2020.06.10 23:33 Another_Question4u ForSaleByOwnerFSBO
2009.10.16 23:27 cbcafiero For Sale By Owner Real Estate for FSBO buyers and sellers buying and selling without an agent
2010.12.19 11:20 waldoxwaldox Toronto GTA Real Estate News & Trends
2023.03.21 21:36 EpilepticPudding Already own 1 and 2, is there really no way to avoid paying for them again?
2023.03.21 21:35 Big-Statistician4024 Comex update 3/21/2023
Yesterday we saw a very unusual move out of JPM to shift virtually all of their eligible platinum inventory to registered.submitted by Big-Statistician4024 to wallstreetplatinum [link] [comments]
The Comex eligible inventory is now at a multi-year low as a result of yesterday's move by JPM.
The platinum JPM had in reserve is now for sale or is anticipated to be sold. That begs the question- Why would the largest bank in America move +96% of their inventory from eligible to registered?
During settlements on the January contract, JPM customer accounts flipped +230% of their eligible inventory. During that same timeframe, there were no inventory adjustments or movements in or out of JPM. Nonetheless, from the January contract we were able to determine that at least 95% of the eligible inventory was "customer" owned due to the clustering of the settlements. It looks like said customers are now prepared to flip (again). This could be a squaring up of those transactions, but being that it is nearly 3 months later- it seems unlikely.
So what could be prompting the sale of all this platinum? Could this be a bank such as Signature, Credit Suisse/ UBS, or another regional bank that is looking to liquidate and get cash for last minute bonuses before being the next domino to fall?
Another possible scenario is that one of the too big to fail banks (that we are being herded into by the systematic collapse of regional and smaller banks) is liquidating their $30.6M platinum positions to move into fiat, and then also give themselves bonuses. I've given this scenario some thought for a few weeks. Goldman Sachs, Morgan Stanley, or Truist might be storing their platinum in the JPM vault.
If I was the CEO of one of the too big to fail banks, that means I have the professional references of having schmoozed with the banking elites in some prior capacity and have been vetted to be part of the "good ole boy" club. If I am 2B2F- does it really matter what I have on my balance sheet or in my vaults? No. I just have to play the game and do what I'm told to do by those that will be giving me the bailout (not to be confused with who will be paying for the bailout). I can run up trillions in naked derivatives and rest assured knowing that I will still be ok after the house of cards collapses. Tier 1 assets are irrelevant and therefore platinum inventory is irrelevant. In fact, I fully believe that the Fed/ Treasury have been allowing/ instructing the banks to short gold and other commodities so as to mask inflation and preserve the US dollar for now. It certainly explains the light hand slaps they get when their scheme is brought to court. By manipulating the prices, they also can allow central banks to stack precious metals at a more favorable price prior to introducing a CBDC that claims to be gold-convertible. Could this be one of the final acts before the collapse- liquidate all physical metals' positions over to the central banks? Their incentive is that in exchange for compliance, they can for now enjoy some fiat bonuses and know that their bailout is a lock. Mind you- this is speculative. I'd like to hear your thoughts on this.
Next Thursday we will have the delivery notifications for the April active delivery contact in platinum. We will then see how the record number of Trade at Settlement contracts for April pan out.
The private trades have actually dipped below the average for the previous five other months.
The paper to physical ratio dropped more from the JPM inventory shift than from the number of contracts which were closed. There were 1,908 contracts rolled to July from April and a total reduction of 2,686 contracts for April. The paper to physical now sits at 716% oversold.
It's shaping up to be less likely of a similar +100% situation as was the case heading into first notice date for the January contract as April is about 2000 contracts lower than January was at this point in time leading up.
In palladium, there were four additional contracts opened for immediate delivery. In total, all 47 March open contracts were marked for delivery out of the BofA house stack closing the month out.
I believe that BofA stores it's palladium in Brink's vault, so considering Brink's level of inventory, this might be a closeout of all their positions. If so, it gives more credence to my point above about the platinum move from within the JPM vault.
2023.03.21 21:35 mtnbkr1880 Help Needed Stopping Land Swap in S. Utah
2023.03.21 21:35 KilrBe3 Well.. okay.. Sorry for having a life... This is how you DO NOT grow a community..
|submitted by KilrBe3 to HellLetLoose [link] [comments]|
2023.03.21 21:34 therustycarr MMCC meeting today - are they ready for legalization?
