German AF GAF 677 Bombardier Global 5K departed Dulles Int'l after an overnight and did a fly by at Montreal-Cartier Airport then en
RCH764T USAF C-17 Globemaster departed JBA west
Credit Suisse to Make Payment in Scandal-Hit Fund in Coming Weeks
Credit Suisse Group AG plans to make a further cash repayment to investors in its scandal-hit $10 billion group of supply chain funds in coming weeks after returning $3.1 billion so far to investors. The payment will be made by early to mid-April the bank said, adding that it expects the majority part of the funds’ investments to be recovered in the liquidation process. The bank said the four funds have current cash equivalents of about $1.5 billion. The funds need to retain some cash to ensure the ability to wind down the portfolio in the best interest of investors, the bank said. “We continue to explore other options for expediting the return of cash to investors,” the bank said in an Q&A on its website.
Credit Suisse is battling on multiple fronts. The Swiss bank expects its loss tied to the implosion of Archegos Capital Management to run into the billions, according to people with knowledge of the matter, while it is still grappling with litigation threats from investors, potential financial losses and regulatory scrutiny around Greensill. Earlier this month, the bank replaced asset management head Eric Varvel with ex-UBS Group AG executive Ulrich Koerner.
The bank also said today that a suspension of separate funds that had invested in the supply chain finance strategy will be lifted, while the hard-to-value assets will be separated into side-pockets.
https://www.bnnbloomberg.ca/credit-suisse-to-make-payment-in-scandal-hit-fund-in-coming-weeks-1.1584727
Notice how it does not say "full repayment" and the "hard-to-value assets" i.e. those valued with mark-to-model instead of mark-to-market (real value) will be "separated"…..
been asked that too many times
yes I recall something similar..pointed them to fractional reserve banking.
They (Fed) got rid of any reserve requirement(s) in March last year…not that they were in the business of actually enforcing anything mind you.
Then someone asked about 10 yr bond prices etc….
yep..when DB "sold" $50B in "assets" to Goldman–about 2 years ago..
Pressure for hedge fund scrutiny builds as Yellen leads her first U.S. financial stability meeting
U.S. Treasury Secretary Janet Yellen is facing pressure from Democrats to revive tougher scrutiny of hedge funds and other large pools of capital as she heads her first meeting of the premier grouping of U.S. financial regulators on Wednesday. The meltdown of leveraged hedge fund Archegos Capital Management this week, which inflicted losses on Credit Suisse, Nomura and other intermediaries, gives the Financial Stability Oversight Council fresh evidence to review.
The council, led by Treasury and including heads of the Fed, the Securities and Exchange Commission and other major financial regulators, is scheduled to meet at 3 p.m. EDT (1900 GMT) to privately discuss hedge fund activity and the performance of open-end mutual funds during the coronavirus pandemic. It also will hold a rare public session to discuss financial system risks from climate change for the first time. Archegos’ failure to meet margin calls is the third significant market episode in the space of a year involving faltering hedge funds or open-end mutual funds. Thus far, the damage from the Archegos incident has been limited to a handful of stocks, including ViaComCBS Inc and Discovery Inc, but concerns are rising that trillions of dollars in government coronavirus aid will fuel more market risk-taking.
Former Treasury Secretary Jack Lew used the FSOC from 2014 to 2016 to focus on risks posed by hedge funds and asset managers, forming a working group here to study their use of leverage. Yellen, an FSOC member as Fed chair, backed these initiatives. The fund leverage working group was abandoned by President Donald Trump’s Treasury secretary, Steven Mnuchin. The FSOC also weakened rules on the designation of nonbank financial institutions as systemically important. Gelzinis said that a good FSOC start for Yellen would be to revive the Treasury working group on hedge fund leverage.
The Treasury declined to comment further on the agenda for Wednesday’s meeting, which was issued last week, before news of the Archegos downfall broke.
https://www.reuters.com/article/usa-markets-treasury/pressure-for-hedge-fund-scrutiny-builds-as-yellen-leads-her-first-u-s-financial-stability-meeting-idUSL1N2LS2Q5
Myanmar coup latest: Protesters bang pots as army escorts CNN crew
Wednesday, March 31
6:00 p.m. The Committee Representing Pyidaungsu Hluttaw (CRPH), made up of lawmakers from the ousted government, issues a "final call" for civil servants to participate in the Civil Disobedience Movement, or CDM. CRPH's statement says the deadline for the CDM is midnight tonight. A "public government" is to emerge in the first week of April, according to the statement.
