Cate Long

I lead a research service for Puerto Rico bondholders. Former contributor to Reuters.

[Cate Long @cate_long]

Took the day off to see the @TiffanyAndCo collaboration with @crystalbridges. The exhibit paired pieces from the Tiffany archive paired w/ pieces from the museum's collection. Additional focus on American mined gemstones for fine jewelry which Tiffany pioneered.

[David Sacks @DavidSacks]

There’s a world of difference between user-authorized agents (Muse, Instinct, Grokbot, etc.) and true unauthorized/rogue agents that could constitute cyberattacks.

Most of the activity described in the Axios story appears to be the former: customers sharing credentials with agents so they can take actions on their behalf. This may violate bank terms requiring humans to log in themselves, but these are in no way cyberattacks.

The direction banks should go is to support user-directed agents. For example, Amex is an authorized connection in Muse, making it easy for users to grant, limit, and revoke access.

Read-only permission levels are a sensible interim step. Several banks already support or are moving toward them. Full write access (with user credentials) is a different risk category and should be approached carefully.

Frightening the public by blurring the line between user-authorized agentic behavior and cyberattacks is irresponsible.

[Cate Long @cate_long]

"Generally any radical transformation of our economy is intertwined with a bubble."

Ken Griffin says AI 'Almost certainly' in a bubble right now.

https://t.co/iHqXYkIpta

[Cate Long @cate_long]

@marksatter Is there a basis in law for this or is it just another Dem scare tactic?

[Cate Long @cate_long]

Responses due Friday on Prepa accounting claim cross motions for summary judgement #muniland

[Cate Long @cate_long]

Kurtz for Prepa bondholders re Prepa accounting claim #muniland:

That was an excellent summary of issues to be adjudicated [OBoard's summary]. Doing it early makes sense. They are completely legal issues.

We think the court's list is comprehensive. Maybe also preemption & laches claims. We are prepared to be a movant here.

Court reaffirms schedule.

Kurtz: OBoard maybe right on computations [putting them in opening expert reports]. The calculations change everyday [due to ongoing discovery] & we may need an evidentary hearing.

Swain: You all should agree on a cutoff date for the calculations on the accounting claim.

Hearing adjourned. Next omnibus hearing Sept 16.

[Fox News @FoxNews]

NEW: Ukrainian President Volodymyr Zelenskyy tells @kilmeade he would accept a peace deal that freezes the war along the current frontlines, calling it a realistic way to stop the fighting.

He says Ukraine would then seek security guarantees from President Trump and European allies to ensure peace and security.

"We call it ceasefire or stop killing like President Trump called it. Freeze and stop. And of course this is minimum what we need from Russia today." | @foxandfriends

[junkbondinvestor @junkbondinvest]

Lots of hot takes on $CRWV's bonds lately. Most of them are either wrong or focused on the wrong things.

Here are the 8 biggest misconceptions about CoreWeave’s credit:

https://t.co/UPXb9wrBR1

[Cate Long @cate_long]

1853 - the New York Clearinghouse is founded
Panic of 1857 - a severe financial crisis that began on August 24, 1857, with the collapse of the NY branch of the Ohio Life Insurance and Trust Company. It is widely recognized as the world's first truly global economic crisis, amplified by interconnected markets and the telegraph.

Great timeline of US capital markets by @SIFMA for their 20th anniversary https://t.co/Ig5Jmtor8S

[Cate Long @cate_long]

@junkbondinvest Very popular muni structure

[Cate Long @cate_long]

U.S. Attorney’s Office for the District of Puerto Rico Announces Creation of the Interagency Fraud Enforcement Task Force #muniland
https://t.co/CATOfYY8mb

[Cate Long @cate_long]

"At some point the GPUs will be fully depreciated, but we're probably still going to be using them for a while, because the value of even an H100 at this point is higher than it was last year... compute continues being constrained."

In other words, the CEO of a company running one of the largest fleets of Nvidia chips in the world said on camera that a used H100 has gone up in value over the past year, and he said it almost as an aside while making a separate point about why Meta owns its own data centers."

[This is the bull case for AI capex.]

[zerohedge @zerohedge]

Millions Watched Zuckerberg Sip A Guinness. Nobody Heard What He Said Next. https://t.co/S6VEZzwIMV

[Cate Long @cate_long]

@Reuters She sounds freaked out when on defense. Not a good look for a presidential spox.

[Cate Long @cate_long]

@aussietorres Gorgeous.

[Cate Long @cate_long]

@zerohedge Snark level = one million.

[Cate Long @cate_long]

Cyber incident halts Bankruptcy Court noticing nationwide ~~

The nationwide system for providing notice to creditors in bankruptcy cases has been disrupted by a cybersecurity incident, and it is not currently known when the outage will end.

via @Law360

[Cate Long @cate_long]

@JakeSherman What is the Bush cartel doing re TXSEN?

[Cate Long @cate_long]

Congress set two goals for the OBoard:

1) Achieve fiscal responsibility (the island is years behind on their audited financials so this requirement has not been met).
2) Achieve market access at "reasonable rates". PR wont get current on their financials, so cant be rated & cant issue debt "at reasonable rates".

The current OBoard has failed at their statutory responsibilities and should be removed.

[Cate Long @cate_long]

Allegedly Puerto Rico mayors are taxing federally funded recovery projects & using the funds "to pay for local festivals, events and other nonessential expenses."

Billions of dollars of "oversight" & we're back to pre-bankruptcy practices #muniland.

[George Landrith @GLandrith]

Yesterday, @FoF_Institute, @NTU and @Protectaxpayers asked @FEMA_Cam to formally determine Puerto Rico’s construction taxes on FEMA projects unallowable federal costs.
This determination doesn’t just comply with federal law but also advances @POTUS and @JDVance’s goal of eliminating the abuse of taxpayer dollars.

Read the full letter here: https://t.co/Rlhbnwdonw

@cate_long @JoseADelgadoEND @gruizkuilan

[Cate Long @cate_long]

@GarciaManny4 @PhillyJoeD @daskeel The president nailed it.

[Cate Long @cate_long]

"The provisions are a bit convoluted, but the answer they give is quite clear."

You asserted that Treasury officials explained the provision to you and that overrode what the primary author of the statute said it meant. I think SCOTUS (or any lower court) would find the statute's author intepretation dispositive.

[Cate Long @cate_long]

@felixrieseberg Anthropic's come to Jesus moment. President Trump must have really twisted Dario's arm for this 180.