Tag Archives: White Shoe Boys

John Paulson’s Gold Bet Loses Almost $1 Billion In Rout: Chart of Day

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“Hedge-fund manager John Paulson’s wager on gold wiped out almost $1 billion of his personal wealth in the past two trading days as the precious metal plummeted 13 percent. Gold’s tumble since the start of the year has cut his riches by $1.52 billion on paper. Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85 percent was in gold share classes.  Paulson is sticking with his thesis that gold is the best hedge against inflation and currency debasement as countries pump money into their economies, according to the New York-based firm, which manages about $18 billion.”

http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-loses-almost-1-billion-chart-of-day.html

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James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

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James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

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Volcker Travelled as Chase Bank Official to Kuwait; Was Viewed as Federal Reserve Official

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EPJ13

“How lucky for Chase Manhattan Bank. Below from a new batch of cables released by Wikileaks: A 1975 cable on Paul Volcker travelling to Kuwait as an official of Chase Manhattan Bank, who the State Department reports will be viewed by the Kuwaiti government as a senior Federal Reserve official.”

http://www.economicpolicyjournal.com/2013/04/volcker-travelled-as-chase-bank.html

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Which Dominoes Are Next to Fall in Europe?

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“As we saw in The Real Cyprus Template (the one you’re not supposed to notice), once the smart money exits the at-risk banking sector, it is allowed to fall. This suggests that one way to identify which dominoes are likely to fall next is to look at the smart money’s deposits in each nation’s banks. If the smart money has pulled most of its capital out, ECB and Eurozone authorities have a diminishing stake in propping up the domino. As a result, its fall becomes increasingly likely.”

http://charleshughsmith.blogspot.com/2013/04/which-dominoes-are-next-to-fall-in.html

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Who Got the Fed Minutes in Advance of Everyone Else and Why?

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EPJ13

“This is really an odd list and appears to be some type of very insider, VIP group. It contains major investment banks, such as Goldman Sachs, high powered law firms, such as Sullivan Cromwell and bank lobbying firms. I am on the list to receive FOMC minutes and other Fed releases, but did not receive the FOMC minutes in advance, like those on this list did. The real question is what is this list about, how does one get on it and do they receive any type notices from the Fed that are not released to anyone else?  Indeed, the BIG question is why was this list put together?”

http://www.economicpolicyjournal.com/2013/04/who-got-fed-minutes-in-advance-of.html

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These 12 Banks Got the Fed Minutes a Day Early

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“It wasn’t just Capitol Hill staffers and trade groups that received the Federal Reserve minutes a day early. Many banks and other financial institutions also got an early look at the minutes. A list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund and a private equity fund were on the distribution list that got the minutes early. The banks included Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp, Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chase and PNC.  Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email.”

http://www.cnbc.com/id/100632206

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Obama picks Goldman Sachs exec for ambassador to Canada

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“U.S. President Barack Obama has selected a partner at the investment firm of Goldman Sachs in Chicago to be the new U.S. ambassador to Canada, CBC News has learned.  Sources tell CBC News Network’s Power & Politics that Bruce Heyman has accepted the job but still has to pass a vetting process in order to be be formally nominated. His confirmation will be up to the U.S. Congress.  Well known as a high-level fundraiser to Barack Obama, Heyman and his wife Vicki, also a fundraiser, raised more than $1 million for Obama and were on his national finance committee.  Heyman runs the private wealth fund at Goldman Sachs.”

http://www.cbc.ca/news/world/story/2013/04/03/pol-us-ambassador-to-canada-obama.html

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Ex-Goldman Sachs trader charged with $118 million trading fraud

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“A former trader with US banking giant Goldman Sachs was arrested Wednesday on criminal charges of fraud linked to a scheme to hide an $8 billion futures bet, officials said.  The federal prosecutor’s office in Manhattan said Taylor was due to appear before a judge on the charges ‘in connection with a scheme to accumulate and conceal an unauthorized $8 billion position in a trading account that he managed at Goldman, Sachs & Co.’  In November, the Commodities Futures Trading Commission filed a civil suit accusing Taylor of defrauding his employer ‘by intentionally concealing… the true huge size, as well as the risk and potential profits or losses associated.'”

http://www.rawstory.com/rs/2013/04/03/ex-goldman-sachs-trader-charged-with-118-million-trading-fraud/

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Marc Faber: What Happened In Cyprus Will Happen Everywhere

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“‘It will happen everywhere in the world, in Western democracies,’ Faber said. ‘I think you have to be prepared to lose 20 to 30%. I think you’re lucky if you don’t lose your life.’  ‘If you look at what happened in Cyprus, basically people with money will lose part of their wealth, either through expropriation or higher taxation.  The problem is that 92% of financial wealth is owned by 5% of the population. The majority of people don’t benefit from a rise in the stock market. They are being hurt by a rising cost of living and we all know that the real incomes of median households has been going down for the last few years,’ he said.”

http://www.cnbc.com/id/100609635

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Most Consumer Complaints Come From Boca Raton, Upper West Side

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“When U.S. officials began collecting consumer complaints about credit cards, one goal was to identify patterns that could help them write rules protecting families with low and moderate incomes.  Nearly two years later, it’s the well-to-do neighborhoods of Florida and New York that are supplying the most grievances to the Consumer Financial Protection Bureau, an analysis of agency data shows. Almost 60 percent of complaints originated in zip codes where the median household income is higher than the national median of $52,762, according to the analysis.”

http://www.bloomberg.com/news/2013-03-27/upper-west-side-joins-boca-in-most-credit-card-complaints.html

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