Credit Suisse

Tyler Durden's picture

Frontrunning: September 27





  • House GOP banking on Plan C (Politico)
  • Pimco shook hands with the Fed - and made a killing (Reuters)
  • BlackBerry's Torsten Heins has a $55 Million golden parachute (Reuters)
  • JPMorgan Urged to Pay More in Mortgage Deal (NYT)
  • Soros Adviser Turned Lawmaker Sees Crisis by 2020 (BBG)
  • U.N. Members Agree on Syria Disarmament (WSJ)
  • U.N. Says Humans Are 'Extremely Likely' Behind Global Warming (WSJ)
  • The non-falsifiable threats emerge: Shutdown Would Shave Fourth-Quarter U.S. Growth as Much as 1.4% (BBG)
  • Swaps Rules Worry Industry: Coming Regulations Have Market Players Concerned About Possible Disruption (WSJ)
 
Tyler Durden's picture

As US Default Risk Spikes To 5-Month High, Here Is How To Trade The Debt Ceiling Showdown





The last 4 days have seen the price of protection against a default on US Treasuries spike by the most in 4 years. While USA CDS trade on both a default and devaluation basis (as well as technical issues related to which Treasury is cheapest to deliver) this spike to 5-month highs (from what was extremely high levels of complacency) is very notable in light of today's Kocherlakota "whatever it takes" speech. While still well off 2011's debt ceiling debacle panic highs, this move does suggest more than just the politicians are worried about a technical default occurring on US debt. By way of comparison, Germany trades at 23bps and Japan at 61bps against USA's 32bps. But there is a way to trade the debt-ceiling debacle that doesn't invlove leveraged speculation in credit derivatives...

 
Tyler Durden's picture

The Federal Reserve Policymaker Bias Cheat-Sheet





Taper or no Taper. Tapering is not tightening but flow is more important than stock. Doves being hawkish and hawks fearfully dovish... We have seen it all in the last few weeks. In order to keep it all in perspective, Credit Suisse have created this simple cheat-sheet of their informal determination of the Fed official's policy biases based on each official’s voting history and public comments.

 
Asia Confidential's picture

China Prepares Big Bang Financial Reforms





There's growing speculation that China will soon announce an overhaul of its financial system to address increasing risks from escalating debt.

 
Tyler Durden's picture

Frontrunning: September 26





  • The new normal name of a broken market: glitches - NYSE, Nasdaq Consider Cooperating to Address Glitches (WSJ)
  • Early Thursday Humor: Abe Tells Wall Street Japan’s Economy Is Exceptionally Good (BBG)
  • Rising Rates Seen Squeezing Swaps Income at Biggest Banks (BBG)
  • JPMorgan Mortgage Talks Said to Discuss $11 Billion Deal (BBG)
  • Can't make this up: HFT firm "finds" Fed did not leak data early to benefit HFT firms (FT)
  • Hertz Cuts Full-Year Forecast on Weak U.S. Airport Rentals (BBG)
  • Greece does not need third bailout, seeks debt 'reprofiling' - deputy PM (Reuters) - right, it needs a fourth and fifth
  • Hezbollah gambles all in Syria (Reuters)
  • Twitter Adds J.P. Morgan and Morgan Stanley as Bankers on IPO (WSJ)
  • Messi in Court Shows Tax Collectors Set to Pursue Star Athletes (BBG)
 
smartknowledgeu's picture

SmartKnowledgeU Exclusive Interview with World Bank Whistleblower Karen Hudes, Part Two





Here is Part Two of our exclusive interview with World Bank Whistleblower Karen Hudes in which I discuss with Ms. Hudes the need to end an immoral fractional reserve banking system that continually drains the wealth of citizens without their consent and without their knowledge.

 
Tyler Durden's picture

Credit Suisse Closing "Non-Super Rich", "Risky" Client Accounts





In a move that clearly seeks to distance the second largest Swiss bank from potentially "risky" or just not that profitable (read "rich or super rich") accounts, Credit Suisse announced today that it plans to close some clients' accounts as it focuses on high-value customers in some countries and pulls out of others altogether. The development is somewhat ironic: while banks around the world scramble to obtain ultra cheap funding, of which deposits are currently the cheapest alternative, Credit Suisse is saying to people, thanks but no thanks, we don't want your money. Then again, perhaps this is an admirable stance by the bank. It certainly is preferable to CS eagerly accepting every last Swiss Franc only to pull a Cyprus in a few months (indicatively speaking) and "bailing in" said money. It does however pose the question: has CS found an alternative method of funding its assets now that it is actively deleveraging, and if so what, and who is the source?

 
Tyler Durden's picture

Frontrunning: September 24





  • Iran Icebreaker Set at U.N.  (WSJ)
  • Chrysler Feud Triggers IPO Filing  (WSJ)
  • JPMorgan Chase, 12 More Banks Said to Be Sued Over Libor (BBG)
  • Regulator sues Morgan Stanley, eight others over faulty securities (Reuters)
  • Monte Paschi Seen Boosting Cost Goals to Meet EU Demands (BBG)
  • Here we go again - "not enough funds": CFTC chair Gary Gensler warns on fund cuts to police derivatives (FT)
  • Congress Fuels Private Jails Detaining 34,000 Immigrants (BBG)
  • KKR, Sycamore looking to buy Jones Group this week (NYPost) - take with lots of salt
  • Fiat rethinks alliance with Chrysler after IPO filing (Reuters)
  • Young Invincibles Caught in Crossfire Over Obamacare Cost (BBG)
  • Mayfair Office Squeeze Spawns New London Real Estate Hubs (BBG)
 
Tyler Durden's picture

On This Day 15 Years Ago The LTCM Bailout Ushered In "Too Big To Fail"





While the commemoration of the 5 year anniversary of the start of the Great Financial Crisis is slowing but surely fading, another just as important anniversary is revealed when one goes back not 5 but 15 years into the past, specifically to September 23, 1998. On that day, the policy that came to define the New Normal more than any other, namely the bailout of those deemed Too Big To Fail, a/k/a throwing good (private or taxpayer) money after bad was enshrined by Wall Street as the official canon when faced with a situation where capitalism, namely failure, is seen as Too Dangerous To Succeed. This was first known as the Greenspan Put, subsequently the Bernanke Put, and its current iteration is best known as the Global Central Banker All-In Systemic Put. We sow the seeds of bailing out insolvent financial corporations to this day, when instead of making them smaller and breaking them up, they are rewarded by becoming even bigger, even more systemics, and even Too Bigger To Fail, and their employees are paid ever greater record bonuses.

