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By Tyler Durden

As details continue to emerge surrounding Orlando shooter Omar Mateen, so do the holes in the narrative.

Case in point, last week’s statement by the shooter’s employer, G4S, the world’s largest security company, that he had passed a 2007 psychological text without any problems. The document that G4S submitted to Florida state listed psychologist Carol Nudelman. But after news of the document was reported, by the Miami Herald and other media, Dr. Nudelman, whose last name is now Blumberg, issued a statement saying she hadn’t evaluated any tests for the security company after 2005. The attorney for Nudelman (or Blumberg) added on said Sunday that she did not
live in Florida in September 2006 when the psychological assessment was
purportedly performed.

Oops. What happened then? Well, as the WSJ reported earlier today, G4S reported that it made a “clerical error” in documents submitted to the state of Florida in 2007 regarding the mental health of Mateen, the gunman whom authorities have named as the person who killed 49 people in an Orlando nightclub last week. Specifically, the company said that it listed the wrong name for the psychologist who evaluated a test for Mateen that was required under state law for him to carry a firearm as a security guard.

So here comes the new narrative: G4S said Mateen’s evaluation in September 2007 using the Minnesota Multiphasic Personality Inventory, a common psychological assessment tool, was in fact conducted by a third-party vendor called Headquarters for Psychological Evaluation. The security firm said Mateen had an above-average rating and that he had a favorable recommendation for employment. “Dr. Nudelman’s name appeared on the license as scoring the exam; it was a clerical error,” G4S said.

As previously reported, G4S added that it didn’t conduct a psychological evaluation of Mateen in 2013 after he was investigated by the Federal Bureau of Investigation for telling co-workers at a Port St. Lucie courthouse that he had ties to terrorist groups.

G4S said it doesn’t conduct psychological exams of security guards after they are hired. It said that at the time of the FBI investigation Mateen complained that he had made the statements in anger after being harassed by coworkers. “It is not our policy—nor the policy of any security provider or law enforcement agency that we are aware of—to demand psychological exams in such situations,” the company said in a statement.

Perhaps it should have: in a stunning new report emerging this afternoon, Alternet writes that before Omar Mateen gunned down 49 patrons at the LGBTQ Pulse Nightclub in Orlando, “the FBI attempted to induce his participation in a terror plot. Sheriff Ken Mascara of Florida’s St. Lucie County told the Vero Beach Press Journal that after Mateen threatened a courthouse deputy in 2013 by claiming he could order Al Qaeda operatives to kill his family, the FBI dispatched an informant to “lure Omar into some kind of act and Omar did not bite.”

While self-styled terror experts and former counter-terror officials have criticized the …read more

Source: Orlando Shooter’s Employer Admits It Made A "Clerical Error" Regarding His Mental Health

    

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By Tyler Durden

By Derek Draplin of Michigan Capitol Confidential

A faculty committee has proposed adding a three credit hours requirement in diversity to the general education curriculum at Wayne State University. It also recommended that WSU drop its university-wide requirement in mathematics, an idea that was carried out on June 13.

“We are proposing the creation of specific ‘Diversity’ courses, with students required to take one course in this designation,” said a document from the General Education Reform Committee, which is recalibrating what the university will expect from all students who earn a degree from the state university. It released the proposal in May.

The committee report said, “These courses will provide opportunities for students to explore diversity at the domestic level and consider the ways in which it intersects with real world challenges at the local, national and/or global level.”

In announcing the change in mathematics, the university said, “This decision was made largely because the current (math) requirement is at a level already required by most high school mathematics curriculum.”

Committee co-chair Monica Brockmeyer told the Detroit Free Press, “We felt the math requirement was better left to the various programs and majors to decide and to decide what levels of mathematics would be needed.” She added, “We still continue to support mathematics at Wayne State.” The university has announced that the math requirement in the general education curriculum will be dropped until 2018, or until it is replaced by a new program.

Ashley Thorne, the executive director of the National Association of Scholars, which promotes liberal arts education and academic freedom, was critical of the recommendations.

“Colleges and universities use general education requirements to ensure that students learn the subjects it deems most important,” Thorne said in an email. “Wayne State University’s decision to drop math and add diversity to its requirements reveals that its leaders do not have their priorities straight.”

