Finance
2023 has not been a glowing one for JPMorgan.In mid-January, we discovered that the giant US bank was tricked into paying $175 million for some millennial's fake rolodex to enhance its college financial aid platform.Javice allegedly fabricated an enormous list of…
In a new paper prepared for the Handbook of Financial Integration, edited by Guglielmo Maria Caporale, Hiro Ito and I examine bond based measures of financial market integration (so, no quantity stock/flow measures, nor banking integration). In short, covered interest differentials…
by Calculated Risk on 3/20/2023 02:55:00 PM This is for asking prices of a "common" home. Haus released their weekly Common Haus Price Index (CHPI) today showing a 0.2% decrease in asking house prices year-over-year.From Common Haus Price Index (CHPI) at…
These are from Khalil Manaf Hagerty: I’m half Indonesian by ethnicity (one-quarter Bugis, one-quarter Minangkabau, half bule, what we refer to as ‘blasteran’ or mixed race) and have worked on and off there for the past 15 years. Here are some…
By Lambert Strether of Corrente. Bird Song of the Day Wood Thrush, Parc du Sanctuaire, Drummond, Quebec, Canada. “Grive des bois, chant: “a-a-iola tzzziiii, a-a-ioli tzzziiii, a-a-iola tzzziiii.” * * * Politics “So many of the social reactions that strike us…
Authored by Jonathan Turley,President Joe Biden has repeatedly denied that his family received money from China.He has also denied any knowledge of his son’s foreign dealings despite direct evidence to the contrary, including a recorded message from the President to Hunter referencing the…
Having dumped $30 billion of deposits into First Republic Bank last week, and the bank then being rumored to be pushing for a capital raise, The Wall Street Journal reports that JPMorgan CEO Jamie Dimon is leading discussions with the chief…
Authored by Daniel Lacalle,Every time there is a banking crisis some scratch their heads and wonder; how could this happen? Surely it must be greed, bad risk management or lack of regulation. More intervention should solve it. However, all those excuses…
House Republicans on the Weaponization of the Federal Government subcommittee are using their new investigative powers to look into liberal Manhattan District Attorney Alvin Bragg, over the Soros-funded DA's reported plans to indict former President Donald Trump on felony charges this…
Authored by Jerome Legras, op-ed via The Financial Times,Lessons should be drawn from how the crisis at the bank developed...Bank investors are well aware of the risks; they know that banking relies on trust and that sentiment can change quickly. The…
Bloomberg reported that Amazon sent an internal email notifying its employees about an upcoming wave of layoffs, which is part of the company's continuing strategy to reduce costs amid mounting macroeconomic uncertainty. Amazon CEO Andy Jassy reportedly told employees that an additional…
By Kesnia Galouchko and Michael Msika, Bloomberg Markets Live reporters and strategistAfter years of being stuck in the doldrums, European bank stocks were finally having a moment, turning into a favorite trade on bets that they were the key winners from…
There has been a surge in protests and strikes around the world, primarily focused on economic hardships, skyrocketing inflation, political turmoil, and geopolitical issues. Recent protests have emerged in France, Greece, Great Britain, Israel, Venezuela, South Korea, Moldova, and Portugal. While some…
Update(1017ET): What's being described as an initial, informal meeting between Presidents Xi and Putin is underway at the Kremlin. While the expected cordialities and expressions of closer relations were exchange, among the most notable early statements came from Putin, who said he's…
By Benjamin Picton, Senior Strategist at RabobankThe Neutral OptionSo, the Swiss government has brokered a shotgun wedding for Credit Suisse (CS) and UBS: laws are to be changed to get the ring on the finger without putting it to a vote…
Yves here. Despite the murkiness of the California Covid censorship law, one of the few areas it would seem to cover on a clear-cut basis is threatening the licenses of doctors who recommend or worse prescribe ivermectin. While doubts about its…
