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By Tyler Durden

If the labor market is “tight”, and jobless claims are at 42 year lows…

And the 0.5ppt point rise in the labor force participation rate is “heartening”…

Then please Dear Janet, oh arbiter of all things labor-ic, explain – after exuberant hope and hype during 2015 that escape velocity was coming – why real average weekly earnings growth just collapsed to just 0.6%, the weakest since August 2014?

It appears the ‘dream’ is over!! As mal-investment-driven extrapolation of the trend of building and buying (i.e. excess inventories) has accelerated deep into recessionary-signaling territory as earnings growth has plunged…

And the credit-card/leverageability is at its maximum once again to fill that gap.

…read more

Source: Wage Growth Dream Crushed – Weekly Earnings Rise Weakest In 18 Months

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By Tyler Durden

Over five years ago, months before most had heard of “expert networks”, soon to be the fixture in the biggest FBI/DOJ/SEC crackdown against hedge fund insider trading in history, and years before it would become clear to everyone that the now defunct SAC Capital was nothing but a fund making billions by trading on inside information, we

What makes Cohen’s acquisition particularly questionable, is that also on March 14, Celator issued a press release reporting a successful Phase 3 trial for an AML drug, Vyxeos:

Celator Pharmaceuticals, Inc. (Nasdaq: CPXX) today announced positive results from the Phase 3 trial of VYXEOS™ (cytarabine: daunorubicin) Liposome for Injection (also known as CPX-351) in patients with high-risk (secondary) acute myeloid leukemia (AML) compared to the standard of care regimen of cytarabine and daunorubicin known as 7+3. The trial met its primary endpoint demonstrating a statistically significant improvement in overall survival.

The result was a spectacular move in the stock following the announcement, one which sent it over 400% higher in the afterhours session, hitting a price of $10 earlier today before closing at $9.38, and netting a profit to Steve Cohen of approximately $20 million assuming he acquired the stake when the stock was trading at $2/share over the past ten days, spending approximately $6 million to build up his reportable position. To be sure, we don’t know his cost basis, something many other 13G filings disclose, and as such we can only speculate, as well as wonder why Cohen decided not to provide this information.

But more to the point, and as noted above, we were hoping that Mr. Cohen, who surely would not want his name dragged back into another insider trading scandal as he prepares to move back to managing other people’s money which he will be allowed to do again in 2018, now that the SEC has granted him a reprieve from the isolation of a family office, will provide us with the required information, the same information which several years ago was material enough for the Feds to unleash the most historic crackdown on a legendary hedge fund in modern capital market history.

Because the alternative is all too obvious: Steve Cohen is back to his “neither admit nor deny criminal guilt” days of investing in biotech stocks on “hot tips” acquired by insiders through “expert networks” or otherwise. Then again, we doubt even he would be so bold as to file a 13G on the same day a company has soared by 400% on a successful Phase 3 trial.

Or maybe he would, and if so did Steve merely suffer a relapse to his old, more “criminal” days we wonder?

…read more

Source: Is Steve Cohen Back To His Criminal Ways

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By Tyler Durden

One week ago, we documented the Hollywood-esque theft of $100 million from accounts held at the NY Fed and belonging to the central bank of Bangladesh.

In many ways, the heist was elegantly planned and executed and in others it was comically amateurish.

Here are the basics: On February 5, Bill Dudley’s New York Fed was allegedly “penetrated” when “hackers” (of supposed Chinese origin) stole $100 million from accounts belonging to the Bangladesh central bank. The money was then channeled to the Philippines where it was sold on the black market and funneled to “local casinos” (to quote AFP). After the casino laundering, it was sent back to the same black market FX broker who promptly moved it to “overseas accounts within days.”

Basically, hackers got ahold of Bangladesh’s SWIFT codes and bombarded the NY Fed with requests for funds from the country’s FX reserves. Mercifully, the Fed declined to clear separate transfers worth some $870 million, but not before $100 million got away.

Four transfer requests totaling $81 million went through, but a fifth was held up when whoever was making the request tried to have $20 million sent to an imaginary NGO called Shalika Foundation but accidentally spelled “foundation” as “fandation.”

