FinTwit Set To Lose Some Of Its Most Prominent Voices Due To Loss Of Anonymity

(2) The last four years has been a blast, both financially and politically. While I know many of you didn’t always agree with my snarky takes on Trump, Elon, etc., I hope I at least made you consider a different, if not ancient, point-of-view.
— Diogenes (@WallStCynic) December 29, 2017

Financial twitter is set to lose some of its more prominent “anonymous” voices in just a few days. The reason: in a decision that has passed largely under the radar, beginning in 2018, the SEC will require registered investment advisors – i.e. carbon-based asset managers, hedge funders and so on, to disclose any anonymous social media accounts, on their Form ADV.
This goes back to a recently filed amendment to Form ADV, i.e., the “Umbrella Registration” for asset managers, specifically Item 1. I. as described below by K&L Gates:
Recognizing the increasing use of social media by advisers, the SEC has also amended Item 1. I. to request information regarding the registrant’s accounts on publicly available social media platforms, such as Twitter, Facebook, and LinkedIn. Previously, Item 1. I. only asked for information about an adviser’s websites. Now, the registrant must provide, in addition to its website addresses, the addresses of each of its social media pages in Section 1. I. of Schedule D. However, a registrant should not provide the addresses of websites or accounts on publicly available social media platforms where the registrant does not the control the content, nor should it provide the website and social media addresses of its employees’ accounts, regardless of whether the registrant controls the content of such accounts.

This post was published at Zero Hedge on Fri, 12/29/2017 –.

Senate Passes GOP Tax Reform Bill 51-48, Headed Back To House For Final Vote

BREAKING: Senate votes 51-48 along strict party lines to pass a $1.5 trillion tax bill, sending the updated bill back to the House to re-vote on the measure Wednesday morning. pic.twitter.com/C2KDQecUyc
— NBC News (@NBCNews) December 20, 2017

The Senate voted 51-48 along party lines to pass the sweeping $1.5 trillion GOP tax bill a little after midnight Tuesday, leaving only the House to re-vote, likely on Wednesday morning, after it was discovered that several minor provisions in the legislation were in violation of Senate rules – requiring they be stripped from the bill. As Senator John Kennedy notably said on Tuesday “somebody screwed up.”

This post was published at Zero Hedge on Dec 20, 2017 4.

House Passes Tax-Reform Bill – 12 Republicans, All Democrats Vote Against

Here are the House Republicans who voted against the tax bill, which of course raises the question: With his NO vote, what secret message was Rohrabacher sending to Putin & Assange? pic.twitter.com/B66BY0uIZC
— Ira Goldman (@KDbyProxy) December 19, 2017

After more than six weeks of frenzied negotiations, the House of Representatives has passed the reconciled version of President Donald Trump’s tax plan, leaving only one major hurdle between Republicans and their biggest legislative accomplishment of the Trump era.
In a 227-203 vote, the House passed the tax plan over united Democratic opposition, as well as a flurry of ‘no’ votes from blue-state Republicans who spoke out against provisions in the bill that eliminate deductions for state and local taxesthat will disproportionately impact taxpayers in high-tax states like California and New York. Ultimately, 12 Republicans joined 191 Democrats in voting against the bill.
The vote followed an empassioned debate with Democrats – who labeled the bill the White House “tax scam” – slamming the bill as an attempt to establish a “permanent plutocracy.” Republicans countered that it would benefit all Americans, and evidence of its sanguine impact on the economy would emerge over the next year.
The contentious debate that preceded the vote was interrupted several times by protesters, including people who shouted “kill the bill, don’t kill us!” The Hill pointed out that one of the protesters was a woman in a wheelchair who said she relies on Medicaid and warned that the bill would “starve” the public.

This post was published at Zero Hedge on Dec 19, 2017.

