Tyler Durden's picture

Corporate Kleptocracy: 6,300 Examples Of America's Malignant Malfeasance

What follows is a remarkable data base of Corporate Fines and Settlements. From blatant cartel price-fixing or not disclosing the dangers of the company's heavily promoted medications to destroying documents to thwart an investigation of wrong-doing, the list is stunning and reads like a who's who of Corporate America and Top 100 Global Corporations. In other words, these were not wrist-slaps for minor oversights of complex regulations - these are blatant violations of core laws of the land and while the PR spins how corporate profits benefit widows and orphans, this vast wealth is concentrated in the top 1% and the top 5%.

Tyler Durden's picture

Frontrunning: May 6

  • ‘Flash Crash’ Overhaul Is Snarled in Red Tape (WSJ)
  • ECB Considers Tighter Noose on Greek Banks (BBG)
  • Dollar Falls as U.S. Data Cast Doubt on Fed Policy Tightening (BBG)
  • Market U-Turn Rams Hedge Funds (WSJ)
  • Greece makes 200 million euro IMF payment due Wednesday (Reuters)
  • Greek unemployment was 25.4 percent in February (Reuters)
  • J.P. Morgan’s Barista-Turned-Banker Sees Good Things Brewing (WSJ)
Tyler Durden's picture

SEC Commissioner Furious At Deutsche Bank's "Decade Of Lying, Cheating, And Stealing"

"Deutsche Bank’s illegal conduct involved nearly a decade of lying, cheating, and stealing. This criminal conduct was pervasive and widespread, involving dozens of employees from Deutsche Bank offices including New York, Frankfurt, Tokyo, and London. Deutsche Bank’s traders engaged in a brazen scheme to defraud Deutsche Bank’s counterparties and the worldwide financial marketplace by secretly manipulating LIBOR. The conduct is appalling. It was a complete criminal fraud upon the worldwide marketplace." 

- SEC Commissioner Kara Stein

Tyler Durden's picture

Frontrunning: May 5

  • Fed's Yellen says met firm at heart of leak probes (Reuters)
  • EU Raises Growth Outlook as ECB Counters Greek Threat (BBG)
  • Hillary Clinton Takes Hit in WSJ Poll, but Holds Edge Over GOP Rivals (WSJ)
  • China stocks slump on tighter margin rules, IPOs; Hong Kong down (Reuters)
  • McDonald’s Chief Promises Turnaround in a Restructuring (NYT)
  • German Bond Market Selloff Continues (WSJ)
  • Vanguard overtakes Pimco’s Total Return following outflows in wake of Bill Gross’s departure (WSJ)
  • EU Demands Concessions as Greece Hurtles Toward Deadlines (BBG)
  • Junk Bonds Are The New Haven Assets (BBG)
Tyler Durden's picture

CFTC Helps Deutsche Bank Avoid "Bad Actor" Tag

Deutsche Bank's LIBOR settlement likely should have landed the bank on the SEC's "bad actor" list, but thankfully, the CFTC was willing to write language into its settlement with the bank which effectively allows the German lender to skirt Dodd-Frank, proving yet again that it's good to be TBTF.

Tyler Durden's picture

"Let's Take Them On!": Libor E-mails Of Christian Bittar Revealed

Regular readers will be familiar with Christian Bittar, the former Deutsche Bank rates trader whose various exploits and adventures we began to chronicle more than two years ago. Now, thanks to the bank's settlement with the Justice Department, we know exactly what Bittar said on his way to manipulating the world's benchmark rates.

Tyler Durden's picture

Frontrunning: April 24

  • Obama’s Drone-Strike Rules to Be Reviewed (WSJ)
  • Hostage locations difficult to track - and may be getting harder (Reuters)
  • Varoufakis Said to Take Hammering From Riled EU Ministers (BBG)
  • EU Frustration Mounts as Greeks Try to Bypass Aid Process (BBG)
  • Kleiner Perkins seeks almost $1 million in costs in Pao case (Reuters)
  • Google Misses, Caps Costs as Growth Slows (WSJ)... stock surges 
  • Oil prices trade near 2015 highs on Yemen worries (Reuters)
  • Pentagon Announces New Strategy for Cyberwarfare (NYT)
  • Bloomberg Oil at $65 Seen Freeing 500,000 Barrels From Shale Fracklog (BBG)
  • ‘Flash Crash’ Trader Navinder Sarao: It Was Wits, Not Bits (WSJ)
Tyler Durden's picture

It Just Cost Deutsche Bank $25,000 Per Employee To Keep Its Libor Manipulating Bankers Out Of Jail

Moments ago the NY Department for Financial Services announced that, in what is the largest Libor settlement in history, Deutsche Bank would pay $2.5 billion "in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank ("LIBOR"), the Euro Interbank Offered Rate ("EURIBOR") and Euroyen Tokyo Interbank Offered Rate ("TIBOR") (collectively, "IBOR")."  Most importantly for DB's 98,138 employees is that while DB will "terminate and ban individual employees who engaged in misconduct" nobody will go to jail. Again. In other words it just cost DB's about $25,474 per employee to keep its Libor-manipulating employees (and thus, senior level management because the stench always goes to the very top) out of prison.

