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Tyler Durden

Tyler Durden

ZeroHedges' Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk's novel that reflected Chuck's experience in the Cacophony Society Quote: "Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off."

Articles by Tyler Durden

West Virginia Gov. Personally On The Hook For $700MM In Greensill Collapse

June 1, 2021

The collapse of Greensill Capital has been the biggest financial scandal of the year so far, having set off a massive public corruption scandal in the UK that has deeply embarrassed the ruling Conservative Party due to the close involvement of former PM David Cameron, who was on the Greensill payroll and was caught trying to steer relief funds meant for small businesses to Greensill to help avert its collapse.
Most recently, Credit Suisse cited Greensill as its reason for cutting off SoftBank from all future investment-banking business after the Japanese mega-conglomerate with a VC arm was caught lying about its real role in CS’s trade finance funds that were stocked with Greensill-packaged assets. Softbank was essentially using the fund to quietly bolster some of

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“Everything Is On Fire”

May 20, 2021

Authored by Egon von Greyerz via GoldSwitzerland.com,
“Everything is on fire” – Heraclitus (535-475 BC)
What Heraclitus meant was that the world is in a constant state of flux.
But the big problem in the next few years is that the world will experience a fire of a magnitude never seen before in history.
I have in many articles and interviews pointed out how predictable events are (and people). This is particularly true in the world economy. Empires come and go, economies boom and bust and new currencies come and without fail always go. All this happens with regularity.

A GLOBAL FIRE IS COMING
But at certain times in history, the fire will be cataclysmic. And that is where the world is now.
Explosive fires have started everywhere already. Stock markets are on

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UBS Reportedly Re-Starts Layoffs After “Doubling” One Time Bonuses To Some Associates

May 12, 2021

On one hand, UBS seems hell bent on keep its new Gen Z employees who have recently been promoted to associate positions. After all, it was just hours ago that we wrote about how the bank was showering some newly promoted employees with one-time $40,000 bonuses.
Yet on the other hand, UBS apparently isn’t as determined to hang on to certain other employees. The bank has reportedly re-started its “Reduction in Force” job cut plan this week, according to Bloomberg, who cited Inside Paradeplatz.
Inside Paradeplatz, citing unidentified people familiar with the matter, said that the bank has “started giving notice to employees” of the layoffs. The bank reportedly pointed to “planned savings” for its reasoning, without identifying further details about the planned

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UBS, Desperate To Retain Talent, Now Offering $40,000 Bonuses To Newly Promoted Associates

May 11, 2021

It looks like the hiring (and retention) shortage isn’t just for rank-and-file minimum wage jobs.
UBS has now said that, amidst historic competition and a “retention crisis” in the investment banking world (which we noted weeks ago), it is going to pay a one time $40,000 bonus to its global banking analysts when they are promoted. This is double what some of the bank’s competitors are offering.
It’s part of a push for lenders “to reward and retain younger employees weighed down by a surge in business and a prolonged work-from-home grind,” according to BNN Bloomberg.
The bank is planning on paying the bonus to analysts who are promoted to associates, on top of regular salary increases. It marks a bonus that is about 30% of the base pay of a newly promoted

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Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

May 9, 2021

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn’t yet known as the bank weighs whether it should cover some client losses associated with the “low risk” trade-finance funds that collapsed earlier this year.

Following reports that the bank took in only $17.5MM in fees from servicing the trade that led to the collapse of highly-levered Archegos Capital, the hedge fund that used highly leveraged $20 billion to more than $100 billion via a string of bets with various prime brokers to amplify its bets on ViacomCBS and a host of

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Gold Is Laughing At Powell

May 3, 2021

Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless boom and bust cycles in markets and economies.But let us be fair to comical Fed Chairmen like Greenspan, as he is not alone in making a mockery of his post at the Eccles Building.With the exception of Paul Volker and William Martin, the sad truth is that nearly every person who has sat in that lead Chair

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The $3 Trillion Hidden Exposure Behind The Archegos Blowup

May 2, 2021

Authored by Nick Dunbar of Risky FinanceWhen the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the disaster.“Do you think it’s possible that this could produce a very fundamental reset in how your IRB credit risk models work?” wondered Stefan Stalmann of Autonomous Research. “I mean you have only CHF20 billion to CHF25 billion of counterparty credit risk-weighted assets on literally hundreds of billions of equity swaps

