• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

KKR

Tyler Durden's picture

Bilderberg 2015 – Where Criminals Mingle With Politicians





"This is what happens when you let money run riot and you allow industries to police themselves. This is what happens when the rich and powerful are endlessly granted special privileges, celebrated and permitted or even encouraged to place themselves above the law. And this is what happens when ordinary people feel bored by and excluded from politics, largely because their voices matter so little..."

 
Tyler Durden's picture

Frontrunning: June 11





  • Pope urges Putin to make 'sincere, great effort' for Ukraine peace (Reuters)
  • Merkel Tells Tsipras It’s Time to Back Talk With Policy Action (BBG)
  • 'Greek tragedy' needs happy ending now: EU's Moscovici (Reuters)
  • Vulture Funds Circle Greece Targeting Europe’s Best Trading Bet (BBG)
  • Germany against third aid program for Greece under any circumstances, says daily (Reuters)
  • Biggest OPEC Members Pump Record Oil With Rally in Jeopardy (BBG)
  • Greek ruling reversing pension cuts will cost state 1 to 1.5 bln euros (Kathimerini)
  • China’s Former Security Chief Zhou Yongkang Sentenced to Life in Prison (WSJ)
  • MSCI backs itself into corner on China share inclusion (Reuters)
 
Tyler Durden's picture

Meet The Participants Of This Year's Bilderberg Conference





From Greek lobbyists to Silicon Valley VCs and from Goldman BSDs to FT reporters, The Bilderberg Group will meet later this week in Tirol to discuss what happens next to the rest of the world... here are the participants...

 
Tyler Durden's picture

Frontrunning: May 28





  • No change in Greek debt talks after another day of spin (Reuters)
  • G-7 Weighs In on Greece as Government Told to Be Serious (BBG)
  • FIFA Faces Mounting Pressure From Sponsors as Visa Threatens to End Deal (WSJ)
  • U.S. hopes Chinese island-building will spur Asian response (Reuters)
  • Japan Inc.’s $104 Billion Investor Payout Set to Surge (BBG)
  • Russia masses heavy firepower on border with Ukraine (Reuters)
  • China Says Its Most-Wanted Fugitive Is in U.S. Custody (BBG)
 
Tyler Durden's picture

It's Official: Avago Buys Broadcom In $37 Billion Deal, Thousands In Employee Layoff "Synergies" Imminent





As the WSJ reported yesterday when it sent the semiconductor space soaring, moments ago Avago (21x EV/EBITDA) confirmed it would buy Broadcom (19x EV/EBITDA) for $37 billion.  The reason for the deal: as the WSJ noted yesterday, "growth has been hard to come by for Broadcom, a 24-year-old company that makes communications chips for tablets and smartphones, and supplies the Internet links for cable-television and telecommunications devices." Or, in other words, only a delusional, yield-chasing bond holder would be willing to fund (with other people's money) the 18.9x Broadcom EV/EBITDA take out price and just like in the oil and E&P space, when organic growth dries out, there is always zero cost debt to extend the dream a little longer.

 
Tyler Durden's picture

The Virtual Immunity Of The Well-Connected: Gen. Petraeus Edition





The leniency shown former CIA Director (and retired General) David Petraeus by the Justice Department in sparing him prison time for the serious crimes that he has committed puts him in the same preferential, immune-from-incarceration category as those running the financial institutions of Wall Street, where, incidentally, Petraeus now makes millions. By contrast, “lesser” folks – and particularly the brave men and women who disclose government crimes – get to serve time, even decades, in jail. Behold, the virtual immunity enjoyed by the well connected.

 
testosteronepit's picture

The Chilling Thing Blackstone Said about the Oil Bust





Energy companies “biding their time in the hopes they don’t have to face the music.”

 
Tyler Durden's picture

Money Printing And The Bane Of Financial Engineering - How The Biggest LBO In History Blew-Up





Financial engineering is one of the worst ills perpetuated by the Fed’s regime of cheap debt and money market subsidies for speculation. And these deformations are turbo-charged by the tax code which creates a powerful bias toward loading capital structures with tax deductible debt, and to delivering returns as lightly taxed capital gains rather than ordinary income. In fact, stock buybacks and LBOs are the bastard offspring of the IRS and Federal Reserve.

