sell! sell! sell!

[tiznow]

Still over 28 trading days left to keep the bubble afloat for Queen Hillary.. Getting tough...

comparing the lehman chart time wise DB has 2-3 months left .. Enough time to get status quo Hillary in there before the next financial crisis...

----------

Deutsche Denial Tsunami Begins: Draghi "Not ECB Fault", IMF "Solid Base"

It is becoming very clear that the Deutsche Bank debacle is getting very serious. How do we know? Simple - everyone is denying everything. Overnight DB CEO Cryan denied any need to raise capital or need a bailout; this morning ECB's Draghi denied low rates were responsible, and denied The IMF's statement the bank is systemically important; and now IMF's Lagarde is denying any need for government intervention.
Mario Draghi said the financial industry must stop blaming the actions of central banks for their problems and focus on fixing internal management and risk failings.

“Many banks have problems that don’t have primarily to do with the low level of interest rates but possibly with other reasons,” the European Central Bank president said after a meeting with German lawmakers in Berlin on Wednesday.
He cited business models and risk management and said this was “generally acknowledged” by those at the talks.
​

As Bloomberg reports, when asked about accusations by some in the financial industry that the ECB is to blame for some banks’ woes, Draghi said he didn’t share that view.

“If a bank represents a systemic threat for the euro zone, this cannot be because of low interest rates,” he said. “It has to do with other reasons.”
​

While correlation is not causation - as everyone says when trying to prove a false positive - in this case we can't help but think Draghi's handiwork certainly didn't help...

Then IMF Chief Christine Lagarde piped in, telling CNBC that...

"Deutsche Bank is a systemic important player in the global financial system.
But, is on a solid base currently, and we are not at a stage in which I see the need for a government intervention."
​

So to clarify:

• DRAGHI: DEUTSCHE BANK DOES NOT POSE SYSTEMIC RISK
• LAGARDE: DEUTSCHE BANK SYSTEMICALLY IMPORTANT

Yeah, you're right, its probably nothing...

So, as we asked overenight, who blinks first? The IMF - "told you so" dance. The ECB - knowing the collateral chains that will snap. The Bundesbank - knowing their entire banking system is at risk. The German government - knowing it's over for them if DB depositors have to take a haircut... Or Brussels - who know the entire EU plan is teetering is done if anything but the 'rules' are applied to Deutsche. For now, there is one thing for sure - the market will press for one of these players to be forced to make decision.

 

[tiznow]

Hey eek hows that euro exit coming along?

better hurry up once shit hits the fan they won't let u leave Lol

 

[tiznow]

Well opec did manage to come to agreement after all I see.. That said just noise and won't stop next global recession.. Nor will oil bounce last longer term .. unless I'm totally wrong and everything just fine with global economy...

 

[tiznow]

Proposed cuts small (Russian flooding market cause financially in trouble) and we'll worry about the details in November ..

just the same ol shit everybody doing right now to prop stuff up.. All talk no action.. All these oil dependent guys can't cut they need the revenue regardless of price.. Might as well make empty promises if it gets a 5% knee jerk reaction...

 

[eek.]

Hey eek hows that euro exit coming along?
better hurry up once shit hits the fan they won't let u leave Lol

We have something far more useful than any second rate lawyer, it's 20 miles wide and is called the English channel.
It's saved us from Europes BS dozens of times

If you try and imagine the Rio Grande being 20 miles wide and 500 feet deep, that's how useful it is.

 

[tiznow]

DB tanking again (down 7%) and taking everything with it.. Looks like next game of dominos about to begin with European banking system front and center...

 

[tiznow]

Fiat Ponzi schemes rule!

boom/bust till completely bust...

---------

The Run Begins: Deutsche Bank Hedge Fund Clients Withdraw Excess Cash

Deutsche Bank concerns just went to '11' as Bloomberg reports a number of funds that clear derivatives trades with Deutsche Bank AG have withdrawn some excess cash and positions held at the lender, a sign of counterparties’ mounting concerns about doing business with Europe’s largest investment bank.
While the vast majority of Deutsche Bank’s more than 200 derivatives-clearing clients have made no changes,some funds that use the bank’s prime brokerage service have moved part of their listed derivatives holdings to other firms this week, according to an internal bank document seen by Bloomberg News.

