• Tim Knight from...
    09/19/2014 - 20:15
    I was originally going to title this post "Jackie DeAngelis Must Die", but I thought she might take it the wrong way.

Wells Fargo

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Frontrunning: June 23





  • The Man Who Broke the Middle East (Politico)
  • Kerry presses Maliki as Iraq loses control of Syrian, Jordanian borders (Reuters)
  • Hank Paulson takes on global warming next: The Coming Climate Crash - Lessons for Climate Change in the 2008 Recession (NYT)
  • In Yellen We Trust Is Bond Mantra as Inflation Threats Dismissed (BBG)
  • After port fraud, China's vast warehouse sector under scrutiny (Reuters)
  • Draghi Says Unlimited Cash Through 2016 Is Rate Signal (BBG)
  • Tapes Said to Reveal Polish Minister Disparaging U.S. Ties (NYT)
  • CDC reassigns director of lab behind anthrax blunder (Reuters)
  • BNP set to receive ban to transact in USD as part of $9 billion settlement (WSJ)
  • GE Clears Last French Hurdle to Clinch Alstom Deal (BBG)
  • Al Jazeera journalists jailed in Egypt, supporters stunned (Reuters)
  • ISDA Asked to Rule If Argentina Credit-Default Swaps Triggered (BBG)
 
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Frontrunning: June 20





  • Must be an early winter: Housing Falters as Forecasters See U.S. Sales Dropping  (BBG)
  • China Property Failures Seen as $33 Billion in Trusts Due (BBG)
  • Polish Prime Minister Says Recording Scandal May Trigger Early Election (WSJ)
  • Iraqi forces ready push after Obama offers advisers (Reuters)
  • Priorities: U.S. cuts aid to Uganda, cancels military exercise over anti-gay law (Reuters)
  • Kurds' Takeover of Iraqi City of Kirkuk Strengthens Their Hand (WSJ)
  • U.S. says government lab workers possibly exposed to anthrax (Reuters)
  • Netflix Up 21% With Tesla: The best U.S. stocks this month are ones that just a few months ago were the biggest losers (BBG)
  • Architects of Iraq Invasion Return to Blame Obama (BBG)
  • Nato claims Moscow funding anti-fracking groups (FT)
  • Lawmakers Skeptical GM Bosses Were Unaware of Defect (WSJ)
  • Corinthian Colleges Warns of Possible Shutdown (WSJ)
  • Taiwan's Quanta to start mass production of Apple's smartwatch in July (Reuters)
 
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Frontrunning: June 19





  • Currency Probe Widens as U.S. Said to Target Markups (BBG)
  • Battle for Iraq refinery as U.S. hesitates to strike (Reuters)
  • Ukraine forces battle separatists after truce 'refused' (Reuters)
  • Fed Dots Ignored as Investors Focus on Yellen’s Message (BBG)
  • Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers (BBG)
  • American Apparel ousts CEO; source says Dov Charney 'will fight like hell' (LA Times)
  • House Panel Is Subpoenaed as Trading Probe Heats Up (WSJ)
  • GM Officials Ignored Alert on Car Stalling (WSJ)
  • Russia’s $20 Billion Bond Void Filled by China to Mexico (BBG)
 
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Frontrunning: June 18





  • Levin Hearing Ups Volume in High-Frequency Call to Action (BBG)
  • Ukrainian President Fires Central Bank Chief (BBG)
  • Argentina Plans Debt Swap (WSJ)
  • Fed Decision Day Guide From Dot Plots To Exit Strategy (BBG)
  • World Bank Economist: China May Face US-Style Financial Crisis (WSJ)
  • Premier Li says no hard landing for China, expects medium to high growth (Reuters)
  • Putin Talks Peace With Ukraine Leader After Gas Pipe Fire (BBG)
  • Poll Shows Erosion in President's Support (WSJ)
  • U.S. mortgage applications plunge in latest week (Reuters)
  • Ex-Goldman director goes to prison, still owes $13.9 million fine (Reuters)
 
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The United States Of Debt: Total Debt In America Hits A New Record High Of Nearly 60 Trillion Dollars





What would you say if we told you that Americans are nearly 60 trillion dollars in debt?  Well, it is true.  When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt. 2008 should have been a major wake up call that resulted in massive changes. But instead, our leaders just patched up the old system and reinflated the old bubbles so that they are now even larger than they were before. They assure us that they know exactly what they are doing and that everything will be just fine. Unfortunately, they are dead wrong.

