Wells Fargo

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Frontrunning: October 10





  • U.S. Military Is Sent to Jordan to Help With Crisis in Syria (NYT)
  • IMF Weighing New Loans for Europe (WSJ)
  • Romney Targets Obama Voters (WSJ)
  • China’s Central Banker Won’t Attend IMF Meeting Amid Island Spat (Bloomberg)
  • Japan Calls China PBOC Chief Skipping IMF Meeting ‘Regrettable’ (Bloomberg)
  • German media bristles at hostile Greek reception for Merkel (Reuters)
  • The End Might Be Near for Opel (Spiegel)
  • IMF sounds alarm on Japanese banks (FT)
  • Cash Tap Stays Dry for EU Banks (WSJ)
  • Goldman in Push On Volcker Limits (WSJ)
  • IMF Vinals: Further Policy Efforts Needed to Gain Lasting Stability (WSJ)
  • King signals inflation not primary focus (FT)
 
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Buffett's Favorite Bank, Wells Fargo, Sued By US





Couldn't happen to a nicer crony capitalist's favorite stock:

  • U.S. FILES CIVIL MORTGAGE FRAUD SUIT AGAINST WELLS FARGO
  • U.S. CLAIMS WELLS FARGO FALSELY CERTIFIED FHA LOANS
  • GOVERNMENT SEEKS DAMAGES AND PENALTIES FOR RECKLESS LOANS
  • FHA FORCED TO PAY `HUNDREDS OF MILLIONS' FOR DEFAULTED LOANS

Well, Charlie: "Suck it in" (even more than just the recent epic collapse of BYD of course). As for Wells, sorry Warren, but just like gold, you can't really fondle that stock certificate, held by DTCC in proxy, either.

 
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Frontrunning: October 9





  • Rajoy’s Deepening Budget Black Hole Outpaces Spain’s Cuts (Bloomberg)
  • ECB May Need to Cut Rates Given Deflation Risk, IMF Says (Bloomberg)
  • Global Recession Risk Rises (WSJ)
  • Romney Leads Obama in Pew Likely Voter Poll After Debate (Bloomberg)
  • IMF Sees Global Risk in China-Japan Spat (WSJ)
  • Republicans shift tone on taxing the rich (FT)
  • Romney casts Obama's foreign policy as weak, dangerous (Reuters)
  • Europe Salutes Greek Budget-Cutting Will, Raising Aid Prospects (Bloomberg)
  • U.S. Downgrade Seen as Upgrade as U.S. Debt Dissolved (Bloomberg)
  • IMF Says Most Advanced Nations Making Progress Reducing Deficits (Bloomberg)
  • Eurozone launches €500bn rescue fund (FT)
 
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Overnight Sentiment: European Grumbles With US Semi-Closed





Usually on semi-US holidays such as today, when bonds are closed but equities left to the whims of vacuum tubes, equities do their mysterious ramp and never look back. So far today, however, this has failed to happen with futures at lows, driven by a noticeably weak EURUSD, which has traded down nearly 100 pips from the Friday late day ramp close, currently at 1.2940. It is unclear what has spooked the Euro so far, although all signs point to, as they did 2 months ago, the Spanish lack of willingness to throw in the towel and demand a bailout, thus easing conditions for everyone else if not for Spain PM Rajoy. Today's main event will be European finance ministers meeting in Luxembourg to discuss the recent Spanish economic transformation efforts as well as an attempt to accelerate banking cooperation and implement a banking regulator - something which is needed for the ESM to monetize bank debt, and something which Germany has been firmly against from day one. Additionally, a day ahead of Merkel's visit to German (where she will be protected by 6-7,000 cops), the ministers are likely to make a positive statement on Greece’s progress toward austerity targets, according to European viceroy Olli Rehn said. In other overnight news, German Industrial Production saw a -0.5% decline, which was modestly better than the -0.6% expected. Over in Asia, China reopened from its 1 week Golden Week hibernation with the SHCOMP down -0.56% to 20.76.42 following a small bounce in the China HSBC Services PMI to 54.3 from 52 in August, and with average house prices rising for a 4th month in a row, and even more repo operations by the PBOC, the result is that the market's ungrounded hopium for an immediate PBOC liquidity injection was taken away pushing regional markets lower.

