The 'audit the Fed' movement is taking a big step forward in Congress this week (CNBC)
The Federal Reserve Transparency Act will undergo the markup process this week in the House Oversight and Government Reform Committee. A product of the "Audit the Fed" movement, the bill seeks not a financial exam of the U.S. central bank but rather a peek behind the curtain of how monetary decision-making happens. The markup comes after several failed efforts to move the legislation ahead, and supporters believe there now is enough backing in Congress to go forward...Former U.S. Rep. Ron Paul of Texas has been the leading voice behind the Fed auditing effort; his son, Kentucky Republican Sen. Rand Paul, has been spearheading the bill in Congress. The Campaign for Liberty, which Ron Paul chairs, believes this week's legislative effort marks a significant step.
How Donald Trump Made Wall Street Kiss His ... Ring (Vanity Fair)
Scaramucci was, in many ways, leading the charge. But he insisted to me that his conversion to Trump was completed only after he expressed “his concerns” to the candidate about his hot rhetoric, presumably on topics ranging from immigration to his comments about Muslims. Scaramucci also said that he warned that he didn’t want the “intellectuals of the establishment” to leave the Republican Party because of the “inflammatory Donald Trump.” The Mooch did not share with me the specifics of his conversations with Trump, but it was pretty easy to imagine how it went. “He rebutted these things in a very analytical way,” he said of Trump, “with a lot of clarity, which gave me the impression that he is thinking about this thing differently than the way he has expressed so far. I think he has the analytical depth to pull this thing off. I really do believe that. Now will he win? I don’t know, but I’m a team-oriented Republican and so I do what I have to do.”
Don’t Bet Against the Danish Central Bank (Bloomberg)
The man overseeing the world’s longest period of negative interest rates says any funds betting against the currency peg he’s defending will ultimately lose money. “Last year the central bank made a profit on movements in the market,” most of which came from currency trades, Governor Lars Rohde said in an interview at the Danish central bank in Copenhagen on Thursday. “Someone must have been doing the opposite trade.”
LendingClub Discloses Justice Department Subpoena (Bloomberg)
LendingClub Corp., which plunged 51 percent last week after the surprise departure of its leader and disclosure of faulty internal controls, received a grand jury subpoena from the U.S. Justice Department. “The company intends to cooperate with the DOJ,” the San Francisco-based firm said Monday in a quarterly regulatory filing, prompting its shares to fall in extended trading. “No assurance can be given as to the timing or outcome of these matters.”
Possible Supervillain Wants To Recreate 9/11 To See If It Was A Hoax (Gothamist)
"We're going to purchase a 747 or equivalent aircraft that's about to go out of service, we're going to fill it full of jet fuel, we're going to purchase a building that's about to be torn down in the countryside...and we're going to crash it at 500 miles per hour directly into that building using autopilot," Paul Salo says in the video. "Everything that was in 9/11, we're gonna put into this one. If there's just a smoking hole in the building and nothing happens, you pretty much know it was a hoax, right?"
'I think we're helping people': Activist short seller Carson Block on making the market a better place (BI)
Despite the headaches he causes for companies and their investors, Block believes that his kind of approach to investing is ultimately a win-win for investors. "Many investors appreciate that the presentations I make on the shorts are educational as well," Block said. "I have people come up and say to me, 'Reading your report really helped me learn how to do better due diligence and sift through trades.'"
Top U.S. hedge funds bet on Alphabet, Netflix and retailers (Reuters)
Former SAC executive Gabe Plotkin's Melvin Capital took a new position in streaming video service Netflix Inc, buying 950,000 shares and a call option for 1.45 million shares, according to regulatory filings on Monday. Melvin Capital also took a new position in Home Depot Inc, buying 475,000 shares. And Passport Capital added 3.3 million Yahoo Inc shares, upping its stake by 243 percent, filings show.
Caesars Bondholders Ready Lawsuit, Citing Examiner’s Report (WSJ)
Pointing to billions of dollars’ worth of potential legal claims Caesars Entertainment Corp.’s bankrupt operating unit allegedly won’t pursue, a group of bondholders wants to take matters into their own hands. The bondholder group on Friday filed papers asking a Chicago bankruptcy judge for the right to sue Caesars Entertainment and its private-equity backers, Apollo Global Management and TPG, over their alleged looting of the operating unit’s most valuable assets before its bankruptcy.
Top policewoman suspended after 'argument with colleague over who had the best breasts' (Express)
Assistant Chief Constable Rebekah Sutcliffe has been suspended after the alleged “inappropriate behaviour” following a reported row with Superintendent Sarah Jackson. The pair are said to have become embroiled in a “loud disagreement” over who had the “best boobs” while attending the Senior Women In Policing conference.