Millennium Partners, Capula Investment Management and Rokos Capital Management are among about 10 hedge funds that have cut their exposure, said a person familiar with the situation who declined to be identified talking about confidential client matters.
The hedge funds use Deutsche Bank to clear their listed derivatives transactions because they are not members of clearinghouses. Millennium, Capula and Rokos declined to comment when contacted by phone or e-mail.
[which explains why short-dated CDS is soaring]

“Our trading clients are amongst the world’s most sophisticated investors,” Michael Golden, a spokesman for Deutsche Bank, said in an e-mailed statement.
“We are confident that the vast majority of them have a full understanding of our stable financial position, the current macroeconomic environment, the litigation process in the U.S. and the progress we are making with our strategy.”
​

Clients review their exposure to counterparties to avoid situations like the 2008 collapse of Lehman Brothers Holdings Inc. and MF Global’s 2011 bankruptcy when hedge funds had billions of dollars of assets frozen until the resolution of lengthy legal proceedings.
Deutsche Bank Stock in NY are sliding...

If the most sophisticated professionals in the world are withdrawing cash, why are German depositors leaving their life savings at risk... ahead of a long weekend in Germany (Monday is a bank holiday).
* * *
And for those believing that there is no contagion and this is all ring-fenced...

As a reminder, if the liquidity run forces DB to start unwinding or being forced to novate derivatives, it could get ugly.

 

[tiznow]

Lawmakers chomping at the bit to take Wells Fargo out to the whipping post with elections round the corner..

as always the enablers.. the fed .. Are an after thought...

----------

[h=1]Wells Fargo Troubles Mount With Penalty for Soldiers’ Loans - Bloomberg[/h]Wells Fargo & Co., reeling from weeks of pummeling over fraudulent customer accounts, is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation.
Federal prosecutors and the bank’s regulator, the Office of the Comptroller of the Currency, are planning to punish the San Francisco-based lender for alleged violations of the Servicemembers Civil Relief Act, said the people, who asked not to be named because the investigation isn’t public. A penalty of as much as $20 million is expected from the OCC, one of the people said. That’s an unusually large fine for abuse of this law, which in most cases requires that firms obtain court orders before seizing vehicles from soldiers, sailors, airmen and Marines who are delinquent on their loans.
These enforcement actions against the bank follow a $185 million settlement in which employees of the firm opened more than two million accounts that customers may not have been aware of with the aim of meeting internal sales targets. The matter has sparked weeks of sharp criticism, congressional hearings and the forfeit of tens of millions in bonuses for top executives.
Catherine Pulley, a spokeswoman for Wells Fargo, declined to comment on the auto lending settlement, as did spokesmen for the OCC and Justice Department.
Wells Fargo’s stock declined 1.54 percent to $44.38 after Bloomberg News reported on the car-seizure sanctions Thursday -- at the same time that Chairman and Chief Executive Officer John Stumpf answered questions in a House hearing on the accounts scandal.
[h=3]Lawmakers’ Priority[/h]Shielding soldiers from financial stress has been a priority for lawmakers, and the Justice Department has recently stepped up enforcement actions against banks for taking assets illegally. Banco Santander SA’s U.S. unit agreed to pay $9 million last year over allegations that it improperly confiscated more than 1,000 vehicles from military members, the largest settlement ever obtained in a case involving repossessions of automobiles with delinquent loans.
Wells Fargo -- which was the world’s most valuable bank before the account scandal hurt its stock price -- has branches on eight U.S. military bases, including Fort Bliss in Texas, Fort Benning in Georgia, Fort Dix in New Jersey and Hill Air Force Base in Utah. On its website, the bank says it has “a history of making banking easier for our servicemen and servicewomen.”
[h=3]Previous Accusations[/h]The bank has previously been accused of not adhering to the military lending law, which Congress approved decades ago to protect soldiers from legal hassles while they’re on active duty. Wells Fargo agreed to compensate borrowers as one of five mortgage servicers sanctioned for improper home foreclosures, paying $28 million for so-called non-judicial foreclosures that didn’t pass through courts and $59 million for those handled in the judicial system, according to statements issued by the Justice Department last year. The bank didn’t admit or deny the allegations.
In the Santander case, the Justice Department was tipped off by the U.S. Army’s legal assistance program that vehicles might have been repossessed illegally. In one allegation, the bank was said to take a soldier’s car in the middle of the night after being told that he was at basic training. Santander didn’t admit or deny the department’s claims.
More recently, the Justice Department fined HSBC Holdings Plc $434,500 last month in a small case involving the improper repossessions of 75 cars. And in 2012, Capital One Financial Corp. agreed to pay $12 million over a wider range of allegations that also included improper vehicle seizures. The bank acknowledged that it might not have been in compliance with the law.
A frequent problem in investigations involving asset repossessions is that lenders don’t understand servicepeople’s eligibility for protections. While the Department of Defense maintains a database accessible to banks, studies by the U.S. Government Accountability Office found that loan servicers often didn’t check military status. Thousands of people haven’t received proper benefits under the law and oversight by regulators “has been limited,” the GAO has said.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE

