With all eyes focused on Washington, on a Friday evening, Morgan Stanley just revealed that 58-year-old Morgan Stanley CEO James "don't call me Jim" Gorman was paid $22.5 million. Despite a notable drop in earnings from expectations and a focus on cost-cutting, Gorman got a 7.1% pay rise (almost double that of Jamie Dimon).
One day his Supreme Court justices will retire. Obamacare may be repealed. History will forget about his charisma and charm. Edward Snowden may eventually return home. The 500,000+ pages of regulations his administration issued will be replaced. And even the families of all the innocent victims who were accidentally killed in his drone strikes may move on with their lives.But the debt will still be there.
The death of Brazilian Supreme Court Justice Teori Zavascki who had presided over the sprawling "Carwash" corruption scandal, and who died yesterday in a freak airplane crash has sent shockwaves both around the globe and in Brazil, because while few in polite company will discuss it, it has opened the possibility of political assassinations as a means of "quieting" legal proceedings.
"Democratic leaders are calling his election illegitimate, and most of the media wants Mr. Trump to implode. No President since Nixon will face a more hostile resistance in the press and permanent bureaucracy. Mr. Trump promised to disrupt the status quo, and to succeed he will have to."
"The first half of 2017 could look like a normal business cycle, but in the second half it seems plausible the cycle in the US could face significant challenges, and so could equities. The potential problems are as follows."
74-year-old bond guru Lacy Hunt is among a rare breed in finance today: people who actually traded during a period when bonds continuously lost value. Today, as hints of inflation start to bubble and calling the next bear market becomes the industry’s favorite pastime, Hunt says no, "I’m still long bonds, especially the long-end."
The old order is passing away. Treaties and alliances dating from the Cold War are ceasing to be relevant and cannot long be sustained.The greater danger for President Trump is that the movement he led will be abandoned, its hopes dashed, and the agenda that Trump rejected and routed will be reimposed by a Republican Establishment and its collaborators in politics and the press.
Revisiting themes from his improbable campaign victory, Trump said his presidency would aim to help struggling middle-class families, build up the U.S. military and strengthen U.S. borders, while transferring power from Washington and giving it back to "you, the people."
While a desperate Saudi Arabia jawbones how well OPEC production cuts are going, the road ahead looks like a surge in US Shale supply is coming. Following a brief dip in the previous week, US oil rig counts soared 29 to 551 last week - the biggest weekly rise sicne April 2013 - to the highest since Nov 2015.
President Trump’s economic plan will create 25 million new jobs in next decade, “return to 4 percent annual economic growth,” "lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate” according to a statement posted on the White House wesbite.