tyb
>that was fun!
GTMO844 Beech Huron appears off south florida coast nw
C-560 crew update
R90101 C-560 east from Los Alamitos
EASY40 C-560 ne from San Antonio Int'l
PAT104 C-560 se from Chicago O'Hare Int'l
LOBO715 C-560 south from Utica, NY Griffiss Int'l
PAT007 continues west from JBA
U.S. awards airports $10 billion in grants amid travel falloff
The U.S. Transportation Department on Tuesday awarded nearly $10 billion to U.S. airports struggling with a massive falloff in travel demand because of the coronavirus pandemic.
Congress approved the money late last month and the department has previously awarded $25 billion to public transit systems and $1 billion to U.S. passenger railroad Amtrak.
The awards include $377 million for Chicago’s two major airports, $338 million for Atlanta, $323 for Los Angeles, $299 million for Dallas-Fort Worth, $295 million for New York’s two major airports, $255 million for San Francisco, $206 million for Miami, $147 million for Newark, New Jersey; $143 million for Washington-Dulles and $142 million for Detroit. “This $10 billion in emergency resources will help fund the continued operations of our nation’s airports during this crisis and save workers’ jobs,” said U.S. Transportation Secretary Elaine Chao in a statement. Airports can use the funds for capital expenditures, operating expenses including payroll and utilities, and debt payments.
https://www.reuters.com/article/us-health-coronavirus-usa-airports/u-s-awards-airports-10-billion-in-grants-amid-travel-falloff-idUSKCN21W26K
Hedge Fund Managers Quietly Apply For Bailouts As Small Businesses
Several hedge funds have attempted to tap into the $349 billion Paycheck Protection Program included in the historic $2 trillion US stimulus package designed to keep small businesses afloat during the chinavirus pandemic. Managed by the Small Business Administration, the PPP was intended to cover payroll, rent and utilities for up to eight weeks, providing loans which convert to grants if recipients retain or rehire their workers. In fact, an entire cottage industry has sprung up surrounding the program, with law firms hosting webinars for struggling businesses looking for guidance on how to gain access to the funds.
And as Bloomberg reports, some hedge funds have already applied - certifying on an official form that their small businesses (with fewer than 500 employees), and that the "current economic uncertainty makes this loan request necessary to support the ongoing operations."
While the rules of the program make clear that banks and insurance companies are ineligible for the small-business loans, it's less clear where hedge funds and proprietary trading shops fall - as the Treasury and Small Business Administration's policies are unfortunately murky.
One manager, who asked not to be named, said he was outraged when he received a note from his accountant analyzing his potential eligibility. Why, he asked, would a hedge fund that earns its money collecting management fees, and can make money if it’s skilled, avail itself of a government handout? -Bloomberg
The move by hedge funds - endeavors which carry the fundamental risk of loss - has raised more than a few eyebrows.
Ironically, hedge funds are designed to employ as few people as possible so star traders don’t have to share millions of dollars in fees. The industry gets its name from the premise it can generate gains even when markets fall.
The question of whether to partake in the program is dividing members of the money management community. Some traders have called it morally corrupt, while others insist they are small businesses – just like hair salons, restaurants and dry cleaners – that could use a helping hand after global markets tumbled and cost them money. Given that the program is first come, first served, some managers were quick to submit their paperwork, according to market participants, even if eligibility remains unclear. -Bloomberg
One such hedge fund manager is David Motschwiller - head of trading firm First New York, who said he was still deciding whether to try and tap into the funds to pay employees, including a receptionist and office manager who are effectively furloughed since everybody is working from home. After reaching out to around 15 other hedge funds from his network about whether they too were contemplating tapping into the PPP, Motschwiller claims that "no one has said 'no'."
Bloomberg notes that while the industry's top players probably have no interest in the bailouts, money managers who are just starting out might be encouraged to apply in order to help launch their dreams, according to Anthony Scaramucci, founder of SkyBridge. The former White House employee and turncoat says that "Just because the business has a name, private equity or hedge fund manager, doesn’t necessarily mean that they’re loaded with rich people."