According to the Philippine Daily Inquirer, the money was routed to three casino bank accounts via the Jupiter Street, Makati City, branch of Rizal Commercial Banking Corp. The country’s gaming regulator was investigating.

Now, we get new details on what is a truly fascinating story.

First, we learn that the hackers who spelled “foundation” wrong weren’t the only ones to do something silly. The requests came in on a Friday, which is notable because as WSJ writes, “Friday is the weekend in Bangladesh and the central bank’s offices were closed.”

So, “the fact that the money was being wired to personal bank accounts in the Philippines rang alarm bells,” but apparently, the fact that it was a weekend did not.

Still, there were people at the office.

In fact, it was a printer error that tipped Bangladesh off to the scam. “Zubair Bin Huda, a joint director of Bangladesh Bank, found the printer tray empty when he looked on the morning of Feb. 5 for confirmations of SWIFT financial transactions that are normally printed automatically overnight,” Bloomberg reports. “Because it was a Friday — a weekend in Muslim-majority Bangladesh — Huda left the office around 11:15 a.m. and asked his colleagues to help fix the problem [but] it took them more than 24 hours before they could manually print the receipts, which revealed dozens of questionable transactions that sent the bank racing to stop cash from leaving its account with the Federal Reserve Bank of New York to the Philippines, Sri Lanka and beyond.”

As the story goes, Huda came into the office on Saturday and found a flashing message on the terminal connecting to the SWIFT system that read: …read more

Source: Plot Thickens In New York Fed Heist As $30 Million In Cash Said Delivered To Mystery Chinese Man

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Hulk Hogan’s sex partner in the video taped tryst at the center of his $100 million suit against Gawker is seen getting upset during a taped deposition.

…read more

Source: Hulk Hogan’s partner on sex tape testifies

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By Tyler Durden

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

The core belief of the Establishment is the central state should run everything.

If you're an Establishment insider, the mainstream media will give you plenty of column inches and airtime to label Donald Trump a “dangerous” fascist: for example, Democratic insider Robert Reich's fear-mongering frenzy Donald Trump is a 21st century American fascist, in which Reich conveniently overlooks constitutional limits on any president, “fascist” or not.

In effect, Reich is announcing the Constitution is dead and powerless to limit the President. Well, if that's the problem, then why not attack the real problem, which is the Imperial Presidency? Why not? Reich served an Imperial President as a loyal lackey, that's why–and he remains an energetic supporter of the central state and its bread-and-circuses institutionalized serfdom.

If you're an Establishment insider, you'll get ample opportunities in the corporate media to label Bernie Sanders a “dangerous” socialist. You don't even have to be a member of the “vast right-wing conspiracy” (a staple of the Clintons' attack strategy)–any insider can get airtime to label Sanders as “dangerous”–either because he's socialist, or because he's not radical enough. Any attack will do, and you'll get plenty of opportunity to flesh out any attack, no matter how biased or nonsensical.

It is of course classic Orwellian Doublespeak to label any threat to one's power “fascist,” and to laud one's corrupt and venal allies as “freedom fighters,” but the Establishment's panicked reliance on accusations of fascism is new and yes, dangerous. So let's step back and ask–precisely who's the fascist here?

It turns out that the definition of fascism widely attributed to Mussolini– “Fascism should more properly be called corporatism because it is the merger of state and corporate power”–has no provenance: researchers cannot find this quote in any original source material.

Here is an excellent exploration of the topic: Benito Mussolini on Fascism and Corporatism

Via the research cited in Mussolini on the Corporate State, we have a verified Mussolini statement on the fascist conception of the state's role in the economy and society:

The Fascist State lays claim to rule in the economic field no less than in others; it makes its action felt throughout the length and breadth of the country by means of its corporate, social, and educational institutions, and all the political, economic, and spiritual forces of the nation, organised in their respective associations, circulate within the State. (p. 41).

In other words, the all-powerful central state worshipped by Reich and all the other Establishment insiders, Democrat and Republican alike, is the true culmination of fascism. So if we strip away the Orwellian Doublespeak, we find that it's actually Reich and his fellow believers in the goodness and rightness of the all-powerful central state and central bank who are the real fascists.

