Banks especially fond of insurance for dead employees

Others have previously pointed this out, seems they were on to something Because company-owned life insurance offers employers generous tax breaks, the market is enormous; hundreds of corporations have taken out policies on thousands of employees. Banks are especially fond of the practice. But the banks are major players in this somewhat ethically challenged 'investment vehicle'... Bank of America's policies have a cash surrender value of at least $ billion.   If Wells Fargo had to redeem its policies tomorrow, it would reap at least $ billion.  …
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Bitcoin Mining resembles Gold Mining in lean times? Bloomberg on Bitcoin ASICs, Zerohedge follows, gets AMD right, Litecoin Wrong, veers on newsweeky

Zerohedge got the AMD cards correct, but of course they may soon be surpassed by the Maxwell before pirate islands come around again, passing the "buck" of mining. (Bloomberg has previously confused the two, as well as newegg) They've made a fundamental mistake however, in having no basic understanding of scrypt and sha256. Bitcoin ASIC miners cannot be used for mining Litecoins. It makes the subsequent leap of logic almost as "newsweeky". Even granting the assumption, and giving him/her magic mining machines, it would be moving your Caterpillar…
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Zerohedge’s high frequency primer and bitcoin

I'm against HFT, and when I saw that bitcoin was gonna get HFT that was gonna be bad. Naturally the real problem is the federal reserve, and HFT while a terrible thing, serves to distract from the real issues of central banks and the real people pulling the strings. I suppose after running into Forex, they are again trying to run into bitcoin, with the now increased added regulator scrutiny as goldman prepares to throw hft under the bus and use it as a scapegoat for impending collapse…
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Bitcoin and Financial Institutions March, Goldman Sachs

I work at a big wall street firm. They accounced an internal (employees only) event featuring some Bitcoin it was completely booked 10 minutes after the email came out. () submitted 22 days ago by kinkydiver How does the saying start: first they ignore you, then they laugh at you. Looks like Wall Street is done ignoring and laughing. They may even skip the fight and join in! Goldman Sachs drops the bomb: BTC represents potential annual Retail, E-Comm, Remittance savings of +$210 billion. Reply Retweet Favorite Piper67…
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Bitcoin Assorted Zerohedge

The first paper money systems date back to 11th century China. All of those ended in inflation and currency disaster. Only the Ming Dynasty survived an experiment with paper money – by voluntarily ending it and returning to hard commodity money. Schlichter: "Bitcoin Is Cryptographic Gold" Submitted by Detlev Schlichter via , The Bitcoin phenomenon has now reached the mainstream media where it met with a reception that ranged from sceptical to outright hostile. The recent volatility in the price of bitcoins and the issues surrounding Bitcoin-exchange Mt.…
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Zerohedge: Bitcoin performance v US Federal Reserve Performance

While the volatility of Bitcoin has been considerable, perhaps merely reflective of the early days of a revolution, the fact that the "value experts" at the Fed have pronounced: *DUDLEY SAYS BITCOIN 'IS NOT VERY GOOD STORE OF VALUE' *DUDLEY SAYS ' DOLLAR WINS' OVER BITCOIN ACROSS MANY METRICS ..raised an eyebrow or two on our furrowed brows. We thought a look at the following two charts since the inception of Bitcoin and the inception of the Fed would help clarify "value"   Bitcoin since   And the…
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China First Domestic Corporate Bond Default: zerohedge, bloomberg

Added bloombergs The company said on March 4 it will only be able to pay 4 million yuan ($653,990) of an million yuan coupon due today on the notes. Chaori Solar may become China’s own “Bear Stearns moment,” prompting investors to reassess credit risks as they did after the securities firm was rescued in 2008, according to Bank of America Corp. “We may see other bonds default this year,” said Li Ning, a bond analyst in Shanghai at Haitong Securities Co., the nation’s second-biggest brokerage. “If it’s a…
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Zerohedge: Bitcoin Prices Slide After Mt.Gox CEO Resigns From Foundation Board

Zerohedge has been following the mtgox saga quite closely Bitcoin Prices Slide After CEO Resigns From Foundation Board In what appears yet another straw on the camel's back of (following the re-freeze of account withdrawals), the Bitcoin Foundation this evening reported that: "effective immediately, Mt. Gox has submitted their resignation from the board of directors." Bitcoin prices on the dying exchange tumbled on the announcement after quite an extreme volatility day - which saw prices swing from $151 to $239 and then down to $190 on the news.…
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Early Zerohedge Coverage of Bitcoin

ZH WSJ Gavin Andresen 46-year-old lead software developer for the Bitcoin project The terrifying part of his job is that almost all of the current Bitcoin services now use the same software, so that "any change to the core code has potentially disastrous impact. If everybody rolls out a new version and there's some problem with it, the whole Bitcoin payment network could grind to a halt." So trading has been disrupted and Bitcoins have been stolen and lost. But Mr. Andresen says they have been counterfeited only…
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FOMC Fed Tapers another $10 B to “mere” $65B QE per month, Zerohedge: Fed “ignores” EM crises

Lookey here, here we go again Of course, ignoring is perhaps purposeful? Not disclaimer of problem, but Consensus that the Fed would extend its $10bn taper from December with a further $10 bn taper today (reducing the monthly flow to a 'mere' $65 billion per month - $30bn MBS, $35bn TSY) was spot on. We suspect the view, despite the clear interconnectedness of markets (and flows), of the FOMC is that "it's not our problem, mate" when it comes to EM turmoil. *FED TAPERS BOND BUYING TO $65…
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Litecoin: LLnSyo8rqbJng11b3whVUXSr6nWMtmT1zU
Bitcoin: 158MikZVM8yQviLcvxu1aahTysSxDUaePr