Some were confused if the Mt. Gox founder, Mark Karpeles, was going to get away with nothing more than an excuse, even if - as many speculated - he had personally fabricated exchange data entries and embezzled millions of dollars for his own account. Earlier today we got the answer when nearly 18 months after his infamous apology, Mark Karpeles was arrested in Tokyo. FT reports that Japanese police have arrested Mark Karpelès, the head of the bankrupt Japan-based bitcoin exchange Mt Gox. The arrest charge is that he made an illegal entry to the system in February 2013 and increased the balance of his account by $1 million.
We didn't think much yesterday morning when we read reports that a 2010 Embraer Phenom 300 private jet, with a Saudi Registration HZ-IBN, crashed at a car auction site in Hampshire. Just like one year ago, the reason for the importance of the crash was made apparent only hours later. Shortly after the crash, reports in UK media outlets, including the Daily Mail and Mirror, alleged that the $11 million jet was owned by Jeddah-based Salem Aviation, a company named after Osama bin Laden’s elder cousin, who himself was an amateur pilot and died in a plane crash. Among the other casualties: Osama bin Laden's sister and stepmother.
In an interview on Bloomberg’s “First Up” show, Treasurer for the Perth Mint, Nigel Moffatt, said “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”, adding, “everything we get in is going straight out the door as soon as we refine it.”
We’re always interested in alternative economic frameworks that can help address the sizable gaps left open by classical approaches. Behavioral economics can fill part of that void, of course, as it describes some basic shortfalls in the assumption that we’re all superhuman welfare maximizing individuals. One step beyond that is evolutionary economics, which borrows from biology rather than psychology to form models about economic behavior.
Shortly after we reported the latest market-rigging scandal, in which ITG was busted for frontrunning sellside clients in its dark pool in what has been since dubbed a "trading experiment" (because it sounds better than criminal conspiracy to defraud clients), and which will cost the company a record for a private Wall Street firm $22 million settlement, we had one question for AQR's Cliff Asness yesterday morning: "Hi @Cimmerian999, is Hitesh Mittal the AQR employee who was formerly at ITG and is part of the SEC settlement?" We got no answer from the AQR head, but luckily Bloomberg noticed, and as it turns out the answer to our question was a resounding yes.
As Sean Davis of the Federalist reports, Planned Parenthood claims on several of its websites that the organization’s web operations have been attacked by "extremists" but this so-called hacking has all the hallmarks of an orchestrated public relations stunt. A cursory check of the website moments ago shows it stating that "Our normal site is currently undergoing maintenance." What makes this hack unique, however, is that "numerous people on Twitter pointed to evidence suggesting that this so-called hack wasn’t a hack at all."
Jim Rickards, “I think it’s always very important to own gold. I’ve recommended that investors have about 10% of their portfolio in the yellow metal.” “If I’m right and some catastrophic event is on the horizon, then that 10% would be your portfolio insurance.”
Chinese Stocks Tumble In Close Of Trading "Causing Panic", US GDP To Be Revised Higher On Seasonal AdjustmentsSubmitted by Tyler Durden on 07/30/2015 06:54 -0400
We start off the overnight wrap up with the usual place, China, where in a mirror image of Wednesday's action, stocks once again started off uneventful, then gradually rose in the afternoon session and meandered near unchanged territory until the last half hour, when out of the blue they tumbled to close near the day's low, some 2.2% below yesterday's closing level. What caused it? One possible catalyst came from Reuters which reported that that Chinese banks were investigating their exposure to the stock market via wealth management products and loans backed by stock as collateral.
China Rescue, VIX Crash, & Fed Pump Squeeze Shorts Most In 6 Months, Trannies Bounce Most Since 2011Submitted by Tyler Durden on 07/29/2015 16:45 -0400
Moments ago, Facebook reported Q2 earnings and just like Twitter, it beat across all key financial metrics. So all should be well, and FB stock should be soaring. Alas for FB longs it isn't and at last check the stock was down by $5 or about 5% after hours, because algos were focused on one particular user growth metric: Daily active users (DAUs) - DAUs were 968 million on average for June 2015, an increase of 17% year-over-year. This number was a fraction less than the 970.5 million consensus estimate, and because it brought up nightmare visions of what happened to Twitter stock overnight, which since earnings has plunged to near all time lows, is forcing traders to sell or short, if only now, and ask questions later.
The ruling does not outlaw “bail-ins” per se. It simply ensures that guarantees given to bondholders cannot be retrospectively revoked. EU nations who have not yet ratified the BRRD have until the end of July to adopt the new EU bail-ins rules
On a day when market participants will care about only one thing - how hawkish (or dovish) the FOMC sounds at 2:00 pm (no Yellen press conference today) - Chinese stocks provided the usual dramatic sideshow and traded unchanged or modestly negative for most of the day despite the latest $100 billion injection, the close of trading on Wednesday was a mirror image of what happened in the last hour on Monday, as various Chinese "plunge-protection" mechanism went into a furious buying frenzy and government-backed funds rushed to buy anything that trades in the last 60 minutes of trading in what may be the most glaring example of banging the close yet.
Chinese Stocks Rise After Government Injects $100bn Into Sovereign (Rescue) Fund; Sell-off 'Blame' Shifts To Hong KongSubmitted by Tyler Durden on 07/28/2015 21:19 -0400
Despite the reassurances from western media and talking heads that China is unimportant (both its stock market and economy), Asian economies continue to show signs of contagion from China's slowdown as Thai exports weaken and Hong Kong trade tumbles. But it is the blame game that is top of mind tonight as Chinese regulators switch attention to Hong Kong brokers in their "investigation into malicious sellers." As SCMP's George Chen notes, first they blame a "foreign force," and now they blame Hong Kong, always careful not to blame themselves. After 3 down days, Chinese stocks look are opening slightly higher as there is little follow-through from yesterday's PPT rescue or today's panic-buying in US markets especilaly in light of an additional $100bn injection into the sovereign (rescue) fund.
The minimum wage is not what is commonly referred, as is being proven again as parts of the US experiment directly with this boundary. In New York, fast food workers have been given a $15 per hour minimum wage which is being celebrated by the same fast food workers who will bear the brunt of the experimentation. Some of them will be happy with the results, but there will be clear losers – the full wrath of redistribution is usually unseen which is why it persists.
Update: *TWTR'S NOTO: THIS IS BOTH A PRODUCT ISSUE AND A MARKETING ISSUE, DOESNT SEE SUSTAINED GROWTH IN MAUS UNTIL REACH MASS MKT
Just like on previous quarters, TWTR decided to use a gimmick when counting users, to wit: "Average Monthly Active Users (MAUs) were 316 million for the second quarter, up 15% year-over-year, and compared to 308 million in the previous quarter. The vast majority of MAUs added in the quarter on a sequential basis came from SMS Fast Followers. Excluding SMS Fast Followers, MAUs were 304 million for the second quarter, up 12% year-over-year, and compared to 302 million in the previous quarter." It took algos a few minutes to digest this fact, and as a result what was initially a solid 10% spike after hours, fizzled almost entirely, and as of this moment the stock had cut its after hours gains notably.