2023.03.21 21:33 Fat-Burner1830 Burner account seeking business advice for taking over Dads company
2023.03.21 21:31 Puzzleheaded_Pound31 Isn’t this the girl that Bill did a podcast with a few weeks ago then posted that instagram picture with? Life comes at you fast LMFAOOOOOO 😭😭
|submitted by Puzzleheaded_Pound31 to billsimmons [link] [comments]|
2023.03.21 21:29 slightlyassholic [The Great Erectus and Faun] 404 Universe Not Found Pt. 3
2023.03.21 21:29 spookmew Terrible! A girl went out to buy a lollipop and was attacked by a pitbull (03/19/2023, Argentina)
Terrible! A girl went out to buy a lollipop and was attacked by a pitbull (03/19/2023, Argentina)submitted by spookmew to BanPitBulls [link] [comments]
Yesterday, Sunday morning, a 12-year-old girl went shopping at a store that is only a few houses from her home. At that moment, a pitbull dog who lives three houses from hers attacked her ferociously.
According to the victim's mother, she went out to buy two lollipops and some loose potatoes when this dog jumped on her and threw her to the ground. According to what was reported to Con Criterio Salta, her daughter did not even have time to defend herself: “The animal was merciless with her, bit her on all sides, she has very serious injuries. She lost part of her ear and tore part of her leg, in addition to all the bites she received," he added.
The 12-year-old girl was urgently transferred to the San Bernardo Hospital, where she was admitted due to the serious injuries caused by the animal. “Since yesterday we have been hospitalized with my daughter, she has very severe injuries,” said the woman, dismayed.
The family of the minor pointed out against the owners of the animal that although in the first instance they claimed to accompany the family, no one approached and they even moved the dog to another home for its protection.
2023.03.21 21:28 angelspiiit Thoughts on Price Increases?
3 Day passes went up from $95 to $129 and all other single day passes are up from $65 each to $68 on Friday, $73 on Saturday, and $71 on Sunday. All ticket purchases are subject to a 9% service fee which is 1% lower than last year's. Shipping had gone up by 50 cents ($5.00 last year) and sales tax remains the same.submitted by angelspiiit to AnimeNYC [link] [comments]
In addition to this, ANYC has added an upgraded pass for $399 called AnimeNYC+ which includes, "A private lounge, expedited entrance, first access to show floor, ability to reserve one seat in one main stage panel of your choice, early access to purchase select Special Event tickets, a 2023 Anime NYC Pin,and a 2023 Anime NYC Lanyard."
Thoughts on all this?
2023.03.21 21:28 upbstock NKE
2023.03.21 21:27 bigtrunkydarnold Why don’t mobsters who charge protection register as a security company?
2023.03.21 21:27 Gabe__Itch__ About to sell this pc to a friend how much would be a fair price
submitted by Gabe__Itch__ to PcBuild [link] [comments]
2023.03.21 21:26 hiimben005 Looking for a certain beauty shop.
Hello, I am looking for a certain beauty shop for that is run by all asian staff. It is around or in the torrance area. They have a homemade chinese medicine facial mask that the owner made. They also do manicure, eyelash, eyebrow tattoo, and hair removal. Based on the pics given to me, there is a second floor and used the hyper knife slimming machine. Please help me and let me know anything. Any detail will help. Attached is the pics.Thank yousubmitted by hiimben005 to torrance [link] [comments]
2023.03.21 21:26 Nestledrink GTC 23 Megathread - NVIDIA to Bring AI to Every Industry
|NVIDIA Announces New System for Accelerated Quantum-Classical Computing||https://nvidianews.nvidia.com/news/nvidia-announces-new-system-for-accelerated-quantum-classical-computing|
|Signed, Sealed, Delivered: NVIDIA AI Achieves World Record in Route Optimization||https://blogs.nvidia.com/blog/2023/03/21/cuopt-world-record-route/|
|AT&T Supercharges Operations With NVIDIA AI||https://nvidianews.nvidia.com/news/at-t-supercharges-operations-with-nvidia-ai|
|NVIDIA Announces Microsoft, Tencent, Baidu Adopting CV-CUDA for Computer Vision AI||https://blogs.nvidia.com/blog/2023/03/21/cv-cuda-ai-computer-vision/|
