Citigroup

How The US Government Let A Giant Bank Pin A Scandal On A Former Employee

When the CFTC asked Gibson Dunn to come up with a list of individuals who should be on the subpoenas that the agency was preparing to send to UBS -- names that would determine the search terms that the bank used to sieve through millions of pieces of internal communications -- one was especially prominent: Tom Hayes.

Global Stocks Pause Ahead Of GDP Report; Nasdaq Hits Fresh Record High

Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia said it had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.

Does America Have A Technology Platform Monopoly Problem?

"...the dominance of these firms in their specific niches presents a threat not just to economic competition, but liberty and freedom generally speaking. After all, the government itself doesn’t need to censor free speech if it can just lean on powerful companies with platform monopolies to do the dirty work for it."

Market Absurdity Squared: There Is Now An ETF ETF

A landmark event took place yesterday, one which, at least according to Bank of America, may signal that we have hit a top. After $2.9 trillion of inflows to passive funds, and $1.3 trillion redemptions from active funds past 10 years, an ETF ETF has launched.

Oil Stumbles Back To $50 Handle As Saudi/OPEC Jawboning Fails

Oil prices limped higher overnight as desperate jawboning of OPEC production cut deal extensions by the Saudis supported a recovery from yesterday's post-inventories plunge. However, confirming the market's lack of faith in OPEC (and Saudi's ability to hold the deal together), WTI prices are sliding back towards a $50 handle as jawboning half-lives slump.

Maduro Preparing To Swap Venezuela's Gold For Dollars

“The national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally,” according to the letter signed by National Assembly President Julio Borges.