“Mathematical ability is an objective and practical skill that will serve students the rest of their lives, which is why it has traditionally been a core part of college curricula. ‘Diversity’ is not an academic subject. It is a concept invented to classify people by their social identities,” she said. “Focusing on individuals’ race, ethnicity, sex, and sexuality in this way has been demonstrated to lead to racial animus, segregation, stigmas, discrimination, and poor academic performance. It also politicizes education.”

The College Fix first reported on the diversity requirement. Brockmeyer, who did not immediately respond to a request for comment, made $176,760 in 2015 in her job as the associate provost for academic success.

The committee’s proposal for the new curriculum recommended replacing the math requirement with a quantitative requirement and creating “quantitative experience courses.” It’s unclear if the quantitative courses will replace the math requirement. The goal of those courses, according to the committee, would be for students to develop “the ability to interpret quantitative representations of information (such as graphs and tables), and the ability to use quantitative information to communicate in a purposeful way.”

In …read more

Source: Wayne State University Drops Math As General Requirement, Will Replace It With "Diversity"

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By Tyler Durden

Ahead of Thursday’s historic Brexit referendum vote, market jitters are bringing back memories of September 16, 1992, when the UK was forced out of the EU’s exchange-rate mechanism, or ERM, as speculators’ borrowing exhausted the central bank’s resources to keep the pound above its floor.

This is better known as the day George Soros “broke the Bank of England”, making over $1.5 bilion profit in the process. On that day, the U.K. decided to let the pound float freely rather than to suffer the high interest rates needed keep the currency within its limits. As a result the central bank raised its key rate to 12% from 10%, then announced a second increase to 15%. By the evening of that same day, which became known as “Black Wednesday,” the government withdrew from the ERM, a pre-euro system of European exchange-rate integration.

24 years later, traders recall one of the longest days in the history of the currency.

Here, courtesy of Bloomberg and for the benefit of traders who were still in school (or may not have been born), is a recap of how veteran FX traders saw, and reacted to, events on “Black Wednesday” two and a half decades later in what has been dubbed “one of the longest days in the history of sterling.” Will Thursday be an even more historic day for FX trading? We will know the answer in just four days…

John Glover, now a Toronto-based managing director at risk- advisory firm Validus Risk Management:

• “At the time I was running the USD/Deutsche Mark options book for a Canadian bank, but we did run a very large GBP/USD book
• ‘‘GBP had been the focus in the days leading up to the ERM exit, losing somewhere around 5% of its value in two or three days
• ‘‘For a day or so, no one could understand what was happening, unless of course you were at a bank where Soros was a client of the gilts desk
• ‘‘That day, the only GBP flows going through were institutionals that had to get out of longs, and it was pretty much only the BOE that was buying”
• “Our central bank desk struggled to get through to the bank as the phone lines were jammed. Corporates were sitting on the sidelines
• ‘‘Our GBP options book made more in two weeks than they ever had in a year”

David Woolcock, now London-based global head of sales and business development at Eurobase:

• “I was the treasury manager for Credit du Nord in London, managing a dealing room of six people and responsible for a proprietary risk portfolio
• “It was very hectic in the run-up to the exit, which took place afterhours in London. The morning started with the normal pressure on the weak currencies. However, soon the selling of sterling really ramped up on rumors of heavy sales from a known source
• “With the money markets barely functioning and wild exchange-rate oscillations still occurring on very wide quotes for nickel and dime amounts, it was an eerie market that was full of ghoulish barrack-room …read more

  Source: "Black Wednesday" Memories Haunt Traders Ahead Of Thursday’s Referendum

      

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Blue Origin has now reused the same rocket four times after another successful suborbital test flight on Sunday. …read more

Source: Blue Origin crash tests space-tourism capsule

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By Tyler Durden

Submitted by Pater Tenebrarum via Acting-Man.com,

Hollande Threatens to Ban Protests

Brexit has diverted attention from another little drama playing out in Europe. As of the time of writing, if you Google “Hollande threatens to ban protests” or variations thereof, you will find Russian, South African and even Iranian press reports on the topic. Otherwise, it’s basically crickets (sole exception: Politico). Gee, we wonder why?

They don’t like him anymore: 120.000 protesters recently turned Paris into a war zone. All Hollande wanted to do was to loosen a handful of labor market restrictions (it’s too little too late of course). France’s labor legislation is among the most convoluted and restrictive in the entire nominally capitalist world. It has created enormous institutional unemployment and is a major contributor to France’s inexorable economic decline (see “France’s Sacred Labor Code” for details).

