Merrill

Merrill
Tyler Durden's picture

Frontrunning: May 17





  • Mine union threatens to bring South Africa to 'standstill' (Reuters)
  • Russia Raises Stakes in Syria (WSJ) - as reported here yesterday 
  • Japan buys into US shale gas boom (FT)
  • Bill Gates Retakes World’s Richest Title From Carlos Slim (BBG) - so he can afford a Tesla now?
  • China Wages Rose Sharply in 2012 (WSJ)
  • Regulators Target Exchanges As They Ready Record Fine (WSJ)
  • Citi Takes Some Traders Off Bloomberg Chat Tool (WSJ)
  • After Google, Amazon to be grilled on UK tax presence (Reuters)
  • Apple CEO Cook to Propose Tax Reform for Offshore Cash (BBG)
  • French, German politicians to pressure Google on tax (Reuters)
  • Gold Bears Revived as Rout Resumes After Coin Rush (BBG)
  • A stretched Samsung chases rival Apple's suppliers (Reuters)
 
Tyler Durden's picture

Frontrunning: May 10





  • PBOC Says China Shouldn’t Be ’Blindly Optimistic’ on Inflation (BBG)
  • Foreigners Buying Half of London New Homes Prop Up Building (BBG) - first they come for the foreign deposits, then for the real assets...
  • Investors Rediscovering Margin Debt (WSJ) - well, yes: it is at record highs
  • China issues new rules targeting wealth management fund pools (RTRS)
  • Navy $37 Billion Ships Seen Unsuitable Have 2-Year Window (BBG)
  • New York may have to drop claims against BofA over Merrill (RTRS)
  • FBI Rejects Boston Police Stance in Spat Over Terror Data (BBG)
  • In eastern Syria oil smugglers benefit from chaos (RTRS)
 
Tyler Durden's picture

Frontrunning: May 9





  • Einhorn's advice to investors: don't take my advice (Reuters)
  • Next: floating dead vegetables: Chinese inflation rises on soaring vegetable prices (FT)
  • The scramble for the bottom dollar is on: McDonald's, Wendy's Battle for Value-Centric Customers (WSJ)
  • Cheaper iPhone coming after all: Apple supplier Pegatron boosts China workforce by 40 percent in second quarter (Reuters)
  • House set to pass tactical Republican debt bill (Reuters)
  • Underwriting bonanza: Goldman Said to Earn $500 Million Arranging Malaysia Bond (BBG)
  • G7 finance chiefs to discuss bank reform push (Reuters)
  • Big Banks Push Back Against Tighter Rules (WSJ)
  • University endowments trim holdings in US Treasuries (FT)
  • Ex-Pakistan PM's son abducted as Taliban threaten poll (Reuters)
  • China Dowry Filled With Gold Signals Gains for Jewelers (BBG)
  • As discussed here over a year ago: China inflation data shows central bank policy dilemma (Reuters)
 
Tyler Durden's picture

JP Morgan Has Zero Trading Losses In The First Quarter





Earlier it was Bank of America reporting a perfect trading quarter, with profitability on 60 out of 60 trading days, and now it is JPMorgan's turn. Moments ago, Jamie Dimon's firm filed a 10Q in which, among other things, it announced than in the quarter ended March 31, it was profitable on 63 out of 63 trading days and had one day in which it gained more than $200 million, or said simply another case of trading perfection unmatched anywhere in the known universe except perhaps by sellers of newsletters on Twitter. It was not immediately clear why JPM got a freebie of three extra profitable trading days in the quarter compared to BofA, although we suspect Jamie Dimon's presidential cufflinks may have something to do with it. What is clear is that the probability of one firm trading without error for an entire quarter, let alone two (and soon more as other banks file their 10-Qs) is slim to quite slim. Although not nearly as slim as whoever the hot chick is on Dancing with the Stars this season, which we are confident is the only thing the bulk of the population cares about. For everyone else, there's E(rror free)-trade.

 
Tyler Durden's picture

11 Reasons Why The Federal Reserve Should Be Abolished





If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately.  It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. The Fed creates our "booms" and our "busts", and they have done an absolutely miserable job of managing our economy. So why is the Federal Reserve doing it?  Sadly, this is the way it works all over the globe today.  In fact, all 187 nations that belong to the IMF have a central bank.  But the truth is that there are much better alternatives.

