• Pivotfarm
    08/03/2015 - 15:25
    The quest for perfection is man’s unattainable goal. Man can never be perfect if we are to believe the English philosopher Thomas Hobbes. Man is man’s wolf and all of that.

Citigroup

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JPMorgan Just Cornered The Commodity Derivative Market, And This Time There Is Proof





For years there had been speculation, rumor and hearsay that JPM had cornered the US commodities market. Now, finally, we have documented proof.

 
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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)





It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

 
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Auto Loans In "Untested" Territory Blackstone Warns As Subprime ABS Sales Accelerate





"Of the subprime vehicle loans bundled into securities, 73 percent now exceed five years, up from 64 percent during the first three months of 2014. 'Because cars depreciate quickly, a borrower is typically upside down or underwater toward the end of a long loan term.' 'The risk is that you extend a loan that a borrower cannot afford over its term schedule. Inching out to 75 and 84 months, I don’t think that has been tested yet.'"

 
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Investors Sue Wall Street, Markit For Conspiring To Monopolize CDS Market





With a DoJ probe having predictably gone nowhere, a group of pensioners and retirement funds are suing Wall Street and Markit for colluding to monopolize the CDS market. Amusingly, Citadel has been subpoenaed to discuss how it was shut out of creating a CDS trading platform by the "oligopolistic" activities of TBTF banks, even as the firm looks set to dominate the market for IR swaps.

 
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“Being Fed Garbage” and "Complacency Rules… for Now”





- We need a free market in currencies, not bail-ins and a war on cash and gold - People blindly trust “experts” so welcome that some of them giving prudent advice regarding diversification - Currencies of creditor nations – Norway, Switzerland, Singapore, Hong Kong will outperform in long term

 
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Jakobsen: Why Stocks Will Fall - "Consensus Is Wrong On US Rate Hikes"





Stock markets in the US and Europe are in for a correction, while the euro is set to rise, according to Saxo Bank’s Chief Economist Steen Jakobsen, nomatter what happens between Greece and its creditors. Steen also looks at the impact a rate hike from the US Federal Reserve would have on USD and what currencies could gain once the Fed decides to move on rates, noting that "the consensus has it wrong on the timing of US rate hike," as the credit cycle topped in June 2014. He believes that commodities and metals in particular offer opportunities for investors.

 
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UBS Had Libor-Rigging Instruction Manual, Former Trader Claims





Tom Hayes told prosecutors in 2013 that UBS Group AG distributed "an instruction manual on fixing Libor" to suit their trading positions. The Swiss bank’s e-mailed “Guide to Publishing Libor Rates,” which was shown to jurors by prosecutors in London Thursday, included an instruction for traders to adjust their submissions depending on their “delta/fixing position.” “If 3m Libor” exposure “is 4,125 this means we are receiving” and “therefore we want to increase the fixing by 25 basis points,” according to the internal UBS guide. “If the number is negative then vice-versa.”

 
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Frontrunning: June 19





  • Greek PM optimistic on debt deal as banks bleed (Reuters)
  • Greek central bank chief says banking system stable (Kathimerini)
  • ECB Said to Confer on Emergency Greek Aid Amid Cash Flight (BBG)
  • More tax "avoidance": Citigroup to shift European retail banking HQ to Dublin (Reuters)
  • Florist's tip led police to Charleston shooting suspect (USAToday)
  • Asian shares edge higher on Fed caution, China sell-off intensifies (Reuters)
  • Toyota in damage control mode after American exec arrested (Reuters)
  • Venezuela Oil Loans Go Awry for China (WSJ)
 
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Dollar Tumbles After Fed Whiffs Again; More Cracks Appear In Chinese Stock Bubble





All those saying the Fed will never be able to raise rate are looking particularly smug this morning, because if the market needed a green light that despite all the constant posturing, pomp and rhetoric, the US economy is simply (never) ready for a rate hike, it got it late last night when Goldman is pushing back its forecast for the first Fed rate hike from  September to December 2015 saying that "in large part this reflects the fact that seven FOMC participants are now projecting zero or one rate hike this year, a group that we believe includes Fed Chair Janet Yellen. We had viewed a clear signal for a September hike at the June meeting as close to a necessary condition for the FOMC to actually hike in September, but the committee did not lay that groundwork today."

 
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America, You're Fired!





They call it "voting," and we're told it's our civic duty. But it's just an illusion. Just like in Caesar’s time, the election will go to the people who spend the most money. But we're not talking about the candidates. They're just puppets. Entertainers. We're talking about the people who bankroll them.

 
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Saxobank CIO: Credit Cycle Has Peaked, Gold Will Be Best-Performing Commodity





"Forget the 1930s; inflation is different this time," says Saxobank's Steen Jakobsen, warning that while there may be a summer of growth in Europe, hell will come afterwards, "European 'cost advantage' is disappearing fast and furiously – enjoy the summer of growth – afterwards, you can expect: zero growth, zero reform and higher inflation 'expectations'... The credit cycle has peaked... and Gold will be the best performer in commodity-led rally - we see 1425/35 by year-end."

 
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This Is What A Volcker Rule Loophole Looks Like





After the carnage of the 2008 crash, former Federal Reserve Chairman Paul Volcker proposed a rule that would prevent banks from making short-term proprietary trades with financial instruments. In other words, no gambling allowed. This rule would become known as The Volcker Rule, and it went into partial effect on April 1, 2014. Full compliance is required by July 21, 2015. Of course, the bank lobbyists were hard at work, and numerous exceptions and loopholes were created.

 
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Paul Ryan Channels Pelosi: "You Have To Pass ObamaTrade To See What’s In ObamaTrade"





If you still think that the establishment Republicans in Congress represent real opposition to President Obama’s policies, you’re either extremely brainwashed or extremely stupid. Honestly, we wonder what it will take for some people to wake up. How many times do you need to be used, abused and conned by slimy politicians before you can shake off your political Stockholm Syndrome? Today's example is from chief ObamaTrade proponent Paul Ryan who gaffed Pelosi-like when he admitted (with regard to the super-secret TPP) "It’s declassified and made public once it’s agreed to," in other words - “we have to pass the bill so that you can find out what is in it.”

 
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