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Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

April 6, 2021

Literally moments ago we said that the Archegos portoflio was being sold off all day on fears of “stealth” prime broker deleveraging, as tens of millions of shares were yet to be accounted for. Then, moments after 5pm, Credit Suisse – the firm that was hammered the hardest by the Archegos implosion and which had yet to provide a detailed breakdown of its Bill Hwang-linked P&L – confirmed what we said, when it unveiled a massive secondary offering dump, including shares of VIACA, VIPS and FTCH.
As shown in the block notice below, Credit Suisse hopes to sell its remaining holdings in VIAC at $41-$42.75; its VIPS at $28.50-$29.50 and its FTCH at $47.50-$49.25. While it is unclear what losses the Swiss bank is taking on these final unwinds, it’s safe to say that they

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Episode 02 | By Tyler Durden | Political Podcasts

August 24, 2020

#AmigoTube #Janasena #PawanKalyanNew Political Podcasts #Episode -02
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As Markets Crashed, The Swiss National Bank Went On A Tech Stock Buying Spree

August 19, 2020

It used to be a running joke among traders that when markets crash, central banks step in – either directly or in the case of the Fed indirectly via Citadel – and buy stocks to prop up the market and shore up confidence. That joke is now the truth.
Now that the Fed is openly buying corporate bonds and fallen angels, what was once absurd humor has become sad reality. And while we wait for the Fed to admit it too will be buying stocks soon – we just need that pesky next crash before Powell commits – other central banks have no such qualms.
Take the SNB.
We previously reported that the hedge fund that is not only publicly traded but also moonlights as the Swiss central bank, which allows it to print money and effectively purchase any security it wishes with a zero

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Jim Bianco: “This Is One Of The Biggest Moments Of Truth In Financial Market History”

March 18, 2020

Authored by Christoph Gisiger via TheMarket.ch,
To contain the economic and financial ramifications of the coronavirus pandemic, Central Banks are going all in.
Jim Bianco, founder and chief strategist of Bianco Research, warns that this time, monetary policy might be unable to stop financial markets from collapsing.
The Federal Reserve brings out the bazooka: It cuts the federal funds rate down to zero and will buy $700 billion in Treasuries and mortgage-backed securities. Additionally, in a coordinated effort with five other major central banks, including the Swiss National Bank, the Fed opens swap lines to smooth out disruptions in overseas Dollar markets.
Still, financial markets seem unimpressed. Futures contracts on the S&P 500 dropped 5%, reaching a «limit

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“ECB Is Worst-Run Central Bank In The World” – Felix Zulauf Sees 30percent Plunge In US Stocks “Taking The World With It”

February 16, 2020

By Lauren Rublin, via Barrons.com
Felix Zulauf was a member of the Barron’s Roundtable for about 30 years, until relinquishing his seat at our annual investment gathering in 2017. While his predictions were more right than wrong, it was the breadth of his knowledge and the depth of his analysis of global markets that won him devoted fans among his Roundtable peers, the crew at Barron’s, and beyond. Simply put, Felix, president of Zulauf Asset Management in Baar, Switzerland, always knew—and still knows—better than most how to connect the dots among central bankers’ actions, fiscal policies, currency gyrations, geopolitics, and the price of assets, hard and soft.
With interest rates rising, governments in flux, and the world’s two biggest economies facing off over

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UBS Tumbles After Biggest Swiss Bank Misses Key Targets As Investors Pull Money

January 22, 2020

The rift between the US (where rates are still positive) and European banks (where rates have never been more negative) continues to grow.
While US banks have so far reported mostly better than expected results for Q4, the same can not be said for Europe, where UBS shares are down 5% as the bank misses fiscal year profitability and cost targets in addition to trimming its mid-term goals. As Saxobank notes, “UBS has been hit by wealth management outflows, negative rates and poor performance in its investment banking division” and notes that “this obviously sends a warning to investors if they thought overweight European banks was a good idea.” To be sure, negative rates will continue to haunt European banks until the ECB changes its mind on negative rates.
It’s not

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Swiss National Bank Now Owns Record $94 Billion In US Stocks After Q3 Buying Spree

