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In 4 Obamacare Signups Are Faulty - But, We Are Sure Obama Never Knew Anything
About It Until Now - (www.zerohedge.com) While the administration unabashedly argued that they would not hand out
taxpayer cash subsidies to anyone who didn't verify income on... it seems once
again, they lied. 9 months later and AP reports that 2
million of the Obamacare sign-ups have data discrepancies that could jeopardize
coverage for some, a government document shows. Direct from the HHS itself,
AP adds that several congressional committees are actively investigating the
discrepancies, most of which involve important details on income, citizenship
and immigration status. The farce is complete as no resolution looks likely
anytime soon - "Current system access and functionality...limits the
ability to resolve outstanding inconsistencies." Of course, this is
the first that Obama would have heard about it (from AP) and a probe of this
SNAFU will begin immediately... As AP reports,
More than 2 million people who got health insurance
under President Obama's law have data discrepancies that could jeopardize
coverage for some, a government document shows. About 1 in 4
people who signed up have discrepancies, creating a huge paperwork jam
for the feds and exposing some consumers to repayment demands, or possibly even
loss of coverage, if they got too generous a subsidy. The 7-page slide
presentation from the Health and Human Services department was provided to The
Associated Press as several congressional committees are actively
investigating the discrepancies, most of which involve important details on
income, citizenship and immigration status.
German
Eurosceptics gain support before EU alliance decision - (www.reuters.com) Support
for Germany's Eurosceptical AfD party has hit a record high in a new poll
released on Wednesday, when a European Union political bloc that includes
Britain's ruling Conservatives is due to decide whether to admit the German
party as a member. The Alternative for Germany (AfD),
formed just over a year ago amid German disenchantment with the euro, notched
up its first election success on May 25 by taking seven seats in the European
Parliament after winning 7 percent of German votes. In a poll by Forsa for
stern magazine and broadcaster RTL taken after the EU elections and measuring
voter intentions for the next national election, support for the AfD, which
also wants tougher rules on immigration, stood at 8 percent.
China
state media calls for 'severe punishment' for Google, Apple, U.S. tech firms - (www.reuters.com) Chinese
state media lashed out at Google Inc
GOOGL.O, Apple Inc AAPL.O
and other U.S. technology companies on Wednesday, calling on Beijing "to
punish severely the pawns" of the U.S. government for monitoring China and
stealing secrets. U.S. companies such as Yahoo Inc YHOO.O, Cisco Systems Inc CSCO.O, Microsoft Corp MSFT.O
and Facebook Inc
FB.O threaten the cyber-security of China and its Internet users, said the
People's Daily on its microblog, in comments echoed on the front page of the
English-language China Daily. It is not clear what sparked this latest round of
vitriol, nor what information the U.S. firms are alleged to have stolen. But
Chinese media have repeatedly attacked American tech companies for aiding the
U.S. government's cyber espionage since U.S. National Security Agency (NSA)
contractor Edward Snowden revealed widespread spying programs including PRISM. Under
PRISM, the NSA seized data from companies such as Google and Apple, according
to revelations made by Snowden a year ago.
[Hilsenrath]
Fed Officials Growing Wary of Market Complacency - (online.wsj.com) Federal
Reserve officials are starting to wonder whether a tranquillity that has
descended on financial markets is a sign that investors have become unafraid of
the type of risk that could lead to bubbles and volatility. The Dow Jones
Industrial Average, up a steady if unspectacular 1% since the beginning of the
year, has consolidated big gains registered last year. The VIX, a measure of
expected stock-market fluctuations based on options trading, has gone 74
straight weeks below its long-run average—a string of steadiness not seen since
2006 and 2007, before the financial crisis and recession. Moreover, the extra
return that bond investors demand on investment-grade corporate debt over
low-risk Treasury bonds, at one percentage point, hasn't been this low since
July 2007. The lower this "spread," the less risk-averse are bond
investors. The Fed's growing worry—which could influence future interest rate
decisions—is that if investors start taking undue risk it could lead to
economic turbulence down the road.
JPMorgan’s
$100 Billion CLO Forecast Shows Volcker Solved - (www.bloomberg.com) The
business of bundling junk-rated corporate loans into top-rated securities is
booming like never before following the implementation of regulation aimed at
making the financial system safer. More than $46 billion of collateralized loan
obligations have been raised this year in the U.S. through the end of May,
after $82 billion were sold in all of 2013, according to Royal Bank of Scotland Group Plc. JPMorgan Chase & Co. boosted its annual
forecast to as much as $100 billion, which means 2014 may end up as the biggest
year on record, while Onex Corp. said yesterday it will expand its CLO
business. Issuance of CLOs, which helped finance some of the biggest leveraged
buyouts in history during the last credit boom, has picked up following an
early 2014 slump brought on by the publication of the Volcker Rule designed to
limit risk-taking by banks -- major buyers of the funds. CLOs are investors in
speculative-grade loans,
an asset class in which U.S. banking regulators have said underwriting
standards have become too lax.
Chinese
port stops metal shipments due to probe - trade sources - (www.reuters.com)
Investors Flag Risk of ECB Disappointing After Europe Bond Rally - (www.bloomberg.com)
Investors Flag Risk of ECB Disappointing After Europe Bond Rally - (www.bloomberg.com)
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