- Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time?
- Insider-Trading Probe Focuses on Medicare Agency (WSJ)
- He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG)
- China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters)
- Dubai Insists the Boom is Not a Bubble This Time Around (BBG)
- Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG)
- Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG)
- Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG)
- French drugmaker Sanofi sacks CEO Viehbacher (Reuters)
Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders. Following a brief late summer spell in which there was little if any news of bankers taking their lives, as reported previously, the banker suicides returned with a bang when none other than the hedge fund partner of infamous former IMF head Dominique Strauss-Khan, Thierry Leyne, a French-Israeli entrepreneur, was found dead after jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. Just a few brief hours later the WSJ reported that yet another Deutsche Bank veteran has committed suicide, and not just anyone but the bank's associate general counsel, 41 year old Calogero "Charlie" Gambino, who was found on the morning of Oct. 20, having also hung himself by the neck from a stairway banister,
“More than Forgiven, This Evil Must Be CURED”
- Russia Loses Oil Ally in De Margerie After Moscow Crash (BBG)
- Austria's Erste denies report it has failed stress tests (Reuters)
- Sweden gets two new sightings, as hunt for undersea intruder goes on (Reuters)
- Companies Try to Escape Health Law’s Penalties (WSJ)
- Mud and Loathing on Russia-Ukraine Border (BBG)
- NOAA employee charged with stealing U.S. dam information (Reuters)
- Lower Oil Prices Seen Easing Japan’s Trade Pain (WSJ)
- Michigan becomes 5th U.S. state to thwart direct Tesla car sales (Reuters)
- Maglev Train Seen Making Washington-to-Baltimore Trip at 311 MPH (BBG)
...And don't do it again! Having confirmed that RBS, UBS, JPMorgan,,and Credit Suisse operated a cartell to manipulate bid-ask spreads of Swiss Franc libor, the European Commission has unleashed unmerciless vengeance on these law-breaking institutions: JPMorgan fined EUR 72.2 Million, UBS fined EUR 12.7 Million, Credit Suisse fined EUR 9.17 Million, & RBS Nothing (for whistle-blowing). The commission found that these four entities 'influenced' interest rate derivatives prices between March 2008 and July 2009 - probably the most volatile and price-sensitive period of American financial history.. and they get fined "an hour's pay?" Nothing ever changes...
- Turkey says Syria town about to fall as Islamic State advances (Reuters)
- Only now? Growth worries grip stocks, oil (Reuters)
- Hong Kong Protest Leaders ‘Furious’ at Agenda for Talks (BBG)
- Earthquake Damages Thousands of Homes in Southern China (BBG)
- Keystone Be Darned: Canada Finds Oil Route Around Obama (BBG)
- Where Is North Korea's 31-Year-Old Leader? (BusinessWeek)
- Australia to Revise Employment Data (WSJ)
- Americans Living Longer as Fewer Die From Heart Disease, Cancer (BBG)
- A 401(k) Conundrum: Can You Make Cash Pile Last for Life? (BBG)
- China Services Sector Slows in September (WSJ)
- Liberian Rubber Farm Becomes Sanctuary Against Ebola (WSJ)
- The World’s Most Powerful Central Banker: Janet Who? (BBG)
- Islamic State moves into south west of Syrian Kurdish town (Reuters)
- Waldorf to Be Biggest Chinese Property Purchase in U.S. (BBG)
- Spain Seeks People in Contact With Ebola-Infected Nurse (BBG)
- Hong Kong protests at crossroads as traffic, frustration pile up (Reuters)
- Immigration: Grim Caseload at the Border (WSJ)
- China Cuts Thousands of ‘Phantom’ Workers From State Payroll (BBG)
- U.S., U.K. Regulators Push to Settle Deutsche Bank Libor Case This Year (WSJ)
- Wall Street Moles Go to NY’s Top Cop, Spurning SEC Cash (BBG)
- Pimco's outflow headaches only just beginning (Reuters)
- Japan Lawmakers Flag Need for Exit Strategy as Yen Falls (BBG)
- As we warned in May 2013... Gross Exposes $42 Trillion Bond Market’s Key Flaw in Exit (BBG).... hint: no liquidity
- WTI Crude Slips Below $90 for First Time in 17 Months (BBG)
- Traders Thank Fed for Once-in-Decade Surge in Profit (BBG)
- Islamic State committing 'staggering' crimes in Iraq: U.N. report (Reuters)
- Philippine Islamist militants threaten to behead German on October 17 (Reuters)
- Draghi’s Buying Spree for the ECB Might Start Modestly (BBG)
- Russian Officials Say No Plans for Capital Controls (WSJ)
- Indians Join the Wave of Investors in Condos and Homes in the U.S. (NYT)
- Leader of Mexican drugs cartel captured (FT)
- Dallas Ebola patient vomited outside apartment on way to hospital (Reuters)
With the revelations of systemic, widespread corporate criminality of banking institutions in recent years, it is clear that global Bank CEOs are becoming the new Drug Lords.