5:00 p.m. Yangon suffered a blackout after 1:44 p.m., owing to a technical accident, according to a Facebook post from Yangon Electricity Supply Corp. The electricity supply was restored in Yangon around 4:30 p.m. Power outages were also reported in Naypyidaw and Mandalay. This is the second nationwide blackout since the coup, following an incident on March 5.
4:50 p.m. People in Yangon banged pots and pans on Wednesday in a show of defiance against the ruling junta as a heavily armed convoy escorted a CNN news crew in Yangon. "The phone doesn't pick the sound well but people were banging pots and pans as our heavily armed convoy drove past," CNN Chief International Correspondent Clarissa Ward wrote in a social media post. One Twitter user, identified as San San, wrote that she believed Ward would be shown false evidence by the junta keen to give the impression that the situation was under control. "We are banging pots and pans simultaneously at 1 p.m. to show her peacefully that we all are against the military coup and we are actually not OK!" she tweeted.
1:28 p.m. Khin Maung Zaw, the leader of Aung San Suu Kyi's defense team says that Min Min Soe, an attorney, has met the detained leader at 11 a.m. virtually. A message from Khin Maung Zaw shared with Nikkei Asia says that Suu Kyi's "physical situation… seemed good," citing Min Min Soe. At the meeting, Suu Kyi "officially appointed six lawyers for her defense in cases against her," the message reads. It was the first time that Suu Kyi had met any of her defense team since she was detained in the coup on Feb. 1. Khin Maung Zaw also tells Nikkei the virtual meeting between Suu Kyi and the attorney lasted about 30 minutes, and Suu Kyi seems detained at her own residence. "From the background of the video conference on the screen, it seems to be her own residence [in Naypyidaw]," the leader of defense team adds.
2:50 a.m. Global companies should consider cutting their capital ties with the Myanmar military's sprawling business interests, U.S. Secretary of State Antony Blinken urges. "Some countries and some companies in various parts of the world have significant investments in enterprises that support the Burmese military," Blinken tells a news conference. "They should be looking at those investments and reconsidering them as a means of denying the military the financial support it needs to sustain itself against the will of the people."
1:20 a.m. Presenting the Myanmar military with an ultimatum, however good the international community's intentions, risks inflaming violence in the country, Russia's first deputy permanent representative to the United Nations, Dmitry Polyanskiy, says in a tweet. Russia, which sent Deputy Defense Minister Alexander Fomin to Myanmar for the weekend Armed Forces Day celebration, has maintained at the U.N. that the Southeast Asian nation's crisis is an internal affair that needs to be resolved by the Myanmar people.
https://asia.nikkei.com/Spotlight/Myanmar-Coup/Myanmar-coup-latest-Protesters-bang-pots-as-army-escorts-CNN-crew
NAR: Pending Home Sales Decrease 10.6% in February
Pending home sales dipped for a second straight month in February, according to the National Association of Realtors. Each of the four major U.S. regions witnessed month-over-month declines in February, while results were mixed in the four regions year-over-year. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, dropped 10.6% to 110.3 in February. Year-over-year, contract signings fell 0.5%. An index of 100 is equal to the level of contract activity in 2001.
The Northeast PHSI fell 9.2% to 92.3 in February, a 3.9% dip from a year ago. In the Midwest, the index dropped 9.5% to 102.4 last month, down 6.1% from February 2020. Pending home sales transactions in the South declined 13.0% to an index of 133.2 in February, up 2.9% from February 2020. The index in the West fell 7.4% in February to 96.9, up 1.9% from a year prior.