|Medtronic and NVIDIA Collaborate to Build AI Platform for Medical Devices||https://nvidianews.nvidia.com/news/medtronic-and-nvidia-collaborate-to-build-ai-platform-for-medical-devices|
|NVIDIA, ASML, TSMC and Synopsys Set Foundation for Next-Generation Chip Manufacturing||https://nvidianews.nvidia.com/news/nvidia-asml-tsmc-and-synopsys-set-foundation-for-next-generation-chip-manufacturing|
|Green Light: NVIDIA Grace CPU Paves Fast Lane to Energy-Efficient Computing for Every Data Center||https://blogs.nvidia.com/blog/2023/03/21/grace-cpu-energy-efficiency/|
|Oracle Cloud Infrastructure Chooses NVIDIA BlueField Data Center Acceleration Platform||https://nvidianews.nvidia.com/news/oracle-cloud-infrastructure-chooses-nvidia-bluefield-data-center-acceleration-platform|
|CloudNVIDIA and Microsoft to Bring the Industrial Metaverse and AI to Hundreds of Millions of Enterprise Users via Azure Cloud||https://nvidianews.nvidia.com/news/nvidia-and-microsoft-to-bring-the-industrial-metaverse-and-ai-to-hundreds-of-millions-of-enterprise-users-via-azure-cloud|
|NVIDIA Launches DGX Cloud, Giving Every Enterprise Instant Access to AI Supercomputer From a Browser||https://nvidianews.nvidia.com/news/nvidia-launches-dgx-cloud-giving-every-enterprise-instant-access-to-ai-supercomputer-from-a-browser|
|AI Speeds Insurance Claims Estimates for Better Policyholder Experiences||https://blogs.nvidia.com/blog/2023/03/21/ccc-ai-insurance-claims/|
|NVIDIA Brings Generative AI to World’s Enterprises With Cloud Services for Creating Large Language and Visual Models||https://nvidianews.nvidia.com/news/nvidia-brings-generative-ai-to-worlds-enterprises-with-cloud-services-for-creating-large-language-and-visual-models|
|Mind the Gap: Large Language Models Get Smarter With Enterprise Data||https://blogs.nvidia.com/blog/2023/03/21/nemo-large-language-models-enterprise-data/|
|Moving Pictures: NVIDIA, Getty Images to Accelerate Media With Generative AI||https://blogs.nvidia.com/blog/2023/03/21/generative-ai-getty-images/|
|Shutterstock Teams With NVIDIA to Build AI Foundation Models for Generative 3D Artist Tools||https://nvidianews.nvidia.com/news/shutterstock-teams-with-nvidia-to-build-ai-foundation-models-for-generative-3d-artist-tools|
|Adobe and NVIDIA Partner to Unlock the Power of Generative AI||https://nvidianews.nvidia.com/news/adobe-and-nvidia-partner-to-unlock-the-power-of-generative-ai|
|NVIDIA Unveils Large Language Models and Generative AI Service to Advance Life Sciences R&D||https://nvidianews.nvidia.com/news/nvidia-unveils-large-language-models-and-generative-ai-services-to-advance-life-sciences-r-d|
|NVIDIA Launches Inference Platforms for Large Language Models and Generative AI Workloads||https://nvidianews.nvidia.com/news/nvidia-launches-inference-platforms-for-large-language-models-and-generative-ai-workloads|
|NVIDIA Hopper GPUs Expand Reach as Demand for AI Grows||https://nvidianews.nvidia.com/news/nvidia-hopper-gpus-expand-reach-as-demand-for-ai-grows|
|AWS and NVIDIA Collaborate on Building Next-Generation Infrastructure for Generative AI||https://nvidianews.nvidia.com/news/aws-and-nvidia-collaborate-on-next-generation-infrastructure-for-training-large-machine-learning-models-and-building-generative-ai-applications|
|NVIDIA Expands Isaac Software and Jetson Platform Availability, Accelerating Robotics From Cloud to Edge||https://blogs.nvidia.com/blog/2023/03/21/isaac-jetson-robotics/|
|NVIDIA and Partners Release New Omniverse Connections, Expanding Foundation for Artists and Developers to Advance 3D Workflows||https://blogs.nvidia.com/blog/2023/03/21/new-omniverse-connections-advance-3d-workflows|
|BMW Group Starts Global Rollout of NVIDIA Omniverse||https://blogs.nvidia.com/blog/2023/03/21/bmw-group-nvidia-omniverse|
|NVIDIA Expands Omniverse Cloud to Power Industrial Digitalization||https://nvidianews.nvidia.com/news/nvidia-expands-omniverse-cloud-to-power-industrial-digitalization|
|Omniverse at Scale: NVIDIA Announces Third-Generation OVX Computing Systems to Power Industrial Metaverse Applications||https://blogs.nvidia.com/blog/2023/03/21/third-generation-ovx-computing-systems/|
|NVIDIA Redefines Workstations to Power New Era of AI, Design, Industrial Metaverse||https://nvidianews.nvidia.com/news/nvidia-redefines-workstations-to-power-new-era-of-ai-design-industrial-metaverse|