November 14, 2019

In the third quarter of 2019, one in which the global economy continued to cycle lower, global central banks across the world continued to slash interest rates and launched/expanded quantitative easing programs with very little success at troughing global growth. Still, US equity indices powered to new highs, climbing a wall of worry of President Trump’s “trade optimism” tweets.
It seemed quite evident over the quarter that President Trump’s tweeting of constant fake trade news and record stock buybacks juiced the market to new highs, however, what was really taking place was the Swiss National Bank (SNB) printing money out of thin air buying stocks with no regard for price or cost. 
SNB’s motive was to boost market confidence that a 2016-style rebound in the

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Robinhood’s “Infinite Money Cheat Code” Gives Traders Access To Unlimited Funds

November 6, 2019

If one is a central bank – such as the SNB and BOJ – life is easy: you just print as much money as you need out of thin air, and buy whatever you want, without regard for price. For those who are not central banks, having access to unlimited borrowed money may be the next best thing.
It now appears that the millennial-targeting brokerage Robinhood, which offers its users “free” online trades in exchange for quietly selling their orderflow to frontrunning HFTs, has a “glitch” that affords its users to experience just what being a central bank means, by allowing users to trade stocks with virtually infinite leverage, giving them access to what amounts to free money.
First discussed on Reddit’s WallStreetBets forum, the bug was called the “infinite money cheat

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A “Hawkish Cut”? Traders’ Sleepless Nights Dominated By Indecision & Confusion

September 22, 2019

Central Banks Remain Calm, Investors Not So Much
The avalanche of central bank meetings is rapidly winding down. We’ve had cuts, holds and a raise. The surprises have been minimal. Yet it didn’t prevent the inevitable knee-jerk reactions in the market. In truth, put together as a whole, we are no wiser nor better or worse off. I count that as a success. Especially because there was no projection of panic in any of the decisions. Despite on-going, and universal, expressions of concern for the global economy. Special hat tip to the SNB and Norges Bank.

The Fed is said to have orchestrated a “hawkish cut.” Not really. – Click to enlarge
[ZH: Stocks once again decouple from bonds, the dollar, and gold]
Keeping the expansion alive remains a top priority. And while

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Since 2014, European Banks Have Paid €23 Billion To The ECB… And Now Face Disaster

September 14, 2019

Earlier this morning, there was an added wobble in European bond prices after an unconfirmed MNI report said the ECB could delay the launch of QE on Thursday and make it data dependent. While skeptics quickly slammed the story, saying it was just a clickbait by MarketNews…

About this MNI story on a possible delay in ECB QE announcement:
1) No substance, including from the ECB “sources”
2) Let’s hope the story is as accurate as the previous ones
— Frederik Ducrozet (@fwred) September 10, 2019
… it does highlight just how sensitive the bond market is to an announcement of aggressive easing by the ECB when it meets on Thursday, Sept 12, where consensus generally expects a significant easing package, including a -20bp rate cut (followed by -10bp cut later on),

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Rothschilds To Take Swiss Bank Private In 100 Million Francs Bid 

March 16, 2019

Benjamin de Rothschild’s family plans to take Swiss Bank Edmond de Rothschild (Suisse) S.A. private as it consolidates and simplifies the bank’s legal structure.

According to Bloomberg,  Edmond de Rothschild Holding SA will acquire all publicly held Edmond de Rothschild (Suisse) bearer shares at 17,945 francs per share, a 6.7% premium to Tuesday’s closing price, in a deal worth about $100 million. The Swiss bank, which has long been linked with managing the wealth of countless uber-wealthy families, offers a variety of wealth management service for private and institutional clients, is expected to be delisted from the Zurich exchange. The stock, which traded on Wednesday around 17,500 francs, jumped by more than 8%

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Swiss National Bank Suffers $15 Billion Loss On 2018 Market Rout

January 10, 2019

SNB US Stock Holdings
In the third quarter of 2018, the hedge fund known as the Swiss National Bank did something it had not done in years: it sold stocks. As we showed in November, the overall value of the SNB’s US listed long holdings rose by over $2 billion to $90 billion, but all of this was due to the price appreciation as the central bank sold around $7bn of equities in Q3. This compares to purchases during 1H18 of around $6bn.

