Linkfest: JPMorgan’s big settlement; Lonely shorts; Secular stagnation

Categories: Linkfest

Today’s most shared: JPMorgan’s $13b settlement dissected… Shorts see big opportunities after big down years… Secular stagnation, world Japanification, liquidity traps, bubbles, and changes in corporate behavior… Bloomberg News restructuring tilts away from news chief Matt Winkler, toward selling terminals everywhere, notably China… FX dealing investigation widens to include gold benchmarks, day trades by sock puppets… Bitcoin big in China as locals evade capital controls… What Dan Loeb would tell the Girl Scouts.

JP Morgan’s $13bn settlement – the record-setting penalty explained
theguardian.com
Why does Sacramento get $2bn? How are mortgages like apples? All your questions about JP Morgan’s settlement answered.
shared by @LaurenLaCapra, @ReformedBroker, Reformed Broker, @SconsetCapital
 
JPMorgan reaches record $13B settlement with DOJ: Here’s how the money will be spent
Washington Post
The settlement is the largest Justice has ever reached with a single company.
shared by @counterparties, @davidweidner
 
In $13 Billion Settlement, JPMorgan May Have Gotten a Good Deal
New York Times
Some mortgage experts contend that the settlement is too low given the suspected quantity of loans that should never have been sold to investors.
shared by Reformed Broker, @mccarthyryanj
 
J.P. Morgan is haunted by a 2006 decision on mortgages
Wall Street Journal
The biggest settlement between the government and a U.S. company ever grew out of the Justice Department’s discovery of a 2006 meeting in which executives for J.P. Morgan Chase & Co. decided to continue selling shoddy mortgage securities despite red flags.
shared by Naked Capitalism, @nasiripour, @mccarthyryanj
 
Short sellers see once in a lifetime opportunity—if they can survive
CNBC
Short-biased hedge funds are practically jumping up and down to alert investors to the opportunity to make money.
shared by @firstadopter, @JacobWolinsky
 
A Lonely Short-Seller Still Plies His Trade, Waiting for the Next Big One
Wall Street Journal
This is a terrible year to be a short seller, but one short is maintaining his bets against the market, expecting another big crash that’ll lead to a windfall for him.
shared by @ritholtz, @counterparties, @StockJockey
 
Secular stagnation, bubbles & inequality
touchstoneblog.org.uk
The big debate in global macroeconomics over the past week has been in response to Larry Summer’s IMF speech on ‘secular stagnation’, the idea that Western economies are set for years of low growth.
shared by Business Insider, @TheStalwart, @edwardnh, @carney
 
Shiller vs. Fama vs. the Skeptics
New York Times
A gathering of American laureates for Nobel prizes spotlights the differences between two economists — and the skepticism of some scientists about economic theory.
shared by @pkedrosky, @ritholtz, @ReformedBroker, @Noahpinion
 
Top regulators object that the ’Volcker rule’ is too soft on banks
Wall Street Journal
Two top regulators are raising new—and late—objections to the Volcker rule, arguing it is too soft on banks and threatening to further delay its implementation beyond the year-end deadline set by the Obama administration.
shared by Business Insider, @LaurenLaCapra, @IvanTheK, @eisingerj
 
The evolution of Bloomberg News
Reuters
Yesterday was a big day for layoffs over at Bloomberg, and Kara Bloomgarden-Smoke has the official memo from editor-in-chief Matt Winkler.
shared by @LaurenLaCapra, @pkedrosky, @ritholtz, Naked Capitalism, @humenm
 
FX Dealers Said to Use Day Traders to Make Personal Bets
Bloomberg
Currency dealers in London gave information about client orders to day traders who then made bets on their behalf, sidestepping restrictions on personal trading, three people with knowledge of the practice said.
shared by @LaurenLaCapra, @davidenrich, Here Is The City
 
Gold Benchmarks Said to Be Reviewed in U.K. Rates Probe
Bloomberg
The U.K. Financial Conduct Authority is reviewing gold benchmarks as part of its wider probe of how global rates are set, a person with knowledge of the matter said.
shared by @LemaSabachthani, Here Is The City, @JEliasof, @nasiripour, @JohnLothian
 
Libremax’s Lippmann likes student loan debt, mortgage bonds
Reuters
Hedge fund manager Greg Lippmann, the former Deutsche Bank trader who rose to Wall Street fame after a hefty and lucrative bet against subprime mortgages before the housing market collapsed, said he is still a fan of residential and commercial mortgage bonds going into 2014 and also likes student loan debt.
shared by @JacobWolinsky, @MattGoldstein26, @nasiripour, @DavidSchawel, @jennablan
 
Mapping Bitcoin
New York Times
An American expatriate has made a site that maps all the bitcoin trades in real time. One striking thing is China’s nonstop participation, outstripping all of Europe. The map’s creator says it shows bitcoin is a truly borderless currency.
shared by @howardlindzon, @pkedrosky, @ChrisAdamsMKTS
 
Found! Hedge Funder Dan Loeb’s Scathing Letter to the Girl Scouts of America
Vanity Fair
“I find your mismanagement of Girl Scout Cookie sales to be epic and appalling, starting with the disastrous mismanagement of Lemon Chalet Cremes on your watch.”
shared by @ToddSullivan, @JacobWolinsky, @markgongloff, @howardlindzon
 

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