 
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The "Revolver Raid" Arrives: A Wave Of Shale Bankruptcies Has Just Been Unleashed





Back in early 2007, just as the first cracks of the bursting housing and credit bubble were becoming visible, one of the primary harbingers of impending doom was banks slowly but surely yanking availability (aka dry powder) under secured revolving credit facilities to companies across America. This, in effect, was the first snowflake in what would ultimately become the lack of liquidity avalanche that swept away AIG and unleashed the biggest bailout of capitalism in history. Back then, analysts had a pet name for banks calling CFOs and telling them "so sorry, but your secured credit availability has been cut by 50%, 75% or worse" - revolver raids. Well, the infamous revolver raids are back.

 
Tyler Durden's picture

Frontrunning: March 16





  • Germans Tired of Greek Demands Want Country to Exit Euro (BBG)
  • Weak euro powers European stocks to new highs (Reuters)
  • Siemens Cheers Euro Slump as Emerson Eases Dollar’s Sting (BBG)
  • A Police Gadget Tracks Phones? Shhh! It’s Secret (NYT)
  • If Economists Were Right, You Would Have a Raise by Now (BBG)
  • iWatch: who’s going to pay $17K for a device that will be obsolete in two years? (Barrons)
  • Ferguson Suspect Said to Claim He Wasn’t Firing at Police (BBG)
  • Why Bankers Are Leaving Finance for No-Salary Tech Jobs (BBG)
 
Tyler Durden's picture

Frontrunning: February 20





  • Greece Should Not Give In to Germany’s Bullying (FP)
  • Greece Can Pay Its Debts in Full, but It Won’t (WSJ)
  • Early Friday humor: Euro Region Economy Strengthens Amid Wrangling on Greece  (BBG)
  • Euro zone may need extra summit to clinch Greek deal (Reuters)
  • Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth (WSJ)
  • Yellen Confronts Economists’ Ignorance (BBG) - where does one even start with this one
  • ECB Plans to Push Greek Banks to Shed State Debt If Talks Fail (BBG)
 
Tyler Durden's picture

Frontrunning: January 23





  • Saudi Arabia’s New King Probably Will Not Change Current Oil Policy (BBG)
  • Saudi King’s Death Clouds Already Tense Relationship With U.S. (WSJ)
  • Oil Pares Gains as New Saudi King Says Policies Stable (BBG)
  • Kuroda Says BOJ to Mull Fresh Options in Case of More Easing (BBG)
  • U.S. pulls more staff from Yemen embassy amid deepening crisis (Reuters)
  • Putin Said to Shrink Inner Circle as Hawks Beat Billionaires (BBG)
  • A Few Savvy Investors Had Swiss Central Bank Figured Out (WSJ)
 
Tyler Durden's picture

Frontrunning: January 22





  • ECB to decide on bond-buying plan to revive euro zone (Reuters)
  • Draghi Is Pushing Boundaries of Euro Region with QE Program (BBG)
  • Investors Wonder Whether ECB Will Do Enough (WSJ)
  • Treasuries Drop With Bunds Before ECB; U.S. Futures Rise (BBG)
  • European shares hit seven-year high (Reuters)
  • At least eight civilians killed in shelling of Ukrainian trolleybus (Reuters), both sides blame each other
  • OPEC Will Blink First in Battle With Shale Drillers, Poll Shows (BBG)
  • China Injects $8 Billion Into Banking System (WSJ)
  • New York says Barclays not cooperating in 'dark pool' probe (Reuters)
 
Tyler Durden's picture

Frontrunning: January 2





  • The year of dollar danger for the world (Ambrose Evans-Pritchard)
  • Draghi Says ECB Prepares Action as Deflation Risk Non-Negligible (BBG)
  • Obama Pivots to Lawmakers: New Plan to Advance Policy Goals by Working With Congress Draws Skeptics (WSJ)
  • Affordable Care Act Creates a Trickier Tax Season (WSJ)
  • Oil pares early gains, trades near $57 as supply glut prevails (Reuters)
  • Iran says Saudi Arabia should move to curb oil price fall (Reuters)
  • Pimco Fund Trails Peers in 2014 After Missing Rally (BBG)
  • Piketty rejects Légion d’Honneur award (FT)
  • UK manufacturing activity hits three-month low (BBC)
 
Tyler Durden's picture

We Live In A New World And The Saudis Are The First To Get It





We live in a new world, and the Saudis are either the only or the first ones to understand that. Because they are so early to notice, and adapt, I would expect them to come out relatively well. But I would fear for many of the others. And that includes a real fear of pretty extreme reactions, and violence, in quite a few oil-producing nations that have kept a lid on their potential domestic unrest to date. It would also include a lot of ugliness in the US shale patch, with a great loss of jobs (something it will have in common with North Sea oil, among others), but perhaps even more with profound mayhem for many investors in US energy. And then we’re right back to your pension plans.

 
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