Tag Archives: White Shoe Boys

Bitcoin is back: Online currency gaining traction

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“According to Nicholas Colas, chief market strategist at ConvergEx, two key drivers are behind bitcoin’s recent move.  The first is increased demand from China. Big companies there, including the search giant Baidu.com, accept bitcoins for payment. The second is the strong demand for SecondMarket’s recently launched the Bitcoin Investment Trust. SecondMarket CEO Barry Silbert acknowledged that demand for the trust is running ahead of schedule. It has taken in $15 million from institutional and high-net-worth investors, exceeding the year-end goal of $10 million, he said.”

http://www.cnbc.com/id/101176614

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U.S. Deal With JPMorgan Followed a Crucial Call To Justice Department

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“On Sept. 24, four hours before the Justice Department was planning to hold a news conference to announce civil charges against the bank over its sale of troubled mortgage investments, Mr. Dimon personally called one of Attorney General Eric H. Holder Jr.’s top lieutenants to reopen settlement talks, people briefed on the talks said. The rare outreach from a Wall Street C.E.O. scuttled the news conference and set in motion weeks of negotiations that have culminated in a tentative $13 billion deal.  An account of the negotiations pulls back a curtain on the private wrangling to illuminate how the bank and the government managed to negotiate what would be a record deal.”

http://dealbook.nytimes.com/2013/10/20/u-s-deal-with-jpmorgan-spurred-by-a-phone-call/?_r=0

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Hillary Clinton’s Lucrative Goldman Sachs Speaking Gigs

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“Hillary Clinton spoke at two separate Goldman Sachs events on the evenings of Thursday, October 24 and Tuesday, October 29. As both Politico and the New York Times report, Clinton’s fee is about $200,000 per speech, meaning she likely netted around $400,000 for her paid gigs at Goldman over the course of six days.  Keeping close to the investment world, Clinton also made visits to private-equity firms KKR in July and the Carlyle Group in September.”

http://www.nationalreview.com/corner/362637/hillary-clintons-lucrative-goldman-sachs-speaking-gigs-alec-torres

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Why Bitcoin Is Back From The Dead And Surging To All-Time Highs

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“The biggest Bitcoin exchange is now in China, displacing Japanese, American and European sources of demand. That enterprise is called BTC China, and its CEO Bobby Lee hails from Yahoo! and Walmart China. Oh, and he graduated from Stanford with a degree in Computer Science. In short, an apparently pretty clever fellow. Our sources in the Bitcoin community also agree that Second Market, the New York-based business best known for trading pre-IPO company stock, has become a major player in demand for Bitcoin. Earlier this year they started the Bitcoin Investment Trust, an open-ended product to buy and hold Bitcoins.”

http://www.businessinsider.com/nick-colas-on-bitcoins-second-surge-2013-11

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Barron’s Big Money Poll – As Complacent As Ever

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“For gold aficionados there are great contrarian news buried in the poll: only 3% think gold will be the best performing asset class over the next 12 months. They are similarly down on treasury bonds, which are the one asset class on which the poll respondents have been most consistently wrong over the past several years.  Equities get the most love with 80% convinced they’re going to keep outperforming, and within that asset class, U.S. stocks are held to be the best, with 89% bullish on U.S. large cap stocks (it probably doesn’t get more stretched than that). 71% are bearish on gold, a full 91% are bearish on treasury bonds.”

http://seekingalpha.com/article/1759492-barrons-big-money-poll-as-complacent-as-ever

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Berkshire has more money than it can handle

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“Warren Buffett (pictured), who aims to have $20 billion in cash at his Berkshire Hathaway (BRK.A), isn’t investing fast enough to keep money from piling up. Even in a year in which the company has struck some of its largest deals and accelerated capital spending, Buffett still needs to find acquisitions.  Buffett, Berkshire’s chairman and chief executive officer for more than four decades, has said he likes to keep $20 billion on hand should the reinsurance operations need to pay large claims. Having additional cash allows him to make big investments when others are fearful.”

http://money.msn.com/top-stocks/berkshire-has-more-money-than-it-can-handle

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Lonely Jeremiahs

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“Like last time, it’s only now — after the first cracks in the market have begun to show themselves — that other prominent experts are joining his camp.  Eight years ago, the epicenter of the bust was the American home market. Now, it’s every bond market on the planet.  And ultimately, bonds are more vital and pivotal in the global economy than homes. Why? Because a global bond-price collapse automatically comes with a global interest-rate surge; and sharply higher interest rates directly impact every consumer, every corporation or every government that borrows money.  How prominent are the voices now joining Larson’s once-lonely chorus? Judge for yourself.”

http://www.moneyandmarkets.com/lonely-jeremiahs-55907

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Introducing Islamic Financial Futurist David Cameron!

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“In the case of the United Arab Emirates, at least Dubai and Abu Dhabi, the bankers are in for the long haul. They’re patient fellows. Dubai – built on the shifting sands of a desert – will rise again. Qatar is another one, by the way. This stamp-size country was tapped to ‘own’ the Middle East’s biggest Westernized media franchise – Al Jazeera – and now it’s getting ready to host the FIFA World Cup in 2022. The bankers like these funny little countries. They can do what they want with them, and right now they’re building them up. Want a big salary? Take a trip over to the Middle East, find a tiny territory in the middle of a Western building boom and settle down.”

http://www.thedailybell.com/news-analysis/34707/Introducing-Islamic-Financial-Futurist-David-Cameron/

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Bitcoin Still A Bit Player For Hedge Funds

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“‘It’s too controversial and too illiquid for most hedge funds,’ said Jason Ader, CEO of Owl Spring Asset Management, a $225 million hedge fund focused on activist investing.  Still, he’s not surprised Novogratz lent his name to a Bitcoin endorsement given the fact that the venture capital world is heavily invested in them, albeit tangentially. ‘I think it’s something that would be hard to ignore. The number that I see that’s fascinating is that almost $200 million in VC money has now been invested in various Bitcoin-related startups.’ According to Ader, Bitcoins must shed their questionable regulatory status before big-name hedge funds and investors buy into the hype.”

http://www.buzzfeed.com/mariahsummers/bitcoin-still-a-bit-player-for-hedge-funds

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How to Make $15.6 Million, Risk-Free

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“You can buy CDSs without owning the underlying bond, which is essentially a speculation that McDonald’s will default on that bond.  Unless, of course, you have influence over the fast-food giant’s management. Then it’s not a speculation at all. It’s a can’t-lose trade.  That’s what Blackstone did. It took out an insurance policy on Codere, persuaded it to default, then collected $15.6 million in payouts. There was never a chance Blackstone would lose money on this arrangement. It was literally a risk-free trade.”

http://www.caseyresearch.com/cdd/how-to-make-15.6-million-risk-free

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