The Problem with Eternal Vigilance

British Banking Whistleblower Who Exposed Lutnick's Epstein Ties Dies; Ruled Suicide A British banking whistleblower who helped uncover previously undisclosed ties between Commerce Secretary Howard Lutnick and convicted sex offender Jeffrey Epstein has died at 57, The Banker reports. Simon Andriesz, a veteran of the financial industry who previously served as a managing director at BGC Group, emerged as a key figure in scrutinizing Lutnick's past contacts with Epstein after digging through the massive trove of documents released in connection with the disgraced financier. Andriesz's death was confirmed by Andy Agathangelou, founder...

Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer "Backtop" Bid Jump After yesterday's stellar 10Y auction, which saw the 5th highest Indirect take down on record, today's reopening of $22BN in 30Y paper (via Cusip UU0) was a mirror image: ugly, poor foreign demand, and tailing. Starting at the top, the auction priced at a high yield of 5.02%, down fractionally from 5.046% last month (which was the first 5% coupon auction in history). And just like last month, today's auction also tailed the When Issued 5.008% by 1.2bps; this...