The EU Keeps Ireland in the Dark Regarding $AAPL-Irish Tax Fine, Which Might Top $19 Billion

The Irish government is on a need to know basis. They’re not permitted to ask questions, regarding a tax deal, under heavy EU scrutiny, that their government struck with Apple to create jobs. They should’ve known better. Now that the good folks in Brussels are on the case, the beer swillers in Dublin can go back to river dancing in the streets, as they watch the EU shatter Apple’s relationship with Ireland to pieces.

“We’ve no indication which way it’s going to go yet,” Noonan told reporters in Dublin on Thursday. “We’ll get information in due course and then we’ll see.”

Ireland continues to brace for an adverse finding following the meeting with Vestager, a person with knowledge of the matter said. Ireland will appeal any repayment decision, no matter how much Apple must repay, the person said, who declined to comment because the process is still ongoing. The EU opened the Apple probe in 2014, and, in preliminary findings, said its tax arrangements were improperly designed to give the company a financial boost in exchange for jobs in Ireland.

Apple told a European Parliament panel earlier this year that it has “paid every cent of tax that is due in Ireland.”

In a worst-case scenario, Apple may face a $19 billion bill if the government ultimately loses and is forced to recoup tax from the company, according to JPMorgan Chase & Co. analyst Rod Hall. Matt Larson of Bloomberg Intelligence puts the figure at more than $8 billion.

And you wonder why Great Britain wanted out of the EU?

Deep inside the foremost corner office at Citadel, Dr. Benjamin Bernanke ashes his blunt on the expensive Persian, mumbling to himself, as he watches stocks scream higher, ‘got you bitches again. I done told you not to fuck with me.’

Rumors have been swirling since last night that the good Doctor is advising the BOJ to issue ‘perpetual bonds’ and to partake in fiscal policy which would equate to ‘helicopter money.’ On this news, the yen shattered to pieces, stocks soared, and the good Dr. got to show the world again why he was the best damned central bankster the world has ever known.

But it was the yen’s moves that dominated morning trading in London, sliding past 105 per dollar and 140 yen per pound, with dealers citing a Bloomberg report saying ex-Federal Reserve chief Ben Bernanke had raised the prospect of the BoJ issuing “perpetual bonds”.

“We had this big move up at 7.30 this morning on the story about Bernanke floating this idea. It pushed the dollar through 105 yen and caught some stops along the way,” said Alvin Tan, a strategist with Societe Generale in London.

“We’ve heard a lot of talk about fiscal policy out of Japan. Something will happen on that front. The big question is whether there will be further monetary easing and coordination of the two. That does seem possible.”

The dollar gained 1.1 percent to 105.62 yen, hitting its highest level since late June.
If the government issued perpetual bonds directly to the BOJ, it could amount to the Bank funding government spending directly by printing new yen, for the first time shooting “helicopter money” directly at businesses and consumers.

This shit is hilarious. Dr. Bernanke saves the day.

Yes, he merely trimmed his position, see. It’s summertime and M. Pearson’s yatch is ready and he needs to stock it with some caviar and champagne. That stuff is expensive. The sale was for personal reasons and he still owns some. Yeah, don’t worry, see.

Valeant issued this statement, discussing this matter and more.

The co commented on recent stock transactions made by Valeant’s former chief executive officer, J. Michael Pearson. The Company understands that Mr. Pearson exercised and sold options representing approximately 4.4 million shares, which would expire within the next 12 months, and sold approximately 411,000 shares of common stock in June and July to satisfy tax obligations with respect to the 2015 margin sale conducted by Goldman Sachs, and for additional liquidity. Mr. Pearson remains a significant Valeant shareholder with more than 3.5 million shares and is required to hold 1 million shares for two years following employment termination.

“I continue to believe in Valeant, Joe and the rest of the management team,” stated J. Michael Pearson. “While I trimmed my ownership position for personal reasons, I plan on holding my remaining shares until the company recovers and returns to being traded on fundamentals.”