The core belief of the Establishment is the central state should run everything: the state should run the mortgage industry (hey, it does–95% of …read more

Source: Wait A Minute – Who’s The Real Fascist?

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for latest details.

…read more

Source: ‘Hamilton’ creator lobbies Treasury on $10 bill redesign

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By Tyler Durden

Watching the markets' reaction and listening to Yellen's incomprehensibe drivel brought to mind two Gladiator clips…

Pre-Fed…

and Post-Fed…

So let's survey the 'damage'…

Rate hike odds plunged…

And the market turmoiled all over the place…

But Gold was the post-Fed winner…

Trannies were best on the day… (not the pump and dump between statement and Presser)…

Small Caps remain laggards on the week…

VIX was slammed to a 14 handle…

Financials were disappointed..

But have along way to go…

Today was biggest plunge in 2Y Yields since September…

Peabody was Ackman'd…

Treasury yields plunged on the Fed Fold… (notable steepening)…

The USD Index was clubbed like a baby seal…

Which sent USD Index back to mid-Feb “Dimon Bottom” lows…

Commodities all rallied notably after The Fed (weak USD)…

Gold soared…

Charts: Bloomberg

Bonus Chart: Have no fear America, Yellen is “heartened”…

…read more

Source: Gold, Stocks, & Bonds Soar As "Cowardly Lyin’" Fed Batters Banks & Greenback

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By Tyler Durden

Goldman’s Robin Brooks has to be a sadist: that is the only way we can explain his ability to crush the greatest number of Goldman clients at every possible opportunity.

First, of course, it was his call to go

So much for that dollar rally, and for all those who were stopped out for the third time in a row after listening to Brooks, you will get no sympathy from us. This is what we said this morning:

Given the fact that i) Brooks’ calls are generally about as accurate as Gartman’s, and ii) Goldman is one for six so far on its Top Trades for 2016, you might want to go with the market’s view on this one to avoid getting the muppet treatment.

So to all those who once again listened to Goldman, well… assume the position.

…read more

Source: Goldman Does It Again: Dollar Plummets After Goldman FX Says "Dollar Rally Far From Over"

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By Tyler Durden

With gold up 15% since The Fed hiked in December (and stocks lower) and the market pricing a hike today at just 4% (June 53%), it is not surprising that Janet panicced and folded again in the face of “unequivocally good” data based on what The Fed has said it monitors. Of course there were plenty of excuses:

• *FED LEAVES RATES UNCHANGED AT 0.25%-0.5% AS EXPECTED
• *FED SAYS GLOBAL ECONOMIC DEVELOPMENTS CONTINUE TO POSE RISKS
• *FED MEDIAN FORECAST IMPLIES TWO 2016 RATE HIKES VS FOUR IN DEC

Not too dovish, not too hawkish, a goldilocks statement – just a little more inflation and just a little less unemployment and just another month or two of near-ZIRP rates is what it takes. We are breathless in anticipation.

Before The Fed statement, June was at 53% probabilty of a rate-hike…

Since The Fed's last “action” things have not quite gone as expected…

Additional headlines include:

• *FED: MKT-BASED INFLATION COMPENSATION MEASURES REMAIN LOW
• *FED SAYS RANGE OF DATA SHOW MORE STRENGTH IN LABOR MARKET
• *FED: ECONOMY EXPECTED TO WARRANT ONLY GRADUAL RATE INCREASES
• *FED FORECASTS SHOW SHALLOWER PACE OF RATE RISES IN 2017, 2018
• *FED: ECONOMIC ACTIVITY MODERATE DESPITE GLOBAL DEVELOPMENTS

Full redline below:

* * *

As a reminder, the last time we got a “hawkish, balanced” statement was October 2015… and this happened…

…read more

Source: "Data Dependent" Fed Chickens Out Again – Blames Global Uncertainty For US Rate Hold

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Americans are on edge about the economy. Even though they have jobs, they worry they are one job loss or health scare away from ruin.

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Source: Americans fear ‘crap jobs with crap wages’

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