 
Tyler Durden's picture

Frontrunning: September 23





  • Triumph Confirms 'Era of Merkelism' (Spiegel)
  • Merkel must reach out to leftist rivals after poll triumph (Reuters)
  • Norwegian Air says both its Dreamliners hit by technical issues (Reuters)
  • Chinese court gives Bo Xilai life sentence (CBS)
  • Social Dems Deflect Talk of Merkel Alliance (Spiegel)
  • Blasts shake Nairobi mall, smoke pours from building (Reuters)
  • Open-Government Laws Fuel Hedge-Fund Profits (WSJ)
  • Forbes Calls Goldman CEO Holier Than Mother Teresa (Matt Taibbi)
  • BlackBerry move away from consumers unlikely to stem decline (Reuters)
  • And another Greek strike: Greek teachers, civil servants to strike against layoffs (Reuters)
 
Tyler Durden's picture

Frontrunning: September 20





  • JPMorgan Guilty Admission a Win for SEC’s Policy Shift (BBG)
  • Pricing Glitch Afflicts Rollout of Online Health Exchanges (WSJ)
  • This will end well: Japan LDP Considers Draft Bill to Put Government in Control of Fukushima Cleanup (WSJ)
  • How a German tech giant trims its U.S. tax bill (Reuters)
  • Despite Merkel's Popularity, Angst Creeps In (WSJ)
  • Hank Paulson warns of regulatory conflict (FT)
  • Rajan Surprises With India Rate Rise to Quell Inflation (BBG)
  • Apple Begins Selling New iPhones (WSJ)
  • Pope Says Church Should Stop Obsessing Over Gays, Abortion (BBG)
 
Tyler Durden's picture

Frontrunning: September 19





  • Bernanke Resets Policy by Doing Nothing as Markets Soar (BBG)
  • Stocks Jump to Five-Year High as Metals Rally on Fed (BBG)
  • Centre-left bigwig says hard to stay allied with Berlusconi (ANSA)
  • J.P. Morgan 'Whale' Fine Put at Over $900 Million (WSJ)
  • Banks’ $10 Billion Sweet Spot Sets Off Buying Spree for Lenders (BBG)
  • Time to taper? Not if you look at bank loans (Reuters)
  • Mortgage Lending Reaches 5-Year High (WSJ) ... and then plunges as Fed gives "all clear" for a few months
  • Yellen Chances Grow as Obama Aides Test Senate Support (BBG)
 
Tyler Durden's picture

Frontrunning: September 18





  • Fed likely to reduce bond buying, pass policy milestone (Reuters)
  • Fall in Home Loans Pushing Fed Away From Taper in Mortgage Bonds (BBG)
  • Russia says U.N. report on Syria attack preconceived, political (Reuters)
  • China House Price Surge Raises Prospect of Steps to Cool Market (FT)
  • Cyprus Plans to Complete End of All Capital Controls... some time in 2014 (FT)
  • GOP Reworks Budget Terms (WSJ)
  • U.S. Navy was warned that Washington shooter 'heard voices' (Reuters)
  • Berlusconi Impeachment Vote Looms (WSJ)
  • Ageing could weaken central banks, spur rate volatility (Reuters)
 
Tyler Durden's picture

Despite US Shale Oil Boom, The World Is More Dependent Than Ever On The Gulf





Saudi Arabia is pumping out more crude that at any time since the 1970s and in Kuwait and The UAE, oil production levels have hit record highs. As The FT reports, the US might be 'drowning' in oil, but the world is still dependent on Saudi Arabia for the marginal barrel. This is crucial since, "whatever is happening in the US, the Gulf states remain critical to the global oil trade,” says Credit Suisse's Jan Stuart, "the fact they are producing so much shows that the global oil balance is far more stretched than consensus would have you believe." The trigger for the jump in Gulf production has been huge disruption to supplies from Libya; and with the three large Gulf producers meeting 17.1% of global demand (it has never topped 18%), the dependence on the Gulf appears to be growing. The concern remains, despite apparent nonchalance, that consuming nations like the US, China, and India will be stifled should production disruptions last.

 
Tyler Durden's picture

Frontrunning: September 17





  • Less Tapering Becomes Tightening Credit No Matter What Fed Says (BBG)
  • Yellen Is Now Top Fed Hopeful (WSJ)
  • Syria - A chemical crime, a complex reaction (Reuters)
  • More ECB collateral: Wrecked cruise ship Costa Concordia raised off rocks in Italy (Reuters)
  • Aging Boomers Befuddle Marketers Eying $15 Trillion Prize (BBG)
  • Abe Turns Pitchman, Says Japan Is Now A Buy (WSJ)
  • Ex-JPMorgan Employees Indicted Over $6.2 Billion Loss (BBG)
  • Barack Obama blinked first in battle for Lawrence Summers (FT)
  • Berlusconi to support Italian government in video message: sources (Reuters)
  • How China Lost Its Mojo: One Town's Story (WSJ)
 
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