 

[tiznow]

Shocking development banksters really are banksters!

---------

[h=1]Lawmakers: Wells Fargo a 'criminal enterprise' like Enron[/h]NEW YORK (CNNMoney) - Wells Fargo CEO John Stumpf is running "a criminal enterprise" and should be fired or even jailed, several members of Congress claimed.
Rep. Michael Capuano on Thursday said the Wells Fargo scandal and the people who lead the bank reminded him of "the guys who ran Enron," evoking a company that was found guilty of massive financial fraud.
Capuano said Stumpf is "clearly and unequivocally guilty" of a range of crimes, including conspiracy to commit fraud, conspiracy to commit identity theft and racketeering.
Stumpf sought to defend his bank in front of a very hostile audience of members of the House Financial Services Committee. However, Stumpf wasn't able to get much of a response in beyond his prepared remarks apologizing for the scandal.
Stumpf was seeking to rebound from a disastrous appearance before the Senate, a hearing that was highlighted by Senator Elizabeth Warren's epic takedown, that quickly went viral on social media and got laughs on late-night television.
He was repeatedly cut off by members of Congress, Republican and Democrat, who pummeled him by comparing him to an actual bank robber and calling Wells Fargo a "school for scoundrels" with a "broken culture," among other things.
Stumpf's appearance comes as calls for his resignation have gotten more strident. Several House members repeated those demands.
"I recognize we could have done more earlier," Stumpf said. "I try to lead with courage and conviction, but of course we make mistakes."
Stumpf is defending a scandal that shocked the nation, where it was revealed that his bank opened as many as 2 million fake accounts and fired 5,300 workers since 2011. Questions mount on how he allowed it to happen for so long. Workers pin the blame on a Wells Fargo pressure-cooker culture and wildly unrealistic sales goals set by top management.
Some former Wells Fargo workers were also present at the dramatic hearing. The House committee continues to gather thousands of pages of documents and plans to interview Wells Fargo executives.
"I will not hesitate to issue subpoenas. We will do what is necessary to get to the bottom of this," Rep. Jeb Hensarling, the Republican chairman of the House committee, said on Thursday.
Stumpf said Wells Fargo has "begun" contacting customers that have open credit cards identified by a PricewaterhouseCoopers review that were potentially unauthorized. He said that after reaching out to more than 20,000 customers, fewer than 25% said they either did not apply or cannot recall. Stumpf said Wells Fargo is closing accounts of those who don't want their cards and informing credit bureaus.
Rep. Gregory Meeks accused Stumpf of running "basically a criminal enterprise" that reflects poorly on the rest of the banking industry. "You should be fired, because the buck stops with you," he said.
Rep. Maxine Waters, whose district includes Los Angeles, said she now believes Wells Fargo should be broken up because it's "too big to manage."
Waters, the ranking Democrat on the committee, said Wells Fargo has "refused" to turn over the documents and information lawmakers have requested.
"It is in your best interest to come forward with those documents," warned Waters, who called the scandal "some of the most egregious fraud we have seen since the foreclosure crisis."
Wells Fargo first characterized the fake account scandal as a problem that began in 2011. However, last week the bank extended its search for unauthorized accounts by two more years, to include 2009 and 2010.
Former Wells Fargo workers have told CNNMoney the problem goes back even further. One branch manager in Arizona said she was first pressured to instruct employees to open fake accounts in 2007. On Thursday, Rep. Carolyn Maloney also presented Stumpf with evidence from a court case in Montana that showed Wells Fargo workers were fired for opening unauthorized debit accounts in 2007.
Despite what Maloney called "clear evidence" of a problem in 2007, Stumpf declined multiple requests from the Congresswoman to expand Wells Fargo's review before 2009.
Maloney also accused Stumpf of "very suspicious" sales of $13 million worth of Wells Fargo stock in October 2013, the largest such sales during his nine years as CEO. Stumpf has said he first learned of the unauthorized account problem in 2013 -- though he's sketchy on precisely when and who told him.
"Did you dump $13 million of Wells Fargo stock through your family trust right after you found out that your bank had been fraudulently opening hundreds of thousands of scam accounts?"
Stumpf insisted the stock sales were made "with proper approvals and no views about anything going on about sales practices." The CEO also said he owns four times as many shares as required today.
"It seems very, very suspicious that it happened right after your bank was turned into a school for scoundrels," Maloney said.
Rep. Stephen Lynch took things to an even more serious level, suggesting Wells Fargo could be prosecuted under the Racketeer Influenced and Corrupt Organizations Act, the statute known as RICO that has been applied against FIFA as well as members of the Mafia.
Lynch cited allegations of widespread fraud at Wells Fargo as well as claims by former Wells Fargo workers who told CNNMoney they were retaliated against after flagging fraudulent activity. "These whistleblowers were intimidated or even fired," Lynch said.
Several lawmakers suggested the House expand the hearing to include the CEOs of other banks. Rep. Brad Sherman said he wants to ensure the "cross-selling mania that has afflicted Wells Fargo" is not found elsewhere.
Nearly a dozen current and former employees at large banks have told CNNMoney a sales obsession pervades their banks, too.
Wells Fargo has taken additional steps in recent days to try to quell the firestorm, including launching a new investigation by the company's independent directors and scrapping the controversial sales goals earlier than previously planned.
Stumpf told the House it was his "recommendation" for the board to claw back his $41 million in his stock awards and to forfeit a 2016 bonus and salary during the investigation.
Under pressure from Warren and others, Wells Fargo has also agreed to claw back $19 million in stock awards from Carrie Tolstedt, the executive who led the division that created the fake accounts and has since left the bank.
However, Tolstedt could still walk away with a fortune of $77 million of options and Wells Fargo shares she accumulated during her 27 years at the bank, a CNNMoney analysis shows.
Copyright 2016 by CNN NewSource. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