The Full List Of Every GOP Senator Who Stands To Be Personally Enriched By The Tax Bill

Submitted by David Sirota of International Business Times
When the U. S. Senate takes up the final tax bill this week, more than a quarter of all GOP senators will be voting on a bill that includes a special provision that could give them a new tax cut through their real estate shell companies, according to federal records reviewed by International Business Times.
The provision was not in the original bill passed by the Senate on Dec. 1. It was embedded in the final bill by Sen. Orrin Hatch of Utah, who is among the lawmakers that stand to personally benefit from the provision.
In response to Democratic lawmakers who have slammed the provision as a lobbyist-sculpted giveaway to the rich, Republican Majority Whip John Cornyn promoted on Twitter a column by Ryan Ellis, a registered bank lobbyist who has been working to influence the tax legislation and who has defended the provision.
In all, 14 Republican senators (see list below) hold financial interests in 26 income-generating real-estate partnerships – worth as much as $105 million in total. Those holdings together produced between $2.4 million and $14.1 million in rent and interest income in 2016, according to federal records.
IBT first reported on the tax carve-out, which allows investors in ‘pass-through’ entities, including real-estate partnerships such as LLCs and LPs, with few employees to deduct part of their income that passes through those partnerships. In response to IBT’s reporting, Republican Sen. Bob Corker, who owns up to $35 million in ‘pass-through’ real-estate interests, claimed he did not know of the carve-out when he announced his support for the legislation on Friday, after previously casting the only Republican vote against the bill in the Senate, which did not then include the provision.

This post was published at Zero Hedge on Dec 19, 2017.

Billionaire Tycoon Will Be Next President Of Chile

Newly elected president Piera shares breakfast with president Bachelet and Min. of National Affairs Mario Fernandez, discussing transition of power. pic.twitter.com/0jC6H7116z
— SantiagoTimes (@SantiagoTimes) December 18, 2017

A billionaire who has been described as one of the world’s wealthiest politicians just won his second non-consecutive term as president of Chile when he defeated his center-left opponent in what observers are calling a landslide victory in Sunday’s election.
As the Washington Post reported, Sebastin Piera, of the right-leaning National Renovation party and conservative Let’s Go Chile coalition, defeated center-left candidate Alejandro Guillier, of the ruling New Majority coalition, by 9 percentage points, turning the current government out of office. Piera previously governed Chile between 2009 and 2014. Turnout increased between yesterday’s vote and a Nov. 19 runoff, as large numbers of conservative voters showed up at the polls, while leftists stayed home.
Guillier conceded and congratulated his opponent on his win and his return to the presidency after a four-year gap, according to the BBC.

This post was published at Zero Hedge on Dec 18, 2017.

Stocks Surge To All Time High As Corker Unexpectedly Joins Rubio In Supporting GOP Tax Bill

Update: Just hours after Rubio announced that he would support the reconciled Republican tax plan, Tennessee Sen. Bob Corker – the only Republican who voted against the Senate tax bill – has said he, too, will support the legislation.
By supporting the bill, Corker – who has publicly feuded with President Trump, famously comparing the West Wing to an “adult daycare center” – has surprised many observers. A self-styled “deficit hawk”, Corker said in a statement that “while the bill is far from perfect,” he didn’t want to miss out on the “once-in-a-generation opportunity to make US businesses domestically more productive and internationally more competitive is one we shouldnot miss.”
Read his full statement below:
Bob Corker endorses the Republican tax bill, abandoning his deficit concerns. pic.twitter.com/eVVqag2e0q
— Sahil Kapur (@sahilkapur) December 15, 2017

This post was published at Zero Hedge on Dec 15, 2017.

Pound Slides After BOE Holds Rates: Warns Q4 Economy “Slightly Softer”, Sees “Gradual And Limited” Rate Hikes

As previewed moments ago, the BOE decision was rather unexciting, and after its November rate hike – the first in a decade – which many speculated could be a “one and done”, the Bank of England unanimously kept rates unchanged at 0.50% as expected. The lack of dissenters meant this was the first time the nine policy makers have been in agreement since February. The committee also left the BOE’s QE unchanged.
MPC holds #BankRate at 0.50%, maintains government bond purchases at 435bn and corporate bond purchases at 10bn. pic.twitter.com/mrA5UcxxeY
— Bank of England (@bankofengland) December 14, 2017

This post was published at Zero Hedge on Dec 14, 2017.

