Linkfest: Argentina default; Post-crisis banking; ‘Macro-tainment’ v. financial advice

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Today’s most shared:

  • Argentina defaults in face of well-organized opposition, nearing top of postwar league tables in defaults, if not World Cups.
  • The post-crisis banking world: Banks total up cost of new regs, fret about deposit outflows. Never mind they have $2 trillion in excess reserves…one suspects that $5b annual cash flow from IOER, and other new and old privileges didn’t make it into their reckoning of the ‘costs’ of the post-crisis world. Not to mention ‘protected’ weekends. And attractive bankers to work with.
  • Financial ‘macro-tainment’ masquerades as investment advice.
  • Will Fed follow a path of ‘principled populism?’
  • Ackman’s mea culpa on laying an egg in his Herbalife presentation.
  • Bailing out Germany’s Landesbanks.
  • Verizon throttles big mobile users. Next, phone companies will want to charge Facebook and others to bypass bandwidth caps.
  • Are companies that move their tax domicile overseas evil, or is the US tax code evil and pushing companies to do weird things?

In Hedge Fund, Argentina Finds Relentless Foe
New York Times
A court has ruled that unless Argentina settles a debt dispute with a hedge fund, it is barred from paying its main bondholders.
shared by @hedge_funds, @Convertbond, @MattGoldstein26
 
Usual suspects
The Economist
Latin American countries are the most likely to default.
shared by @moorehn, @TimOBrien, @pdacosta, @mhewson_CMC
 
Ackman Says ‘My Bad’ on Herbalife Presentation
Bloomberg
Hedge fund manager Bill Ackman has two words to sum up his Herbalife Ltd. presentation last week: “My bad.”
shared by @LaurenLaCapra, @jennablan, Business Insider, @MattGoldstein26
 
Germany: Bank balance
Financial Times
The deputy finance minister for Schleswig-Holstein sighs and gets to his feet. On a whiteboard in his office, he draws a diagram explaining the state’s complex bailout of what is probably Germany’s most distressed bank, the publicly owned H…
shared by @LemaSabachthani, @volatilitysmile, @FGoria, @tomkeene, @davidenrich
 
When Entertainment Passes for Investment Advice
Bloomberg View
The battle between Peter Schiff and Michael Shedlock is decent entertainment, provided you don’t follow their investment advice.
shared by @pkedrosky, @ToddSullivan, @ReformedBroker, @Nouriel, @IvanTheK
 
Eurozone inflation falls to fresh low of 0.4%
Financial Times
Eurozone inflation has fallen to a fresh four-and-a-half year low, moving the 18-country bloc a step closer to outright deflation. Inflation in the euro area fell to 0.4 per cent in the year to this month from 0.5 per cent in June.
shared by @FGoria, @SaraEisen
 
US banks braced for large deposit outflows
Financial Times
US banks are steeling themselves for the possibility of losing as much as $1tn in deposits as the Federal Reserve reverses its emergency economic policies and raises interest rates.
shared by @HamzeiAnalytics, @FGoria, @nasiripour, @DavidSchawel
 
The Cost of New Banking Regulation: $70.2 Billion
Wall Street Journal
New regulation stemming from the financial crisis has cost the six largest U.S. banks $70.2 billion as of the end of last year, according to a new study.
shared by @EpicureanDeal, @AmerBanker, reddit/Economics, @Alea_, @nasiripour, @eisingerj
 
Why Can’t the Banking Industry Solve Its Ethics Problems?
New York Times
Scandals keep occurring, even after the financial crisis, raising the uncomfortable possibility that the industry is fundamentally flawed.
shared by @ObsoleteDogma, @retheauditors, reddit/Economics, @ritholtz
 
How Are “Protected Weekends” Working Out for Young Bankers?
Slate
In October of last year, Goldman Sachs made a quiet but audacious decision. The youngest investment bankers in the firm, it announced to a stunned Wall Street, would be encouraged—even instructed—to take Saturdays off.
shared by @kevinroose, @counterparties, @EpicureanDeal, @M_C_Klein
 
The most attractive bankers work here
CNBC
Mirror, mirror on the wall, who’s the fairest financier of them all? An analysis of one dating app’s data breaks it down: Goldman Sachs bankers rated most attractive, Citi least.
shared by @LaurenLaCapra, @BarbarianCap, @ericjackson
 
FCC Chairman: Verizon Uses a ’Disturbing’ Loophole to Throttle Unlimited Data
vice.com
Tom Wheeler calls Verizon Wireless out for using "network management" as an excuse to pad its bottom line.
shared by @howardlindzon, @MParekh, @Techmeme, @ritholtz
 
Are Corporate Taxes Headed the Way of Prohibition?
HBR
Corporate "inversion" deals to avoid U.S. taxes are a plague. But so is the U.S. corporate tax code.
shared by Abnormal Returns, @MarkThoma, @TimOBrien, @HamzeiAnalytics
 

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