Merrill

Merrill
Tyler Durden's picture

Frontrunning: November 26





  • Goldman Turns Down Southern Europe Banks as Crisis Lingers (Bloomberg)
  • Euro Ministers Take Third Swing at Clearing Greek Payment (Bloomberg)
  • Chamber Sidestepped in Obama’s Talks on Avoiding Fiscal Cliff (Bloomberg)
  • Republicans and Democrats Differ on Taxes as Fiscal Cliff Looms (Bloomberg)
  • Republicans bargain hard over fiscal cliff (FT)
  • Catalan Pro-Independence Parties Win Regional Vote (BBG)
  • Shirakawa defends BoJ from attack (FT)
  • Run-off looms in Italy’s centre-left vote (FT)
  • BOJ rift surfaces over easing as political debate heats up (Reuters)
  • Barnier seeks ‘political will’ on bank union (FT)
  • New BOJ Members Sought More-Expansionary Wording (Bloomberg)
  • Osborne May Extend U.K. Austerity to 2018, IFS Says (Bloomberg)
 
Tyler Durden's picture

Austrian Parliament Hears 80% Of Austrian Gold Bullion Reserves In London





The Austrian central bank keeps most of its 280 metric tons of gold reserves in the United Kingdom, Vice Governor Wolfgang Duchatczek was quoted as saying in the finance committee of the country’s parliament today, according to Bloomberg. Answering lawmakers’ questions, Duchatczek said 80%, or 224.4 metric tons of the metal was stored in the U.K., 17% or 48.7 metric tons in Austria and 3% in Switzerland, according to a summary of a closed-door committee meeting provided by the parliament. The reserve has been unchanged since 2007, Duchatczek was quoted as saying. The central bank has earned 300 million euros ($385 million) over the last ten years by lending the gold, he said.

 
Phoenix Capital Research's picture

What Really Happened When Lehman Failed... and Why a Spanish Default Will Be Exponentially Worse





 

Countless pages have been written about why Lehman caused the system to almost implode. However, the reality is that Lehman nearly took down the entire financial system for two reasons... and Spain will be far far worse.

 

 
Tyler Durden's picture

Frontrunning: November 15





  • Wal-Mart misses topline expectations: Revenue $113.93bn, Exp $114.89bn, Sees full year EPS $4.88-$4.93, Exp. $4.94, Unveils new FCPA allegations; Stock down nearly 4%
  • China chooses conservative new leaders (FT)
  • Eurozone falls back into recession (FT)
  • Moody’s to Assess U.K.’s Aaa Rating in 2013 Amid Slowing Economy (Bloomberg)
  • Another bailout is imminent: FHA Nears Need for Taxpayer Funds (WSJ)
  • Hamas chief vows to keep up "resistance" after Jaabari killed (Reuters)
  • Obama calls for rich to pay more, keep middle-class cuts (Reuters)
  • Obama Undecided on FBI's Petraeus Probe (WSJ)
  • Battle lines drawn over “growth revenue” in fiscal cliff talks (Reuters)
  • Rajoy’s Path to Bailout Clears as EU Endorses Austerity (Bloomberg)
  • Zhou Seen Leaving PBOC as China Picks New Economic Chiefs (Bloomberg)
  • Russia warns of tough response to U.S. human rights bill (Reuters)
  • Japan Opposition Leader Ups Pressure on Central Bank (WSJ)
  • Zhou Seen Leaving PBOC as China Picks New Economic Chiefs (Bloomberg)
 
Tyler Durden's picture

Guest Post: Real Danger Of “Obamacare”: Insurance Company Takeover Of Health Care





Now that The Show is over, we are left with the equivalent of a Sunday morning hangover following a binge of promises and lies. After the Supreme Court upheld the PPACA, a spate of mergers rippled through the managed health care realm, to ostensibly cope with smaller profit margins and  ‘compliance costs.’  But really, it’s because each firm wants to corner as much as possible of the market, in as many states as it can, to garner more premiums and control more disbursements and prices at the upcoming insurance ‘exchanges.’ Meanwhile the more hospitals are viewed as profit centers, the more their Chairmen will cut costs to maximize returns, and not care quality. They will seeks ways to sell underperforming assets, programs or services and reduce the number of nonessential employees, burdening those that remain. And if insurance companies can manage doctors directly, they can control not just costs, but treatment – our treatment. It’s not an imaginary government takeover anyone should fear; but a very real, here-and-now insurance company takeover, to which no one in Washington is paying attention.