|BYD, World’s Largest EV Maker, Partners With NVIDIA for Mainstream Software-Defined Vehicles Built on NVIDIA DRIVE||BYD, World’s Largest EV Maker, Partners With NVIDIA for Mainstream Software-Defined Vehicles Built on NVIDIA DRIVE|
|From Concept to Production to Sales, NVIDIA AI and Omniverse Enable Automakers to Transform Their Entire Workflow||https://blogs.nvidia.com/blog/2023/03/21/nvidia-ai-and-omniverse-transform-automakers-workflows|
|Mitsui and NVIDIA Announce World’s First Generative AI Supercomputer for Pharmaceutical Industry||https://blogs.nvidia.com/blog/2023/03/21/generative-ai-supercomputer-pharmaceutical-industry/|
|From Training AI in the Cloud to Running It on the Road, Transportation Leaders Trust NVIDIA DRIVE||https://blogs.nvidia.com/blog/2023/03/21/nvidia-drive-ecosystem-growth/|
|NVIDIA Metropolis Ecosystem Grows With Advanced Development Tools to Accelerate Vision AI||https://blogs.nvidia.com/blog/2023/03/21/metropolis-ecosystem-growth-accelerates-vision-ai|
|NVIDIA Studio at GTC: New AI-Powered Artistic Tools, Feature Updates, NVIDIA RTX Systems for Creators||https://blogs.nvidia.com/blog/2023/03/21/omniverse-generative-ai-unity-blender-connectors/|
|Fresh-Faced AI: NVIDIA Avatar Solutions Enhance Customer Service and Virtual Assistants||https://blogs.nvidia.com/blog/2023/03/21/avatar-solutions-enhance-development/|
|Modulus on Base Command Platform||https://developer.nvidia.com/blog/designing-digital-twins-with-flexible-workflows-on-nvidia-base-command-platform|
|Utra-Realism Made Accessible with RTX Path Tracing and DLSS 3 Technologies||https://developer.nvidia.com/blog/ultra-realism-made-accessible-with-ai-and-path-tracing-technologies/|
|Jetson Orin Nano Developer Kit||https://developer.nvidia.com/blog/develop-ai-powered-robots-smart-vision-systems-and-more-with-nvidia-jetson-orin-nano-developer-kit/|
|Building Generative AI Pipelines for Drug Discovery with NVIDIA BioNeMo Service||https://developer.nvidia.com/blog/build-generative-ai-pipelines-for-drug-discovery-with-bionemo-service/|
|NVIDIA TAO 5.0 - Meet your new Training Assistant||https://developer.nvidia.com/blog/access-the-latest-in-vision-ai-model-development-workflows-with-nvidia-tao-toolkit-5-0/|
|Long-Read Sequencing Workflows and Higher Throughputs in NVIDIA Parabricks 4.1||https://developer.nvidia.com/blog/long-read-sequencing-workflows-and-higher-throughputs-in-nvidia-parabricks-4-1/|
|Supercharging Production AI Everywhere with NVIDIA AI Enterprise 3.1||https://developer.nvidia.com/blog/catapulting-enterprises-to-the-leading-edge-of-ai--with-ai-enterprise-3-1/|
|Supercharging AI Video and AI Inference Performance with NVIDIA L4 GPUs||https://developer.nvidia.com/blog/supercharging-ai-video-and-ai-inference-performance-with-nvidia-l4-gpus/|
|Morpheus Defends Against Spear Phishing with Generative AI||https://developer.nvidia.com/blog/nvidia-morpheus-helps-defend-against-spear-phishing-with-generative-ai/|
|Accelerate your edge AI journey with the NVIDIA IGX Orin developer kit||https://developer.nvidia.com/blog/accelerate-your-edge-ai-journey-with-nvidia-igx-orin-developer-kit/|
|BlueField-3 Innovations featuring DOCA DPA||https://developer.nvidia.com/blog/transform-the-data-center-for-the-ai-era-with-nvidia-dpus-and-nvidia-doca/|
|MONAI Reaches 1 Million Download Milestone Driven by Research Breakthroughs and Clinical Adoption||https://developer.nvidia.com/blog/monai-reaches-1-million-download-milestone-driven-by-research-breakthroughs-and-clinical-adoption/|
|Create Real-Time Simulations with NVIDIA and Bentley Systems||https://developer.nvidia.com/blog/create-real-time-simulations-with-nvidia-omniverse-and-bentley-lumenrt/|
|Title||GTC Session Link|
|Connect with the Experts: Announcing the Jetson Orin Nano devkit for Edge AI – Deep Dive Q&A w/ Jetson Engineers [CWES52132]||Session Link|
|Fireside Chat with Ilya Sutskever and Jensen Huang: AI Today and Vision of the Future [S52092]||Session Link|
|3D by AI: Using Generative AI and NeRFs for Building Virtual Worlds [S52163]||Session Link|
|Change the World With a Career in AI [SE52162]||Session Link|
2023.03.21 21:25 Yunuls JusticiaPorSerdar ''noticias''
2023.03.21 21:25 xLuminus my meme was deleted because it was true? 😂😂😂😂😂 whoops!