[snoop]

A big win for Hillary could be very bad news for pharma/ & oil shale industry.

The Clinton Saudi buddies might see some light at the end of tunnel after all.

 

[tiznow]

Broken record at this point.. fed talks confident and builds up expectations for a rate hike that will never come... only game left in town to keep the bubble afloat for Hillary..

jobs came out in line.. not bad but not really good to make many jump to want to hike.. come December there will be no hike as usual.. global economy weaknening..

 

[PatsFan1283]

Funny Wells Fargo in a huge scandal and the stock is holding up fine. Everyone knows nothing will happen.

 

[tiznow]

Jobs quality was shit as always too.. big growth area of waitresses and bartenders while good paying manufacturing jobs declined...

fed just backed into a corner now they have to put on a bullish face everything is ok guys don't worry and hope for the best..

problem is the system has gotten so obviously corrupted that everybody is starting to see the light also increase in protectionism etc (brexit, trump) not good for the status quo globalist elites..

pound flash crashed overnight..

 

[tiznow]

[h=1]World leaders get it: The public doesn't trust us[/h]By Patrick Gillespie

Updated 8:40 AM EDT, Fri October 07, 20(CNNMoney)-

World leaders get it: The public doesn't trust them after decades of rising inequality and feeling left out by global trade.
Many economists believe the political uncertainty of Brexit and Donald Trump pose major risks to the global economy. Those risks stem from public mistrust for government leaders and their inability to distribute wealth more evenly and help people who believe they have been hurt by trade.
"I am seriously concerned on this," Germany's finance minister, Wolfgang Schauble, told CNN's Richard Quest at an International Monetary Fund meeting in Washington.