SNB US Stock Holdings, Jun 2014 – 2018(see more posts on SNB US Stock Holdings, ) – Click to enlarge

SNB Holdings
Alas, it did not sell enough, and as the next chart showed, some of the SNB’s top holdings would be the stocks that ended up getting hammered the most in the fourth

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The World’s Biggest Hedge Fund Is Getting Whacked, And Why “Moneyness” Matters

December 12, 2018

Authored by John Rubino via DollarCollapse.com,
A few years ago the Swiss National Bank (SNB) – which traditionally held “monetary assets” like government bonds, cash and gold to back up the Swiss franc – decided to branch out into common stocks.
This was a departure, but for a while a brilliant one. The SNB loaded up on Big Tech like Apple, Amazon and Microsoft, and rode them to massive profits, which enriched both the Swiss people and the SNB’s stockholders (in another departure, it’s a publicly traded company as well as a central bank).
But live by the sword, die by the sword. Turning your central bank into the world’s biggest hedge fund means outsized profits in good times, but potentially serious losses if those

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Swiss National Bank Unexpectedly Sold US Stocks In Q3, Dumping Over 1 Million Apple Shares

November 12, 2018

The SNB’s latest 13-F form filings (yes, the Swiss central bank lists its US equity holdings like the hedge fund that it is) to the SEC were released this week. And, like every other quarter, we take a closer look to see what stocks the world’s only hedge fund central bank that prints money out of thin air bought, and on rare occasions, sold. This was one of those rare quarters.
After some modest fluctuations earlier this year, the SNB’s reported equity allocation was unchanged in 3Q at 21% (and includes no bank stocks to avoid conflicts of interest, yet somehow owning a chunk of equity of virtually every other US public company is not a conflict of interest?). This is notable because as JPMorgan writes, the SNB’s

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UBS Warns Trump’s Trade Fights Are ‘Reversing 15-Years Of Global Progress’ 

October 25, 2018

Protectionism has cross-party support in the U.S., and nationalist parties continue to gain traction in Europe. Where there is inequality, there is a surge in protectionism; a risk that could trigger the next global economic crisis sometime around 2020.
The Trump administration’s trade war and a hard Brexit could send tariffs to levels not seen in 15 years, according to UBS economist, as per Market Watch.
The Swiss bank views the U.S. tariffs, along with retaliatory measures (tit-for-tat with China), as the most significant factors boosting the metric. Second, are fears of a hard Brexit, which refers to the potential split between the U.K. and the European Union.
“Combined, these two would add 142 [basis points] to

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Swiss Bank Freezes $5 Billion In Russian Money

August 23, 2018

For years, Russian oligarchs and robber barons seeking to park their “unsourced” capital offshore and away from the sticky fingers of the Kremlin, treated Swiss bank accounts (preferably anonymous) with their “no questions asked” customer policies as, well, Swiss bank accounts.
No more.
One of Switzerland’s largest banks, Credit Suisse, has frozen roughly 5 billion Swiss francs ($5 billion) of money linked to Russia to avoid violating U.S. sanctions, according to its accounts, further increasing pressure on Moscow which today saw the ruble tumble to the lowest level in over two years.
The crackdown on Russian funds by the second largest Swiss bank, which owned aircraft surrendered by Russian tycoon Oleg Deripaska and

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The Swiss National Bank Now Owns $87.5 Billion In US Stocks After Q2 Tech Buying Spree

August 10, 2018

In the second quarter of 2018, one in which the global economy was shaken by the rapid escalation of Trump’s trade war, and in which central banks were one after another hinting at their own QE tapering and rate hiking intentions to follow in the Fed’s footsteps, what was really taking place was another central bank buying spree meant to boost confidence that things are now back to normal, using “money” that was freshly printed out of thin air, and spent to prop up risk assets around the world by recklessly buying stocks with no regard for price or cost.
Nowhere was this more obvious than in the latest, just released 13F from the massive hedge fund known as the “Swiss National Bank.” What it showed is that, just like

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In Unprecedented Intervention, Swiss Central Bank Bails Out Firm That Prints Swiss Banknotes

December 21, 2017

In the most ironic story of the day, the company that makes the paper that Swiss banknotes are printed on was just bailed out by the money-printing, stock-purchasing, plunge-protecting, savior-of-global equities…Swiss National Bank.