“Mike’s personal stock transactions are not a reflection of the ongoing viability of Valeant,” stated Joseph C. Papa, chairman and chief executive officer. “I joined Valeant in May because of the opportunity to lead a company with a highly diversified portfolio of leading global brands, a durable consumer franchise, and a strong new product pipeline. While I knew there would be challenges, I am confident that we are taking the right steps to stabilize the company and deliver stakeholder value to patients, prescribers and shareholders.

Next week, the hard work of our R&D team will result in three significant regulatory events related to brodalumab, latanoprostene bunod and Relistor Oral….Furthermore, I look forward to updating our investors on the progress we are making and outlining my vision for the future when we report second quarter earnings next month. As a Valeant shareholder, I continue to believe that we will succeed in realizing this company’s exceptional potential and remain confident that our future will be bright.”

The stock is up 1.7% in the pre market.

Shares of Monte dei Paschi are surging higher by 5% in Italy on a report that said JP Morgan was set to lend close to $8b to Italian authorities in order to buy up toxic assets from the bedraggled Italian lender.

Naturally, Dimon will be lending into a vehicle that is buying the better toxic assets, ones backed by the state.

In an unsourced report, Il Messaggero said Monte dei Paschi was expected to sell 26.6 billion euros in bad loans to the vehicle that would finance the purchase by selling bonds backed by the non-performing loans.

Italian bank rescue fund Atlante will buy the riskier portion of the new bonds while the senior tranche, worth 7 billion euros, would benefit from a state-backed guarantee that requires 4-6 months to be provided.

The loan by JP Morgan would allow the transaction to proceed while the issuance of the asset-backed notes is arranged.

JP Morgan and Monte dei Paschi declined to comment.

Can’t lose.

There is a distinct harmony to the markets that is suggesting investors are eagerly willing to take on more risk now.

German bunds crushed lower, pushing yields higher to -0.093%.

Oil mounts huge 2% rally, while gold sinks 1.5%.

Pound up, Yen down, dollar down- perfect.

Jp Morgan beat on earnings and futures are indicating +150 at the open. Going out on a limb here, I’d expect gold miners and utes to trade down, as investors trade back into riskier stuff, like tech, oil and biotech. It’s all very predictable.

Markets are set to rise for a 10th consecutive day, spearheaded by animal instincts.

I took my son to catch a jigglypuff today. Also, the Princeton gym is strong as heck, fortressed by a Magmar that was a level 1,188. His fire game was strong.

Shares of Nintendo are ripping higher by 16% in Tokyo this evening, on news that the app has topped 15 million downloads.

Skeptics will say this is all horseshit. But don’t forget that Nintendo is a very real and very big company, led by smart people. They will find a way to monetize the hell out of this. Henceforth, the Pokemon craze continues.

We’re all just one action away from a life-ruining prison sentence. Imprisonment for victimless crimes is ALL THE RAGE in America these days. M. Coscia was just convicted to a 3 yr prison sentence for ‘spoofing’, a new crime, freshly made illegal by the retarded Dodd-Frank act, makes tricking adversaries in the marketplace a punishable crime.

Judge Harry Leinenweber, who tossed Mr. Coscia into prison, cited his $15m net worth and $150k monthly income in his decision, describing Mr. Coscia’s actions as ‘greedy.’

“This is a serious crime with serious consequences,” Leinenweber said before handing down the sentence. He noted that spoofing has been going on for a long time. Spoofing, which became illegal under the Dodd-Frank Act, carries a maximum of 10 years in prison. The practice typically consists of systematically placing orders without intending to execute them to trick the market into thinking there’s interest in buying or selling that doesn’t actually exist.

Bravo to Judge Leinenweber for ‘making an example’ and ruining someone’s life and being the first to sentence someone for a practice that has been part of the trading culture since the beginning of time.