This was well below expectations for this index. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in March and April.
https://www.calculatedriskblog.com/2021/03/nar-pending-home-sales-decrease-106-in.html
Mr. Cooper Group sold by KKR & Co.: $119.32m-Mar 26
Mr. Cooper Group Inc., formerly WMIH Corp, provides servicing, origination and transaction-based services related principally to single-family residences throughout the United States. It offers mortgage servicing and a loan originations platform. The Company operates through its subsidiary, Nationstar Mortgage Holdings Inc. it operates through its brands, such as Mr. Cooper, Xome and Champion Mortgage. The Company’s Mr. Cooper brand is a home loan servicers that is focused on providing a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies. Champion Mortgage is a reverse mortgage servicer. Number of employees : 9 800 people.
https://www.marketscreener.com/quote/stock/MR-COOPER-GROUP-INC-46600303/company/
KKR & Co. Inc. is a global investment firm that manages investments across multiple asset classes, including private equity, energy, health care, infrastructure, real estate, credit and hedge funds. It offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four business lines: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets business line. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities, it manages the firm's assets and deploys capital. Number of employees : 1 583 people.
https://www.marketscreener.com/quote/stock/KKR-CO-INC-44486777/company/
https://finviz.com/insidertrading.ashx?oc=1748073&tc=7&b=2
EXEC1F USAF C-32A departed JBA for Ca.
This AC is used as secondary AF2 and by the State Dept for oversea(s) travel
told ya they were gonna do something douchey on the west coast-this is it
Governor Gavin Newsom and First Lady Jill Biden to visit Delano in honor of Cesar Chavez Day
https://kesq.com/news/news-headlines/2021/03/31/governor-gavin-newsom-and-first-lady-jill-biden-to-visit-delano-in-honor-of-cesar-chavez-day/
80-1074 USAF U-2S Dragon Lady from Beale with a blast down the CA coast and heading inland nao
Helluva day to be up…crystal clear
Dollar’s Share of Global Reserves Sinks to Lowest Since 1995
The dollar’s share of global currency reserves dropped in the fourth quarter to around 59%, the lowest in 25 years, according to International Monetary Fund data.
The slide came in a quarter when a gauge of the greenback fell the most since 2010, and amid questions about how long the dollar can maintain its status as the pre-eminent reserve currency. The Chinese renminbi is transforming into a force to be reckoned with in currency markets, with more yuan changing hands than ever before in London, the world’s leading foreign-exchange center. In the fourth quarter, the euro’s share of official foreign-exchange reserves climbed to 21.2% from 20.5%, while the yuan’s rose to almost 2.3% from 2.1%. The renminbi accounted for 1.94% in the final three months of 2019.
https://www.bnnbloomberg.ca/dollar-s-share-of-global-reserves-sinks-to-lowest-since-1995-1.1584819
done
Banks win dismissal of litigation alleging rigging of U.S. Treasury securities
A U.S. judge on Wednesday dismissed litigation accusing 10 large banks of conspiring to suppress competition in the multi-trillion dollar market for U.S. Treasury securities. The decision by U.S. District Judge Paul Gardephe in Manhattan came in long-running litigation by 21 pension, retirement and benefit funds, as well as unions, banks, individuals, and companies that traded in Treasuries.
https://www.reuters.com/article/treasury-rigging-decision/banks-win-dismissal-of-litigation-alleging-rigging-of-u-s-treasury-securities-idUSL1N2LT2HU
same in 2018
Big banks win dismissal in U.S. of bond rigging lawsuit
https://www.reuters.com/article/us-bonds-lawsuit-rigging-idUSKCN1LE21Z
SEC Opens Investigation Into Archegos Trades That Sparked Rout
The U.S. Securities and Exchange Commission has opened a preliminary investigation into Bill Hwang over his leveraged trades that have roiled Wall Street. The SEC started the civil probe in recent days after Hwang’s Archegos Capital Management made a series of wrong-way wagers that prompted brokers to liquidate his positions, said a person familiar with the matter, who asked not to be named because the inquiry isn’t public. The examination is in its early stages and is being led by the asset-management group in the SEC’s enforcement division. It’s fairly routine after a major market blowup for the SEC to launch a review. The probe may not lead to any allegations of wrongdoing. Hwang didn’t immediately respond to a phone call or email seeking comment. An SEC spokeswoman declined to comment.
https://www.bnnbloomberg.ca/sec-opens-investigation-into-archegos-trades-that-sparked-rout-1.1584912
Load in at LAX-likely for flauxtus…still think they got moar shit planned out here.