The chatter among money managers has grown loud enough to prompt a warning last week from Aksia, which advises institutional investors on placing money with hedge funds and other alternative investment firms. The firm said it would view any opportunistic use of the program “negatively” when counseling pension funds and other institutions with about $160 billion to invest.
A manager with a healthy business who takes advantage of a program that isn’t “precisely defined, is not only showing poor moral judgment and potentially hurting the reputation of the alternatives industry, but it’s also probably crowding out struggling workers and businesses severely impacted by Covid-19,” Aksia said in the memo. -Bloomberg
Meanwhile, hedge fund industry group The Managed Funds Association has also come out against the use of PPP loans, saying in a statement "While we recognize that every manager must make their own decision about the viability of their firm, we have provided guidance to our members that we do not believe the money in this program was intended for managers general partnership interests."
Like that's going to stop them…
https://www.zerohedge.com/markets/hedge-fund-managers-apply-bailouts-small-businesses
LOBO715 C-560 south from Utica, NY Griffiss Int'l on final at MCAS Cherry Pt
CACTUS4 C-560 from Ft. Worth NASJRB ne
JPMorgan profit dives as banks brace for chinavirus-led loan defaults
JPMorgan Chase & Co’s (JPM.N) profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead. The results painted a grim picture at the start of a long, tough period for lenders, with Chief Executive Jamie Dimon saying the economy was facing a “fairly severe” recession because of the economic shutdown caused by the coronavirus.
The bank’s net income fell to $2.87 billion, or 78 cents per share, in the quarter ended March 31, compared with $9.18 billion, or $2.65 per share, a year earlier.
Analysts on average had expected $1.84 per share, according to Refinitiv. It was not immediately clear if the reported numbers were comparable with estimates.
One month ago, analysts had estimated that JPMorgan would make $2.74 per share, according to Refinitiv data. The additional reserves, largely as a result of COVID-19, reduced results by $1.66 per share, JPMorgan said.
That tone was repeated by the No. 3 U.S. bank, Wells Fargo & Co (WFC.N), which also reported profits plunged as it boosted reserves in the first quarter.
In total, JPMorgan recorded charges worth $8.3 billion in the first quarter, mostly due to money the bank set aside to cover loans. JPMorgan also reported a $951 million-loss on derivatives and an $896-million markdown on its bridge loans.
The bank’s shares were down about 3% in mid-day trading.
JPMorgan’s chief financial officer, Jennifer Piepszak, that the bank may “meaningfully” increase the amount it is holding in credit reserves next quarter and later in the year if the economy worsens.
“We haven’t actually seen the stress emerge yet,” Piepszak said. “What we took in the first quarter is our best estimate of future losses. It is our best estimate of the losses that will inevitably emerge through this crisis.”
The reserves included $4.5 billion against potential consumer loan defaults as millions of Americans lose their jobs and struggle to make payments on anything from iPhones to cars to new microwaves.
A new accounting rule requires banks to take provisions now if a borrower may default at any point during the agreement, even if that is months or years away. Revenue at three of its four main businesses were down, although trading proved to be a bright spot in an otherwise dismal quarter.
of course the ONLY place where rampant manipulation is allowed.
JPMorgan’s investment bank was hurt by a near-total halt in M&A activity and underwriting, with the exception of investment-grade debt.
Bank of America Corp (BAC.N), Citigroup Inc (C.N) and Goldman Sachs Group Inc (GS.N) will report results on Wednesday and Morgan Stanley (MS.N) on Thursday.
https://www.reuters.com/article/us-jpmorgan-results/jpmorgan-profit-dives-as-banks-brace-for-coronavirus-led-loan-defaults-idUSKCN21W1BW
>there will come a time there will be 'no bid' on bonds, look at the EU. public confidence in gov't to deliver them out of the mess they've created
been bankrupt since 2008 or earlier. Only got that far because of derivatives. Powell and Banker's Trust "gift" to Deutsche Bank gonna bite hard soon.
o7