Chase Bank took a $100,000 fee on Ruth’s Chris Steak House zero risk PPP loan

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“on April 7, RCSH Operations LLC, the parent company of Ruth’s Chris Steak House, received a loan of $10 million. JPMorgan Chase & Co., acting as the lender, took a $100,000 fee on the one-time transaction for which it assumed no risk and could pass through with fewer requirements than for a regular loan.” https://www.npr.org/2020/04/22/840678984/small-business-rescue-earned-banks-10-billion-in-fees

JPMorgan’s Small Business Loans Instead Went to Its Biggest Customers — Only 6% of smaller customers got paycheck-protection loans | Most of Chase’s larger Commercial clients got Small-biz loans

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Only 6% of smaller customers got paycheck-protection loans Most of Chase’s larger commercial clients got small-biz loans   JPMorgan Chase & Co. provided loans to virtually all of its commercial banking customers that sought financing through the small business relief program, while the lender’s smallest customers were almost entirely shut out, according to data disclosed by the bank. … Read more

A Nebraskan farmer asked members of a pro-fracking oil and gas committee if they would drink water that was tainted by fracking wastewater.

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A Nebraskan farmer asked members of a pro-fracking oil and gas committee if they would drink water that was tainted by fracking wastewater. pic.twitter.com/E28mvNiKPM — Ninja Economics (@NinjaEconomics) April 22, 2020 A Nebraskan farmer asked members of a pro-fracking oil and gas committee if they would drink water that was tainted by fracking wastewater. pic.twitter.com/E28mvNiKPM … Read more

84% of global PMIs are in contraction;JPM is literally sitting on a death bench; Counter party to everyone and everything

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https://twitter.com/hks55/status/1253035801090367495 https://twitter.com/hks55/status/1253030587323072516 https://twitter.com/hks55/status/1253047332616253440 Dow Jones: This is your captain speaking… Landing gear has failed and we are running on fumes ..Assume crash position pic.twitter.com/E7s53q7FoW — The Great Martis (@great_martis) April 22, 2020 As it stands, 84% of global PMIs are in contraction w/ 43% of US industries reporting negative EPS growth YoY. In ‘01 & … Read more

Media Meltdown: Axios Wants Taxpayer Bailout… Fox Execs Take Paycuts… CNN Not Returning To Offices Until At Least September

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Axios qualifies for small-business loan amid pandemic News site Axios announced Wednesday that it had qualified for a small-business loan as part of the economic stimulus passed amid the coronavirus outbreak. In a blog post, editor Jim VandeHei indicated that the company was suffering financially because of the hit to its events business and the hit to advertising … Read more

USO is Going to Implode, Along With Your Money

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by DaGhostOfMarx This should be obvious to anyone who hasn’t been living under a rock, but given the mass influx of Robinhood and other retail into $USO in recent days, it apparently isn’t. What $USO Is and Isn’t United States Oil is not a bet on the price of oil, just like VIX ETFs (UVXY, TVIX) are … Read more

The thesis that MMT is only limited by inflation is flawed. It ignores asset bubbles. It ignore system rigged toward Top 40%. If Top 40% get spoils, inflation never rises b/c they save/hoard it.

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The thesis that MMT is only limited by inflation is flawed. It ignores asset bubbles. It ignore system rigged toward Top 40%. If Top 40% get spoils, inflation never rises b/c they save/hoard it. Look at monetary velocity. USA needs major reforms. Not endless debt into this system pic.twitter.com/UfQ8CeW7Iw — M/1_LP (@MI_Investments) April 22, 2020 … Read more

US HY Credit Spreads: some might argue the Fed is driving a wedge between the market vs fundamentals…

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US HY Credit Spreads: some might argue the Fed is driving a wedge between the market vs fundamentals… https://t.co/Lwh0R9RgTW pic.twitter.com/YR2U9BHBrP — Topdown Charts (@topdowncharts) April 21, 2020 Summary •    The Fed’s backstop helped bring down credit spreads – both investment grade and high yield •    Banks appear positioned to make it through the Corona Crash … Read more

Coronavirus has mutated into at least 30 different strains new study finds

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The study was carried out by Professor Li Lanjuan and colleagues from Zhejiang University in Hangzhou, China and published in a non-peer reviewed paper released on website medRxiv.org on Sunday. A new study in China has found that the novel coronavirus has mutated into at least 30 different variations. The results showed that medical officials have vastly … Read more

Interactive Brokers (IBKR) Provides Statement on Crude Oil Contracts and Margin Loss; Recognizes Provisionary Loss of ~$88M

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https://www.streetinsider.com/Corporate+News/Interactive+Brokers+%28IBKR%29+Provides+Statement+on+Crude+Oil+Contracts+and+Margin+Loss/16767830.html Several Interactive Brokers LLC (“IBLLC”) customers held long positions in these CME and ICE Europe contracts, and as a result they incurred losses in excess of the equity in their accounts. IBLLC has fulfilled the firm’s required variation margin settlements with the respective clearinghouses on behalf of its customers. As a result, the Company … Read more

The Fed may have to buy used cars as well.

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The Fed may have to buy used cars as well. Worst decline in value since the global financial crisis & tech bust. The ripple effect on consumer’s buying power at large will be significant. Not looking good for car sales that are already down ~40% in March. pic.twitter.com/RaBd4vcOTY — Otavio (Tavi) Costa (@TaviCosta) April 21, … Read more

American Universities, the most overpriced in the world, show students how not to run a business. Many will go bankrupt

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Imagine 40 years ago. Colleges could stay afloat with costs at 1, revenues at 1.2. Now fast forward 40 years. Costs are 1.8, revenues are 4. They can’t get it done. Lesson, doesn’t matter how much you bring in if you allow incompetent bureaucrats to run things. via NPR Most campuses in the United States … Read more