Frontrunning: November 29

So much for the euphoria: Stores open early on Thanksgiving but shoppers in no rush (Reuters) Get to work Mr. Chairwoman: Do-Nothing Congress Dithers on Budget as Deadline Nears (BBG) FX to Libor Probes Leave U.K. Traders Looking for Lawyers (BBG) Pro… [...]

Frontrunning: November 27

Winter storm lashes eastern U.S., threatens Thanksgiving travel (Reuters) Fed Reveals New Concerns About Long-Term U.S. Slowdown (BBG) Private equity keeps $789bn of powder dry (FT) – because they are “selling everything that is not nailed down” Merke… [...]

53% Of Bankers Say Ethics Inhibit Career Progression – Here’s Why

The Economist found, rather sadly, despite all the glad-handing and happy-talk, that 53% of financial services executives believed that strict adherence to ethical conduct would make career progression difficult. As this former Wall Street trader told … [...]

Average Hedge Fund Returns A Tiny 6% Through October: Underperforms S&P And Mutual Funds By 75%

Collecting 2 and 20 in a world where “alpha-creation” through insider trading (thank you 72 Cummings Point Road for ending that party) is now history will be even more difficult after the current year is over when LPs get their year end performance rep… [...]

Frontrunning: November 21

When it fails, do more of it – Bank of Japan hints at extending ultra-loose monetary policy (FT) PBOC Says No Longer in China‚Äôs Interest to Increase Reserves (BBG) Fed casts about for endgame on easy-money policy  (Hilsenrath) Big trucks still … [...]

Frontrunning: November 18

What can possibly go wrong: Tepco Successfully Removes First Nuclear Fuel Rods at Fukushima (BBG) Japan’s Banks Find It Hard to Lend Easy Money (WSJ) U.S. Military Eyes Cut to Pay, Benefits (WSJ) Airbus to Boeing Cash In on Desert Outpost Made Field o… [...]

Frontrunning: November 15

China to Ease One-Child Policy (WSJ), China announces major economic and social reforms (Reuters) Consumers line up for launch of PlayStation 4 (USAToday) Trust frays between Obama, Democrats (Politico) Yellen Stands by Fed Strategy  (Hilsenrath)… [...]

NY Fed Compares The Current Reach-For-Yield To South Sea Bubble Of 1720

When a tin-foil-hat-wearing digital dickweed points to record volumes of cov-lite loans, insatiable demand for Ugandan bonds, and the disconcerting disconnect between record-high median leverage and almost-record-low credit spreads, the mainstream can … [...]

Why Has Nobody Gone To Jail For The Financial Crisis? Judge Rakoff Says: "Blame The Government"

By US District Judge Jed S. Rakoff (pdf) Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis? Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly imp… [...]

Frontrunning: November 7

Twitter’s IPO to Make Market Debut (WSJ); Twitter Raises $1.82 Billion, Pricier Value Than Facebook (BBG) Worried Senators Press Obama on Health Law (WSJ) Greenspan Says Yellen Was His Guide to Economics Research at Fed (BBG) European Central Bank see… [...]