 
Tyler Durden's picture

No Recovery Here Either: Home Renovation Spending Plummets To 2010 Levels





One of the widely accepted misconceptions surrounding the so-called "housing recovery" fanfared by misleading headlines such as this "Remodeling activity keeps up positive momentum", which in reality has merely turned out to be a housing bubble in various liquified "flip that house" MSAs (offset by continuing deteriorating conditions in those places where the Fed's trillions in excess reserves have trouble reaching coupled with ongoing foreclosure stuffing), is that "renovation spending", the amount of cash spent to upgrade and update a fixer-upper, has surged. Sadly, this is merely the latest lie about the US economy: as the attached chart showing renovation spending in the past 6 months, it has absolutely imploded, confirming that not only is a broad housing recovery a myth (instead of localized pockets of bubbly liquidity here and there), but that the US home-owning household is now more tapped out than at any time in the past two years.

 
Tyler Durden's picture

Frontrunning: May 7





  • Microsoft prepares U-turn on Windows 8 (FT), Microsoft admits failure on Windows 8 (MW), After Bumpy Start, Microsoft Rethinks Windows 8 (NYT)
  • China reports four more bird flu deaths, toll rises to 31 (Reuters)
  • Republicans shift stance on US budget (FT)
  • NYC Tallest Condo Corridor Gets New Entrant With Steinway (BBG)
  • U.S. Says China's Government, Military Used Cyberespionage (WSJ)
  • China rejects Pentagon charges of military espionage (Reuters)
  • Bank of China Cuts Off North Korean Bank (WSJ)
  • Libya defense minister quits over siege of ministries by gunmen (Reuters)
  • London Recruiter Says City Job Vacancies Rose 19% (BBG)
  • Colleges Cut Prices by Providing More Financial Aid (WSJ)  or, said otherwise, loans
  • Jeweler agrees to plead guilty in KPMG insider-trading case (LA Times)
 
Tyler Durden's picture

Frontrunning: May 6





  • Lesson From Buffett: Doubt Yourself (WSJ)
  • Gold Bulls Split With Buffett as Traders Say Sell (BBG)
  • Apple Misses IPhone Customers as Global Carriers Balk (BBG)
  • Russia extends Cypriot loan by 2 years, cuts interest: troika document (Reuters)
  • Tax Rewrite in Play in Capitol (WSJ)
  • No early warning for U.S. on Israeli strikes in Syria (Reuters)
  • Germany riveted at start of neo-Nazi murder trial (Reuters)
  • JPMorgan Investors Urged to Split Chairman Role, Oust Directors (BBG)
  • Leniency for Offshore Cheats (WSJ)
  • Brussels steps up efforts over tax avoidance (FT)
  • Ambulance chasing: Mesothelioma Doctors, Lawyers Join Hunt for Valuable Asbestos Cases (WSJ)
  • Web Sales-Tax Bill Set to Face Bumps (WSJ)
  • Colleges Cut Prices by Providing More Financial Aid (WSJ)
 
Tyler Durden's picture

Frontrunning: May 3





  • U.S. Bulks Up to Combat Iran (WSJ)
  • Taking sides in Syria is hard choice for Israel (Reuters)
  • Gold Traders Most Bearish in Three Years After Drop (BBG)
  • It's a Hard Job Predicting Payrolls Number  (WSJ)
  • EU economies to breach deficit limits as economic picture darkens (FT)
  • IBM Says U.S. Justice Investigating Bribery Allegations (BBG)
  • At Texas fertilizer plant, a history of theft, tampering (Reuters)
  • SAC Sets Plan to Dock Pay in Cases of Wrongdoing (WSJ) - "in case of"?
  • EU to propose duties on Chinese solar panels (Reuters)
  • Billionaire Kaiser Exploiting Charity Loophole With Boats (BBG)
  • SEC Zeroing In on 'Prime' Funds (WSJ)
  • Apple Avoids $9.2 Billion in Taxes With Debt Deal (BBG)
  • China April official services PMI at 54.5 vs 55.6 in March (Reuters)
 
Tyler Durden's picture

Frontrunning: May 2





  • The number of bond funds that own stocks has surged to its highest point in at least 18 years (WSJ)
  • Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal (WSJ)
  • Cheap money bankrolls Wall Street's bet on housing (Reuters)
  • Bank of Japan reveals concerns over easing policy (FT)
  • iPads and low-end rivals propel higher tablet shipments  (Reuters)
  • China Cyberspies Outwit U.S. Stealing Military Secrets (BBG)
  • Draghi Fuels Bets on Rate Cut With Risk of Limited Impact (BBG)
  • China guides renminbi to fresh high against US dollar (FT)
  • Japan is preparing to start up a massive nuclear-fuel reprocessing plant (WSJ)
  • Apple’s Ive Seen Risking iOS 7 Delay on Software Overhaul (BBG)
  • UBS faces calls for break-up at investor meeting (Reuters)
 
