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Tyler Durden's picture

Greed Is Good? Where Will America's Sick Obsession With Wealth And Money End?





Everywhere you look, Americans appear to be extremely obsessed with wealth and money. As a society we love money, and we are not ashamed to admit it. In fact, there are times we absolutely revel in it. For example, Time Magazine published an article this year entitled "Science Proves It: Greed Is Good" and hardly anyone even raised an eyebrow. But where will America's sick obsession with wealth and money end? Could it end up destroying us?

 
Capitalist Exploits's picture

Trading Floor Insights - How to Protect Against an Inevitable Risk





It is highly likely that bond markets come under pressure and interest rates rise within the next five years. Do you have an insurance policy against that?

 
Tyler Durden's picture

Do Any Of These Family Dollar Calls Belong To Phil Mickelson?





While the bulk of the just announced Icahn activist foray into yet another company, this time Family Dollar, is cut and dry, we can't help but wonder: was Phil Mickelson the person buying all those FDO calls just after noon today?

 
Tyler Durden's picture

"Stress Test" Reviewed: Tim Geithner Is "A Grifter, A Petty Con Artist"





Timothy Geithner is likely to go down in American history as one of the most dangerous, destructive cronies to have ever wielded government power. The man is so completely and totally full of shit it’s almost impossible not to notice. The last thing we’d ever want to do in our free time is read a lengthy book filled with Geithner lies and propaganda, so we owe a large debt of gratitude to former Congressional staffer Matt Stoller for doing it for us. Stoller simply tears Geither apart limb from limb, detailing obvious lies about the financial crisis, and even more interestingly, Geithner’s bizarre bio, replete with mysterious and inexplicable promotions into positions of power..."Geithner is at heart a grifter, a petty con artist with the right manners and breeding to lie at the top echelons of American finance..."

 
Tyler Durden's picture

More On China's "Missing Commodity" Scandal: Fallout Spreads As Banks Get Involved





As we reported yesterday, the third largest Chinese port of Qingdao is being investigated for after a source at a local warehouse said that "it appears there is a discrepancy in metal that should be there and metal that is actually there... We hear the discrepancy is 80,000 tonnes of aluminium and 20,000 tonnes of copper... It's either missing or it was never there - there have been triple issuing of documentation." This has resulted in a prompt and acute selloff of copper and other commodities as we further documents, but the problems may only now be starting and the banks. As Reuters reports, worries over a probe into commodity stockpile financing at China's Qingdao port appeared to deepen on Wednesday as Standard Bank Group and a part-owned unit of Louis Dreyfus Corp warned of potential losses and copper prices fell further."

 
Tyler Durden's picture

GM Fires 15, Disciplines 5 After "Deeply Troubling" Report





Former U.S. Attorney Anton Valukas report on GM's SNAFU is proclaimed as "extremely thorough, brutally tough, and deeply troubling," by CEO Mary Barra; but finds no collusion or conspiracy to boost bottom line at the expense of customers' lives. However, the report did find "a pattern of incompetence" and actions must be taken...

  • *GM REPORT CONFIRMS BARRA DIDN'T KNOW OF ISSUE PRIOR TO RECALL
  • *BARRA SAYS 5 EMPLOYEES DISCIPLINED
  • *GM'S BARRA SAYS 15 REMOVED FROM CO FOLLOWING VALUKAS REPORT

Of course, none of this matters as easy credit is fueling the sale of more Kevorkianesque GM cars than ever before...

 
Tyler Durden's picture

Do You Have A Plan B? "This Is Not A Consequence-Free Environment"





"... there might not be any army groups encroached on the border. But the warning signs are just as clear as they were back in Poland in 1939. This is not a consequence free environment. Unfortunately, most people are just as oblivious..."

 
Tim Knight from Slope of Hope's picture

The Persistence of Memory





Let's go on to assume that nothing is going to change. The stock market is simply going to keep going up. Slowly, yes, but up nonetheless. The central bankers will, whenever required, create whatever programs, easings, or other actions are required to keep supporting equities. And, simply stated, the rich will just keep getting richer. What would this all mean?