RAND PAUL: ‘I CANNOT VOTE TO ADD MORE TO THE ALREADY MASSIVE $20 TRILLION DEBT’

Senator Rand Paul said Tuesday that he cannot vote to add more to the national debt. The lawmaker wrote in a post on Twitter that ‘I promised Kentucky to vote against reckless, deficit spending and I will do just that.’
Rand Paul may be one of the few fiscally conservative Republicans in politics today. Paul’s tweet didn’t suggest he would oppose the GOP tax bill due to deficit concerns.
I cannot in good conscience vote to add more to the already massive $20 trillion debt. I promised Kentucky to vote against reckless, deficit spending and I will do just that. pic.twitter.com/BUYqm91mli
– Senator Rand Paul (@RandPaul) December 12, 2017
The lawmaker clarified in a follow-up tweet that tax cuts ‘are never the problem.’

This post was published at The Daily Sheeple on DECEMBER 12, 2017.

Suspect In Custody After Pipe Bomb Explodes At Port Authority, Injuries Reported

Update 2 : The Terrorist in NYC attack is injured and in custody. Bomb exploded prematurely. The suspect is reportedly a Muslim man from Brooklyn, east Flatbush area, Investigators are on the way to his home, for further investigations
* * *
A clip of the moment an alleged pipe bomb exploded at Port Authority around 6:30am on Monday morning has been released.
BREAKING VIDEO: MOMENT OF EXPLOSION AT TIMES SQUARE SUBWAY STATION pic.twitter.com/bb6nEPwfqD
— Breaking911 (@Breaking911) December 11, 2017

This post was published at Zero Hedge on Dec 11, 2017.

US Homelessness Rate Rose This Year For First Time Since 2010

Here’s one statistic about the US economy that you probably won’t find in President Trump’s twitter feed.
Thanks to a surge in homelessness centered around several large west coast cities, the overall rate of homelessness in the US ticked higher this year, the first increase since 2010, according to a survey from the Department of Housing and Urban Development.
The U. S. Department of Housing and Urban Development released its annual Point in Time count Wednesday, a report that showed nearly 554,000 homeless people across the country during local tallies conducted in January. That figure is up nearly 1 percent from 2016.
Of that total, 193,000 people had no access to nightly shelter and instead were staying in vehicles, tents, the streets and other places considered uninhabitable. The unsheltered figure is up by more than 9 percent compared to two years ago.
Increases are higher in several West Coast cities, where the explosion in homelessness has prompted at least 10 city and county governments to declare states of emergency since 2015.
The homelessness crisis is only one byproduct of the burgeoning wealth inequality in the US caused by the Federal Reserve’s decision to pump trillions of dollars of ‘stimulus’ into the markets.
Central-bank money printing has caused asset valuations to balloon while wages for everyone but the most highly skilled workers have stagnated, as the chart below illustrates.

This post was published at Zero Hedge on Dec 7, 2017.

150,000 Flee Los Angeles As Wildfires Rage – “We’ll Be Fighting This All Week”

The gate to nowhere. Home destroyed. Now gas line is burning. #VenturaFires pic.twitter.com/3HUR68Urhc
— Sara Sidner (@sarasidnerCNN) December 6, 2017

In what sounds like a replay of the devastating fires that killed dozens of people and torched a broad swath of California wine country this past summer, at least five discrete fires barreled across Southern California with extreme speed, torching more than 65,000 acres as firefighters struggled to contain the simultaneous infernos.
The first blaze started at about 6:25 p.m. Monday in the foothills near Thomas Aquinas College in Santa Paula, a popular hiking destination. It grew quickly to more than 15 square miles in the hours that followed, consuming vegetation that hasn’t burned in decades, Ventura County Fire Sgt. Eric Buschow said, according to CNN.
Powerful Santa Ana winds and extremely dry conditions have fueled the wildfires, according to the Washington Post, adding hundreds of millions – if not billions – of dollars in damage to what has already been a devastating year for fires. The winds that caused the fires were part of the season’s longest and strongest wind event – driving down from the desert and mountains into the city of Los Angeles.

