Dan Loeb's New Years Greetings For Everyone

In the past, Third Point’s outspoken chief Dan Loeb contained his tongue-in-cheek Bloomberg header “aphorisms” only to personal “relationships” such as Bill Ackman or Bill Ackman. This time around, he has some New Year cheer for everyone!

Some advice Dan: avoid using the NSAnet and NSAphones, and if you see an IRS truck coming, just jump on the G-IV. One way. Putin needs asset managers too.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/JCYzVOk1zm0/story01.htm Tyler Durden

Dan Loeb’s New Years Greetings For Everyone

In the past, Third Point’s outspoken chief Dan Loeb contained his tongue-in-cheek Bloomberg header “aphorisms” only to personal “relationships” such as Bill Ackman or Bill Ackman. This time around, he has some New Year cheer for everyone!

Some advice Dan: avoid using the NSAnet and NSAphones, and if you see an IRS truck coming, just jump on the G-IV. One way. Putin needs asset managers too.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/JCYzVOk1zm0/story01.htm Tyler Durden

Biggest Defense Boondoggle Ever, F-35 Fighter Jet, Being Built With Illegal Chinese Parts!

The last time I remember writing
something about the long overdue and over-budget F-35 fighter
plane, it was July 2013 and it was
another short bit
about how the Department of Defense was going
to buy even more of a plane that is already costing at least 70
percent much as originally advertised but, well, you know, shit
happens…

Last February, The Fiscal Times wrote a daming expose on
The
Pentagon’s Incredible $1.5 Trillion Mistake
“:

Equally impossible to ignore is the $1.5 trillion price tag for
one of the biggest failures in Pentagon history. $1.5 trillion is
the cost of operating the air craft for 55 years, an amount that
has been consistently increased as the program drags on. It’s the
most expensive weapons system the Pentagon has ever commissioned.
And as problems mount, there are growing concerns that the
F-35 will never fly a combat mission.

Now Reuters is reporting that 

The Pentagon repeatedly waived laws banning Chinese-built
components on U.S. weapons in order to keep the $392
billion Lockheed Martin Corp F-35 fighter program on
track in 2012 and 2013, even as U.S. officials were voicing concern
about China’s espionage and military buildup.

According to Pentagon documents reviewed by Reuters, chief U.S.
arms buyer Frank Kendall allowed two F-35 suppliers, Northrop
Grumman Corp and Honeywell International Inc, to use
Chinese magnets for the new warplane’s radar system, landing gears
and other hardware. Without the waivers, both companies could have
faced sanctions for violating federal law and the F-35 program
could have faced further delays.

The Government Accountability Office (GAO) will
release a report on the matter in March.


Read the whole thing.

Another fun fact: If the Pentagon gets all the F-35s it wants,
it will possess
15 times the number of planes
that China has. Assuming at least
some of those rustbuckets work (and aren’t carrying Chi-Com
hardware that is beaming info back to Beijing), we should be pretty
safe from that air war over the Pacific everyone is predicting to
commence any minute now.

Oh yeah, and while we wait for the GAO report to hit the
newsstands,
suck on this
: The United States already accounts for fully 40
percent of the planet’s spending on military and defense spending
rose by 80 percent in inflation-adjusted dollars between 2001 and
2012. And somewhere in Arizona is a military aircraft graveyard
packe with over $35 billion (with a
b!) in never-used and nearly-new planes.

from Hit & Run http://reason.com/blog/2014/01/03/biggest-defense-boondoggle-ever-f-35-fig
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Bernanke "Swan Song" Fails To Offset Worst Start To Year Since 2008

The weakness in stocks accelerated after Europe's close, was briefly stalled by algo wildness and VWAP buys on Bernanke's completely non-news speech this afternoon, then dropped into the close, but was far outweighed by the moves in commodities. WTI Crude has dropped over 6% in the last 4 days – its biggest such drop in almost 8 months. The last 2 days have seen gold rise at its fastest pace in almost 3 months. Treasuries ended the week practically unchanged with a modest selloff on Bernanke leading to a 2-3bps drop in yield sin 2014 so far. The USD kept soaring on the back of EUR weakness (as the liquidity flows came back out) but JPY was in charge of ferrying stocks once again (until the last few minutes). The Bernanke VIX slam failed to ignite any real momentum and stocks slipped into the close – with the NASDAQ ands SPX red (but Dow green). Of course, POMO restarts next week so shorting will be banned…