14 years ago, the Obama administration (or rather his Wall Street lackey Steve Rattner) turned the bankruptcy process on its head with the Chapter 11 filing of General Motors, which steamrolled the bankruptcy liquidation waterfall by paying off the underfunded (and…
by Calculated Risk on 3/20/2023 09:41:00 AM Today, in the Calculated Risk Real Estate Newsletter: House Prices: Rust or Bust? It is possible the Median House Price will be Down YoY in FebruaryA brief excerpt: Back in 2005, a real estate…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email New York City Mayor Eric Adams and Kathryn Wylde, president and CEO of Partnership for New York City, join 'Squawk Box' to discuss New York City's post-pandemic economy,…
Shares of Bed, Bath and Beyond are getting the "Credit Suisse treatment" this morning, plunging under $1 as the struggling retailer continues an incessant yet increasingly difficult search for rescue funding.The retailer's latest plans include a reverse stock split and overseeing…
Silicon Valley Bank depositors made whole; Credit Suisse counter-parties saved; First Republic bondholders protected — are these bailouts or something else? Were these people “bailed out?” What are the differences between insured depositors getting their cash back, a private sector rescue…
Authored by Paul Joseph Watson via Summit News,85 per cent of respondents polled on Donald Trump’s own Truth Social website think protesting against his arrest would be risking a January 6-style set-up, despite Trump himself telling them to go out and…
by Calculated Risk on 3/20/2023 08:40:00 AM Yesterday I wrote: FOMC Preview: Uncertainty, Likely 25bp Hike, Maybe PauseThis morning Goldman Sachs economist David Mericle wrote: March FOMC Preview: Pause We expect the FOMC to pause at its March meeting this week…
Unsurprisingly, CS shares collapsed to their UBS bid price...UBS share price is bouncing back from its ugly 16% opening plunge, but remains in the red...But UBS CDS has jumped to its highest since July 2012......after a government-brokered deal for it to…
by Calculated Risk on 3/20/2023 08:30:00 AM Altos reports that active single-family inventory was up 0.4 week-over-week. Inventory might have bottomed the previous week. Click on graph for larger image.This inventory graph is courtesy of Altos Research. As of March 17th,…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Mark Grant, chief global strategist at Colliers Securities, joins 'Squawk Box' to discuss the current state of equity markets, the original mistakes central banks made across the world,…
Authored by Peter Tchir via Academy Securities,With markets moving quickly, we will do a quick recap of where we are at and what we think will be most important for markets this week.It is a follow up from Saturday’s, Gasp, Gulp, Glug and…
US equity futures, global markets and European bank stocks have stabilized, rebounding off worst levels which saw Europe's brand new banking megagiant UBS plunge as much as 16% before recouping most of the losses...... as investors digested UBS’s agreement to buy Credit Suisse…
USDC and USDT are two well-known stablecoins. USDC is fully backing by safe, liquid assets, which are verified monthly by a major U.S. accounting firm under the scrutiny of U.S. state regulators. USDT (Tether) is an unregulated stablecoin with questionable asset…
Authored by Egon von Greyerz via GoldSwitzerland.com,The financial system is terminally broken, toast, kaput!Anyone who doesn’t see what it happening will soon lose a major part of their assets either through bank failure, currency debasement or the collapse of all bubble…
The forced bail-in sale of Credit Suisse to UBS will lead to a staggering number of job cuts in the next few weeks or months, as there are significant overlaps at both banks resulting from the merger. Before the merger, Credit…
The worst frog disease in recorded history risks wiping them from the face of the Earth ZME Science Facing Extinction, but Available for Selfies in Japan’s Animal Cafes New York Times The mice with two dads: scientists create eggs from male…
Graduates in the fields of science, technology, engineering and mathematics - STEM for short - are sought after globally, but are often in short supply. Many countries have tried to bolster enrollment in STEM to aid important growth industries like medtech, digital services,…