Coscia was convicted by a jury in November of manipulating futures markets by placing unusually large orders he didn’t intend to execute and then filling smaller trades on the opposite side. Prosecutors said it was a bait and switch scheme that yielded Coscia, the head of Panther Energy Trading LLC, more than $1 million over 2 1/2 months in 2011. The scheme resulted in losses to high frequency trading houses that were placing and executing orders at the same time.

Jealous people always hate the success of others. When these people are in a position of power, liberties are stripped and bad things happen.

Prosecutors had sought a term as long as seven years and three months. Coscia’s lawyers said sentencing guidelines allowed for a term of only four to 10 months. His three-year prison term is to be followed by two years of supervised release.

Unfuckingbelievable.

It gets worse. Not only is he going to prison for something that every trader I’ve ever known has done, he’s paid back all of the gains ($1.4m) and an additional $3m fine to the fuckhead regulators.

What this is really about is his high speed algos were beating the shit out of someone with influence and power, causing some regulator to hone in on him and toss this modern day Edmond Dantes into the Chateau d’If.

The fuck out of here with this shit. Johnathon Stubbs called for a fucking death spiral, led by an oilmadggedeon back in February. But now, his glum views have been reformed, he’s turned bullish, and subsequently is lying his ass off on national teevee about the reasons why he’s found religion in the House of Citi.

Unlike this Stubbs character, I very much am still calling for an end of times scenario to play out. I will preside over the death of equities, as the oil market descends into sheer, fucking, anarchy.

Stubbs says his bearish call in February was merely a ‘cry for help’ and how the ‘rebalancing’ in crude is the reason why prices have shot higher.

WRONG.

Oil hasn’t rebalanced anything. A cursory google search will teach Stubbs that production is at RECORD highs and how our oil conglomerates are still producing crude at RECORD rates. Nothing has changed but the price of tea in China.

Lastly, his bear(d) game is weak.

To give the false illusion of economic prosperity, the Fed heads menace markets with interest rate hike promises. If you’re willing to debate me about the merits of the US economy, look no further than the value of homes less than 1 million since 2009. Zero growth there; but a fuckload of growth in homes worth more.

All of a sudden, BREXIT is a non-starter. The economy has recovered from that harrowing May jobs report and all is well.

“Considering the economic projections, I anticipate that it may be appropriate for up to two additional rate hikes this year,” said Harker, who does not vote on policy this year.

“Brexit is low on my list of risks, and I do not anticipate more than a transitory couple of 10ths of a percentage point slowdown in growth,” he added in prepared remarks.

Rest assured, just before the Fed is expected to hike rates, almost out of the blue, something will happen to derail it from happening.

Hilarious stuff out of the world’s most hated company. In an effort to remain independent and keep their top secret chimera science experiments under wraps, the Monsanto corporation is scrambling to get Bayer off their jock-strap. Instead of being acquired by Bayer for $122, Monsanto is telling its shareholders to fuck off and is considering merging with Bayer’s Frankenstonian agro-business.

The U.S. company is exploring various transactions, including the potential acquisition of BASF’s agriculture-solutions unit, the people said, asking not to be identified as the discussions are private. In return, Ludwigshafen, Germany-based BASF would likely receive newly issued shares in Monsanto, the people said. The discussions are at an early stage, and no final decisions have been made, they said. Talks with Bayer are continuing, they said.

Monsanto’s board is split over the merit of potential deals with rivals BASF and Bayer, one of the people said, with some executives keen to remain independent and others preferring a takeover. The company in May rejected a $122-a-share offer from Bayer, saying it was too low. It said in its earnings statement last month that it has been in discussions over the last several weeks with Bayer, as well as with other parties, about “alternative strategic options.”

Monsanto would likely face pressure from its shareholders if it opted to buy BASF’s division and issues shares to pay for it instead of accepting Bayer’s all-cash premium offer, one of the people said.

Monsanto doesn’t give a shit, as long as they’re permitted to continue to sue farmers and kick them off their lands for profiting from seeds that drifting into their fields by miracle or wind.