– Click to enlarge
While The SNB has a long and checkered history of buying shares in companies… as we have detailed numerous times, it is no stranger to pumping money into companies all over the world…

SNB – US Stock Holdings, Q3 2017(see more posts on SNB Holdings, ).
Including Apple, Alphabet, and Microsoft…
But, as Reuters reports, this is its first acquisition in decades.
The central bank said on Thursday it was purchasing a 90 percent stake in Landqart AG after the company –

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The Latte Index: Using The Impartial Bean To Value Currencies

December 9, 2017

Like any other market, there are many opinions on what a currency ought to be worth relative to others.
With certain currencies, that spectrum of opinions is fairly narrow. As an example, for the world’s most traded currency – the U.S. dollar – the majority of opinions currently fall in a range from the dollar being 2% to 11% overvalued, according to organizations such as the Council of Foreign Relations, the Bank of International Settlements, the OECD, and the IMF.
For other currencies, the spectrum is much wider. The Swiss franc, which some have called the world’s most perplexing currency, has estimates from those same groups ranging from about 13% undervalued to 21% overvalued.
As VisualCapitalist’s Jeff

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For The First Time Ever, The “1%” Own More Than Half The World’s Wealth: The Stunning Chart

November 21, 2017

Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent “anti-establishment” revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank’s infamous global wealth pyramid, an arrangement which as observed by the “shocking” political backlash of the past year, suggests that the lower ‘levels’ of the pyramid are increasingly unhappy about.
As Credit Suisse tantalizingly shows year after year (most recently one year ago), the number of people who control roughly half of the global net worth, or 45.9% of the roughly $280 trillion in household wealth, is declining progressively

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The Swiss National Bank Now Owns A Record $88 Billion In US Stocks

November 4, 2017

In the third quarter of 2017, one in which the global economy was supposedly undergoing an unprecedented “coordinated growth spurt”, and in which central banks were preparing to unveil their QE tapering intentions, in the case of the ECB, or raising rates outright, at the Fed, what was really taking place was another central bank buying spree meant to boost confidence that things are now back to normal, using “money” freshly printed out of thin air, and spent to prop up risk assets around the world by recklessly buying stocks with no regard for price or cost.
Nowhere was this more obvious than in the latest, just released 13F from the massive hedge fund known as the “Swiss National Bank.” What it showed is that, just

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Dollar & Stocks Jump; Bonds & Bullion Dump In Lowest Volatility September Ever

October 5, 2017

It has now been 318 trading days since the S&P 500 suffered a 5% drawdown – the 4th-longest streak since 1928… So everything is awesome…
[embedded content]
BUT…US ‘hard’ economic data has not been this weak (and seen the biggest drop) since Feb 2009…

US Data Surprise Index, 2006 – 2017 – Click to enlarge

Q3 Was a Roller-Coaster…
Q3 was the 8th straight quarterly gain in a row for The Dow – the longest streak since Q3 1997.
The Long bond was unch, gold up 3.2%,. but stocks outperformed in Q3…

Gold(see more posts on Gold, ) – Click to enlarge
Nasdaq just outperformed Small Caps on the quarter as stocks reversed their down-trend seemingly around Yellen’s J-Hole speech…

Yellen J-Hole Speech – Click to

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Is The Swiss National Bank A Fraud?

September 24, 2017

The price of shares in The Swiss National Bank is up 11 days in a row, soaring 150% in the last two months.

SNB Stock Price, 2010 – 2017(see more posts on Swiss National Bank Stock, ) – Click to enlarge
That sounds like a ‘tulip’ bubble-like ‘fraud’…

Bitcoin and SNB, 2013 – 2017(see more posts on Bitcoin, Swiss National Bank Stock, ) – Click to enlarge
The SNB is up over 120% in Q3 so far – more than double ‘bubble’ Bitcoin…

SNB and Bitcoin, Jul 2017 – Sep 2017(see more posts on Bitcoin, Swiss National Bank Stock, ) – Click to enlarge
Let’s check with the markets ultimate arbiter of what’s fraud and what’s real – JPMorgan CEO Jamie Dimon:
It’s a bubble (because it has exploded vertically in the last

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