Trickle-down Trump’s largesse to the rich along with his mirage of spending cuts paint a gold-plated trump o'well finish on America’s decline: No plan to reform or replace the Fed. No breaking up banks too big to fail. Puts Goldman-Sachs in charge of the Treasury. The establishment has already given Trump a comb-over they can live with.
Brexit is the biggest electorate riposte yet to The Age Of Inequality created by policymakers to save (some) of the world, and as BofAML's Michael Hartnett warns, investors must anticipate a shift to an increasingly populist policy response. The backdrop of Quantitative Failure nonetheless means a renewed bull market in risk assets is impossible unless fiscal policy can quickly arrest the downside in GDP & EPS forecasts.
High-net-worth individuals in Switzerland kept 21.4% of their assets in cash and cash equivalents in the first quarter of 2016, down a substantial 25% from 28.2% a year earlier. "Because clients are not receiving any interest, they're looking for alternative investment opportunities," said Tobias Wolf, senior manager at Capgemini Consulting.
Last week, we reported on the historic insider trading bust that took place at the soon to be sold Visium Capital, in which, among other accusations, U.S. Attorney Preet Bharara in Manhattan charged Sanjay Valvani of fraudulently making $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications. Moments ago, Dow Jones reported that the same Sanjay Valvani, charged in the Visiuam insider trading case, was found dead this morning in an apparent suicide.
Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.
The fact that a guy who had a privileged life resorted to not only pissing away $20 million of his own inheritance, but then stealing from friends and family, including his own mother says enough... but trying to blame it on "compulsive gambling and mental health illness" issues just sums up this nation's "wasn't my fault," #NeverConsequences new normal.
The “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream...
Right now it is all about the immediate fate of the UK, and as Bloomberg explains the "jolted markets" and overnight plunge in global risk assets, "growing anxiety over the prospect of the U.K. exiting the European Union dominated financial markets, sending global stocks down for a third day and the British pound to an eight-week low while boosting demand for havens such as the yen and gold."
Hedge funds attracted a net $44 billion in assets globally last year, the smallest amount since 2012. As these increasingly desperate funds try to change that in 2016, one enormous target has been identified in Australia.
“The few who understand the system will either be so interested in its profits or be so dependent upon its favors that there will be no opposition from that class, while the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”