Given that France is under a “state of emergency” since last year’s terror attacks in Paris, it is presumably easy for Hollande to ban demonstrations by decree, from a legal perspective at least. It seems unlikely though that a ban would actually stop the protesters. What is Hollande going to do if they just continue to strike and hold demonstrations? Invade France? Arrest hundreds of thousands of people?

These protests have been going on for more than a month now. What makes this confrontation so interesting is that Mr. Hollande himself started out as a devoutly committed socialist. Upon coming to power, he immediately introduced a 75% “super-tax” on the rich (causing a number of them to simply pack their bags and leave) and let loose his far-left industry minister Arnaud Montebourg, who’s job it apparently was to spout outdated Marxist slogans and micromanage France’s industries – especially the dying ones.

For a reminder of the days when a gung-ho Montebourg set out to show the world that socialism works after all (if only it is done right!), see “Moving France toward a Command Economy”. Somehow, he failed to deliver the desired results though. Big surprise! The whole world was vastly astonished.

Unemployment in France – even at the peak of the boom, unemployment never fell below 7%. It is fairly typical for an extremely over-regulated welfare state to have a high rate of institutional unemployment, but France is certainly a standout – click to enlarge.

Once Mr. Hollande’s popularity had fallen to such a low level that one would have arrived at a round 100% by adding his approval rating to Vladimir Putin’s (Putin scored 87%, Hollande 13%), he apparently decided he no longer had anything to lose. Montebourg and a number of other cabinet members were kicked out and replaced with more centrist “technocrats” who were tasked with getting the French economy out of its rut.

The attempt to slightly reform the “code du travail” is part of the new program. The proposed modifications are already a compromise, the result of backtracking under the pressure of all sorts of interest groups in Hollande’s own party. …read more

Source: How The Welfare State Dies

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By Tyler Durden

Submitted by Alasdair Macleod via GoldMoney.com,

Brexit is not the most important problem facing markets, it is mounting problems in the European banks.

But before looking at that systemic issue, I will summarise the Brexit position, from the trenches, in the last few days before the referendum.

In the run-up to Britain’s referendum on 23rd June, the Treasury was tasked with modelling the economy, post Brexit. The result was George Osborn claimed that a Brexit vote could cost every household £4,300. This is the underlying reason that markets, allegedly, are frightened of Brexit.

One suspects that if the Treasury models had suggested there is little cost to leaving, the result would have not been published and George Osborne would have contrived a different argument. Anyway, we all know that econometric models suffer from garbage in, garbage out, but the Treasury is meant to be authoritative and trusted. However, a new paper by Professor David Blake of the Cass Business school points out “the extraordinary abuse of economic models in the EU Referendum debate”, and he is moved to term the two Treasury reports that gave the Chancellor his facts as “dodgy dossiers”.

Any good Austrian economist can tell you why economic models do not work. Without going into it here, models should simply be disregarded. Professor Blake’s paper exposes the techniques, as well as the statistical assumptions, employed by the British government when using econometric modelling to frighten voters into voting to remain. Separately, a new book co-authored by Dr Radomir Tylecote and Sir Bill Cash charts the history of the EU project, from America’s post-war strategy, implemented through the American Committee on United Europe in 1948, with strategic assumptions that persist to the present day.

The paper and the book taken together expose the truths withheld or obscured by the British government at the time of the first referendum, and the use of a similar approach today. This time, the vested interests and scare tactics used by the government appear to have begun to smell to the electorate like a long-dead rat. Instead, ordinary voters are more worried about the high levels of immigration and the strains placed on health and education services, the housing shortage, and the suppression of wages.

George Osborne has admitted that the Treasury is working with the Bank of England on Brexit contingency plans, but no plans have emerged so far to save the necks of cabinet ministers in the event of a Remain vote. A win for Remain will be only the start of their problems, unless, as seems most unlikely, Remain wins by a clear margin.

In the event of a narrow win for the establishment, which is the outcome pollsters currently expect, claims that it would be better to be inside the EU, where Britain can influence policy, will almost certainly be proved to be an illusion. The UK’s referendum will have threatened the future of the EU project, and it would be entirely natural for a very relieved Brussels to …read more

Source: Forget Brexit, It’s The Banks Stupid!

    

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By Tyler Durden

Britain’s Daily Star newspaper headline this week made it very clear what the narrative of choice will be for the next few days:

Simply put, as the ironically-titled “Independent” newspaper writes, the final message written by Jo Cox four days before she was killed warned against what she called the “spin” around immigration in the EU debate.