Tyler Durden's picture

Frontrunning: April 23

  • Clinton charities will refile tax returns, audit for other errors (Reuters)
  • China Warns North Korean Nuclear Threat Is Rising (WSJ), or another country realizes war is the only "exit"
  • Shares, euro sag after euro zone PMIs disappoint (Reuters)
  • China Manufacturing Gauge Drops to Lowest Level in 12 Months (BBG)
  • Deutsche Bank Said to Pay $2.14 Billion in Libor Case (BBG), or roughly a €20,000 per banker "get out of jail" fee
  • Brazil’s Petrobras Reports Nearly $17 Billion in Asset and Corruption Charges (WSJ)
  • Can This Oil Baron’s Company Withstand Another Quake? (BBG)
  • Bad for Q1 GDP: Raytheon sales fall amid weak U.S. defense spending (Reuters)
Tyler Durden's picture

CLO Volume Hits Record As PE, Wall Street Look To Stay Ahead Of New Rule

March was a record month for CLO issuance with $15.2 billion in deals coming to market, bringing the YTD total to $29 billion and making Q1 2015 the best first quarter in history for CLO new issue volume. And while a JPM analyst who spoke to Bloomberg says managers “want to get deals done early before risk retention kicks in,” we're confident that it’s all about keeping credit flowing to deserving borrowers and not at all about a desire to keep exposure to 5% of a collateral pool littered with loans to “companies that are of lower credit quality or that do not have a third-party evaluation of the likelihood of timely payment of interest and repayment of principal” off of the books.

Reggie Middleton's picture

"Fu$k the Fundamentals!": Negative Rates In EU Will Absolutely Wreck the Very System the ECB Sought to Save

The dude that called the Pan-European Sovereign Debt Crisis in 2010 is making it clear that the ECB is playing with fire, but will never admit it's getting burned.

Tyler Durden's picture

Frontrunning: April 10

  • Nikkei tops 20,000, Europe hits 15-year high (Reuters)
  • GE to sell real estate holdings, sets $50 billion share buyback (Reuters)
  • Iran’s Middle Class Plans for Life After a Deal (BBG)
  • Walgreens to Close 200 Stores as It Expands Cost Cuts (WSJ)
  • Hillary Clinton expected to announce presidential run as soon as this weekend (Reuters)
  • It will cost $1.5 billion to keep Deutsche Bank Libor Manipulators out of prison  (USA Today)
  • Police Cameras Bring Problems of Their Own (WSJ)
  • Obama says concerned China bullying others in South China Sea (Reuters)
  • Investors Revive Appetite for Asian Junk Bonds (WSJ)
Tyler Durden's picture

Asia Superbubble Unstoppable: Hong Kong Up 10% In Past Week; Soaring Dollar Pushes Euro Back Under 1.06

Overnight market news was once again driven by the Asian superbubble, where as expected, the Hang Seng (+1.22%) soared once more and is now up 9.5% for the week, following news the Hong Kong Exchanges and Clearing Ltd (HKEx) expects it will "substantially increase" quotas for the stock connect program between Hong Kong and Shanghai, HKEx Chief Executive Charles Li said on Friday. The exchange could boost the current quotas, which cap how much mainland investors can buy Hong Kong stocks and vice versa under the trading link, by more than 20 or 30 percent, Li said at a media briefing in Hong Kong. Li did not give a precise date for when the quotas would be raised, but one thing is clear: everyone in China, and Hong Kong, must be all in stocks if the Chinese housing bubble can not be reflated. The Shanghai Comp closed higher by almost 2.0% following better than expected Chinese inflation data, while HK stocks continued their recent rally to closer higher by 9.5% for the week.

Tyler Durden's picture

28 Ways 'They' Rig The Market

What do people mean when they say the Stock Market is rigged? Nanex explains...

Tyler Durden's picture

Frontrunning: March 23

  • Saudis keep on pumping, oil prices keep on slumping (Reuters)
  • Tenet Healthcare Nearing Deal to Buy United Surgical Partners (WSJ)
  • Dizzying Pre-IPO Tech Values Spurred by Rush of Hedge-Fund Money (BBG)
  • Russia threatens to aim nuclear missiles at Denmark ships if it joins NATO shield (Reuters)
  • Torrent of Cash Exits Eurozone (WSJ)
  • Draghi Cheerleads for Euro-Area Economy as Greek Risk Looms (BBG)
  • Fortescue Mines for More Financing Options (WSJ)
  • Topix Charts Evoke Calm Before ’13 Rout as Momentum Gains (BBG)
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