 
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Frontrunning: October 5





  • Draghi Says Next Move Not His as Spain Resists Bailout (Bloomberg)
  • EU Doubts on Deficit Cutting May Hinder Spain’s Path to Bailout (Bloomberg)
  • Merkel to Visit Greece for First Time Since Crisis Outbreak (Bloomberg)
  • Fed's Bullard warns inflation won't ease U.S. debt burden (Reuters)
  • Walmart Workers Stage a Walkout in California (NYT)
  • Natural Gas Glut Pushes Exports (WSJ)
  • BOJ Refrains From More Stimulus as Political Pressure Mounts (Bloomberg)
  • Big funds seek to rein in pay at Wall Street banks (Reuters)
  • Hong Kong Luxury Sales Fall as Chinese Curb Spending (Bloomberg)
  • Dave and Busters Pulls IPO due to "Market Conditions" (Reuters) - so market at anything but all time highs now is market conditions?
  • Weak U.S. labor market looms ahead of elections (Reuters)
  • Glut of Solar Panels Poses a New Threat to China (NYT)
 
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Frontrunning: October 4





  • Romney dominates presidential debate (FT)
  • What Romney’s Debate Victory Means (Bloomberg)
  • Obama Lead Shrinks in Two Battlegrounds (WSJ)
  • "Everything will fall apart unless the Spanish conditions are extremely tough" German policy-maker (Telegraph)
  • Draghi Stares at Spain as Brinkmanship Keeps ECB Waiting (Bloomberg)
  • RBS facing loss after Spanish property firm collapse (Telegraph)
  • Burdened by Old Mortgages, Banks Are Slow to Lend Now (WSJ)
  • The Woman Who Took the Fall for JPMorgan Chase (NYT)
  • European Banks Told to Hold On to $258 Billion of Fresh Capital (Bloomberg)
  • Europe Weighs More Sanctions as Iran’s Currency Plummets (Bloomberg)
 
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4 Years After TARP - Winners, Losers, Bubbles, And Troubles





Four years ago today, the Troubled Asset Relief Program was signed into law. We thought it timely to take stock of different asset price levels with respect to that magnificent day in the history of our country as well as how a broad cross-section of global asset markets have performed relative to their pre-crisis peaks. Of the major US banks, Wells Fargo has done the best (-2.3%) while BofA and Citi are worst (down ~80%). As Goldman notes, two features stand out when we look at the broad markets: asset markets that have outperformed and are closer to pre-crisis peaks are either ‘defensive’ in some way, or have benefited inadvertently from the ‘Great Easing’ in response to the crisis. From precious metals and Swedish and Canadian house prices at the top to European bank stocks and US Growth at the bottom; 'hard assets' and 'defensives' combined with central bank yield compression has, as we would expect, dominated performance.

 
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Frontrunning: October 2





  • RBA Cuts Rate to 3.25% as Mining-Driven Growth Wanes (Reuters)
  • Republicans Not Buying Bernanke’s QE3 Defense (WSJ)
  • Spain ready for bailout, Germany signals "wait" (Reuters)
  • EU says prop trading and investment banking should be separated from deposit taking (Reuters)
  • Call for bank bonuses to be paid in debt (FT)
  • Spanish Banks Need More Capital Than Tests Find, Moody’s Says (Bloomberg) ... as we explained on Friday
  • "Fiscal cliff" to hit 90% of US families (FT)
  • The casualties of Chesapeake's "land grab" across America (Reuters)
  • U.K. Government Needs to Do More to Boost Weak Economy, BCC Says (Bloomberg)
  • World Bank Sees Long Crisis Effect (WSJ)
  • UBS Co-Worker Says He Used Adoboli’s Umbrella Account (Bloomberg)
  • And more easing: South Korea central bank switches tack to encourage growth (Reuters)
 