This post was published at Zero Hedge on Dec 6, 2017.

Dismissed FBI Agent Is One Who Changed Hillary Email Scandal Language From “Grossly Negligent” To “Extremely Careless”

Over the weekend we noted that Special Counsel Robert Mueller’s top FBI investigator into ‘Russian meddling’, agent Peter Strzok, was removed from the probe due to the discovery of anti-Trump text messages exchanged with a colleague (a colleague whom he also happened to be having an extra-marital affair with).
Not surprisingly, the discovery prompted a visceral response from Trump via Twitter:
Tainted (no, very dishonest?) FBI ‘agent’s role in Clinton probe under review.’ Led Clinton Email probe. @foxandfriends Clinton money going to wife of another FBI agent in charge.
— Donald J. Trump (@realDonaldTrump) December 3, 2017

This post was published at Zero Hedge on Dec 5, 2017.

Anti-Trump FBI Agent Changed Language Of Hillary Email Scandal From “Grossly Negligent” To “Extremely Careless”

Over the weekend we noted that Special Counsel Robert Mueller’s top FBI investigator into ‘Russian meddling’, agent Peter Strzok, was removed from the probe due to the discovery of anti-Trump text messages exchanged with a colleague (a colleague whom he also happened to be having an extra-marital affair with).
Not surprisingly, the discovery prompted a visceral response from Trump via Twitter:
Tainted (no, very dishonest?) FBI ‘agent’s role in Clinton probe under review.’ Led Clinton Email probe. @foxandfriends Clinton money going to wife of another FBI agent in charge.
— Donald J. Trump (@realDonaldTrump) December 3, 2017

This post was published at Zero Hedge on Dec 4, 2017.

How Trump Mercilessly Trolls The Media In Five Simple Steps

Almost every morning Americans wake up to yet another Trump tweet storm that sends MSNBC’s ‘Morning Joe’ hosts and guests into an absolute frenzy that begins with modest expressions of ‘outrage’ and ends with Joe Scarborough once again offering up his ‘professional’ medical opinion on Trump’s mental health just before calling for his immediate impeachment.
Of course, as Axios points out today, that daily ‘Morning Joe’ meltdown is all part of Trump’s simple 5-step plan to manipulate the media into covering precisely what he wants them to cover. Here’s how it works…
Step 1: Throw an early morning Twitter bomb, usually but not always timed to “Fox & Friends” fodder or reinforcement. The Tweet-bomb frequently hits “fake news” or some social topic with racial undertones. Within minutes, thousands of Trump’s Twitter followers retweet it, and the sparks fly in response. Trump knows this and has bragged to staff about the storm he’s stirring as he hits “publish.” The data: As president, Trump has tweeted about fake news 124 times, mostly before 9 a.m., and his tweets about fake news average more retweets and likes.

This post was published at Zero Hedge on Dec 1, 2017.

Susan Collins Will Vote For Senate Tax Reform Plan

Update: In a statement, Susan Collins declared her intention to vote for the Senate GOP tax plan, saying the GOP leadership’s decisions to preserve state and local tax deductions up to $10,000 and to expand the child tax credit helped win her support.
“I will cast my vote in support of the Senate tax reform bill. As revised, this bill will provide much-needed tax relief and simplification for lower- and middle-income families, while spurring the creation of good jobs and greater economic growth.”
Here's the full @SenatorCollins stmt RE:her support of the Senate GOP tax plan: pic.twitter.com/nPutmxqHTM
— Frank Thorp V (@frankthorp) December 1, 2017

This post was published at Zero Hedge on Dec 1, 2017.

Trump Sparks Outrage In UK With “Truculent Tweet” To Theresa May After Retweeting Far-Right Videos

.@Theresa_May, don’t focus on me, focus on the destructive Radical Islamic Terrorism that is taking place within the United Kingdom. We are doing just fine!
— Donald J. Trump (@realDonaldTrump) November 30, 2017

President Trump sparked outrage among Britain’s political establishment on Thursday with a sharp rebuke on Twitter of Prime Minister Theresa May on Twitter after she criticized him for retweeting British far-right anti-Islam videos. Following Trump’s condemnation by British politicians who lashed out at the US president for sharing videos originally posted by a leader of a British far-right fringe group, in an unprecedented attack on Theresa May, Trump replied with what Reuters dubbed an “unrepentant message”:
‘Theresa @theresamay, don’t focus on me, focus on the destructive Radical Islamic Terrorism that is taking place within the United Kingdom. We are doing just fine,’ he tweeted.