 
Tyler Durden's picture

Repackaged Junk Has Never Smelled So Sweet: JPM Forecasts Record $100 Billion In 2014 CLO Issuance





If the Fed is looking for definitive proof of bubble euphoria it should look no further than the CLO market: according to Bloomberg, so far in 2014, more than $46 billion of collateralized loan obligations have been raised, after $82 billion were sold in all of 2013. As a result of this epic dash for repackaged trash, JPMorgan boosted its annual forecast for CLO issuance from $70 billion to as much as $100 billion, which means 2014 may end up as the biggest year on record. We assume it is with great irony that Bloomberg summarizes: "The business of bundling junk-rated corporate loans into top-rated securities is booming like never before after the implementation of regulation aimed at making the financial system safer."

 
Tyler Durden's picture

France Responds To US BNP Fine, Will Train Hundreds Of Russian Seamen To Operate French-Made Warship





France has suddenly found itself battling two populist fronts: on one hand it had to continue its foreign policy track of siding with NATO and the US when it comes to Russian developments; on the other it had to responds to howls of protest from the population bashing the US for having the temerity to punish its flagship bank (recall "France Furious At US $10 Billion BNP "Masterful Slap", "Racketeering" Fine"). Today, it was revealed that in weighing the two evils, it picked what it thought was the lesser one, and as the WSJ reports "a group of 400 Russian sailors are scheduled to arrive on June 22 in the French Atlantic port of Saint-Nazaire to undergo months of instruction before some of them pilot the first of two Mistral-class carriers back to Russia in the fall, said one of these people."

 
Tyler Durden's picture

Eric Holder Announces Task Force To Focus On "Domestic Terrorists"





It’s been obvious for quite some time that the so-called “war on terror” is nothing more than a fear-mongering induced power grab; a convenient excuse to strip the citizenry of its civil liberties and humanity. Many commentators, including myself, have predicted for years that the entire counter-terror juggernaut that has been constructed post-9/11 would be ultimately redirected upon the domestic population. Snowden’s heroic whistleblowing has already proven without a doubt that the government spy apparatus (along with tech company complicity) has been zeroed in on the domestic population for quite some time, but is the situation about to escalate? Are the feds so fearful of their own people, they are about to focus all their counter-terror energy on U.S. citizens? It appears so.

 
Tyler Durden's picture

The Minsky Moment Meme





Today you can’t go 10 minutes without tripping over an investment manager using the phrase “Minsky Moment” as shorthand for some Emperor’s New Clothes event, where all of a sudden we come to our senses and realize that the Emperor is naked, central bankers don’t rule the world, and financial assets have been artificially inflated by monetary policy largesse. Please. That’s not how it works. That’s not how any of this works.

 
Tyler Durden's picture

Forget ".Com"; Welcome To ".Luxury" With Violin-Shaped Pools & Vitamin-C-Infused Showers





With Thomas Piketty's book on inequality topping the charts among the book-reading common-folk, ambitious ex-bankers are enjoying the high-life in ways not even Gordon Gecko could have dreamed up. If greed is good, then this is better as former Lehman execs sell the first ".luxury" website domain names and ex-Goldmanites pitch "curated environments that optimize health" for home living with 'Vitamin-C-infused showers'. Of course, as one banker opines philosophically, "it's all about balance...it's important that people who have the capital are making it as useful as possible."

 
Tyler Durden's picture

Dr.Copper Pumped-And-Dumped On China's Schizophrenic Economic Data





Copper fell by its most in 5 weeks today on the heels of China's HSBC PMI miss overnight. This follows the 'economist' commodity's biggest rise in a month yesterday following China's official PMI beating expectations. It seems the farce of Chinese data has now made a farce of the commodity market as anything but an headline-induced algo trade... even though so many 'renowned' investors still view it as omniscient...

 
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