Lehman Brothers

As Markets Hit Record Highs, Stock Ownership Is Down (Except For Old & Rich People)

While mainstream media crows of the daily record highs in US equity market, overall stock ownership among US adults remains about 10 percentage points below its pre-crisis level. However, there are two demographic subgroups where ownership has held firm: Adults aged 65 and older and those with an annual household income of $100,000 or more.

How To Stick It To Your Banker, The Fed, & The Whole Doggone Fiat Money System

Through his insane quantitative easing policies Bernanke inflated the Fed’s balance sheet from under $1 trillion to over $4.5 trillion. In Bernanke’s mind, this was his great courageous act. We’ve all been living with the results of his courage – low growth, low bond yields, high debt, inflated asset prices, stagnant wages, currency erosion, and more – for nearly a decade.  Quite frankly, it stinks. What can you do about it?

Axiom: "Red Flags" Suggest China Credit Event Is "Closer Than It Appears"

The more recent red flags are among the most profound we’ve seen in years – in short, we agree with fresh observations made by some of the world’s most famous iron ore bears. Thus, while it is nearly impossible to pinpoint exactly when the credit bubble will definitively pop in China, a number of recent events, in our view, suggest the threat level is currently at red/severe

Of Bunkers, Bankers, & Black Swans

And suddenly the storms of early Trumptopia subside, or seem to. Rest easy America… oh, and buy every dip... But be warned, a calm surface is exactly what Black Swans like to land on...

So Many Triggers

The question is not “if” but “when.” In the end, it will matter little which trigger it will be, as, like a string of firecrackers, when one explodes, a chain reaction is set off.

Hayes: "A Lot Of What I Know Even The DOJ Is In The Dark”

"It was just after 8 p.m. when my iPhone buzzed with a text message from a number I didn’t recognize. “I’ll meet you tomorrow but I need to be certain I can trust you,” the text read. “This goes much much higher than me and a lot of what I know even the DOJ is in the dark.” The message was from a terrified, and very sober, Tom Hayes."

"Germany’s Dumbest Bank" Makes $5.4 Billion Transfer In Error

“The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back. We regret that during works on the systems, this incident could happen due to human error owing to a configuration mistake.”

Preet Bharara Explains Why He Let Wall Street Bank Executives Avoid Prison

"Recently dismissed U.S. Attorney for the Southern District of New York, Preet Bharara, is suddenly being celebrated as an aggressive warrior in the fight against Wall Street corruption. Really? You could’ve fooled me. Perhaps I was in a coma when a string of big bank executives were arrested and sent to prison."