Tag Archives: White Shoe Boys

PIMCO ex-CEO explains why his money “is mostly concentrated in cash”

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“Mohamed El Erian has an estimated net worth of some $2.3 billion. He also served 2 years as president and CEO of Harvard Management Company, the entity that manages Harvard’s endowment and related accounts, leaving at the end of 2007 to return to PIMCO, just before the Harvard endowment suffered massive capital losses in the 2008 bear market.  El-Erian seems to have learned something about the importance of protecting savings from the ravages of Fed induced asset bubbles.  This week he gave an interview with the Orange County Register explaining, among other things, why he holds most of his personal wealth in cash today–not in stocks and bonds.”

http://jugglingdynamite.com/2015/04/06/el-erian-explains-why-his-personal-money-is-mostly-concentrated-in-cash-today/

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Government Corruption Has Become Rampant

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“Senior SEC employees spent up to 8 hours a day surfing porn sites instead of cracking down on financial crimes.  Nuclear Regulatory Commission workers watch porn instead of cracking down on unsafe conditions at nuclear plants.  NSA spies pass around homemade sexual videos and pictures they’ve collected from spying on the American people.  NSA employees have also been caught using their mass surveillance powers to spy on love interests, such as girlfriends, obsessions or former wives … and to eavesdrop on American soldiers’ intimate conversations with their wives back home.  A TSA employee admitted that agents share – and laugh at – nude scans of passengers.”

http://www.washingtonsblog.com/2015/03/rampant-government-corruption.html

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Bond Damage Tally: $430 Billion Lost as Slump Put in Perspective

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“Global bond markets have lost about $430 billion since the start of last week as investors ponder the end of a six-year rally that sent yields to record lows.  Traders returning from Europe’s May Day holidays sent yields surging across the continent as tensions between Greece and its creditors worsened, adding to the anxiety. Yields began the climb last week as prominent bond investors from Jeffrey Gundlach to Bill Gross questioned the viability of negative yields with the European Central Bank’s stimulus measures appearing to put an end to the risk of deflation.”

http://www.bloomberg.com/news/articles/2015-05-05/bond-damage-tally-340-billion-lost-as-slump-put-in-perspective

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Ben Bernanke Joins Hedge Fund Citadel as an Adviser

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“For eight years, Ben S. Bernanke, the former Federal Reserve chairman, was steward of the world’s largest economy. Now he has signed on to advise one of Wall Street’s biggest hedge funds.  Mr. Bernanke will become a senior adviser to Citadel, the $25 billion hedge fund founded by the billionaire Kenneth C. Griffin. It is the latest and most prominent move by a Washington insider through the revolving door into the financial industry. Investors are increasingly looking for guidance on how to navigate an uncertain economic environment in the aftermath of the financial crisis and are willing to pay top dollar to former officials like Mr. Bernanke.”

http://www.nytimes.com/2015/04/16/business/ben-bernanke-will-work-with-citadel-a-hedge-fund-as-an-adviser.html?_r=2

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IMF tells regulators to brace for global ‘liquidity shock’

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“Investors are borrowing money to buy shares on the US stockmarket at a torrid pace and are resorting to the same sorts of financial engineering that preceded the last two financial crises. ‘Margin debt as a percentage of market capitalisation remains higher than it was during the late-1990s stock market bubble. The increasing use of margin debt is occurring in an environment of declining liquidity,’ said the IMF in its report. ‘Lower market liquidity and higher market leverage in the US system increase the risk of minor shocks being propagated and amplified into sharp price corrections,’ it said.  The report said there are clear signs that underwriting standards are deteriorating in a pervasive search for yield.”

http://www.telegraph.co.uk/finance/economics/11538509/IMF-tells-regulators-to-brace-for-global-liquidity-shock.html

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Soros’ Miraculous Escape From Being Crushed By Swiss National Bank

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“Soros Fund Management, which manages more than $25 billion for investor George Soros, was betting against the Swiss franc in the fall before it removed those bearish positions.  Why did the Soros so conveniently take off a bet which, with leverage, could have resulted in massive losses for his hedge fund? The WSJ says he did so after ‘viewing the risk as too high relative to potential gains, said people close to the matter.’ Well as long as ‘people close’ think Soros did not have input directly from the Swiss central bank, or perhaps the occasional hint from Kashya Hildebrand, then one can’t help but marvel at the octogenarian’s impeccable timing.”

http://www.zerohedge.com/news/2015-01-23/how-swiss-national-bank-almost-crushed-george-soros

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Hedge Fund Manager Blows $60M Of Clients’ Money in Three Weeks

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“Canarsie Capital has a grim message for clients: ‘a series of transactions over the last several weeks that have resulted in the loss of all but two hundred thousand dollars.’  Juliet Chung and Susan Pulliam report that Canarsie, named for the east Brooklyn neighborhood, told clients on Tuesday that the $60 million hedge fund lost all but $200,000 of its assets in about three weeks. Owen Li, a 28-year old former Galleon Fund Management trader, reportedly ran the firm with Kenneth deRegt, former head of risk management at Morgan Stanley.  The Journal reports that Canarsie’s prime broker repeatedly expressed concerns about the firm’s risk-taking.”

http://blogs.barrons.com/focusonfunds/2015/01/23/hedge-fund-manager-blows-clients-money-in-three-weeks/

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JPMorgan Joins Goldman in Designing Derivatives for a New Generation

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“Derivatives that helped inflate the 2007 credit bubble are being remade for a new generation.  JPMorgan Chase & Co. is offering a swap contract tied to a speculative-grade loan index that makes it easier for investors to wager on the debt. Goldman Sachs Group Inc. is planning as much as 10 billion euros ($13.4 billion) of structured investments that bundle debt into top-rated securities, while ProShares last week started offering exchange-traded funds backed by credit-default swaps on company debt.  The instruments are springing back to life as investors seek new ways to boost returns that are being suppressed by central bank stimulus.”

http://www.bloomberg.com/news/2014-08-12/swaps-reincarnate-boosting-debt-bets-in-new-era-credit-markets.html

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Overstock’s Radical Plan to Reinvent the Stock Market With Bitcoin

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“Overstock.com and its swashbuckling CEO, Patrick Byrne, are hoping to create a new kind of corporate stock based on the computer software that drives bitcoin, aiming to overhaul the stock market in much the same way that bitcoinoverhauled how we store and exchange money.  Overstock—one of the world’s largest online retailers, with $1.3 billion a year in sales—unveiled a webpage that explores how a public company could issue a ‘cryptosecurity’ to potential investors. In an echo of the bitcoin digital currency, this would be a stock that’s controlled by cryptographic algorithms running across a network of computers owned by people and companies spread across the globe.”

http://www.wired.com/2014/07/overstock-and-cryptocurrency/

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US Falls Apart, Stock Market Booms?

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“Current (public) scandals include Libor manipulations, the gold price-fix scandal and so-called flash trading exposed by financial journo Michael Lewis. Now there is another scandal being brought into the public view via Wall Street on Parade, which last week posted an article entitled, ‘Lawsuit Stunner: Half of Futures Trades in Chicago Are Illegal Wash Trades.’  Securities marts in the US and throughout the world have always been controlled by insiders that will gain advantages as they write the rules and implement them. In our hyper-regulatory climate, driven by international interests, trading has been centralized by force, giving insiders huge incentives to use all sorts of trickery.”

http://www.thedailybell.com/editorials/35508/Anthony-Wile-US-Falls-Apart-as-Stock-Market-Booms/

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