​

"You can look all over at the advanced economies -- the British referendum, the campaign in the United States ... more and more people don't trust their elites. They don't trust their economic leaders, and they don't trust their political leaders."
(Schauble noted that the public doesn't trust the media, either.)
He's not alone. Bank of England Governor Mark Carney, three months after Britain voted to leave the European Union, believes more needs to be done to fix income inequality and who benefits from global trade. Saying that global economic growth is low is no longer an excuse, he argues.
"Growth has been too low, but also sharing the fruits of growth has not been there," Carney told Quest.
Carney said governments can rebuild trust by being candid with the public.
Related: Brazil's finance minister jokes about job security
IMF managing director Christine Lagarde acknowledged that countries need to address the "backlash that we are seeing in many corners of the world -- against trade, against innovation."
"Too slow for too long benefiting too few," Lagarde told Quest, referring to global growth.
The sobering comments come about a month before the U.S. election, which has had an anti-trade flair all year. Donald Trump, the Republican nominee, has threatened to get rid of trade deals and slap tariffs on Mexico and China.
His rise was just as unexpected as the British vote in June. One reason for Brexit was a belief that trade had hurt more people than it benefited.
Although a trove of analysis points to the contrary -- that trade helps more people than it bruises -- Carney realizes the benefits of trade, such as lower consumer prices, need to be explained in more concrete ways.
He asked rhetorically: "How do we make trade tangible?"

 

[tiznow]

Growth is low and would be nil/negative if you take monetary policy out of the equation as the global system as it currently stands massively favors the elite/status quo/big business .. who are doing nothing but fluffing financial numbers and lotsa merger acquisition with the cheap debt.. massively expanding corporate debt...

small businesses are what drive growth and productivity.. big business get too bloated and corrupt and full of political nonsense that gets in the way of people actually being productive...

 

[PatsFan1283]

Seems like Trump's momentum is waning. Kinda flopped in the debate.

Can't really imagine him being president at all. Kinda secretly rooting for him to get there at this point. The prospect of him as POTUS has gotta scare the shit out of other influential people. He was tweeting about a pageant contestant at 3AM.

 

[tiznow]

As I've been saying all along just a rigged circus to get Hillary in.. trump no dummy if he really wanted to win he would be more calculating about things he says..,

 

[tiznow]

And now that he ended up getting closer then "they" coulda ever imagined they breaking out the big guns to seal the deal.. I'm sure others in waiting if necessary..

2005 video.. He also said: "When you're a star, they let you do it. You can do anything ... Grab them by the pussy. You can do anything."

 

[PatsFan1283]

When I heard it I didn't think it would do much, but it is moving markets.

Maybe it's like the Ray Rice situation in a way, where audio/video is a lot different than just reading about it.

 

[eek.]

They've got some good stuff for the economy though, let's dismantle the whole fucking ballgame and try again stuff

---------------------------------
UK will be first for trade deal - Donald Trump adviser

Britain will be offered a free trade deal before the rest of the European Union if the Republicans win the US presidential election, Donald Trump's trade adviser has said.

Dan DiMicco said Britain was "a friend" of America and was leaving the EU for the right reasons.

Both presidential candidates say they are against present plans for a free trade deal between the US and Europe.

Mr DiMicco called for an overhaul of the global free trade system.

"These are not idle threats," he told the BBC.

"Things have gotten so bad that we will leave Nafta [the North American Free Trade Agreement], WTO [the World Trade Organization] and the Korean Free Trade Agreement if we can't get a fair deal."
Not walking away

He added: "The system was gamed for whatever reasons to begin with, the gaming's got to be removed, and it's got to be balanced for the American worker, American business, the American economy and trade deals are going to be walked away from if they can't be renegotiated to the point where they are net-positive for our GDP and they are positive for our good-paying job growth.

"And it is something Donald Trump is not going to walk away from. He is committed to it."

Mr DiMicco said with the present Trans-Atlantic Trade and Investment Partnership (TTIP) proposals "on hold", Britain would be at the front of the queue for any future trade deal once the UK has left the EU.

His comments contrast with those of outgoing President Barack Obama, who - speaking before the UK's EU referendum in June - said Britain would go to the "back of the queue" for trade deals with the US if it left the EU.

When asked if the US would do a deal with Britain ahead of the EU, Mr DiMicco told me: "Absolutely.

"First off they are our friends, they have always supported us, and we've worked together, and they are leaving the EU in our estimation for the right reasons.

"They have lost control of their economy, the job creation engine, so why shouldn't we be working with like-minded people before we do a deal with anybody else?"

http://www.bbc.co.uk/news/business-37594928