Fed Up Investors Yank Cash From Almost Everything, Just Like 2008 (Bloomberg)
Credit Suisse estimates $6.5 billion left equity funds in July as $8.4 billion was pulled from bond funds, citing weekly data from the Investment Company Institute as of Aug. 19. Those outflows were followed up in the first three weeks of August, when investors withdrew $1.6 billion from stocks and $8.1 billion from bonds, said economist Dana Saporta.
While Many Panicked, Japanese Day Trader Made $34 Million (Bloomberg)
As financial markets got crazy this week, many people turned cautious. Some were paralyzed. Not the 36-year-old day trader known by the Internet handle CIS. “I do my best work when other people are panicking,” he said in an interview Tuesday, about an hour after winding up the biggest trade of a long career betting on stocks. He asked that his real name not be used because he’s worried about robbery or extortion. To support his claims, he shared online brokerage statements showing his trades second by second.
Fed Urged to Press Ahead With Rate Rise (WSJ)
“If you delay something that you were planning to do, then you leave the impression that your compass is different than what you led markets to believe,” Jacob Frenkel, chairman of J.P. Morgan Chase International and former head of the Bank of Israel, said in an interview Thursday. Market drama is increased by delay, he added.
Fed's Kocherlakota: 2015 rate rise not appropriate (CNBC)
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Friday he does not believe the central bank should raise interest rates this year, and policymakers may have to consider further quantitative easing. "Barring big changes in the data between now and September ... I don't see a near-term increase in interest rates as being appropriate, and by near term I mean really through the course of 2015," he said in an interview on CNBC's "Squawk Box."
Police Want To Get Hands On 'Portland Pooper' (HP)
The suspect, who residents have nicknamed "the Portland Pooper," has been seen defecating all over the southwest part of the city in the last few weeks. Locals think his crap attacks are not spontaneous. “I find it interesting that he has toilet paper with him, it’s very pre-planned,” Catrina Salazar told KOIN. “You just don’t really know what to expect around here. People, they like do their own thing, they kind of march to the beat of their own drum.” One business owner set up a surveillance camera to capture the serial pooper in the act. He then printed flyers so that fellow citizens would have the straight poop on him...If apprehended, the suspect could be face charges of public indecency and “offensive littering," a legal term that Willamette Week pointed out "understates the grossness of this crime to an astonishing degree."
Greece’s Economy Surged as Tsipras Fought With EU Over Aid Deal (Bloomberg)
Greece’s economy grew more than initially estimated in the second quarter as consumption surged during Prime Minister Alexis Tsipras’s battle with the euro area over financial aid. Gross domestic product rose 0.9 percent, compared with an initial estimate on Aug. 13 of 0.8 percent, the Hellenic Statistical Authority in Athens said Friday. That’s up from 0.1 percent in the first quarter and meant output was 1.6 percent higher than a year earlier, the fastest pace of annual growth since 2008.
Brazil’s Big Bet on China Turns Sour (WSJ)
China has caused turmoil in many places, but none more so than in this prime supplier of commodities to a country whose once-voracious appetite for them has dimmed. Brazil’s pain from China’s slowdown isn’t largely confined to the financial markets, as in some countries, but goes to the heart of its real economy. “We went from Brazil mania to Brazil nausea,” said Marcos Troyjo, a former Brazilian diplomat who leads a Columbia University center studying emerging markets. “We are looking at a lost decade, where growth stagnates, inflation is high, and, most sadly, a decade where you’ve learned nothing.”
U.S. Puts Deutsche Bank, UBS Pension Businesses on Notice (Bloomberg)
Three global banks are in danger of losing their ability to manage pension funds in the U.S., as the Department of Labor wrestles with how to hold financial institutions accountable for criminal misconduct. The Labor Department, in mid-July letters reviewed by Bloomberg, told Deutsche Bank AG, UBS Group AG and Royal Bank of Scotland Group Plc that it had tentatively rejected their requests to keep managing U.S. pension money. The banks, which admitted guilt earlier this year over manipulating foreign exchange or benchmark interest rates, were required to seek the department’s permission to maintain their Qualified Professional Asset Manager status.
Carlyle Finds Hedge Funds Hazardous (Dealbook)
While executives have conceded that Carlyle’s hedge funds have had a difficult time recently, they blame the broader investment environment for the disappointing performances. The hedge fund portfolio is a small part of its global market strategies business, which is performing well, said Christopher W. Ullman, a spokesman for Carlyle.
Man Busted After His Dog Tests Positive For Meth (TSG)
According to cops, Marty Allen Rogers, 47, last week brought his terrier mix to an animal hospital for treatment. The dog, named “Little Guy,” was “extremely nervous and constantly paces and panting and restless,” veterinarian Kevin Chapman told investigators. Chapman told police that “Little Guy” subsequently “tested positive for Methamphetamine.” Investigators believe that the dog--which was turned over to an animal control officer--ingested the drug at Rogers’s residence in Talmo, a town about 30 miles from Athens. Rogers, pictured above, was initially charged with cruelty to animals. But when cops went to his home to serve an arrest warrant, they discovered meth and a stolen motorcycle at the residence. As a result, he was hit with narcotics possession and theft by receiving stolen property counts. “Little Guy,” who has recovered from the meth exposure, is in an animal shelter and will soon be placed up for adoption.