AAPL dropped to its 50DMA and pretty much close there today – first time in 2 months…

 

Stocks dropped again in the early Asian session, recovered in Europe, tumbled on Europe's close, rallied on Bernanke's speech, then tumbled into the close…

 

And sector performance from the Taper…

 

VIX remains weak…

 

Commodities on the week…

 

With oil's worst few days in almost 8 months…

 

And the new year in gold…

 

USD strength from the start of the new year after EUR and US lqiuidty needs settled out…

 

Notably JPY was the driver post EU Close but AUDJPY ran the show into the close…

 

With POMO starting agaon next week, we suspect correlations will rise once again – or equity markets have a problem…

 

Charts: Bloomberg

Bonus Chart: The Dow-Nikkei channel remains…

 

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/JRiZn-eJR-U/story01.htm Tyler Durden

Bernanke “Swan Song” Fails To Offset Worst Start To Year Since 2008

The weakness in stocks accelerated after Europe's close, was briefly stalled by algo wildness and VWAP buys on Bernanke's completely non-news speech this afternoon, then dropped into the close, but was far outweighed by the moves in commodities. WTI Crude has dropped over 6% in the last 4 days – its biggest such drop in almost 8 months. The last 2 days have seen gold rise at its fastest pace in almost 3 months. Treasuries ended the week practically unchanged with a modest selloff on Bernanke leading to a 2-3bps drop in yield sin 2014 so far. The USD kept soaring on the back of EUR weakness (as the liquidity flows came back out) but JPY was in charge of ferrying stocks once again (until the last few minutes). The Bernanke VIX slam failed to ignite any real momentum and stocks slipped into the close – with the NASDAQ ands SPX red (but Dow green). Of course, POMO restarts next week so shorting will be banned…

AAPL dropped to its 50DMA and pretty much close there today – first time in 2 months…

 

Stocks dropped again in the early Asian session, recovered in Europe, tumbled on Europe's close, rallied on Bernanke's speech, then tumbled into the close…

 

And sector performance from the Taper…

 

VIX remains weak…

 

Commodities on the week…

 

With oil's worst few days in almost 8 months…

 

And the new year in gold…

 

USD strength from the start of the new year after EUR and US lqiuidty needs settled out…

 

Notably JPY was the driver post EU Close but AUDJPY ran the show into the close…

 

With POMO starting agaon next week, we suspect correlations will rise once again – or equity markets have a problem…

 

Charts: Bloomberg

Bonus Chart: The Dow-Nikkei channel remains…

 

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/JRiZn-eJR-U/story01.htm Tyler Durden

Stop-and-Frisk Architect Sworn in as NYC’s Police Commissioner, Clay Aiken Reportedly Considering Running For Congress, Nearly 1 Million Displaced in CAR: P.M. Links

  • The Chinese icebreaker that helped rescue passengers of a ship
    that got stuck in Antarctic ice is now itself
    trapped
    .
  • The architect of New York City’s stop-and-frisk program has
    been
    sworn in again
    as New York City’s police commissioner.
  • Former American Idol runner-up
    Clay Aiken
    is reportedly considering running for Congress in
    North Carolina.
  • The recent winter storm that hit the northeast U.S. is being
    blamed for the deaths of at least 11
    people
    .  
  • According to Ethiopia’s foreign minister, talks between
    representatives from the South Sudanese government and rebels have
    been
    “fruitful.”
  • The United Nations says that nearly 1 million people have fled
    their homes in the
    Central African Republic
    amid ongoing violence.

Follow Reason and Reason 24/7 on
Twitter, and like us on Facebook.
  You
can also get the top stories mailed to
you—
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up here.
 


from Hit & Run http://reason.com/blog/2014/01/03/stop-and-frisk-architect-sworn-in-as-nyc
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Undocumented Immigrant: "I Am Being Admitted to the Bar, Thank God!"

Sergio Garcia, an undocumented immigrant, was officially granted
a law license by the California Supreme Court January 1, 2014,
after challenging a federal law that barred undocumented immigrants
from receiving professional licenses, unless state lawmakers passed
a law stating otherwise. While the court was hearing arguments in
the case, lawmakers in California passed a bill that was signed by
Gov. Jerry Brown, allowing undocumented immigrants to receive
licenses.

“With tears in my eyes I’m happy to report I am being
admitted to the bar, thank God!” said Garcia on
his Facebook page
, Jan. 2.