The SAM flights over the weekend-with short ground stops plus had a load in at SD from a C-17 T on 0316
SAM952 departed SD Int'l after a gs on Sunday and then went to Oakland Int'l for about an hour and en back to JBA
The other one-SAM080-was a State Dept AC that had a 60 min stop at Burbank and then an overnight at Portland Int'l and returned to JBA on Monday
RCH764T USAF C-17 Globemaster on descent for Los Angeles Int'l from JBA
Build America Bonds may stage a comeback in Biden's infrastructure plan
Build America Bonds may return after a 10-year absence as part of U.S. President Joe Biden’s $2.3 trillion plan to tackle the nation’s infrastructure needs, although some past issuers are wary about selling more of the federally subsidized debt. The popular bond program was created under the Obama administration as part of an economic stimulus law, allowing states, cities, schools, airports, mass transit agencies, and others to sell for a limited time taxable debt with the federal government contributing 35% of interest costs. Between April 2009 and when the authorization expired at the end of 2010, $181.5 billion of the so-called BABs were issued to fund construction projects aimed at helping the nation recover from the financial crisis. Over the last 10 years, BABs on average have outperformed corporate bonds, U.S. Treasuries, and municipal bonds due to factors including the debt’s hefty coupons and scarcity.
Now the $3.9 trillion U.S. municipal bond market is buzzing with speculation that with Democrats in control of the White House and the U.S. Congress, legislation for Biden’s plan will bring BABs back. U.S. Transportation Secretary Pete Buttigieg told CNBC late last week that BABs show “promise.”
https://www.reuters.com/article/usa-biden-infrastructure-bonds/build-america-bonds-may-stage-a-comeback-in-bidens-infrastructure-plan-idUSL1N2LR1UZ
here we go again……
EXEC1F USAF C-32A on descent for Bakersfield-Meadows Field
68-10336 USAF U-2 out of Edwards at 60k/ft
ANON USAF C-17 Globemaster taking off at LAX after a load-out
Arrived as RCH764T and should change back to that shortly
o7
RCH764T USAF C-17 on final at JB Lewis-McChord from LAX ground stop and load out
Not AF1 Joe departed Pittsburgh Int'l after that ridiculous "speech"
82-8000 USAF 747 departed Pittsburgh Int'l Airport
09-0017 USAF C-32A departed JBA west and on hold for Not AF1 Joe
RCH763T USAF C-17 Globemaster departed Charleston Int'l nw-already on descent and going to load up the equipment for not AF1 Joe's visit to Pittsburgh
82-8000 USAF 747 on final approach at JBA from Pittsburgh Int'l
Rocket Mortgage sold by co-founder Dan Gilbert: $499.95m-Mar 29
Dan Gilbert cofounded what would become Quicken Loans the largest mortgage lender in the U.S., in 1985 at 22-years-old. Quicken, which originated nearly $146 billion in mortgages in 2019, went public as Rocket Companies in August 2020 at a $36 billion valuation. He owns the NBA's Cleveland Cavaliers, and wants to bring major league soccer to downtown Detroit. He and his companies have invested $5.6 billion to purchase and rehab a swath of buildings in downtown Detroit, with a plan to create 24,000 jobs. In May 2019, Gilbert suffered a stroke and was hospitalized for nearly a month, before being released. The online sneaker sale platform StockX, which Gilbert cofounded, became a unicorn in June 2019 at a reported valuation of $1.1 billion.
https://www.forbes.com/profile/daniel-gilbert/?sh=485fceea7128
Dan Gilbert's Bedrock lays off 60 amid restructuring
Amid restructuring, Dan Gilbert's Detroit real estate company Bedrock Management Services LLC is laying off 60 employees and trying to move at least some of them into new roles, the company confirmed. The restructuring announced on Monday "will position the company for continued growth and improved service in 2021 and well beyond," according to a company statement. Bedrock said it is working to place those affected in new roles within the Rock Family of Companies.
https://www.detroitnews.com/story/business/2021/03/29/dan-gilbert-bedrock-lays-off-60-employees-amid-restructuring/7054679002/
https://finviz.com/insidertrading.ashx?oc=1569007&tc=7&b=2