Jueves 16/04/15 inicios de casas

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Re: Jueves 16/04/15 inicios de casas

Notapor Fenix » Jue Abr 16, 2015 5:57 pm

175,846,629,768 Reasons Why Ben Bernanke Joined Citadel
04/16/2015 10:40

No, that is not the number of hits his blog posts got, neither is that what Ben Bernanke will make as the most recent employee of Citadel (at least not for a few years until the the eponymously named helicopter makes a landing and hyperinflation runs wild).

It is also not the assets under management held by HFT titan, and Bernanke's new employer, Citadel. As Citadel reminds us in its regulatory filing with the SEC, "as of December 31, 2014, in Funds managed on a discretionary basis, we had approximately $23,804,000,000 in net assets under management."

Only.

So what does the number above represent? Well, as Item 5 of Citadel's Form ARV also filed with the SEC every year just before the end of the first quarter, $175,846,629,768 is the total amount of regulatory assets held by Citadel.

At this point one can also add +1 to Citadel's 979 employees.

But what are regulatory assets? For the answer we go back to not only our post from April of last year in which we showed the world's "Most Levered Hedge Funds" but better yet, to a Bloomberg article from April 2012, in which we read:

In seeking to adopt a uniform method for determining who met the threshold, regulators instructed firms to count assets that most were excluding from tallies on size, including holdings obtained through loans, short sales and hedging. Traditionally, hedge-fund advisers have quoted a net number, comprising investor capital plus investment gains and losses, when disclosing their assets under management.

In other words, the only difference between net assets and regulatory assets is one simple word: leverage.

Bloomberg continued:

While some fund managers only gave information on their gross assets, 31 of the 50 largest also disclosed their net assets in a separate section known as the client brochure. For these advisers, gross assets of $949 billion were more than double their net assets of $422 billion.

That indicates hedge funds may be using as much leverage as they did prior to the 2008 financial crisis. On average, hedge funds held total assets that were double their net capital as recently as 2007, said Daniel Celeghin, a partner at Casey Quirk & Associates LLC, a Darien, Connecticut, adviser to asset managers.

Three years later hedge funds are using more leverage than they did prior to the financial crisis. Much more, as we also showed a year ago. This year it's even worse.

But nowhere is this greater than at, drumroll, Citadel. Again, Bloomberg from three years ago:

The amount of leverage that an adviser uses, and thus its ratio of regulatory to net assets, is often tied to the firm’s primary trading strategies. Prime brokers are often willing to lend more money to firms that make bets that aren’t tied to market swings, said Leonard Zacks, a Chicago-based money manager who oversees about $2 billion.

Citadel, for instance, generally seeks to follow strategies that have a low correlation to stock and credit markets. An example would be an index arbitrage trade in which a fund manager bets that futures on the Standard & Poor’s 500 Index are cheap relative to the price of the individual stocks that comprise the benchmark.

“From the prime broker’s point of view, they have an almost zero risk portfolio,” said Zacks, who has been running a market-neutral strategy for 15 years. He said most market-neutral strategies use leverage of three to four times capital.

Citadel’s gross assets were also nine times its net figure back in May 2008, when the company was bulking up on convertible bonds as part of a relative-value strategy designed to profit from small price differences in related securities. The firm had gross assets of $145 billion at the time before the bets went awry, leaving clients with a 55 percent loss for the year.

And, as the latest leverage update shows, Citadel's leverage is absolutely mindblowing and approaches that of some banks.

And that, in a nutshell, is Bernanke's job: to make sure that Citadel's 7.4x leverage only keeps rising, and that its "true" regulatory assets of $175.8 billion follow. Because if there is one thing Bernanke has experience with, it's lots and lots of leverage.
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Re: Jueves 16/04/15 inicios de casas

Notapor Fenix » Jue Abr 16, 2015 6:07 pm

Fed's Fischer Says Fed Can't Be "On Hold For Ever", Spooks Bonds & Bullion
Tyler D.
04/16/2015 10:29

Fed vice-chair Fischer speaks and markets must show that what he says is important. Shortly after uttering the following:

* *FISCHER: MARKETS CAN'T DEPEND ON FED STAYING ON HOLD FOR EVER

Bond yields spiked and gold and silver prices tumbled (because it's all about the signal). Stocks initially ignored his comments, but are starting to lose ground now.