“We cannot allow voters to fall for the spin that a vote to leave is the only way to deal with concerns about immigration.

“We can do far more to address both the level and impact of immigration while remaining in the EU. I very rarely agree with the Prime Minister but on this he’s right: we are stronger, safer and better off in.”

Her husband, Brendan, has said his wife would want the UK to “unite to fight against the hatred that killed her.”

Or roughly translated – Those who oppose EU membership are violent hatemongers.

Don’t believe the “translation”? Here is a prominent ex-European Commissioner who captured Europe’s position loud and clear:

Remember #JoCoxMP. Reject violence. Remain in #EU. Fight for a better world.https://t.co/wGOemq7DIe pic.twitter.com/LZhECq8ATA

— László Andor (@LaszloAndorEU) June 19, 2016

…read more

Source: Europe’s Message: Those Who Oppose EU Membership Are Violent

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Wall Street veteran Sallie Krawcheck has just launched Ellevest, an online investment firm catering only to women. She wants to stop women from making bad mistakes with their money. …read more

Source: Investing the ‘Beyonce way’

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By Tyler Durden

Those hoping that some dramatic change in UK public sentiment as manifested through polling for or against Brexit would emerge in the aftermath of Jo Cox’ killing, will be disappointed. As the two most recent polls, one from YouGov/ITV and another from Survation, show opinions remains split right down the middle even as the first unofficial poll by Qriously showed a substantial drop in support for remain:

• U.K. POLL ON EU SHOWS 44% LEAVE, 42% REMAIN: YOUGOV/ITV
• U.K. SURVATION POLL ON EU SHOWS REMAIN 45%, LEAVE 42%

Furthermore, yesterday’s Opinium poll showed the two sides tied at 44%

• U.K. POLL ON EU SHOWS 44% REMAIN, 44% LEAVE: OPINIUM POLL

This is in accordance with the latest FT poll tracker, which also shows Remain and Leave tied at 44% in the newspaper’s poll of polls.

The full breaking of polls over the past month shows that the recent surge in Leave momentum…

… may be topping out:

What about the bookkeepers?

As we reported yesterday, here things are vastly different as Bookies continue to expect “Bremain” to win with a substantial margin perhaps as a result of the faltering recent surge in the Brexit numbers. Here are the latest numbers:

• WILLIAM HILL: U.K. EU REF ODDS AT 3/10 REMAIN; 12/5 LEAVE

Or 77% Remain; 29% Leave

• LADBROKES: U.K. EU REFERENDUM ODDS AT 1/3 REMAIN; 9/4 LEAVE

Or 75% Remain, 31% Leave

As Bloomberg summarizes, the oddschecker survey of bookmakers’ implied probability of Brexit based on betting odds drops to 29.8% at 12:37 pm London time, a sharp from from yesterday when the implied probability of Brexit vote closed at 35.8%. Alternatively, the survey of implied probability for “Remain” vote rose to about 75.2% from 70.4% at the close yesterday.

Also according to the survey, the probability that Britons would choose to leave the EU in the June 23 referendum dropped below 40% Friday, after exceeding 44% Thursday, according to Oddschecker’s survey of bookmakers’ implied probability.

But perhaps the most interest comment came moments ago from Nigel Farage where he told with Peston where he had the following exchange with Robert Peston:

Farage: We have momentum. We did have momentum until this terrible tragedy.

Peston: So the tragedy will have an impact on the outcome.

Farage: It’s had an impact on the whole campaign for everybody.

Peston: What impact is that.

Farage: When you are taking on the establishment, you need to have momentum. I don’t know what is going to happen over the course of the next 3 or 4 days, but I would say this. That the action of one person with serious mental issues, frankly what we saw was an act of terrorism. It’s been a dreadful week: Orlando, killings in Paris, now one of our own MPs. It’s difficult to tell but I just think this: those that have made their mind up to leave, cause they want to get control of their country back, they will go out and vote on Thursday.

.@Nigel_Farage on whether the UK …read more

Source: Nigel Farage On Brexit: "We Had Momentum Until This Terrible Tragedy" – Here Are The Latest Odds

    

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The U.S. is overdue for a recession. Hillary Clinton or Donald Trump will likely have to deal with an economic crisis early in their term as president. …read more

Source: The next president will likely face a recession

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