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Archive for the ‘Uncategorized’ Category

Marissa Mayer Resigns From Yahoo Board; Yahoo To Be Renamed To Altaba

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By Tyler Durden

Four-and-a-half years after taking over as CEO of Yahoo, the company announced today, via an 8-K that Marissa Mayer is resigning from the board. Additionally the comany’s name with be change to Altaba (well it’s better than ‘Bahoo’).

It’s been a bumpy ride…

Statement via 8-K

In connection with the previously announced pending sale by Yahoo! Inc. (“Yahoo” or the “Company”) of its operating business (the “Sale Transaction”) to Verizon Communications Inc. (“Verizon”) pursuant to the terms of a Stock Purchase Agreement, dated as of July 23, 2016, between the Company and Verizon, the Board of Directors of the Company (the “Board”) has made certain determinations with respect to the size and composition of the Board following the closing of the Sale Transaction (the “Closing”).

In light of the fact that following the Closing the Company will operate as an investment company under the Investment Company Act of 1940, the Board has determined that, immediately following the Closing, the size of the Board will be reduced to five (5) directors. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr. Brandt will serve as Chairman of the Board. Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the Board effective upon the Closing, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

To facilitate the transition of the Company to an investment company following the Closing, the Board also determined that, effective January 9, 2017, Mr. Brandt will become Chairman of the Board and Mr. Webb will become Chairman Emeritus of the Board.

The Board also determined that, following the Closing, it intends to cause the Company’s name to be changed to Altaba Inc.

* * *

On the bright side, she will ge to do a lot more of this…


…read more

Source: Marissa Mayer Resigns From Yahoo Board; Yahoo To Be Renamed To Altaba

    

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Ford Bronco, Jeep Wagoneer make a come back

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The Ford Bronco and Jeep Grand Wagoneer are set to return to the American road in modern form. …read more

Source: Ford Bronco, Jeep Wagoneer make a come back

    

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Twitter user suspended for ‘calling out bigotry’

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for latest details. …read more

Source: Twitter user suspended for ‘calling out bigotry’

    

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A Complete List Of What Trump Can, And Can Not Do, On Day One And For The Rest Of 2017

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By Tyler Durden

With the Trump inauguration just over 10 days away, attention has now shifted to what Trump will do the moment he steps foot in the White House, and as The Hill reported this morning, judging by his campaign promises, Donald Trump will be a busy man starting on his first day in the Oval Office: “Trump has pledged to take sweeping, unilateral actions on Jan. 20 to roll back President Obama’s policies and set the course for his administration. Many of Obama’s policies he can reverse with the simple stroke of a pen.”

The Hill then lays out some of the key agenda items in terms of Immigration, Environment, Lobbying, Trade and Healthcare.

The reality, however, is a bit more nuanced than captured in the report, and has to take into consideration not only what Trump’s intentions are, but how they would integrate with Congress, where simply structural limitations could put hurdles ahead of the Trump agenda.

So, for a more comprehensive preview of what Trump can – and can not do – both on day one, and for the rest of 2017, we present a recent analysis by Alec Phillips of Goldman Sachs (which, now that Trump has surrounded himself with Goldman alumni will be as critical when it comes to fiscal policy as Goldman was when it came to advising the Federal Reserve on monetary policy), which notes that the political agenda for 2017 is starting to take shape, with tax reform and Obamacare repeal seemingly at the top of the agenda.

Trump will be delighted to know that both items can be passed without Democratic support via the budget reconciliation process.

Obamacare repeal is first on the list. The Senate has already taken the first steps in the process, and the repeal legislation is expected to become law by February. However, Obamacare replacement legislation is apt to take much longer, particularly because it will require bipartisan support.

Tax reform process is expected to begin in earnest in late March or April in the House. The hotly debated “border adjustment” and limitations on interest deductibility in its proposal to be retained in the next version of the proposal. That said, while some limit on interest deductibility is likely to be enacted, there is only a 30% chance that the border adjustment proposal will be enacted this year according to Goldman.

The outlook for other issues is murkier. While infrastructure was discussed often during the campaign, there has been little congressional focus on it thus far, and it is possible that the program will be limited to package of tax incentives for public-private partnerships. Trade policy is also harder to predict. President-elect Trump will have authority to impose tariffs and has raised the possibility since the election. In the near-term, we expect the Trump Administration to focus on more targeted actions—antidumping duties and the like—but the threat of tariffs is not expected to recede, either.

It is also worth noting, that the policy focus so far has been on the …read more

Source: A Complete List Of What Trump Can, And Can Not Do, On Day One And For The Rest Of 2017

    

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White House Defends "Flunky" Streep’s "Carefully Considered" Anti-Trump Tirade

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By Tyler Durden

Following president-elect Trump's jab at “Hillary Flunky” Meryl Streep's anti-Trump tirade at The Golden Globes, The White House has defended the actress' “carefully considered message” as protected by her “first amendment rights.”