|submitted by xLuminus to Superstonk [link] [comments]|
2023.03.21 21:25 BR-EmPowerSolutions Cost Segregation Breakdown
2023.03.21 21:25 AutoModerator [Get] Super Lumen – The LinkedIn Ads Course
Get the course here: https://www.genkicourses.com/product/super-lumen-the-linkedin-ads-course/submitted by AutoModerator to GenkiC0urses [link] [comments]
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What will you learn in the courseTried and tested B2B demand generation strategies which you can implement right away and start generating a ton of new leads for your business. Confidence in the ads platform so you know how to target the right people, how to test your ads and drive down your cost per click. How to organise your account like a pro. How to use LinkedIn tracking, the Insight pixel, how to implement it on your website, and how to use it to analyse your audience. Remarketing for ninjas – remarketing is essential to stay top-of-mind, and to keep every prospect that interacts with your business interested in you and your products or services. How to get the lowest cost per click (CPC), cost per lead (CPL) and cost per scheduled phone call. Mastering the follow-up. Learn what the big sales teams do with the leads they generate and how to turn the MQL to a SQL (Marketing Qualified Lead to Sales Qualified Lead) to a paying customer or client.
2023.03.21 21:25 Alternative_Desk_338 Seller credit overage
2023.03.21 21:24 satan_drinks_maitais Neighbors dog poop on balcony
2023.03.21 21:23 throwawaylurker012 Everything Everywhere All At Once: The Citadel Big 3 and how Citadel’s sphere of influence has its fingers stuck not just in the stock market, but the municipal/bond market and sovereign debt/sovereign debt credit default swaps to dangerous degree
TL;DR: Citadel doesn't just have a major outsized influence in the US stock market via its market making firm/hedge fund, but also a major indirect influence via Headlands (biggest municipal bond trading firm made of 3 ex-Citadel employees), and direct influence on sovereign debt (can decide when sovereign credit default swaps pay out) with its seat on the CDDC (Credit Derivatives Determinations Committee).submitted by throwawaylurker012 to Superstonk [link] [comments]
Hi y’all. Been some while since have been able to post regularly here, so I’m returning alongside my recent post on FHLB with a bit of a “DD". Partial rush job, so all errors are mine and mine alone (obviously)
0. Sphere of Influence
Over the past 84 years (/s), you lovely apes at Superstonk have been able to fish out many of the finer points of corruption crystallized into pure, unadulterated financial terrorism and financial terrorist-level crime undertaken by Steve Cohen (Point 72), Jeff Yass (Susquehanna), Doug Cifu & Vincent Viola (Virtu), as well as Wolverine Trading, Jane Street, TwoSigma, and more. But, of course, much of it has centered on our Mayo-artist-in-residence and his firm, that of none other but Ken Griffin and Citadel.
One of the biggest finds that has come to light has been the complete and utter bullshit of having (1) a hedge fund and (2) owning a market making firm that most DEFINITELY does not use that non-public information to its benefit? I mean, it would be easy for us to check except that we need 5 swipes to even access that level of inner sanctum at Citadel, which–per DLauer’s words–is more than the fucking Pentagon.
But despite Ken Griffin’s reach into every aspect of the most influential stock market in the world, that is not his ONLY level of his sphere of influence. For we, dear apes, can step back and revisit this idea that Citadel’s power duo (its market making firm and hedge fund) is more like a single part of a Big 3.
1. Meet the Big 3Citadel’s sphere of influence includes not JUST (1) the stock market business, but directly or indirectly, the (2) U.S. municipal and bond markets, plus (3) the sovereign debt/sovereign debt credit default swap markets.
Yes, you heard that right. Citadel not only has some sufficient level of influence to tank your favorite stock–and, in turn–retirement fund, but can also effectively drive your city into the fucking ground, or even your country.
I’ve written about each of these at length, and wanted to revisit some pieces in the wake of our recent dick twitchings of the coming financial crash.
