• Bruno de Landevoisin
    09/21/2014 - 14:52
    Dear Janet; If I may be so forward, as a concerned citizen of the Constitutional Republic of the United States, it is with great consternation that I feel compelled to write you this distressing...

Credit Suisse

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Frontrunning: February 24





  • Ukraine Seeks $35 Billion as Yanukovych Warrant Is Issued (BBG)
  • Ukraine's fugitive president wanted for mass murder (Reuters)
  • Polar Vortex to Bring More Snow on Return to U.S. This Week (BBG)
  • China property prices continue to rise (FT)
  • Microsoft Said to Cut Windows Price 70% to Counter Rivals (BBG)
  • Pentagon to propose shrinking Army, scrapping some jets (Reuters)
  • Hedge Funds Turn Bearish on S&P 500 as VIX Advances (BBG)
  • Draghi’s Data Jigsaw Takes Shape as ECB Readies Showdown (BBG)
  • China, eyeing Japan, seeks WW2 focus for Xi during Germany visit (Reuters)
 
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Frontrunning: February 21





  • RBS plans dramatic scaling back, to fire 30,000 of its 120,000 workers (FT)
  • Zuckerberg’s Data Stance Faces Privacy Backlash in Europe (BBG)
  • WhatsApp Shows How Phone Carriers Lost Out on $33 Billion (BBG)
  • Markets flooded with cash, should Fed prep to stamp out risk? (Reuters)
  • Venezuela threatens to expel CNN over protest coverage (BBC)
  • Firm Stops Giving High-Speed Traders Direct Access to Releases (WSJ)
  • Obama Budget to Delete Proposal to Limit Social Security (BBG)
  • Energy Holdings Prepares for a Breakup (WSJ)
  • EU Struggles to Streamline Bank-Failure Plan for Weekends (BBG)
  • Madoff said JPMorgan executives knew of his fraud (Reuters), and JPM admitted as much when it settled with the DOJ
 
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Kappa Beta Phi Exposed (Redux)





As we initially exposed over five years ago, with luminary frat brothers and sister such as Jimmy Cayne, Richard Fuld, Stan O'Neil, Martin Gruss, Michael Bloomberg, Jon Corzine, Mary Shapiro, Alan Schwartz, Larry Fink, Larry Fink, Wilbur Ross, James McDonald, this "secret" organization puts the Masons, Bilderbergs, Skull and Bones, Templars, Fight Club and all other secret societies to shame. Now, as New York Magazine infiltrates the inner workings of the "Kappa Beta Phi" society, Liberty Blitzkrieg's Mike Krieger notes the following will confirm what everyone already thought - that a great many of these oligarch financiers are complete and total sociopaths and a menace to society

 
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Frontrunning: February 18





  • Carl Icahn wins again: Actavis to Buy Forest Labs for $25 Billion (WSJ)
  • ECB governing council member attacks German court ruling on OMT (FT)
  • China Tackles $1 Trillion Data Gap as Xi Changes Metrics (BBG)
  • FX Traders Facing Extinction as Computers Replace Humans (BBG)
  • BOJ Boost to Loan Programs Signals Room for More Easing (BBG) - actually no it doesn't as it was "factored in"
  • Four killed in Thai clashes; PM to face charges over rice scheme (Reuters)
  • Goodbye unsterilized SMP: Bundesbank Backs Measure to Boost Funds in Banking System  (WSJ)
  • Iranian Hacking to Test NSA Nominee Michael Rogers (WSJ)
  • Ukraine Clashes Leave Dozens Wounded as Putin Resumes Bailout (BBG)
 
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Frontrunning: February 14





  • Euro-Area Growth Eases Pressure on Draghi for Stimulus (BBG)
  • Germany Beats Growth Estimates With France Amid Recovery (BBG)
  • Argentina revises ‘bogus’ inflation figures (FT)
  • Wells Fargo edges back into subprime as U.S. mortgage market thaws (Reuters)
  • China Banks’ Bad Loans Reach Highest Since Financial Crisis (BBG)
  • Time Warner Cable Deal to Test Comcast CEO's Washington Clout (WSJ)
  • Risky Loans in Europe Banks’ Dark Corners to Be Exposed  (BBG) - yeah, right... sure
  • Gold Extends Climb Above $1,300 as Investors Boost SPDR Holdings (BBG)
  • SEC Takes Steps to Stem Courtroom Defeats (WSJ)
 
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Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing





I crush the JP Morgan Managing Director and Head of FX, John Normand, and his false-factual rant against Bitcoin. Fear, envy & loathing in seeing your bonus floating margin at cryptocurrency risk!

 
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Frontrunning: February 12





  • Anti-Euro Party’s Le Pen Gains Supporters, French Poll Shows (BBG)
  • Carney Renews BOE Low-Rate Pledge to Fight Slack in Economy (BBG)
  • Bank of England hints at 2015 rate rise (Reuters)
  • ECB bond-buying intact and ready after court decision-Coeure (Reuters)
  • Canada scraps millionaire visa scheme, dumps 46,000 Chinese applications (SCMP)
  • Scrap this then? Vancouver facing an influx of 45,000 more rich Chinese (SCMP)
  • China's January Exports Power Higher, Up 10.6% (WSJ) ... and nobody believes the number
  • Emerging-Market Shakeout Putting Reserves Into Focus (BBG)
  • Wall Street's most eligible banker Fleming waits for suitor (Reuters)
  • Kazakh Devaluation Shows Currency War Stirring as Ruble Dips (BBG)
 