See - The Fed is serious!!

And stocks... not exactly dumping...yet



Greek Bonds Tumble On News IMF Rejected "Unofficial" Greek Request To Delay Payment
Submitted by Tyler D.
04/16/2015 - 08:18

"Greek officials have made an informal approach to the International Monetary Fund to delay repayments of loans to the international lender," FT reports. Knowing it faces the rather untenable choice between paying the IMF or paying public sector wages and pensions, Athens attempted to "shuffle" its payment schedule around to no avail. Yields on GGBs spiked as the now openly insolvent Greece stares into the drachma abyss.



Goldman Reports Best Quarter In Four Years, "Average" Employee Paid $381,948
Submitted by Tyler D.
04/16/2015 - 08:04

The one TBTF "bank" which unabashedly admits it is just a taxpayer backstopped hedge fund printing money for its owners (while supervising the NY Fed and all other central banks with various former employees in charge) with no actual lending or depository operations, Goldman Sachs, just hit it out of the park, when moments ago it reported Q1 earnings that smashed both top and bottom-line expectations, with revenues of $10.62 billion, up 13.8% from last year, and EPS of $6.00 printing far above the expected $9.31bn and $4.26. This was the best revenue generating quarter for Goldman since Q1 2011, or in four years.


Ben Bernanke To Join World's Most Levered Hedge Fund: HFT Powerhouse Citadel
Submitted by Tyler D.
04/16/2015 06:37
Several years ago, Zero Hedge first, and to our knowledge only, reported that when it comes to unofficially executing trades in the equity market the NY Fed - through a slightly more than arms-length arrangement - does so using Chicago HFT powerhouse Citadel. In other words, while Citadel was instrumental in preserving the smooth, diagonal ramp in stocks since 2009 and igniting upward momentum just as everyone else stared to sell when the Markets Group of the NY Fed called, it was also paid handsomely: after all, nobody checks the Fed's broker commission statement. In fact according to some, indirect Fed compensation to what is the world's most leveraged hedge fund has been in the billions over the past decade.

Well, now it's payback time, and as the NYT reported overnight, the Brookings Institution's favorite blogger, former Fed Chairman Ben Bernanke, has joined none other than Citadel as an advisor.

According to the NYT, "while Mr. Bernanke will remain a full-time fellow at the Brookings Institution, the new role represents his first somewhat regular job in the private sector since stepping down as Fed chairman in January 2014. His role at Citadel was negotiated by Robert Barnett, the Washington superlawyer who also negotiated a deal for his book, “The Courage to Act,” which Mr. Bernanke recently submitted to his editor and will be published in October."

From the NYT:

Mr. Bernanke will become a senior adviser to the Citadel Investment Group, the $25 billion hedge fund founded by the billionaire Kenneth C. Griffin. He will offer his analysis of global economic and financial issues to Citadel’s investment committees. He will also meet with Citadel’s investors around the globe.

It is the latest and most prominent move by a Washington insider through the revolving door into the financial industry. Investors are increasingly looking for guidance on how to navigate an uncertain economic environment in the aftermath of the financial crisis and are willing to pay top dollar to former officials like Mr. Bernanke.

Mr. Bernanke joins a long parade of colleagues and peers to Wall Street and investment firms. After stepping down, Mr. Bernanke’s predecessor, Alan Greenspan, was recruited as a consultant for Deutsche Bank, the bond investment firm Pacific Investment Management Company and the hedge fund Paulson & Company.

There is one difference: while Greenspan was brought on to share his wrong macro opinions with entities that at least had macro exposure on paper, all Citadel does is HFT after repeated, failed attempts to engage in various other investment banking verticals. That, and of course massively frontrunning retail orderflow. As such, with Bernanke's move one can finally see the unholy nexus of central banks and HFT algos in precisely the light we have described it since 2009: central banks manipulating markets from the top, HFTs manipulating markets from the bottom.