 
Tyler Durden's picture

Frontrunning: November 13





  • The Bild is now a source for EURUSD stop hunts: Germany eyes 'bundled' loan payment to Greece-paper (Reuters, Bloomberg)
  • Congress comes back Tuesday to confront “fiscal cliff.”  (Reuters)
  • Gen. John Allen ensnared in Petraeus scandal (Politico)
  • FBI Agent in Petraeus Case Under Scrutiny (WSJ)
  • Comcast's NBCUniversal unit lays off 500 employees (Reuters)
  • University Fees Stoke U.K. Inflation (WSJ)
  • Consumers Closing Wallets in Japan Add to Noda’s Woes (Bloomberg)
  • John McAfee Wanted for Murder... and explaining bathsalt anal suppositories (Gizmodo)
  • Europe Gives Greece 2 More Years to Reach Deficit Targets (Bloomberg)
  • Where Spain Is Worse Than Greece (WSJ)
  • Microsoft's Windows unit head, once a possible CEO, exits (Reuters)
  • Glitch stops NYSE trading in 216 companies (FT)
  • Large European Banks Stash Cash (WSJ)
  • The death of San Bernardino: How a vicious circle of self-interest sank California city (Reuters)
  • Apple stores most productive US shops (FT)
  • Treasuries See U.S. Falling Over Cliff as Yields Converge (Bloomberg)
  • Bra-Bodysuits Make H&M One Hit Wonder as Zara Prospers (Bloomberg)
 
Tyler Durden's picture

Frontrunning: November 12





  • Jefferies to be bought by Ian Cumming's Leucadia in an all-stock deal for $3.59 billion or about $17/share (WSJ)
  • FBI Scrutinized on Petraeus (WSJ)
  • Identity of second woman emerges in Petraeus' downfall (Reuters)
  • SEC staffers used government computers for personal use (Reuters)
  • Japan edges towards fifth recession in 15 years  (FT)
  • Europe Finance Chiefs Seek Greek Pact as Economy Gloom Grows (BBG)
  • Americans Say Europe Lesson Means Act Now as Austerity Will Fail (BBG) - of course it would be great if Europe had ever implemented austerity...
  • Greece battles to avert €5bn default  (FT)
  • You don't bail out the US government for nothing: No Individual Charges In Probe of J.P. Morgan (WSJ)
  • Israel Warns of Painful Response to Fire From Gaza, Syria (BBG)
  • Greece's far-right party goes on the offensive (Reuters)
  • Don’t fear fiscal cliff, says Democrat  (FT)
  • Apple Settles HTC Patent Suits Shifting From Jobs’ War (BBG)
  • Man Set on Fire in Argentina Over Debt (EFE)
  • Iraq cancels $4.2-billion weapons deal with Russia over corruption concerns (Globe and Mail)
  • An Honest Guy on Wall Street (Bloomberg)
 
Tyler Durden's picture

Merrill Lynch: "Greek Risk Is Back"





You read about it here first (here and here). Now it is time for the sellside (whose products your soft dollars so generously fund) to wake up to what is happening next week.

 
Tyler Durden's picture

Dark Knight Capital... Again





Dear Valued Client,

As per Knight’s request below, please route away from Knight.  If a client routes an order to Knight, the order will be rejected by our system.  Information on existing orders will still flow back from Knight.

 
rcwhalen's picture

Citigroup Rises While Bank America Wallows





So now that Vikram Pandit has exited stage right from the CEO position at Citigroup, a number of people have asked me about the Zombie Dance Queen.  

