Linkfest: ECB launches BZIRP; Will BNP case harm policy coordination? Steve Cohen’s narrow escape and search for redemption
Categories: Linkfest
Today’s most shared:
- ECB goes where no central banker has gone before, inaugurates a below zero interest rate policy, keeps finger on QE bazooka trigger.
- Felix Salmon: US abuses dollar’s role to pursue foreign policy interests with BNP, hurting prospects for policy coordination.
- Lion in winter Steve Cohen taps David Boies as legal woes continue.
- Active managers have trouble beating random portfolios. You might be better off with a random advice generator.
- We’ve all had bad days where we think we’d be better off working at Starbucks, but a Pimco managing director is actually leaving for food truck business.
- McDonald’s favors minimum wage increase. If you’re the highest productivity incumbent and paying over minimum, it will hurt competitors more and possibly put many out of business. Regulations tend to favor incumbents, including the currently employed who are the most productive workers, reducing labor demand for new and more marginal workers.
ECB enters uncharted territory with rate cuts
Wall Street Journal
The European Central Bank reduced interest rates and installed a negative rate on bank deposits for the first time in its history, as officials scramble to stave off deflation.
shared by @edwardnh, @HamzeiAnalytics
Wall Street Journal
The European Central Bank reduced interest rates and installed a negative rate on bank deposits for the first time in its history, as officials scramble to stave off deflation.
shared by @edwardnh, @HamzeiAnalytics
ECB cuts deposit rate below zero
Financial Times
The European Central Bank has cut interest rates to a fresh record low and lowered one of its benchmark rates below zero in a radical move that policy makers hope will help the currency bloc to stave off the threat of deflation.
shared by @MarkThoma, @HamzeiAnalytics
Financial Times
The European Central Bank has cut interest rates to a fresh record low and lowered one of its benchmark rates below zero in a radical move that policy makers hope will help the currency bloc to stave off the threat of deflation.
shared by @MarkThoma, @HamzeiAnalytics
America prosecutes its interests and persecutes BNP
Financial Times
You cannot send money to Cuba – not from New York, not from London and not from Madrid, Manila or Managua. We all know why: it is because the US has a beef with Cuba. If the US takes an aversion to you, it can cut you off from the international financial system. This is about as popular as you might imagine with international bankers who do not live or work in the US.
shared by @TheStalwart, @mccarthyryanj, @nasiripour, @eisingerj, @felixsalmon, @moorehn
Financial Times
You cannot send money to Cuba – not from New York, not from London and not from Madrid, Manila or Managua. We all know why: it is because the US has a beef with Cuba. If the US takes an aversion to you, it can cut you off from the international financial system. This is about as popular as you might imagine with international bankers who do not live or work in the US.
shared by @TheStalwart, @mccarthyryanj, @nasiripour, @eisingerj, @felixsalmon, @moorehn
The Taming of the Trading Monster
New York
After his firm’s indictment, Steven A. Cohen is richer than ever, but almost everything has changed.
shared by @matt_levine, @LaurenLaCapra, NYT Dealbook, @moorehn
New York
After his firm’s indictment, Steven A. Cohen is richer than ever, but almost everything has changed.
shared by @matt_levine, @LaurenLaCapra, NYT Dealbook, @moorehn
Mired in Insider Trading Probes, Cohen Quietly Taps Boies as Counsel
foxbusiness.com
Steve Cohen has quietly retained famed defense attorney David Boies to help with the litany of legal woes the prolific investor faces.
shared by @DougKass, @TheStalwart, @jsphctrl, @IvanTheK
foxbusiness.com
Steve Cohen has quietly retained famed defense attorney David Boies to help with the litany of legal woes the prolific investor faces.
shared by @DougKass, @TheStalwart, @jsphctrl, @IvanTheK
Bill Gross: Time (and Money) in a Cellphone
PIMCO
Our modern age is becoming more virtual than physical, which I find increasingly depressing if only because I’ve failed to keep pace.
shared by @mark_dow, @edwardnh, @ReformedBroker, Reformed Broker
PIMCO
Our modern age is becoming more virtual than physical, which I find increasingly depressing if only because I’ve failed to keep pace.
shared by @mark_dow, @edwardnh, @ReformedBroker, Reformed Broker
How the Recession Reshaped the Economy, in 255 Charts
New York Times
Five years since the end of the Great Recession, the private sector has finally regained the nine million jobs it lost. But not all industries recovered equally.
shared by @TheStalwart, @ModeledBehavior
New York Times
Five years since the end of the Great Recession, the private sector has finally regained the nine million jobs it lost. But not all industries recovered equally.
shared by @TheStalwart, @ModeledBehavior
What Americans (Don’t) Know about Student Loan Collections
New York Fed
U.S. student debt has more than tripled since 2004, and at over $1 trillion is now substantially greater than both credit card and auto debt balances. Many borrowers are blissfully unaware of harsh consequences in the event they are unable to repay student loans.