Oh, and did we mention Citadel is the world's most levered hedge fund on a regulatory basis? That's because it is.

In any event, it's blacklisted_site for Ben, who must have quickly realized there isn't much money to be made in blogging.

While Mr. Bernanke declined to disclose his compensation, he said he would be paid an annual fee but would not own a stake in the firm or receive a bonus based on its performance. His arrangement with Citadel is not exclusive, so he could take on other consulting roles. Mr. Bernanke said that he could not determine exactly how much time he expected to devote to Citadel.

He added that he did not consider himself an investor; he plans to offer Citadel his perspective on monetary issues and other matters of public policy that Citadel will use as “inputs” into its investment decisions.

“I was looking for an opportunity to use my skills and knowledge,” he said. “This is an interesting firm.”

In a statement, Mr. Griffin said: “We are honored to welcome Dr. Bernanke to Citadel. He has extraordinary knowledge of the global economy and his insights on monetary policy and the capital markets will be extremely valuable to our team and to our investors.”

To summarize: a day after the NY Fed itself revealed it is opening a "back-up" trading floor in Chicago ("in case of a disaster or other eventuality") to be closer to the HFTs, Ben Bernanke himself is joining the most prominent HFT there is (also in Chicago). Just in case there was still any doubt who runs the "markets."
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Re: Jueves 16/04/15 inicios de casas

Notapor admin » Jue Abr 16, 2015 9:36 pm

Chile: Miles de estudiantes marchan contra la corrupción

Chile: Miles de estudiantes marchan contra la corrupción
Santiago de Chile. Miles de estudiantes coparon la céntrica avenida Alameda de Santiago de Chile, en una multitudinaria marcha convocada en contra de la forma en la que se esta implementando la reforma educativa, pero también en reclamo de los casos de corrupción que remecen la política chilena.

Con miles de pancartas, banderas y al son de los tambores, los estudiantes volvieron a salir a las calles pero esta vez no solo los convocó la reforma educativa, sino además la indignación por los casos de corrupción destapados recientemente.

"Estamos por lo que sale en las noticias de la corrupción sobre Soquimich, el caso Penta, por eso estoy aquí para protestar", dice a la AFP María Paz, cuando avanzada con la marcha frente al palacio de gobierno.

Entre las miles de pancartas, una que pedía "que se vayan todos..." sobresalía del resto, como reflejo de la indignación que rodea a los estudiantes.

"Creo que sería lo mejor que se fueran, porque si no van a hacer reformas para quedarse ahí y seguir haciendo lo mismo siempre", agrega la joven estudiante.

Chile: Miles de estudiantes marchan contra la corrupción
Foto: AFP

En la caminata participaron unas 20.000 personas, según cifras policiales, y unos 150.000, según los organizadores. Algunos medios dijeron que había unos 50.000 manifestantes.

En enero, después de un año de duro trámite legislativo, la presidenta Michelle Bachelet logró aprobar la primera parte de la reforma educacional que le valió la reelección. En ella, se establece el fin a la selección de estudiantes y la obtención de ganancias en escuelas públicas.

Pero mientras celebraba esta aprobación, estalló un caso de supuesta corrupción que involucra a su hijo mayor, Sebastián Dávalos, y su esposa Natalia Compagnon, por una millonaria compra y venta de terrenos.

Ambos son investigados por el eventual "uso de información privilegiada" y "tráfico de influencia", tras la obtención de un crédito por 10 millones de dólares destinados a la compra de unos terrenos que luego vendieron en 15 millones, por un proyectado cambio en el uso de suelos.

Dos de los empresarios más influyentes del país, Carlos Délano y Carlos Lavín, están presos además desde hace más de un mes en el denominado Caso Penta, que investiga delitos tributarios, sobornos y financimiento ilegal de políticos.

Tras el Penta estalló el "caso Soquimich", donde se investiga a esta minera controlada por el exyerno del dictador Augusto Pinochet (1973-1990), también por delitos tributarios y financiamiento ilegal de políticos.

