In Historic First, Singapore Shuts Local Private Bank Due To "Worst Gross Misconduct" Is Has Ever SeenSubmitted by Tyler Durden on 05/24/2016 08:03 -0400
Over one year after the collapse of 1MDB, aided and abetted by none other than Goldman Sachs, officials have finally started to piece together the fund flows, and BSI was the first casualty: "BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector," Ravi Menon, managing director of MAS, said in the statement. “It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously."
"Everyday we read headlines on what the central banks are doing. But their policies don’t have any effect. They are just like treading water. All the central banks are doing is substituting one form of debt with another form of debt... I think it means the business of central banks is like pornography: It’s not the real thing."
Government bonds rose and the yen strengthened as investors weighed the timing of the Federal Reserve’s next increase in interest rates and the outlook for inflation. Commodities slid, led by metals, while stocks in Europe declined. Treasury 30-year yields fell for a third day. The yen rose from near this month’s low. Futures on the S&P 500 also declined after initially jumping higher in thinly traded, illiquid tape.
Mainstream headlines constantly decry Bernie Sanders supporters for disrupting events in outrage, as if their protests and demonstrations somehow illustrate the devolution of the elections. But that focus by the corporate media utterly negates the consistent and continual reports of fraud and disenfranchisement fueling their ire. And it’s getting ridiculous.
With so many American corporations on their sickbeds, it’s a good thing we have Obamacare. Almost all of the returns since 2009 have been due to stock share buybacks! Now buybacks are in decline.
Simply put, the deck has already stacked itself...
What happens when a system designed to sell to the "greater fool" runs out of fools?
The underlying economic ugliness that triggered the August and January meltdowns emerges once again.
As the Clinton campaign turns its attention to Donald Trump (or tries to at least), it is encountering one of the many things that makes running against 'The Teflon Don' difficult: With everything he has said and done, how is it possible to focus on only a few key things to attack him on.
FOMC Minutes Show Cornered Fed "Likely" To Hike Rates In June, Concerned Market Underpricing Risk Of HikeSubmitted by Tyler Durden on 05/18/2016 15:11 -0400
The supposedly dovish April FOMC statement - as global fears fell and turned domestically - has left bonds and bullion the winners and stocks the losers as investors lose faith in The Fed's forecast and economic promises. Today's FOMC meeting minutes suggest an increasingly cornered Fed will pull the trigger iun June with member disagreements brewing: MOST FED OFFICIALS SAW JUNE HIKE `LIKELY' IF ECONOMY WARRANTED; FED: RANGE OF VIEWS ON WHETHER DATA WOULD SUPPORT JUNE HIKE. Of course, no matter what narrative the market perceives from these minutes, tomorrow's speeches by Dudley and Fischer (who has been conspicuously quiet recently) will likely give the biggest hint as to what happens next...
In a repeat of the fiascos involving the IRS' Lois Lerner, and more recently, none other than Hillary Clinton, the CIA’s internal watchdog “inadvertently” deleted its only copy of the Senate report on torture techniques employed by the agency in the wake of 9/11 – and did so while the Justice Department was insisting in court that copies were being stored.
The classified 28-pages of the 9/11 report have made global headlines lately as a handful of lawmakers battle to release them to the public. Those pages are believed by activists and members of Congress — who have seen them — to expose the role of Saudi Arabia, including government officials, in the terrorist attacks. But according to a new report based on years of investigative journalism, it turns out there are far more than 28 classified pages on Saudi Arabia and 9/11 — there are 80,000 kept secret by the FBI.
The main risk over the weekend was that markets, which have now dropped for three consecutive weeks the longest negative streak since January, would focus their attention on the latest batch of negative Chinese economic news released over the weekend, which missed expectations across the board, most prominently in Retail Sales and Industrial Production, and following Friday's disappointing new credit loan data, would sell off as the Chinese slowdown once again becomes a dominant concern. However, after some initial weakness, the risks were all but gone when first the USDJPY jumped on another round of deflationary Japanese economic data which led to renewed hopes of more BOJ easing and a jump in the USDJPY and thus US futures.
The FBI investigation of Hillary Clinton continues, but that isn't stopping the former head of the Department of Justice from holding a fundraiser for the Democratic presidential candidate.
In the latest indication of contracting global growth, overnight Hong Kong reported that its Q1 GDP fell off a cliff 0.4% qoq, widly missing estimates of 0.1% growth as retail sales plummeted and the property market continued its collapse. On a y/y basis, the economy grew only 0.8% when compared to the same period last year, less than half the 1.9% y/y growth reflected in Q4.