 
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Frontrunning: June 17





  • Obama to tout manufacturing gains, highlight economic progress (Reuters)
  • Iraq Gunmen Attack North of Baghdad as Obama Weighs Plan (BBG)
  • Chinese Regulators Block Shipping Alliance Abandoned Deal (WSJ)
  • Russian $8.2 Trillion Oil Trove Locked Without U.S. Tech (BBG)
  • Ukrainian forces, rebels clash near Russian border (Reuters)
  • M&A talk lifts stocks, Iraq tensions ease slightly (Reuters)
  • Wealthy Clintons Use Trusts to Limit Estate Tax They Back (BBG)
  • Argentina vows to service debt despite new legal blow (Reuters)
  • Allergan's Bitter Pill for Morgan Stanley (WSJ)
  • Islamists kill 50 in Kenya, some during World Cup screening (Reuters)
  • American Express Revs Up Pursuit of the Masses (WSJ)
 
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Frontrunning: June 16





  • Iraq Army Tries to Roll Back Sunni Militants’ Advance (BBG)
  • Starbucks to Subsidize Workers' Online Degrees (WSJ)
  • ‘Bitcoin Jesus’ Calls Rich to Tax-Free Tropical Paradise (BBG)
  • Medtronic Is Biggest Firm Yet to Renounce U.S. Tax Status (BBG), Medtronic to buy Covidien for $42.9 billion, rebase in Ireland (Reuters)
  • Oil Topping $116 Seen Possible as Iraq Conflict Widens (BBG)
  • Putin Seeks Paris Landmark as Hollande’s Russia Ties Defy Obama (BBG)
  • GM Says It Has a Shield From Some Liability (WSJ)
  • BOJ’s Bond Paralysis Seen Spreading Across Markets (BBG)
 
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Frontrunning: June 13





  • Tea Party struggles to repeat Cantor-style shock in Tennessee (Reuters)
  • Iran Deploys Forces to Fight al Qaeda-Inspired Militants in Iraq (WSJ)
  • Oil Rallies as Militant Advance in Iraq Threatens Crude (BBG)
  • Gold Set for First Back-to-Back Weekly Gain Since April (BBG)
  • Hedge Funds Get Stung by Slow Markets (WSJ)
  • Sterling nears 5-year high after Carney speech (FT)
  • Britain Warns Boom in Real-Estate Prices Threatens Economy (WSJ)
  • East Europe Leaders Urge EU Unity to Counter Russia (BBG)
  • Formula One Said to Be Valued at $8 Billion as Malone Seeks Stake (BBG)
  • Dumb and dumber: Abe Plans Company Tax Cut in 2015 as Kuroda Warns on Budget (BBG)
 
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Frontrunning: June 11





  • World Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start (BBG)
  • Al-Qaeda Offshoot Threatens Iraq Oil Site After Taking Mosul (BBG)
  • Fed Prepares to Keep Record Balance Sheet for Years to Come (BBG)
  • EU investigates tax rulings on Apple, Starbucks, Fiat unit (Reuters)
  • Cantor Loss Shocks Republicans, Dims Immigration Changes (BBG)
  • More surveillance: Google to Buy Satellite-Imaging Startup for $500 Million (WSJ)
  • Tea Party activist who defeated Cantor focused on budget, immigration (Reuters)
  • Airbus Suffers Worst Order Loss as Emirates Deal Scrapped (BBG)
  • Amazon.com plans local services marketplace this year (Reuters)
  • Amazon Stops Taking Advance Orders for ‘Lego’ and Other Warner Videos (NYT)
 
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Frontrunning: June 10





  • Ukraine, Russia Fail to Reach Deal in Natural-Gas Talks (WSJ)
  • Boko Haram Kidnaps More Girls in Nigeria (WSJ)
  • Déjà vu: echoes of pre-crisis world mount (FT)
  • Money market rates hit new low as ECB moves gain traction (Reuters)
  • 'Dark Pools' Face New SEC Probe (WSJ)
  • Buffett Ready to Double $15 Billion Solar, Wind Bet (BBG)
  • White House-Congress rift over Bergdahl deal deepens (Reuters)
  • Taxpayers Face Big Medicare Tab for Unusual Doctor Billings (WSJ)
  • Lean Retirement Faces U.S. Generation X as Wealth Trails (BBG)
  • Employers’ skills gap claim does not show up in US wage data (FT)
  • He is holding out for the Zuckerberg overbid: Donald Sterling says LA Clippers not for sale (WSJ)
 