The California Supreme Court had to sign off on all new bar
members, and when they found out about Garcia’s status, they asked
the Obama Justice Department to weigh in on the case, to which the
Department said Garcia should not receive a license.
From CNN.com
:

The Obama administration originally opposed Garcia’s
admission to the bar, saying that federal law demanded that
legislation be enacted granting an undocumented immigrant the right
to practice, according to a summary published by

lawprofessors.typepad.com
.

But the Justice Department
backed off
in November after California’s governor signed
a new law that did just that.

The bill, which passed in October and went into effect
this week, allows the bar to admit “an applicant who is not
lawfully present in the United States (who) has fulfilled the
requirements for admission to practice law.”

To see Garcia’s story, watch, “Can an Undocumented Immigrant
Become a U.S. Lawyer?”

from Hit & Run http://reason.com/blog/2014/01/03/undocumented-immigrant-i-am-being-admitt
via IFTTT

Undocumented Immigrant: “I Am Being Admitted to the Bar, Thank God!”

Sergio Garcia, an undocumented immigrant, was officially granted
a law license by the California Supreme Court January 1, 2014,
after challenging a federal law that barred undocumented immigrants
from receiving professional licenses, unless state lawmakers passed
a law stating otherwise. While the court was hearing arguments in
the case, lawmakers in California passed a bill that was signed by
Gov. Jerry Brown, allowing undocumented immigrants to receive
licenses.

“With tears in my eyes I’m happy to report I am being
admitted to the bar, thank God!” said Garcia on
his Facebook page
, Jan. 2.

The California Supreme Court had to sign off on all new bar
members, and when they found out about Garcia’s status, they asked
the Obama Justice Department to weigh in on the case, to which the
Department said Garcia should not receive a license.
From CNN.com
:

The Obama administration originally opposed Garcia’s
admission to the bar, saying that federal law demanded that
legislation be enacted granting an undocumented immigrant the right
to practice, according to a summary published by

lawprofessors.typepad.com
.

But the Justice Department
backed off
in November after California’s governor signed
a new law that did just that.

The bill, which passed in October and went into effect
this week, allows the bar to admit “an applicant who is not
lawfully present in the United States (who) has fulfilled the
requirements for admission to practice law.”

To see Garcia’s story, watch, “Can an Undocumented Immigrant
Become a U.S. Lawyer?”

from Hit & Run http://reason.com/blog/2014/01/03/undocumented-immigrant-i-am-being-admitt
via IFTTT

Jimmie Ann Young Davis, 69, of Peachtree City

Jimmie Ann Young Davis, 69, of Peachtree City, passed away January 3, 2014. Jimmie Ann was born and raised in Greenwood, S.C. where she met her husband, Mike, of 48 years. Mike and Jimmie Ann moved to Peachtree City in 1969. She was a beloved teacher in Peachtree City for over 20 years.

She loved her family dearly. She was also known for her love of the Atlanta Falcons.

read more

via The Citizen http://www.thecitizen.com/articles/01-03-2014/jimmie-ann-young-davis-69-peachtree-city

Domestic Vehicle Sales Lowest In 14 Months; Miss By Most In Over 5 Years

Oops. While Phil LeBeau was proudly crowing about how great the auto industry ‘was’ doing, the actual data of how it ‘is’ doing printed with a dismal drop from Novermber’s exuberance. Domestic Sales dropped to their lowest annualized level in 14 months with the biggest miss since Oct 2008! The story was very widespread, as SMRA notes, nearly ever automaker reported lower than expected sales… apart from:

*MASERATI N.A. DEC. SALES UP 210%

 

 

and on the basis of cars sold per employed person… we have peaked…

 

Via SMRA,

Nearly every automaker has reported lower-than-expected sales for the month of December relative to our forecast and the consensus. At this time, domestic light vehicle sales are running at a disappointing low 11.3 million annualized pace, which compares with 12.6 million for November.

If taken into context, we can say that the strong selling pace in November pulled sales away from December. In September and October, domestic light vehicle sales fell under 12.0 million due to the impact of the federal government shutdown, slipping to 11.7 million for both months, as it negatively impacted on buying confidence.

In November 2013, sales recovered strongly to 12.6 million, perhaps too strongly to the detriment of December’s sales. Therefore, if we average November and December together, we get 12.0 million, which is a respectable, though not spectacular, selling pace.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/OXOdNemIPtU/story01.htm Tyler Durden