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Frontrunning: September 27





  • Madrid Protesters March Again as Spain Braces for Cuts (Bloomberg)
  • Euro Can Bear Fewer Members as Czech Leader Calls Greeks Victims (Bloomberg)
  • Chinese Industrial Profits Fall 6.2% in Fifth Straight Drop (Bloomberg)
  • China pours $58bn into money markets (FT)
  • Beijing vows more measures on Diaoyu Islands (China Daily)
  • Noda vows no compromise as Japan, China dig in on islands row (Reuters)
  • Politico’s Paul Ryan Satire: The Joke’s on Them (Bloomberg)
  • Electoral Drama Shifts to Ohio (WSJ)
  • German opposition party targets banks (FT)
  • Fed action triggers fear of new currency wars (FT)
  • Ex-Credit Suisse CDO Boss Serageldin Is Arrested in U.K. (Bloomberg)
  • Romney ‘I Dig It’ Trust Gives Heirs Triple Benefit (Bloomberg)
 
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How Bank Of America Destroyed Football





As the NFL torments it players, coaches, and viewers by playing hardball over 'real' referee earnings, the truth of Monday's blown call is coming out. Courtesy of American Banker, we now know that the referee at the center of the most controversial call of the season so far is in fact a vice president for small-business banking at Bank of America in California. Lance Easley - previously at Wells Fargo, has worked at BofA since June 2011 - (we assume) moonlighting as a referee in the Santa Barbara area (officiating high school and junior college football and basketball games). Well done Lance, you have managed to move from the most-hated occupation (bankster) to the most-hated individual (outside of Seattle) in one weekend. Is it any wonder Small Business confidence and uncertainty is so high?

 
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Frontrunning: September 25





  • China carrier a show of force as Japan tension festers (Reuters)
  • Draghi Rally Lets Skeptics Dump Spain for Bunds (Bloomberg)
  • China’s Central Bank Injects Record Funds to Ease Cash Crunch (Bloomberg)
  • Obama warns Iran on nuclear bid, containment 'no option' (Reuters)
  • When Would Bernanke’s Successor Raise Rates? (WSJ) that's easy - never
  • Italy's Monti Downplays Sovereignty Risk (WSJ)
  • Portugal swaps pay cuts for tax rises (FT)
  • Madrid faces regional funding backlash (FT)
  • Berlin Seeks to Push Back New Euro-Crisis Aid Requests (WSJ)
  • Race Focuses on Foreign Policy (WSJ)
  • China Speeds Up Approvals of Foreigners’ Stock Investment (Bloomberg)
 
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Frontrunning: September 24





  • World on track for record food prices 'within a year' due to US drought (Telegraph)
  • Foxconn halts production at plant after mass brawl (BBC)
  • Germany Losing Patience With Spain as EU Warns on Crisis Effort (Bloomberg)
  • Fed Recovery Doubts Spur Investor Bid for Treasuries (Bloomberg)
  • Japan protests as Chinese ships enter disputed waters (Reuters)
  • In Shark-Infested Waters, Resolve of Two Giants Is Tested (NYT)
  • China jails Wang Lijun for 15 years (FT)
  • China closes in on Bo Xilai after jailing ex-police chief (Reuters)
  • European Leaders Struggle to Overcome Crisis Stalemate (Bloomberg)
  • Politicians 1: Austerity 0 - Portugal Gives Ground on Worker Contributions (WSJ)
  • Obama Controls Most of His Money as Republicans Have More (Bloomberg)
  • Coeure Says Not Clear That Further ECB Interest-Rate Cut Needed (Bloomberg)
  • France Seeks Labour Overhaul (WSJ)
 
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Frontrunning: September 21





  • Europe’s crisis will be followed by a more devastating one, likely beginning in Japan. (Simon Johnson)
  • Porsche, Daimler Indicate Europe’s Car Crisis Spreading (Bloomberg)
  • No progress in Catalonia-Madrid talks (FT)
  • Hilsenrath speaks: Fed's Kocherlakota Shifts on Unemployment (WSJ) - luckily QEternity made both obsolete
  • Lenders Reportedly Consider New Greek Haircut (Spiegel)
  • Fed Officials Highlight Benefits of Bond-Buying (WSJ)
  • ESM to Launch without Leverage Vehicle Options (WSJ)
  • Japanese companies report China delays (FT)
  • Borg Says Swedish Taxes Can’t Go Into Ill-Managed European Banks (Bloomberg)
  • Greek Leaders Struggle With Spending Reductions (Bloomberg)
  • Asian Stocks Rise as iPhone 5 Debut Boosts Tech Shares (Bloomberg)
  • China government's hand seen in anti-Japan protests (LA Times)
 
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