The ongoing gold accumulation strategy by Russia, Kazakhstan and other ex Soviet states is a reserve diversification strategy. It may also be an attempt to undermine western markets and the vulnerable COMEX gold market in the U.S. It is likely a coordinated monetary policy, since Russia and Kazakhstan are members of the Eurasian Customs Union along with Belarus.
It has been several years since the disjointed, confused, and extremely disorganized Occupy Wall Street movement made any headlines. Alas, in the interim, the career prospects of those who comprise its up prime age demographic have gone nowhere but down while inversely impacting the nominal free time of said cohort, which is why we were somewhat surprised it took as long as it did for the same individuals, best known for camping out in Zucotti Park (until it started snowing of course), to stage a daring comeback. Which they did today, following a weekend in which New York City was overrun with "The People's Climate March", protesting against climate change by... leaving behind them tons of non-biodegradable garbage. It is this same group that has once again made its way all the way down into the Financial district, and specifically in front of the TV studio formerly known as the NYSE.
US Industrial Production and the NY Fed Empire State Manufacturing survey are the two main releases for the US. In Europe, the euro area trade balance will be the notable print. Beyond today, US PPI, German ZEW and UK CPI are the main economic reports tomorrow. Wednesday will see the release of BOE’s meeting minutes, the US CPI, and the Euro area inflation report. On Thursday, President Obama will host Poroshenko and on the data front we have Philly Fed, initial claims, and building permits to watch out for, but the biggest market moving event will surely be the Scottish independence referendum. German PPI will be the key release on what will otherwise be a relatively quiet Friday.
Draghi cut rates and announced ABS/covered bond purchase plan to start next month. Balance sheet between TLTO and purchase scheme to increase by ovre 1 trillion euros
Even as the NATO summit began hours ago in Wales, conveniently enough (for Obama) at the venue of the 2010 Ryder Cup, so far today geopolitics has taken a backseat to the biggest event of the day - the ECB's much hyped and anticipated announcement. So anticipated in fact that even as it has been priced in for the past month, especially by BlackRock which is already calculating the Christmas bonus on its "consultancy" in implementing the ECB's ABS purchasing program and manifesting itself in record low yields across Europe's bond market, Reuters decided to milk it some more moments ago with the following blast: "Plans to launch an asset-backed securities (ABS) and covered bond purchase programme worth up to 500 billion euros are on the table at Thursday's European Central Bank policy meeting..." The notable being the size of the program, which at €500 billion, is precisely what Deutsche Bank said a week ago the size of the ABS program would be. Almost as if the bank with the world's biggest derivative exposure is helping coordinate the "Private QE"...
The world’s central bankers have given companies the urge to merge. Merger and Acquisition (M&A) activity has already reached $2.2 trillion this year according to Thomson Reuters Deals Intelligence, up 70% from this time a year ago. The deals are big, with eight acquisitions, each over $5 billion, being announced in just a single week in July. However CEO buying sprees do not create new jobs and new products that make our lives better, but are instead just wasteful malinvestments that destroy capital. The cost of capital is integral to making these assumptions. The lower the assumed interest rate or cost of capital, the higher the price for the acquisition that the models will justify. Once interest rates go up, these valuation models will be blown to pieces.