Credit Suisse

Tyler Durden's picture

Frontrunning: October 4





  • Troops Forage for Food While Golfers Play On in Shutdown (BBG)
  • Police suspect dental hygienist Miriam Carey was behind the wheel of Capitol chase (WaPo)
  • Italian Senate committee starts Berlusconi expulsion process (Reuters)
  • Swiss Regulator Probing Banks Over Foreign-Exchange Manipulation (WSJ)
  • GOP Begins Search for Broad Deal on Budget (WSJ)
  • No Jobs Report Means Economists Chew on Football Instead of Data (BBG)
  • U.S. default seems unthinkable but investors have options (Reuters)
  • Citigroup fined $30 million after analyst sent report to SAC, others (Reuters)
  • FBI Snags Silk Road Boss With Own Methods (BBG)
  • Recession Warnings Found in Asset Price Falls (BBG)
  • Bank of Japan warns of severe global impact from U.S. fiscal standoff (Reuters)
 
Tyler Durden's picture

No Farm Payrolls





With the government shutdown stretching into an improbable 4th day (and with every additional day added on, the likelihood that the impasse continues even longer and hit the debt ceiling X-Date of October 17 becomes greater), today's monthly Non-Farm Payroll data has quickly become No-Farm Payroll. However, just like on day when Europe is closed we still get a ramp into the European close, expect at least several vacuum tube algos to jump the gun at 8:29:59:999 and try to generate some upward momentum ignition in stocks and downward momentum in gold. In addition to no economic data released in the US, President Obama announced last night he has cancelled his trip to Bali, Indonesia, to attend the APEC conference and instead to focus on budget negotiations back at home - which is ironic because his latest story is that he will not negotiate, so why not just not negotiate from Asia? Ah, the optics of shutdown.

 
Tyler Durden's picture

Frontrunning: October 3





  • Mounting Wall Street fears of US default (FT)
  • This is what the US government does when it is "shut down" - CIA ramping up covert training program for moderate Syrian rebels (WaPo)
  • SEC Weighs Overhaul of Exchanges’ Self-Regulatory System (WSJ) - just let Goldman and JPM do all the policing; not like anyone cares anymore
  • Reid Sets Tone for Democrats in Shutdown Fight (WSJ)
  • No Movement in Shutdown Standoff (WSJ)
  • Shutdown will not slow Fed nomination, says Obama (FT)
  • Syrian Regime Chokes Off Food to Town That Was Gassed (WSJ)
  • Tesla Says Car Fire Began in Battery (AP)
  • China Services Index Increases in Sign of Sustained Rebound (BBG) or sustained data manipulation
 
Tyler Durden's picture

Frontrunning: October 2





  • U.S. Government Shut Down With No Quick Resolution Seen (BBG)
  • 12 House Republicans now say they’d back a ‘clean’ CR (WaPo)
  • Republicans’ 2014 Senate Edge Muddied by Shutdown Message (BBG)
  • Obama Shortens Asia Trip Due to Government Shutdown (WSJ)
  • Fed Said to Review Commodities at Goldman, Morgan Stanley (BBG)
  • Foreign Firms Tap U.S. Gas Bonanza (WSJ)
  • Behind Standoff, a Broken Process in Need of a Broker (WSJ)
  • Japan Awaits Abe’s Third Arrow as Companies Urged to Invest (BBG)
  • Microsoft investors push for chairman Gates to step down (Reuters)
 
Tyler Durden's picture

Frontrunning: September 30





  • Government Heads Toward Shutdown (WSJ), First U.S. Shutdown in 17 Years at Midnight Seen Probable (BBG), Congress in game of chicken (RTRS)
  • Italian Premier Pursues Last-Ditch Rescue of Government (WSJ)
  • Election risk rattles Italian government bonds (RTRS)
  • Obama and Ryan Stay on Sidelines on Budget (WSJ)
  • Volcker Rule Costs Tallied as U.S. Regulators Press Deadline (BBG)
  • Faltering Chinese Factory Growth Adds to Rebound Fears (FT)
  • Health Law Hits Late Snags as Rollout Approaches (WSJ)
  • Apple Overtakes Coca-Cola as Most Valuable Brand, Study Finds (BBG)
  • Euro-Area September Inflation Slows More Than Forecast on Energy (BBG) - Puting will fix that shortly
 
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)
 
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