Tyler Durden's picture

Frontrunning: April 30





  • Euro-Area Unemployment Increases to Record 12.1% Amid Recession (BBG)
  • Fed faces calls for radical reform (FT) - Has Jamie Dimon approved of this message? No? Carry on then
  • CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law (BBG)
  • Ex-UBS Executive Convicted of Paid Sex With Underage Girl (BBG)
  • Six months after Sandy, New York fuel supply chain still vulnerable (Reuters)
  • Older, richer shoppers lead Japan’s surge in consumer spending (FT)
  • Sharp euro zone inflation fall, joblessness point to ECB rate cut (G&M)
  • Gold Rush From Dubai to Turkey Saps Supply as Premiums Jump (BBG)
  • Japan Industrial Output, Retail Sales Disappoint (MW)
  • Gunmen surround Libyan justice ministry (Reuters)
  • Insider-Trading Probe Trains Lens on Boards (WSJ)
  • Best Buy exits Europe (WSJ)
  • Banker Roommates Follow Zuckerberg Not Blankfein With IvyConnect (BBG)

 

 
Tyler Durden's picture

Student Loan Bubble Cracks With Pulled Sallie Mae Bond Deal





In 2007 a small number of French hedge funds imploded over sudden losses stemming from highly leveraged bets made on the unstoppable subprime mortgage market. At the time, a few saw the writing on the wall; but many simply wrote it off as just another over-levered hedge fund and the subprime mortgage market was 'fine'. Fast forward six years and as we have discussed numerous times (most recently here and here) there is a bubble, potentially far bigger than subprime, in student loan debt. As one of the last remaining outlets for state-sanction credit creation, this is a big deal; but, of course, the popping of the bubble (or even a slight leak) is eschewed since there is so much 'reach for yield' and the Fed's got your back. That is until this week. As WSJ reports, Sallie Mae (SLM), the nation's largest non-government student lender just cancelled a $225 million debt offering as investors  decided they simply were not getting paid enough for risk - amid rising student loan defaults. Simply put, there's a limit to what investors will tolerate.

 
Tyler Durden's picture

Frontrunning: April 29





  • Gold Bears Defy Rally as Goldman Closes Short Wager (BBG)
  • Still stuck on central-bank life support (Reuters)
  • Ebbing Inflation Means More Easy Money (BBG)
  • So much for socialist wealth redistribution then? François Hollande to woo French business with tax cut (FT)
  • Billionaires Flee Havens as Trillions Pursued Offshore (BBG)
  • Companies Feel Pinch on Sales in Europe (WSJ)
  • Brussels plan will ‘kill off’ money funds (FT)
  • Danes as Most-Indebted in World Resist Credit (BBG)
  • Syria says prime minister survives Damascus bomb attack (Reuters)
  • Syria: Al-Qaeda's battle for control of Assad's chemical weapons plant (Telegraph)
  • Nokia Betting on $20 Handset as It Loses Ground on IPhone (BBG)
  • Rapid rise of chat apps slims texting cash cow for mobile groups (FT)
  • Calgary bitcoin exchange fighting bank backlash in Canada (Calgary Herald)
 
Tyler Durden's picture

Frontrunning: April 26





  • Reinhart and Rogoff: Responding to Our Critics (NYT)
  • Differences with centre-right delay Italy's Letta (Reuters)
  • Italy's Letta moves forward to shape government (Reuters)
  • China’s leaders warn on financial risks (FT)
  • Norway oil fund makes big move from bonds to stocks (FT) - worked wonders for the Bank of Israel
  • Smuggling milk is the new smuggling heroin in HK: Milk Smugglers Top Heroin Courier Arrests in Hong Kong (BBG)
  • RenTec's mean reversion models fail on BOJ lunacy: Yen Bets Don't Add Up for a Fund Giant (WSJ)
  • From 'Fabulous Fab' to Grad Student (WSJ)
  • BOJ in credibility test as divisions emerge over inflation target (Reuters)
  • Boston Bombing Suspect Moved from hospital to prison (WSJ)
  • Provopoulos Says ECB May Never Need to Use Bond-Buying Program (BBG) which is good because, legally, it doesn't exist
 
Tyler Durden's picture

Frontrunning: April 25





  • UK economy shows 0.3% growth (FT)
  • Texas University Fund Sold $375 Million in Gold Bars (BBG)
  • Spain Jobless Rate Breaches 27% on Recession Woes (BBG)
  • Letta calls for easing of austerity policies (FT)
  • Italy Led by Letta Brings Berlusconi Back as Winner (BBG)
  • Fed Debate Moves From Tapering to Extending Bond Buying (BBG)
  • South Korea wants talks with North on shuttered industrial zone (Reuters)
  • Republicans advance bill to prepare for debt ceiling fight (Reuters)
  • Republicans claim White House failed to warn on severity of cuts (FT)
  • Xi meets former US heavyweights (China Daily)
  • Next BoE chief Carney says clear framework key to policy success (Reuters)
  • Chinese roll out red carpet for Hollande (FT)
 
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