2. Meet the Municipal Bond MarketCitadel has an indirect grip tickling the taint of the municipal bond market, believe it or not. I first wrote about the municipal bond market here (“Headlands: How ex-Mayo mercenaries copy pasted Citadel’s model in the muni bond market”): https://www.reddit.com/Superstonk/comments/sy6ubj/headlands_how_exmayo_mercenaries_copy_pasted/. For those unfamiliar with municipal bonds, I’ll reiterate what they are and why many push them as a safe investment in most times (with some caution being thrown intermittently due to the collapse of regional banks like FRC and Silicon Valley Bank):
“Municipal bonds (or "munis" for short) help towns/cities raise money for projects like building schools, parks, and fixing highways. Many retail investors--admittedly, on the wealthier side--invest in munis for tax incentives like not paying federal tax on bond returns. In certain cases, certain muni buys also mean no state taxes are paid…Just like what had happened to stocks, the old-school market for buying and selling muni bonds is going electronic. This is mainly done through an ATS, or "alternative trading system" known also as a dark pool. This speeds up the process of buying and selling munis, making it closer to a "house auction".In the wake of the SVB (Silicon Valley Bank), there have already been rumblings of its effect on the municipal bond market (Bloomberg “Bank Woes Create Bond Bargain in Obscure Corner of Muni Market”):
“Investor concerns over the crises within the financial industry are bleeding into a corner of the $4 trillion municipal-bond market where major investment banks guarantee energy for public utilities….
3. San Jose, Revisited
That part about “large institutional banks” acting as facilitators of the transactions is what we saw in part in this post by [redacted].
A commenter spoke about this, and how it wasn’t Wells Fargo in doo doo but the city of San Jose.
“I believe in theses cases it’s not Wells Fargo that has a problem but the city of San José.
„Because presentments are currently processed automatically at DTC, IPAs have the option to refuse to pay (“RTP”) for maturing MMI Obligations to protect against the possibility that an IPA may not be able to fund settlement because it has not received funds from the relevant issuer. „ -> Wells Fargo didn’t receive the money from San José city.
Wells Fargo has no liability or influence on the money that comes from the city and is distributed to the investors. If the money doesn’t come or isn’t sufficient, the assets are sold or liquidated and used to pay investors.
In this case, we might be seeing one of the first of MANY issues of cities up shit’s creek over this.
4. The Municipal Bond Market Time BombThe size of the municipal market is A SHIT TON BIGGER than the corporate bond market, which will already show even more signs of being turbo fucked due to borrowing at low interest rates for years. Here’s the size of the municipal bond market for scale, sans banana:
Unfortunately, just like retirement funds, many muni investors are “buy and hold”: they buy a muni expecting a safe, long-term return with no federal income tax and then, welp, shit hits the fan. The market is heavily illiquid too, meaning if shit needs to move, then you might be fucked. Only about 1% of municipal securities trade any given day, in auctions that often take HOURS:
“Now, the primary method of trading on this doesn't look like the New York Stock Exchange or like Nasdaq. It looks like an auction. It takes about 4 hours. An auction is initiated. Participants who come in can bid on this, and it is a competitive auction that yields a very good price.”
Now to my understanding you can’t short these bonds, but the long time frame means its hard to sell these illiquid assets. Not only that, THERE IS NO NATIONAL NBBO (National Best Bid Offer)...you’re flying blind while this shit happens.
Now if you’re wondering what magnanimous souls are helping municipal bonds be sold or fixed in a timely manner for cities like San Jose, well have I got news for you.
5. Meet Headlands, U.S. Municipal/Bond Market Making Firm…Run by 3 Ex-Citadel Employees
Two months after the sneeze (March 2021), TD Ameritrade bought municipal bond market maker Headlands. Yes, that’s right…an electronic market maker just like Citadel, this time for bonds for cities and towns vs. stocks. Now let’s check the fine fellows that run this:
Of note, Matthew Andresen founded Island, one of the 1st dark pools EVER and 2nd only to “Instinet” (who also got an even bigger wave of funds during the sneeze, info courtesy of Ringing Bells) and was featured heavily in the Scott Patterson book “Dark Pools”.
Ol Matty told us that Headlands is completely automated, and where some muni traders make 75-100 muni bond sales a day (sometimes over the phone), Headlands currently bids on 10,000+ bond auctions a day with its algo. Matty Boi even said if that number ever 10x’d “we wouldn’t notice.” Even more sus, Headlands has been growing its own “holdings” of muni bonds on its books.
6. In Bros We Trust
So remember, this branch of 3 ex-Citadel bros is front and center to the issues already rearing their head. In my previous post, these were just SOME of the already teetering municipal bond issues:
What began this rabbit hole was the one and only welp 0 0 7, who caught wind of some fuckery in the municipal bond market:
In the post, he mentioned how "American Thinker" 's Joseph Lawler mentioned the SEC has been giving fucking STIFF Heismans nonstop (or per [redacted] the ol' Dustin Martin "don't argues" for you Aussie apes!) on FOIA requests (Freedom of Information Act) related to the municipal bond default in Puerto Rico, the BIGGEST bond default in America's history EVER.