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Frontrunning: February 11





  • Frustrated by Karzai, U.S. Shifts Afghanistan Exit Plans (WSJ)
  • Yellen Testimony Guide From Payrolls Report to Emerging Markets (BBG)
  • Gold hits three-month high, shares up ahead of Yellen (Reuters)
  • Tightfisted New Owners Put Heinz on Diet (WSJ)
  • Senator describes "gruesome" bin Laden photos (Reuters)
  • More reasons for the ongoing economic contraction: U.S. Winter Storm Seen Spreading Snow, Sleet Across South (BBG)
  • Barclays Cuts Up to 12,000 Jobs as Quarterly Profit Falls  (BBG)
  • Boeing Considering 787-Size Medium-Range Jetliners (WSJ)
  • AOL Chief Apologizes for ‘Distressed Babies’ Comment (BBG)
 
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Frontrunning: February 10





  • Yellen's first test (Reuters)
  • Let weak banks die, says eurozone super-regulator (FT)
  • Yellen, Carney Face Explaining Policy as Benchmarks Near (BBG)
  • Commerzbank Said Seeking Debt Buyers in $6.8 Billion Spain Exit (BBG)
  • Junk Yield Premiums Soar on China’s Looming First Default (BBG)
  • Millions Trapped in Health-Law Coverage Gap (WSJ)
  • Mandel Tops Best-Earning Hedge Funds for Clients in 2013 (BBG)
  • Swiss Brace for Sour EU Relations After Immigration Vote (BBG)
  • Detroit Bankruptcy Talks to Resume (WSJ)
 
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Europe Stunned, Angry As Switzerland Votes To Curb Immigration





This wasn't supposed to happen. At a time when the European Union, reeling from the ongoing near collapse of the Eurozone, has been preaching its key benefits - the removal of borders and the free transit of labor - moments ago Switzerland, with a tiny majority of 50.4%, voted in favor of new immigration curbs which requires the government to set an upper limit for foreigners, risking a backlash from the (utterly toothless) European Union.

 
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Frontrunning: February 7





  • Here is why AAPL bounced off $500: Apple Repurchases $14 Billion of Own Shares in Two Weeks (WSJ)
  • German Court Refers OMT Decision to Europe's Top Court (WSJ)
  • Inflation Fuels Crises in Two Latin Nations (WSJ)
  • U.S. job growth seen snapping back from winter chill (Reuters)
  • Google to own $750 million Lenovo stake after Motorola deal closes: HK exchange (Reuters)
  • Frigid Winter Spells Trouble for U.S. Economy (BBG)
  • Winter Games to open, Putin keen to prove doubters wrong (Reuters)
  • Regulators Ready to Proceed on Bank Leverage Limit (WSJ)
  • Abe Eyes Window for Biggest Military-Rule Change Since WWII (BBG)
 
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Frontrunning: February 6





  • Draghi as ECB Master of Suspense Keeps Investors on Edge (BBG)
  • Abe lays out detailed plan for expanding defense powers (Nikkei)
  • Inflation Fuels Crises in Two Latin Nations (WSJ)
  • Obama walks into crossfire of Asian tensions (FT)
  • Harvard Makes Professor Disclose More After Blinkx Slides (BBG)
  • Hedge Funds Rework Currency Positions in Market Drop (BBG)
  • Canada, U.S. Strike Tax-Information Sharing Deal (WSJ)
  • Indonesia calls for greater clarity from Fed on tapering (FT)
  • Sony to cut 5,000 jobs, split off PC, TV operations (Reuters)
 
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Equities Supported By Optimism Of Positive ECB Surprise





Today the lingering problems of the "emerging" world and concerns about the Fed's tapering take a back seat to what the European Central Bank may do, which ranges from nothing, to a rate cut (which sends deposit rates negative), to outright, unsterilized QE - we will find out shortly: with 61 out of the 66 economists polled by Bloomberg looking for no rate changes from the ECB today it virtually assures a surprise . However, despite - or perhaps in spite of - various disappointing news overnight, most notably German factory orders which missed -0.5% on expectations of a +0.2% print, down from 2.4%, the USDJPY has been supported which as everyone knows by now, is all that matters, even if it was unable to push the Nikkei 225 higher for the second day in a row and the Japanese correction persists.

 
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Frontrunning: February 5





  • Goldman to Fidelity Call for Calm After Global Stock Wipeout (BBG)
  • Turnabout on Global Outlook Darkens Investor Mood (Hilsenrath)
  • EU Said to Weigh Extending Greek Loans to 50 Years (BBG)
  • Second Storm Hitting Northeast Halts Planes, Schools (BBG)
  • Small Banks Face TARP Hit (WSJ)
  • As Sony prepares PCs exit, pressure mounts for reboot on TVs (Reuters)
  • IBM Uses Dutch Tax Haven to Boost Profits as Sales Slide (BBG)
  • ECB faces dilemma with inflation drop (FT)
  • London Subway Strike Snarls Traffic as Union Opposes Cuts  (BBG)
 
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The $3 Trillion Hole - Why EM Matters To European Banks





How many times in the last few days have we been told that Turkey - or Ukraine or Venezuela or Argentina - are too small to matter? How many comparisons of Emerging Market GDP to world GDP to instill confidence that a little crisis there can't possible mean problems here. Putting aside this entirely disingenuous perspective, historical examples such as LTCM, and ignoring the massive leverage in the system, there is a simple reason why Emerging Markets matter. As Reuters reports, European banks have loaned in excess of $3 trillion to emerging markets, more than four times US lenders - especially when average NPLs for historical EM shocks is over 40%.

 
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