Wednesday, July 27, 2016

Italy Bank Crisis Looming With Rush to Rescue #3 Bank, Monte dei Paschi

Frantic rescue efforts for Monte dei Paschi are underway but the current plans don’t look very viable.

Links 7/27/16

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John Helmer: The New Byzantine Alliance – Will Russia and Turkey Revolutionize the Center of the Old World?

Putin and Erdogan are meeting in August. Cooperation between Russia and Turkey would represent a major geopolitical realignment.

Harry Markopolos Scores Again: State Street Settles for $382 Million on Foreign Exchange Fraud

Harry Markopolos exposed cheating of pension funds and mutual funds in foreign exchange trades,, with State Street the latest settlement.

NSA Whistleblower: Not So Fast On Claims Russia Behind DNC Email Hack

Why you should be skeptical of the party line that the DNC was victimized by Russians.

2:00PM Water Cooler 7/26/2016

Today’s Water Cooler: TPP dying?, DNC email flap, Clinton corruption, Trump-Putin, Sanders speech, investor confidence, the bezzle, bitcoin

Links 7/26/16

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California Treasurer John Chiang’s Peculiar Letter to the New York Times on His Sham Private Equity Transparency Bill

Treasurer John Chiang tries to defend his bill, AB 2833, against an article by Gretchen Morgenson, but only digs his hole deeper.

Meet CalPERS Board Member Bill Slaton, Who Puts Kow-Towing to Private Equity Over Beneficiaries and California Taxpayers

CalPERS Investment Committee vice chairman Bill Slaton exemplifies many of the pathologies of the board.

Monday Scenes from the Democratic Convention (through 7:10 pm EDT)

Here are some scenes from the convention; many have been reported elsewhere, but fwiw here’s my take: Friday night the DNC held two huge parties to welcome delegates. The Berners were proudly displaying Bernie bling, Hillary fans much less so. Things were peaceful. The Bernie meeting at 12:30 Monday reflected where many delegates are: angry […]

2:00PM Water Cooler 7/25/2016

By Lambert Strether of Corrente. TPP/TTIP/TISA Kaine on TPP (1): “A Clinton aide confirmed to CBS News that Kaine had made a private commitment to Clinton that he would now oppose TPP, falling in line with the former secretary of state’s declared view on the trade deal” [CBS] A “private commitment. ” Oh, OK. Kaine […]

How Much Do Shady Financial Practices Cost You, Exactly?

The average U.S. household loses over $100,000 to destructives activities of bankers and financiers

Links 7/25/16

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How the ECB is Officially Above the Law

If you think the US has trouble holding the Fed to account, we are in light years better shape than Eurozone citizens are with the ECB.

Back in Work, Still Out of Pocket: Labor Market Recovery Since the Great Recession

The labour market recovery in OECD countries has been steady but slow since the Great Recession. More worrying is the fate of wage growth over the same period. This column assesses the implications of stagnation in the labour market for growth, wages, and inequality. It finds that structural weaknesses in labour market performance have become more visible as markets recover from the Great Recession. The policy response must include macroeconomic policies aimed at strengthening investment, and structural policies to support growth while nudging workers towards higher-skilled jobs.