 
Tyler Durden's picture

Guest Post: Before The Election Was Over, Wall Street Won





Before the campaign contributors lavished billions of dollars on their favorite candidate; and long after they toast their winner or drink to forget their loser, Wall Street was already primed to continue its reign over the economy. For, after three debates (well, four), when it comes to banking, finance, and the ongoing subsidization of Wall Street, both presidential candidates and their parties’ attitudes toward the banking sector is similar  – i.e. it must be preserved – as is – at all costs, rhetoric to the contrary, aside. Obama hasn’t brought ‘sweeping reform’ upon the Establishment Banks, nor does Romney need to exude deregulatory babble, because nothing structurally substantive has been done to harness the biggest banks of the financial sector, enabled, as they are, by entities from the SEC to the Fed to the Treasury Department to the White House.

 
Tyler Durden's picture

Frontrunning: October 24





  • China May Forgo Easing as Economy Rebounds, Survey Shows (Bloomberg)... or as food and house inflation has never gone away
  • China Edges Out U.S. as Top Foreign-Investment Draw Amid World Decline (WSJ)
  • Fed to keep buying bonds despite firmer U.S. growth (Reuters)
  • Bernanke Seen Attacking Jobless Rate With QE Until His Term Ends (Bloomberg)
  • Mortgage applications plunge 12%, down for third week in a row (Dow Jones)
  • Exchanges Retreat on Trading Tools - Fund Managers, Regulators Say Certain Orders Are Risky, Aid High-Speed Firms (WSJ)
  • Europe Bank Chief to Defend Bond-Buying Plan (WSJ)
  • Japan, China Envoys Met Last Week for Talks on Island Feud (Bloomberg)
  • Goldman’s Pill Says ‘Guerrilla’ ECB to Impose Losses on Skeptics (BBG)
  • Chance rise of an Obama defeat (FT)
  • King Says BOE Is Ready to Add to QE If U.K. Recovery Fades (Bloomberg)
  • Rajoy Sees Case for Slowing Spain’s Austerity as Economy Shrinks (BusinessWeek)
  • Hong Kong Intervenes to Defend Peg as Upper Limit Tested (Bloomberg)
 
Tyler Durden's picture

Bernanke Set To Unveil Number Larger Than "Eternity"





It was just over a month ago that the Chairsatan formalized the incorrect named QE 3, aka the open-ended QEternity, whose purpose, for now, was to increase the Fed's balance sheet by $40 billion/month in new MBS purchases. Well, according to MarketWatch, whose previously unheard of Greg Robb is seemingly vying for the role of Jon Hilsenrath, Ben Shalom is preparing to unveil a number bigger than eternity: " After historic changes last month, Federal Reserve officials this week will discuss a possible expansion of the size of its third round of bond buying and better ways to guide markets about future policy actions." Just because $40 billion per month in new flow is apparently not enough, and because the market is now well below the level it was when "QE 3" was announced.

 
Tyler Durden's picture

Frontrunning: October 22





  • Dead Heat for Romney, Obama (WSJ)
  • The Cheerful Billionaire Who Thinks Obama's a Socialist (Businessweek)
  • "Get to work, Mr. Japanese Chairman": Japan Exports Tumble 10% as Maehara Presses BOJ to Ease (Bloomberg)
  • Chinese Investors Fear Chill in Canada (WSJ)
  • Rosneft Buys BP’s TNK-BP Stake for $26 Billion in Cash, Shares (Bloomberg)
  • Hong Kong Defends Its Currency Peg for First Time Since 2009 (Bloomberg)
  • Democrats threaten payroll tax cut consensus (FT)
  • Spain's Rajoy gets mixed message in regional votes (Reuters)
  • Merkel to warn UK on Europe budget veto (FT)
  • Netanyahu says doesn't know of any U.S.-Iran talks (Reuters)... neither does Iran, so near certainty
  • Der Kurrency Tsar: ECB’s Knot Backs Schaeuble Call for Stronger EU Budget Power (Bloomberg)
  • Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits (Bloomberg)
 
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