Wednesday Morning Links

• An absolutely fantastic article and piece of journalism by Bradley Keoun of Bloomberg.  Discussing the opacity of the 5 banks with the largest FICC divisions (fixed-income, currency, and commodities division). This is a must read
• The Harvard Law School Forum on Corporate Governance and Financial Regulation has a terrific post on "Using Cash Settled Derivatives to Hide Corporate Ownership". This post gives you a quick breakdown.  But if you want a true understanding of the issue, and the "meat" of this, you should download and read Matteo Tonello's and Eugenio Simone De Nardis' academic paper here.  It is only 12 pages and really worth it if you want know what is going on in these corporations related to ownership.
• Investment banks and hedge funds practicing high frequency trading (HFT) are dictating market prices.  This is why short-term investing is extremely dangerous now.  This is highly recommended reading.  From ZeroHedge blog
• The SEC is investigating some cozy and corrupt relationships between money managers and hedge funds they invest in.  Sometimes they sign confidentiality agreements with the hedge funds they invest in and their clients/customers have no idea what the performance is or what the fees are.  From Joshua Gallu and Jesse Westbrook of Bloomberg
• Some terrific analysis on the stock market and the general economy from David Rosenberg of Gluskin Sheff.  From ZeroHedge blog
• China taking care of China.  Don't expect that to ever change.  From Wall Street Journal blog
• Some really outstanding and insightful graphs from jessescrossroadscafe blog.  The charts were originally produced at contraryinvestor.com 
• Former President Bill Clinton endorses the blunt, frank, and honest Jerry Brown for Governor of California.  From LA Times blog
• Kevin Durant and Team USA are World Basketball Champions. From USA Today Newspaper
• Michael J. Fox coming back to television as a character on CBS TV show "The Good Wife" From canoe.ca
• We have two Female Visions of the Day. Blake Lively here, and Taylor Swift here. From fashionwindows.net