You see, because this level of municipal bond includes fuckery includes not just cities and towns, but U.S. TERRITORIES. In my post about Hurricane Maria’s effect on Puerto Rico, I talked about how UBS and others loaded up Puerto Rico with debt because of what’s called a “Treasury Put” guarantee that was even called “an exit strategy” for banks (“They describe the "treasury put" as "...the implicit guarantee -- as perceived by investors -- from a government agency to provide support in the event of financial distress by the issuer of Puerto Rican bonds."”).
Puerto Rico’s default was the largest in US history, EVER. And all this the same while guess who was holding the bag? Let’s see what W S O P tells us:
“The reality is that a large percentage of Puerto Rico’s debt is held in tax-free municipal bonds and municipal bond mutual funds, owned not by Wall Street banks or tycoons, but by mom and pop investors seeking tax-free income.”
So once again, whether its retirement funds or municipal bonds, its retail caught holding the bag. And this hasn't changed for years. We’ve seen similar fuckery with bonds for NYC in the 70s, and more recently in the 00s for Detroit.
One astute wrinkle by the name of [redacted] posted this on that original post trying to dig into how it could all be related:
…how the MMLF fund that expanded money/credit to towns/cities started including commercial paper…but also leveraged near the 15 to 1 ratio perhaps under the Net Capital Requirement limit:
8. Don't Bet Against America...Says the Banks and Hedge Funds That Already Did
Commercial Paper? Municipals related? Now where does that sound familiar? Ah, yes…the city of San Jose got its call-out by Wells Fargo over COMMERCIAL PAPER. This comes as the push for ppl into municipal bond markets continues, trying to sell it as a “safe haven” to retail investors. Vanguard just recently launched its first ETF–surprise, its first US-listed ETF in 2 years– for municipal bonds (selling point: “hey everyone it’s tax-exempt! Give us money plz!”) for example:
Many of us can see all of it for what it is. Bullshit. In the wake of the SVB collapse, there is still a strong push that these regional banks–many of which lend to municipalities–will be fine. This “safe haven” theory continues, even as articles try to have them appeal abroad (such as a few days ago, “ ESG Factors of Munis May Attract Non-US Investors” “https://www.marketsmedia.com/esg-factors-of-munis-may-attract-non-us-investors/”)
Even further, one last find is that . I mean it’s not like credit default swaps can be taken on cities and towns in theory right?
FWIW also I found an interesting research paper talking about hedge funds buying up credit default swaps, and how they could potentially bankrupt towns/municipalities through some of these moves if they wanted: https://openyls.law.yale.edu/bitstream/handle/20.500.13051/8264/MingJieWangCreditDefaultS.pdf?sequence=2
This is all while we have 3 ex-Citadel heads in charge of just how the municipal bond market moves, like that of San Jose.
So is this where Citadel’s reach stops? Clearly, no. It doesn’t stop at the US border, just like how Mayo Force One doesn’t.
10. ELI5: What’s a Soverign Credit Default Swap?
That’s right, mofos. You read that sub-header right. In case you’re wondering, not only can you take out credit default swaps on a failing Swiss bank like CS, but you can do so ON ENTIRE FUCKING COUNTRIES.
In one of my old posts “Sovereign Debts & Ransom Notes: Pt. 1 The Importance of Being Non-Linearly Destabilized through Sovereign Credit Default Swaps”
(“https://www.reddit.com/Superstonk/comments/t35rdi/sovereign_debts_ransom_notes_pt_1_the_importance/”), I talked a little more about the insanity of these things even existing.
Sovereign credit default swaps exist. Long story short: sovereign credit default swaps are insurance policies that if a country defaults (usually on its debt)then you get paid! Like many other shit that we’ve seen in the GME saga, they are a form of financial derivative (a bet that something goes up, a bet that something goes down) on an underlying (the thing you’re betting on)....They can be used to insure government debt for a country in case that country is unable to pay its debt, for example. However, just like other instruments, naked sovereign credit default swaps also exist.
Naked sovereign credit default swaps are used to bet that a country or a country's debt will fail without you owning that country's debt. In part, they were destabilising during the Euro-crisis immediately after the 2008 financial crash. Greece was one of the countries that got naked shorted in 2008. In fact, the country got shorted so bad they were worried about fucking SHORT SQUEEZES on Greek debt and the sovereign CDSs!