Bachelet ha comprometido para el 2016 la gratuidad universal a nivel universitario, pero el proyecto de ley aún no ingresaba al Congreso.
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Re: Jueves 16/04/15 inicios de casas

Notapor admin » Jue Abr 16, 2015 9:37 pm

La violencia antisemita en el mundo aumentó un 40% en 2014

La violencia antisemita en el mundo aumentó un 40% en 2014
Los actos antisemitas violentos en el mundo aumentaron cerca de un 40% el año pasado, según un estudio de la Universidad de Tel Aviv, que señala principalmente a países como Francia y Reino Unido.

En 2014 se produjeron 766 actos antisemitas violentos contra personas o instituciones judías, frente a los 554 de 2013, indica el informe anual del centro Kantor para el Estudio del judaísmo europeo contemporáneo, publicado cada año con motivo de la conmemoración en Israel del Holocausto.

En concreto, el número de ataques a mano armada contra personas o instituciones judías aumentó más del doble en 2014, con 68 casos en el mundo, y los ataques contra sinagogas también crecieron hasta un 70%, según este estudio.

Como en los años precedentes, fue en Francia, país de Europa con mayor número de judíos (unos 600.000), donde más incidentes antisemitas violentos se produjeron, 164 en total. Sin embargo, según el estudio, fue Reino Unido el país que registró un mayor incremento: 141 actos violentos en 2014 frente a 95 en 2013.

Este informe subraya asimismo una tendencia mundial a reforzar los planes gubernamentales de lucha contra el antisemitismo, si bien considera que "no tienen ningún efecto sobre los primeros actores del antisemitismo: la extrema derecha y la extrema izquierda, el islamismo radical y otros grupos sin afiliación política".
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Re: Jueves 16/04/15 inicios de casas

Notapor admin » Jue Abr 16, 2015 9:40 pm

Mal!
--

INEI: Economía peruana solo creció 0,94% en febrero

De acuerdo a cifras oficial del INEI, la economía peruana creció en febrero 0,94%, por debajo de lo estimado por los analistas, que preveían un tímido avance 1,35% para el segundo mes del año.

La cifra, que evidenció que la recuperación de la economía peruana sería lenta, se debió a las severas caídas de los sectores pesca y construcción. Los sectores de minería, que registró una baja extracción minera, hidrocarburos y manufactura también reportaron un mal desempeño en el mes de análisis.

La expansión de febrero es muy inferior al crecimiento de 5,42 ciento del mismo mes del año pasado y también es menor al avance de 1,68 por ciento registrado en enero último.

Con el resultado de febrero, la economía del tercer productor mundial de cobre acumuló un crecimiento de 1,31% en los dos primeros meses del año; mientras que la tasa anualizada hasta febrero muestra un avance de 1,81 por ciento.

A nivel desestacionalizado, la economía retrocedió un 0,3 por ciento en febrero frente a enero.

El Instituto Nacional de Estadística e Informática (INEI) precisó en una conferencia de prensa que en febrero el sector de minería e hidrocarburos cayó un 2,4%.

Solo el subsector minero, clave para la economía local y cuyas exportaciones representan el 60 por ciento de todos los envíos del país, retrocedió un 1,01 por ciento en febrero.

Asimismo, la actividad en los sectores de construcción y manufactura, ambos grandes generadores de empleo, cayeron en el segundo mes del año un 9,88% y un 4,28%, respectivamente, refirió el INEI.

Compensaron en febrero el comportamiento del sector comercio, que creció un 3,35%, y del rubro de servicios, que se expandió un 4,7%.

La economía peruana registra una desaceleración desde hace varios meses, golpeada por una menor demanda de minerales de grandes consumidores como China y menos inversiones.

El Gobierno del presidente Ollanta Humala ha respondido con varias medidas que incluyeron una baja de impuestos y una mayor inversión pública, pero la recuperación sería lenta porque los precios de los metales continuarían deprimidos, según analistas.

Fuente: Con información de Reuters.
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