The incompetence of our financial regulators, most of all the Fed, is breathtaking. The great unwashed public and even wrongly-positioned members of the capitalist classes are suffering the consequences of Fed and other central banks being too fast out of the…
Via Remix News,The main issue facing Europe today is war, which puts Hungary in a difficult situation, as the effects of war are severe and immediate, Hungarian Prime Minister Viktor Orbán said at a meeting of the Organization of Turkic States summit in…
By Conor Gallagher In recent years, Türkiye under president Recep Tayyip Erdoğan has forged closer ties with Moscow, and has profited from being a middleman between Russia and the West that helps both sides bypass sanctions. Following the Iran-Saudi Arabia rapprochement,…
Four out of 50 states provide free school meals to kids. No wonder child labor is making a comeback. By Kenny Stancil. Originally published at Common Dreams. Surrounded by students, teachers, and advocates, Democratic Minnesota Gov. Tim Walz on Friday afternoon…
By Eric Peters, CIO of One River Asset Management“What is our total exposure?” I had asked our COO as the Silicon Valley Bank run was intensifying, two Thursdays ago.All our client money is held in our investment funds, and excess fund…
Different as they are, the sundry Chang restaurants, including NiHao in Baltimore and Mama Chang in Fairfax, share a common thread: consistency. I figure part of this is explained in the training cooks get from The Man Himself at the upscale Q by Peter Chang in Bethesda,…
I have a nomination, and here is an excerpt from my new paper with Alex: You often can get a better and more specific answer by asking for an answer in the voice of another person, a third party. Here goes:…
Authored by Vijay Prashad via thetricontiental.org,On 24 February 2023, the Chinese Foreign Ministry released a twelve-point plan entitled ‘China’s Position on the Political Settlement of the Ukraine Crisis’.This ‘peace plan’, as it has been called, is anchored in the concept of sovereignty, building…
Americans are spending too much on their new vehicles, and the average household can no longer afford $1,000 monthly payments. Consequently, a growing number of folks are turning to the secondary market for used cars even though prices are reaccelerating this spring. Business Insider and Consumer Reports…
Authored by Matthew Vadum via The Epoch Times (emphasis ours),The U.S. Department of Justice (DOJ) is asking the Supreme Court to overturn an appeals court ruling that struck down a federal law preventing people under domestic violence-related restraining orders from having…
From Jeanna Smialek in the NYT today: Randal K. Quarles, who was the Fed’s vice chair for supervision from 2017 to 2021, carried out a 2018 regulatory rollback law in an expansive way that some onlookers at the time warned would…
Authored by Jamie Joseph via The Epoch Times,Almost half of California is out of a drought, including San Francisco, Sacramento, and Los Angeles, according to data released by the U.S. Drought Monitor March 16.But with so much Sierra Nevada Mountain snowpack,…
Authored by Jeffrey Tucker via DailyReckoning.com,I recently spoke at one of my favorite venues, the Liberty Forum in New Hampshire, which is an annual conference center on the Free State Project.It’s designed to encourage people to pick up and move to…
George Washington University Law Professor Jonathan Turley panned reports of the looming potential case against former President Donald Trump after the former commander-in-chief announced he may be arrested in the next week.As The Epoch Times' Jack Phillips reports below, alleged unnamed…
Comedian Trevor Noah once said America is fifty little countries masquerading as one.From an economic sense, this might carry some truth. As Visual Capitalist's Aran Alai details below, when looking at the economic output of each state, especially the largest and wealthiest ones,…
By Michael Wilson, chief equity strategist at Morgan StanleyOver the past two weeks, the markets have been fixated (rightly) on the rapid failure of two major banks that up until very recently had been viewed as “safe” depository institutions. The reason…
On Saturday, President Biden's social media galaxy brains tweeted out a twice-corrected lie, quoting the president telling said lie, that billionaires are getting away paying just 3% of their average earnings in taxes. "You know the average tax billionaires pay?THREE PERCENT.No…