President-elect Trump was clear how he felt about Streep's speech…

“Meryl Streep, one of the most over-rated actresses in Hollywood, doesn't know me but attacked last night at the Golden Globes. She is a Hillary flunky who lost big. For the 100th time, I never “mocked” a disabled reporter (would never do that) but simply showed him groveling” when he totally changed a 16 year old story that he had written in order to make me look bad. Just more very dishonest media!”

And now, as The Hill reports, President Obama’s top spokesman on Monday defended actress Meryl Streep’s Golden Globes speech that criticized President-elect Donald Trump.

“She clearly was delivering a thoughtful, carefully considered message that she believes in deeply,” White House press secretary Josh Earnest said.

“It seemed to me to be fairly straightforward exercise of her First Amendment rights as a citizen of the United States,” he added.

Earnest said he has not spoken to Obama about the speech, but predicted the president wouldn’t publicly echo Streep’s criticisms while he is still in office.

Earnest concluded with a final jab at Trump…

“He’s got institutional responsibilities… He has to set aside those personal feelings in order to preside over an effective transition… The president has faithfully presided over a process that has done exactly that.”

Obama is an admirer of the Academy Award-winning actress. He awarded her the Presidential Medal of Freedom in 2014.

Who can blame her for bneing upset after dumping $114,000 on a loser…

…read more

Source: White House Defends "Flunky" Streep’s "Carefully Considered" Anti-Trump Tirade

    

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Alibaba’s Jack Ma met with Trump to talk jobs

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Jack Ma, the billionaire founder and executive chairman of Alibaba, met with Trump on Monday morning to tease plans for creating “one million” jobs in the U.S. …read more

Source: Alibaba’s Jack Ma met with Trump to talk jobs

    

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Alibaba’s Jack Ma meets with Trump

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Jack Ma, the billionaire founder and executive chairman of Alibaba, met with Trump on Monday morning to tease plans for creating “one million” jobs in the U.S. …read more

Source: Alibaba’s Jack Ma meets with Trump

    

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It costs $233,610 to raise a child

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A new government report shows it cost $233,610 to raise a child in 2015. …read more

Source: It costs $233,610 to raise a child

    

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Volkswagen executive arrested in emissions scandal

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The FBI has arrested a Volkswagen executive for alleged involvement in emissions scandal. …read more

Source: Volkswagen executive arrested in emissions scandal

    

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Why Don’t The Dollar And Bitcoin Drop To Their Tangible Value (Zero)?

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By Tyler Durden

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

If we refuse to recognize the high utility value of USD and its global ease of flow, then we will continue to misunderstand the demand for the dollar and its appreciation.

I have covered the many reasons why the U.S. dollar (USD) has strengthened in dozens of posts over the past 5 years, (Could the U.S. Dollar Rise 50%?, January 12, 2011), and I described the positive dynamics of bitcoin last summer in An Everyman's Guide to Understanding Cryptocurrencies (June 13, 2016), back when bitcoin was under $600.

The USD (as measured by the US Dollar Index) has gained almost 40% from 73 in 2011 to 102 recently, and bitcoin recently topped $1,000 (trading at $909 as this article goes to print).

These gains aren’t trivial, nor are they magic. They are the result of basic economic forces: supply and demand, utility, liquidity, capital flows and risk management.

Capital migrates to where it flows with the least resistance, i.e. to forms of capital that are liquid and offer low transaction costs—what I call ease of flow. Capital also migrates to relatively safe havens that are liquid and offer low transaction/holding costs, and to forms of capital with global utility.

Lastly, capital flows to the highest yield/return with the lowest perceived risk.

Given these fundamentals, it isn’t difficult to understand why capital is flowing into USD-denominated assets and bitcoin.

So what do the fundamentals suggest about the valuation uptrends in the USD and bitcoin? Have they topped out and due for a crash, or have they just started their appreciation cycle?

To formulate a coherent answer, we need to consider two things:

1. The foundations of their value

2. The inability of central states and banks to control their currencies and their place in the global economy.

Why Don’t the U.S. Dollar and Bitcoin Have Zero Value?

There’s a fair amount of confusion about why currencies (or in the case of bitcoin, digital commodities that share the utility functions of currencies) that are unbacked by tangible assets such as gold don’t just drop to their tangible value, i.e. zero.

After all, most USD are just digital entries and the rest are just paper. Bitcoin is also just a digital construct with no intrinsic value.

The answer boils down to utility-driven demand. If, as David Graeber discussed in his book Debt: The First 5,000 Years, notched sticks are needed to pay one’s taxes, then notched sticks are in demand because they have an essential utility; notched sticks acquire value (i.e. become “money”) if you can pay debts (such as taxes) with them.

As long as they retain this utility, they retain the value ascribed to them by the system that recognizes (or demands) payment of taxes in the form of notched sticks.

A notched stick has near-zero tangible value. Its value is entirely a social construct, as a placeholder for the goods and services produced by labor and capital.

It frustrates many observers that the U.S. dollar stubbornly refuses to drop to its intrinsic value, …read more

Source: Why Don’t The Dollar And Bitcoin Drop To Their Tangible Value (Zero)?

    

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