There were a tons of perhaps “we will see soon” if relevant additional points in that old research, including:
Crazy shit. So you might say, now this post is meant to be about Citadel’s sphere of influence you might say? “Where does Citadel fit into all this? ”
11. Meet the CDDC (Credit Derivatives Determination Committee)...Where Citadel Sit and Helps Decide Which Countries Default on their Debt
One of the biggest GFC 2008 scenarios of sovereign credit default swaps being misused was against Greece. Afterwards, one of its biggest cases of misuse was by Elliot Management (ran by Paul Singer) who was using their position on the Credit Derivatives Determination Committee, or CDDC, to help decide when their sovereign credit default swaps against Argentina would pay out.
Wait, Eliot Management doesn’t sound big enough. Who else is on this committee?
Oh wait, so Citadel is ALSO on this committee? Alongside our favorite fucksticks like Chase, Goldman, Deutsche, and BNP?
It’s not lost on me with seeing now that Credit Suisse has been sucked up into UBS, maybe its position on the CDDC has been absorbed further by UBS. Back then, I wrote about the fact is we know next to nothing about the sovereign credit default swaps that might be opened up against countries (be it Russia, Sri Lanka, or otherwise):
Here's one such example of a swap dealer: Swiss financial terrorist aficionados UBS AG, who registered to be a swaps dealer with the US at the end of 2012. (UBS had also been a member of the CDDC through the Greek crisis in early 2012, alongside Citadel. In Mar. 2012, they were also one of the members pressing to ask whether Greece had defaulted already.)
Not only that, but the CDDC even can say when CORPORATE BONDS even shit the bed: late last year, they were the ones who were deciding to let everyone know whether Sunac (an Evergrande-relate company) went tits up.
12. We Say When
For months, there has been talk of a looming debt crisis (alongside all the other ones) in the sovereign debt world.
And shit continues to hit the proverbial fan. Apart from Russia, Sri Lanka and others, emerging markets like Ghana and Zambia are beginning to feel the hits from their sovereign debt (oftentimes, trying to restructure it with creditors like China).
Even further, now that Credit Suisse has gone under. We may have another thing to worry about: what banks and prime brokers are housing these opaque sovereign debt structures, loans, and swaps? Even worse, what happens when they go under? Roll that less than beautiful bean footage:
“Before collapse, Credit Suisse quietly conquered an obscure debt market
Credit Suisse was the sole structurer and arranger of the world’s largest debt-for-nature swap, a $364 million deal that it orchestrated in 2021 along with The Nature Conservancy, a charity, for Belize. Last year, it sealed another $150 million deal for Barbados. Credit Suisse has in recent years helped revive interest in the instruments and for the first time opened them up to institutional capital. The bank raised money for Belize and Barbados from pension funds including Sweden’s Alecta and Nuveen LLC, a unit of the US’s TIAA, by issuing so-called blue bonds tied to the deals.
he convoluted setup has drawn criticism from sovereign debt experts for its high cost and lack of transparency. And the opaque terms of the Belize and Barbados deals — the first of their kind — mean outside analysts will struggle to assess precisely what comes next.
A lot of poorer, especially emerging market countries were already in dire straits. Now as opaque deals meant to help these countries might not come to light (are these some of the Level 3 assets that UBS was talking about?), we can ask ourselves wtf will happen when the same banks looking to save their own ass while holding these sovereign, are the same fuckers that sit on the same board that can decide when they are worthless (while I’m sure being positioned net short).
All in all, these banks and holders of sovereign debt credit default swaps, who decide when a country goes boom, are sitting arm in arm alongside Citadel, who themselves potentially hover their greasy mayo-covered finger over the button that decides just when and how the US stock market will eventually implode.
13. Everything Everywhere All at Once
To recap, we then have Citadel with (1) the biggest market maker and arguably one of the most influential hedge fund able to decide which stocks rise and which fall as the US stock market teeters on the brink of collapse…
…with having (2) three of its ex-employees in charge of (not even counting other Citadel employees working there) operating at Headlands ready to help position themselves when the municipal bond market gets nuked, whether as a continued result of regional bank failure or in spite of it…
…while (3) sitting on the board that determines when ENTIRE COUNTRIES FAIL, in such a way that their hedge fund and associated pals can be ready to short and profit off failing nations that they and their fuckstick friends help cause.
Did I miss anything? Because remember, Citadel is not just Citadel, the market-maker that we all love to hate; Citadel’s sphere of influence via the Big 3 means the grip that it holds over the US and world economy is even greater than we think…and as such, far far more dangerous.