Chriss W. Street

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Argentina Default Could Hurt JPMorgan and Citigroup

Schulte Roth & Zabel LLP, a U.S. law firm that is known to work closely with hedge funds, requested a ruling for a “potential repudiation/moratorium event” by Argentina according to a letter dated June 20 to International Swaps and Derivatives Association (ISDA). If ISDA rules that credit-default swap payments (CDS) on Argentina’s debt have been triggered after government officials said the nation won’t make bond interest payments, then Citigroup Inc. and JPMorgan may be at risk to repay a substantial portion of the CDS losses on up to $906 million in defaulted bonds. Jun 25, 2014 7:50 PM PT

Oil, Natural Gas Estimates Double in Bakken, Three Forks

The USGS just announced that its 2013 survey doubled its 2008 estimates for combined shale oil and recoverable natural gas deposits in the Bakken and Three Forks areas of the Williston basin to 7.4 billion barrels of oil and 6.7 trillion cubic feet of natural gas. The USGS survey results are expected to dramatically increase oil and gas investment in the region. Jun 25, 2014 7:39 PM PT

Environmentalists Respond to Sen. Feinstein Rebuke of Water Policy

In response to Senator Dianne Feinstein's rebuke last month that environmentalists “have never been helpful to me in producing good water policy,” the Natural Resources Defense Council (NDRC) and the Pacific Institute recently published a new report claiming that “drought-plagued California could stretch its available water supply as much as 30 percent by making more effective use of existing resources." Jun 25, 2014 2:41 PM PT

Syria Bombs ISIS in Iraq to Make Friends

Syrian fighter bombers hit the Islamic State of Iraq and al-Sham (ISIS) targets in the Iraqi border town of Qaim in Anbar province on June 24th. The bombings were not the first time that the Syrian Air Force has acted against ISIS targets along the border. But three bitter adversaries--the United States, Iran, and Syria--are demonstrating, by defending the Iraqi government, that countries usually have interests rather than friends. Jun 25, 2014 11:16 AM PT

Court Tosses L.A. Prohibition on Cars as 'Living Quarters'

A three-judge panel of the Ninth Circuit Court of Appeals held that the Los Angeles Municipal Code section prohibiting the use of a vehicle “as living quarters either overnight, day-by-day or otherwise” is unconstitutionally vague under the due process clause of the Fourteenth Amendment. The court determined that the language used provides insufficient notice of the “conduct it penalizes” and, therefore, “promotes arbitrary and discriminatory enforcement.” Jun 25, 2014 5:53 AM PT

Right to Work Laws Cover 72% of Auto Production

The union membership rate of Americans working stands at 11.3%, or 14.5 million, according to the U.S. Bureau of Labor Statistics. In the last two decades, that percentage fell by 45%, despite a doubling in public employee unions. One of the major reasons for private sector unionization’s 80% collapse to only 6.7% of American workers is the availability of Right to Work states and the auto industry’s enthusiasm to relocate. Jun 23, 2014 5:55 AM PT

Report: Obama Offers to Lift Cuba Trade Embargo

President Barack Obama used Uruguayan President Jose Mujica to deliver a letter to Cuban President Raul Castro on June 14th offering to negotiate an end the U.S. trade embargo according to MercoPress. Obama supposedly first asked for help when Mujica visited Washington in mid-May. Jun 23, 2014 1:26 AM PT

Don't Cry as Marxist Argentina Defaults

Argentina’s 42-year-old Minister of the Economy and former economics professor at the University of Buenos Aires, Axel Kicillof, is best known for his research papers that “reinterpreted Keynes from a Marxist perspective.” Having elected leaders with this type of intellectual toolkit, it should not be much of a surprise that the ultra-leftist government of Argentina is in mourning over a U.S. Supreme Court decision this week that requires the nation to actually repay their debts in full or default by June 30th. Jun 21, 2014 8:29 PM PT

U.S. Supreme Court Forecloses on Socialist Argentina

The U.S. Supreme Court rejected a petition on June 16th by Argentina to stop a group of its sovereign bondholders from foreclosing on Argentine assets in the U.S. The decision effectively ends five years of legal battles in U.S. courts. Jun 17, 2014 1:48 PM PT

With Iraq Imploding, California Now Reliant on Oil Trains

In the time since our April expose titled “California: Here Come the Oil Trains”, pressure has been mounting on state and federal officials to disclose the number of hundred tank-car trains that are rumbling into California carrying highly combustible crude oil. But with California’s substantial supply of imported Iraq oil in peril of being cut off, the State of California on June 13 said it will be withholding all disclosures regarding the rapidly growing number of oil trains coming to California. Jun 16, 2014 5:19 AM PT

Resentment of Bay Area Drives 'Six Californias' Initiative

The U.S. Bureau of Economic Analysis just recognized California for being in the top half for GDP growth by state in 2013. Governor Jerry Brown likes to crow about California being a leader in nation economic recovery and job growth. But Brown avoids the fact that most of the recovery is along a narrow 48 mile strip of the 101 Freeway betwee Santa Clara and San Francisco counties, known as the “Bay Area.” Jun 12, 2014 3:10 PM PT

California Misses Budget for First Time in Six Months

The California State Controller has announced that sales, income and corporate tax revenue came in $530.4 million, 7.8%, below budget for the month of May. That substantial budget miss comes less than two weeks after the California Bureau of State Audits found a $31.65 billion in accounting misstatements. With Governor Brown and the Legislature battling over how to spend the state’s expected surplus, the Controller just announced that a big piece of that “fun money” just got wiped out. Jun 12, 2014 8:20 AM PT

David Welch: The Man Who Slayed California Tenure

Behind the conservative’s dream-come-true victory of tenure laws and union contracts for California’s public schools teachers being ruled unconstitutional Wednesday by a Los Angeles Superior Court, is an organization called Students Matter. The group is led and funded by Silicon Valley entrepreneur David Welch, who also sits on the national board of the ultra-liberal Natural Resources Defense Council. Jun 12, 2014 8:17 AM PT

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