Developers Sink (BBG)
  • Inside battle imperils $230 million cryptocurrency deal (Reuters)
  • From Damascus, Iran vows to confront Israel (Reuters)

48% Of Americans Want To Impeach Trump

According to a new survey by the Democratic polling firm Public Policy Polling (PPP), 48% of Americans want Trump impeached.  And while 81% of Hillary voters can't wait for impeachment proceedings, we can't help but wonder whether any of them could point to a single "fact", as opposed to an anonymously sourced fake news story from the New York Times and/or Washington Post, that would merit such a punishment. 

Here's The Real Story Of How A Ms.Universe Became Part Of The Presidential Race

Millions of Americans heard the name Alicia Machado for the first time this week in the final minutes of the most-watched presidential debate in history. But there were actually a year’s worth of twists and turns, largely behind the scenes, that led Hillary Clinton to utter the name of the Latina beauty queen...

Vice Chairman Of Lotte Hangs Himself Hours Before Criminal Probe

The past several years have seen a surprising spike in professional suicides, mostly confined to the banking sector in general and Deutsche Bank in particular. Overnight this tragic group expanded into multinational corporation sector, after one the top executives at South Korea's multination conglomerate Lotte Group was found dead on Friday, in what is a suspected suicide, in what police described was a "typical case of death by hanging."

So You Didn't Get Rich...

Waa! It’s not fair! We baby boomers were told that if we worked hard and saved, we could spend the last quarter of our lives living comfortably and free from financial worries. Our parents told us. Our employers told us. Even the government told us. But now that we are reaching retirement age, the promise is beginning to feel like a fraud.

Active Managers Defeated... Globally... Again

One would think that active managers would eventually outperform somewhere after the negative press that ensued a year ago.  And now that 2015 performance data has been properly audited and tabulated, we can see what the new results are... (spoiler alert - not good).

BofA Reports $21.3 Billion In Energy Exposure; Beats On EPS Despite Revenue Miss, Sliding Sales And Trading

Here is what everyone wanted to know from BofA results:  commercial net charge-offs increased $75MM compared to 3Q15, driven by losses in Energy, while the Allowance increased $144MM from 3Q15, driven by energy-related exposures and higher loan growth across the portfolio. Most importantly, BofA revealed its "Utilized Energy exposure of $21.3B ($1B traded products)", down $2.6 billion from a year ago. BofA also notes that the "higher risk sub-sectors of Oil Field Services and Exploration & Production comprise 39% of utilized energy exposure." NPLs increased $110MM from 3Q15, to $1.2 billion driven mostly by increases in Energy.