This post was published at Zero Hedge on Nov 30, 2017.

The Yellen Put – Friend Or Foe?

The term ‘Greenspan Put’ was coined after the stock market crash of 1987 and the subsequent bailout of Long Term Capital Management in 1998. The Fed under Chairman Alan Greenspan lowered interest rates following the fabled event of default and life continued.
The idea of the Greenspan Put was that lower interest rates would cure the market’s woes. Unfortunately, the FOMC has since fallen into a pattern whereby longer periods of low or even zero interest rates are used to address yesterday’s errors, but this action also leads us into tomorrow’s financial excess. As one observer on Twitter noted in an exchange with Minneapolis Fed President Neel Kashkari:
‘Central Bankers are much like the US Forest Service of old. Always trying to manage ‘nature’ and put out the little brush fires of the capitalist system, while they seem incapable of recognizing they are the root cause of major conflagrations as a result.’
When the Federal Open Market Committee briefly allowed interest rates to rise above 6% in 2000, the US financial system nearly seized up. Long-time readers of The Institutional Risk Analyst recall that Citigroup (C) reported an anomalous spike in loan defaults that sent regulators scrambling for cover. The FOMC dropped interest rates at the start of 2001 – nine months before the 911 terrorist attacks – and kept the proverbial pedal to the metal until June of 2004.

This post was published at Zero Hedge on Nov 27, 2017.

Second Republican Senator Says He’s Voting ‘No’ On Tax Reform

#BreakingNews: Sen. @SteveDaines aides to FBN: "No" on tax bill but optimistic about changes pic.twitter.com/2P07bfGIZo
— FOX Business (@FoxBusiness) November 27, 2017

Just hours after Sen. Rand Paul announced he would vote ‘yes’ on the Senate’s tax-reform plan, handing the White House a win, a second Republican senator has publicly declared his intention to vote against the bill, joining Wisconsin’s Ron Johnson in opposition.
And that senator is: Montana’s Steve Daines.
According to Politico, Daines and Johnson have similar objections: They both believe the bill is too generous to corporations while not doing enough to help small businesses, many of which would benefit from a more charitable pass-through rate. For “pass-through’ entities, taxes are generally filed through the individual income tax code and not the corporate tax code.
There are millions of these entities, and they are most often sole proprietorships, limited liability companies or partnerships.
Daines reportedly discussed his reservations about the bill with President Trump over the weekend.

This post was published at Zero Hedge on Nov 27, 2017.

Europe Rebounds From Chinese Rout After Stellar PMIs; US Closed For Holiday

#Eurozone output #PMI hits 79-month high (57.5) in November. Employment rises to greatest extent in 17 years. pic.twitter.com/hCY1Dx9uzh
— Markit Economics (@MarkitEconomics) November 23, 2017

Nothing can keep the BTFD spirit at bay in Europe this Thanksgiving morning.
Having started the session on the back-foot after the biggest Chinese stock market tumble in 17 months (the SHCOMP dropped -2.3%, most since June 2016) amid tighter liquidity conditions as a result of today’s Thanksgiving holiday in the US and attempts by regulators to rein in asset management firms and the micro-loan market, the negative sentiment was short-lived however, a slew of blockbuster November Eurozone PMIs, among which the highest output print in 79 months, with the highest employment number in 17 years, helped revive sentiment in Europe – and brought the Eurostoxx back to green on the session. Among the notable composite PMI prints:
France 60.1 vs est. 57.2 Germany 57.6 vs ext. 56.7 Euro zone 57.5 vs est. 56.0 Markit noted this was a multi-year highs seen for all main indicators of output, demand, employment and

This post was published at Zero Hedge on Nov 23, 2017.