shared by @crampell, @MarkThoma, @NYFed_news
New York Fed
U.S. student debt has more than tripled since 2004, and at over $1 trillion is now substantially greater than both credit card and auto debt balances. Many borrowers are blissfully unaware of harsh consequences in the event they are unable to repay student loans.
shared by @crampell, @MarkThoma, @NYFed_news
Amazon Planning to Unveil Smartphone to Vie With Apple’s
Bloomberg
Amazon.com Inc. is planning to introduce a smartphone later this month, according to a person with knowledge of the matter, plunging the world’s largest online retailer deeper into the competitive mobile-device market.
shared by Business Insider, @lucymarcus, Reformed Broker, @aarontask
Bloomberg
Amazon.com Inc. is planning to introduce a smartphone later this month, according to a person with knowledge of the matter, plunging the world’s largest online retailer deeper into the competitive mobile-device market.
shared by Business Insider, @lucymarcus, Reformed Broker, @aarontask
No monkey business?
The Economist
“A blindfolded monkey throwing darts at a newspaper’s financial pages,” wrote Burton Malkiel in “A Random Walk Down Wall Street”, his 1973 bestseller.
shared by @tracyalloway, @ReformedBroker, @Alea_, @Dvolatility
The Economist
“A blindfolded monkey throwing darts at a newspaper’s financial pages,” wrote Burton Malkiel in “A Random Walk Down Wall Street”, his 1973 bestseller.
shared by @tracyalloway, @ReformedBroker, @Alea_, @Dvolatility
Random Financial Advice Generator
phrasegenerator.com
Generates random financial advice and impenetrable finance jargon. Impress your stock broker.
shared by @MichaelKitces, @ReformedBroker, Reformed Broker
phrasegenerator.com
Generates random financial advice and impenetrable finance jargon. Impress your stock broker.
shared by @MichaelKitces, @ReformedBroker, Reformed Broker
Growth funds are so 2013. Value funds are market leaders and investor favorites so far this year.
Wall Street Journal
Value-stock funds are beating the returns of their growth-stock rivals for one of the first extended periods since 2009, and strategists say the pattern is so well-defined it is likely to hold for a year or more.
shared by @EddyElfenbein, Crossing Wall Street, @AlephBlog
Wall Street Journal
Value-stock funds are beating the returns of their growth-stock rivals for one of the first extended periods since 2009, and strategists say the pattern is so well-defined it is likely to hold for a year or more.
shared by @EddyElfenbein, Crossing Wall Street, @AlephBlog
Geithner’s "Stress Test" and the Con-Artist Wing of the Democratic Party
vice.com
The most consequential event of this young century has been the financial crisis. But is the party of Obama ready to come to terms with its own role in the disaster?
shared by @AntDeRosa, @M_C_Klein, Naked Capitalism, @ReformedBroker
vice.com
The most consequential event of this young century has been the financial crisis. But is the party of Obama ready to come to terms with its own role in the disaster?
shared by @AntDeRosa, @M_C_Klein, Naked Capitalism, @ReformedBroker
McDonald’s CEO: ’We Will Support’ A Minimum Wage Hike
Huffington Post
McDonald’s might finally have figured out that paying its low-wage workers more would actually be a good thing for McDonald’s.
shared by @BarbarianCap, reddit/Economics, Reformed Broker, @Richard_Florida
Huffington Post
McDonald’s might finally have figured out that paying its low-wage workers more would actually be a good thing for McDonald’s.
shared by @BarbarianCap, reddit/Economics, Reformed Broker, @Richard_Florida
Vernon Davis Breaks His Silence Over Fantex I.P.O.
New York Times
The San Francisco 49ers tight end said in an interview on Wednesday that the I.P.O. was about more than money. Instead, he said, it’s about helping him build his brand.
shared by @felixsalmon, @kevinroose, @mccarthyryanj
New York Times
The San Francisco 49ers tight end said in an interview on Wednesday that the I.P.O. was about more than money. Instead, he said, it’s about helping him build his brand.
shared by @felixsalmon, @kevinroose, @mccarthyryanj
Pimco’s Banet to Quit For Food Truck Selling Croque Monsieur
Bloomberg
Jeremie Banet, a fund manager at Pacific Investment Management Co. specializing in inflation- protected bonds, plans to leave the firm to start a food truck business in Los Angeles and Orange County.
shared by @finansakrobat, @tracyalloway, @SimoneFoxman, @bclund
Bloomberg
Jeremie Banet, a fund manager at Pacific Investment Management Co. specializing in inflation- protected bonds, plans to leave the firm to start a food truck business in Los Angeles and Orange County.
shared by @finansakrobat, @tracyalloway, @SimoneFoxman, @bclund
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