Cate Long

US REJECTED PUTIN OFFER FOR IRAN, UKRAINE QUID PRO QUO: POLTICO

Trump calls NATO a "paper tiger," and "cowards." @disclosetv

@achtera @federalreserve @SecScottBessent Hope that's not the case.

@cate_long @federalreserve @SecScottBessent Unfortunately today, most small banks are full of insider loans without collateral

The @federalreserve presents their reform measures which will reduce small bank capital requirements (<$100 billion of assets) the greatest amount (-7.8%). This is exactly the type of reform promised by @SecScottBessent and most the beneficial to growing the economy. ft.com/content/5282dc…

QatarEnergy says that two of its 14 trains were damaged — with 17% of supply to be offline for 3-5 years That’s the equivalent of a normal LNG export project. Thats big, and further pushes back the LNG glut

#Breaking: Saudi Foreign Minister, Prince @FaisalbinFarhan 🇸🇦: "Iran’s calculations are wrong, and it believes that the Gulf states cannot respond." "We will not submit to blackmail, nor will we be intimidated." "Iran must immediately halt its attacks and abandon its hostile policies." "The Iranians did not understand the message and have overstepped against their neighbors." "Iran’s targeting of energy supplies impacts the entire world." "Iran’s conduct has long relied on backing militias and extremist groups." "Iran must understand that there are consequences for its behavior." "We will use every means necessary to stop Iranian aggression." "The Kingdom and its partners possess significant capabilities, and the patience we have shown is not unlimited. It could be a day, two days, or a week,I will not say."

@AAGDhillon @AGPamBondi Dollar Store AOC.

I was sitting behind @AGPamBondi at this briefing where she answered EVERY question asked by either side. This lady picked up her purse and stalked out without asking a single question. So much for getting answers!

PR OBoard says no progress towards consensual deal on Prepa. Judge Swain says bondholders will continue to argue that there is more capacity and contigent value instrument (CVI) could bridge the gap. What's the OBoard's problem with that? #muniland OB's Bienenstock says initial reason was that because bhs have a secured claim has to be paid in full at confirmation (all bs). To confirm the plan bondholder claim has to be liquidated. [Bienenstock is full of crap and a big part of the reason this bankruptcy has gone on for 9 years]. Says agreeing on CVI terms very hard [endless bs]. Finally says a CVI is possible and could be on the table. Only one recent meeting of OBoard and mediation team. Another meeting possible in the future. Swain says not trying to structure a cramdown now. Says OBoard term ends next year and what are their goals before then. Bienenstock says a plan could be confirmed by then if the court valued the bondholder claim before then. OBoard says the board composition could change before then based on Lisa Cook SCOTUS case but OBoard was appointed under Territorial Clause (which means they intend to litigate against the president - SCOTUS wont agree). Swain says she doesn't have a good sense that any real progress was made in mediation and bondholder admin expense will be appealed and OBoard members leaving will leave PR without reliable electricity at affordable rates. Current plan has stale numbers and little support & unconfirmable. Since she dismissed the Prepa admin expense this is the moment to get real involvement. Says Promesa didn't come into being for endless litigation. ***************************************************************************************************************************************************FINALLY*************************************************************************************************************************************** says she needs to see real progress [she should have said this 5 years ago]. Have to accept that bondholders strongly believe their view on debt capacity and need to focus on discovery that really gets to agreement [BONDHOLDERS SAID AT PREVIOUS CONFIRMATION HEARINGS THAT CVIS WOULD WORK. THAT WAS IN MARCH 2024]. Glenn Kurtz for Goldentree and bondholders says committed to mediation. Asks the court to lift stay to allow bondholders 2022 motion to dismiss the case, bhs need adequate protection, vacate stay on accounting claim [1st Circuit validated accounting claim]. Swain says discovery needs specific procedural processes. Will wait for joint report (March 30) and tells parties to think creatively. Gibson Dunn's Estrada for Assured says willing to work towards agreement but wants to raise #5510 to protect bondholder rights. Wants lift stay. Omelveny for AFFAF willing to engage in mediation. AFFAF remains concerned by cost of mediation team. Bienenstock for OBoard. Putting Prepa case on hold for admin expense appeal is the worst result. Don't think bondholders have a right to appeal the admin exp [typical Bienenstock BS]. Says bondholder litigation could be constructive if turned into value of secured claim [Bienenstock knows that Swain despises bondholders and thinks this path would cram down bhs harder than a negotiated settlement]. Re motion to dismiss -- normally courts dont dismiss cases where a plan is on the table that is confirmable [Swain already says the 5th plan is not confirmable]. Swain verbally denies the motion to dismiss the Prepa case without prejudice.

@compound248 @nikitabier Finally.

X is about to ship a Dislike (👎) button to combat spam and junk content. Get ‘em, @nikitabier.

@AzizSapphire Oil stocks should be valued like tech stocks.

Total market capitalization of the top 25 global oil firms has risen ⁠about 20% so far this year to $5.3 trillion.

@BenjaminSWeiss Two bulls going at it.

Paul demanding an apology or expression of remorse from Mullin. "I'm not apologizing," the DHS Secretary said. Tells the chairman that he did not say he "supported" the 2017 attack on Paul that left him gravely injured, "just that I completely understood it."

🧵MARKWAYNE MULLIN DHS SECRETARY CONFIRMATION HEARING MEGATHREAD: I’m in the room this AM as @SenMullin arrives to testify before @HSGAC on his nomination to replace Kristi Noem. Follow along for updates:

More audio issues with the Puerto Rico bankruptcy hearing in San Juan. The court reporters in NYC are unable to comprehend to transcribe. Corrections being attempted #muniland.

The audio for the Puerto Rico bankruptcy hearing said the host just left the meeting and it would end in five minutes. Does anyone know what is going on? #muniland

@MEHerlihy @deanwball Greetings ~ the USG has responded to Anthropic courtlistener.com/docket/7237965…

@cate_long @deanwball See law.cornell.edu/uscode/text/41… for DC Circuit’s review authority.

The US govt said it had deemed the artificial intelligence company Anthropic an “unacceptable risk” to national security because the start-up could disable or alter its technology to suit its own interests, rather than the country’s priorities, in a time of war. Response here: courtlistener.com/docket/7237965…

💣💣A group of banks led by JPMorgan Chase halted a $5.3 billion debt deal for software firm Qualtrics International after failing to win over investors amid deepening anxiety surrounding AI disruption bloomberg.com/news/articles/…

Whiting is huge. "View of the Amoco Refinery (now BP Whiting Refinery) located at 2815 Indianapolis Boulevard in Whiting, Indiana. This refinery, which processes crude oil, is currently the largest refinery in the Midwest region. The first petroleum products were processed at this site in 1890." explore.chicagocollections.org/image/uic/59/p…

@cate_long @FirstSquawk big facility! fun fact…designed to process heavy sour crude—one of the few.

BP ISSUES LOCKOUT NOTICE AT WHITING REFINERY AFTER REJECTING UNION PROPOSAL AND ENDING CONTRACT EXTENSION TALKS. UNITED STEELWORKERS-REPRESENTED WORKERS TOLD NOT TO REPORT AS COMPANY SEEKS SAFE HANDOVER AMID ESCALATING LABOR DISPUTE.

@Chicagomike666 @FirstSquawk Wow. That's an intense environment.

@cate_long @FirstSquawk I worked there one summer in college…