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Frontrunning: June 9





  • Attorneys Known for Large Civil Settlements Line Up to Sue GM Over Company's Handling of Defective Ignition Switches (WSJ)
  • Pakistani Taliban attack airport in Karachi, 27 dead (Reuters)
  • U.S. Official: Sgt. Bowe Bergdahl Has Declined to Speak to His Family (WSJ)
  • Ukraine Gas Talks Resume in Brussels to Avoid Cut-off This Week  (BBG)
  • China's Central Bank Flexes Muscle (WSJ)
  • China says Vietnam, Philippines' mingling on disputed isle a 'farce' (Reuters)
  • World Needs Record Saudi Oil Supply as OPEC Convenes (BBG)
  • Kraft Raises Prices on Maxwell House, Yuban U.S. Coffee Products (BBG)
  • United Continental: One Sick Bird (WSJ)
 
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Frontrunning: June 6





  • Canada Aims to Sell Its Oil Beyond U.S (WSJ)
  • ECB Unanimity May Prove Fleeting (WSJ)
  • Chinese military spending exceeds $145 billion, drones advanced: U.S. (Reuters)
  • France to sell 10 warships to Russia next? BNP Executive Firings Sought by Top New York Bank Regulator Amid Probe (BBG)
  • Vodafone says governments have direct access to eavesdrop in some countries (Reuters)
  • Home Price Gains of 20% Vanish as Hottest Markets Cool (BBG)
  • G-7 Heads Warn Moscow Before Facing Putin (WSJ)
  • Barclays Fine Spurs U.K. Scrutiny of Derivatives Conflict (BBG)
  • "Or Costs" - Obama Says Putin Running Out of Time Over Ukraine (BBG)
  • Banca Monte Paschi Falls After Offering New Stock at 35.5% Discount (BBG)
 
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The Purchase Of Our Republic





The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government. Americans know that something is wrong, deeply wrong. They see signs of the problem everywhere: income inequality, growing concentration and power of mega corporations, political donations/corruption, the absence of jobs with decent salaries, the explosion of the US prison population, healthcare costs, student loan debt, homelessness, etc. etc. However, the true causes and benefactors behind these problems are purposely hidden from view. What Americans see is Kabuki Theater of a functioning form of capitalism and democracy, but beyond this veneer our country has devolved into the exact opposite.

 
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Frontrunning: June 5





  • Inside the White House's decision to free Bergdahl (Reuters)
  • Dimon’s Raise Haunts BNP Paribas as U.S. Weighs $10 Billion Fine (BBG)
  • Jobs Are on the Line as Banks' Revenue Slides (WSJ)
  • Wall Street Adjusts to the New Trading Normal (WSJ)
  • Nothing like objective, intense probes: GM recall probe to clear senior execs, finds no concerted coverup (Reuters)
  • ECB ready to cut rates and push banks into lending to boost euro zone economy (Reuters)
  • China Should Resist Further Stimulus, IMF Says (BBG)
  • Carney Finds Ally in Draghi as Key Rate Kept at 0.5% (BBG)
  • Assad wins Syria election with 88.7 percent of votes (Reuters)
 
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Repackaged Junk Has Never Smelled So Sweet: JPM Forecasts Record $100 Billion In 2014 CLO Issuance





If the Fed is looking for definitive proof of bubble euphoria it should look no further than the CLO market: according to Bloomberg, so far in 2014, more than $46 billion of collateralized loan obligations have been raised, after $82 billion were sold in all of 2013. As a result of this epic dash for repackaged trash, JPMorgan boosted its annual forecast for CLO issuance from $70 billion to as much as $100 billion, which means 2014 may end up as the biggest year on record. We assume it is with great irony that Bloomberg summarizes: "The business of bundling junk-rated corporate loans into top-rated securities is booming like never before after the implementation of regulation aimed at making the financial system safer."

 
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