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KOTOK: Switzerland Is No Longer Neutral

Swiss Watch Tag Heuer

The euro has exhibited notable resilience amid the persistent debt crisis.

What's propping up the beleaguered currency?

The Swissie, according to Cumberland Advisors' David Kotok.  That's the Swiss franc.

The Swiss National Bank is pegging it to the euro, "regardless of the short-term cost," he notes. 

"...the massive expansion of the SNB balance sheet and the commitment to the peg now combine to make the Swiss 10-yr bond the European benchmark.  Switzerland is considered the highest-quality, most truly AAA-rated credit in Europe.  Switzerland is supposed to be a neutral country, but it clearly has linked its monetary path with that of the eurozone."

Earlier today, the SNB reiterated its commitment to maintain a minimum exchange rate of €1.20 per Swiss franc.

Here's What Inflation Looks Like Around The World >

 

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Pandora Makes More Money On Mobile Advertising Than Apple's iAd In The U.S. (P, AAPL)

While it's nowhere close to Google, Pandora actually gets more revenue from mobile advertising than Apple's iAd program and other mobile advertisers, the company said today.

It compiled data from its own internal metrics and eMarketer, saying it brings in around $100 million in revenue from mobile advertising, at Business Insider's Mobile Advertising conference today.

Here's the full breakdown from Pandora:

Pandora Ad Spend

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The Vatican Bank Is Reportedly Under Investigation For Laundering Millions For A Mafia Godfather

Pope Benedict Xvi

New reports detailing widespread corruption and money laundering in the Vatican are coming out again, this time linking the Vatican with Sicilian mafia bosses, the Telegraph reports.

Sicilian mafia Godfather Matteo Messina Denaro and Father Ninni Treppiedi are the two names being mentioned in this episode.

Treppiedi, formerly the cleric of Aclamo, the richest parish in mafia safe haven Sicily, was relieved of his duties earlier this year when his bank's transactions attracted the attention of anti-mafia investigators. The transactions, which date back to 2007-2009, are said to involve millions of euros, according to RT

Prosecutors believe the transactions may have been attempts at laundering the riches of Mafia Godfather Denaro. Denaro is said to be one of the most wanted men on earth, and has something of a celebrity status in Italy (he appeared on the cover of l'Espresso in 2001).

This latest development comes on the heels of the firing of Vatican Bank president Ettore Gotti Tedeschi, the arrest and imprisonment of the Pope's personal butler, and a report that mob boss Enrico de Pedis was buried next to former popes after his family paid one billion lire to the Vatican in 1990.  

The lack of transparency in the Vatican's financial dealings was even recently questioned by JPMorgan Chase, shutting down the Vatican's bank account in Chase's Milan branch.  

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