In Historic First, Singapore Shuts Local Private Bank Due To "Worst Gross Misconduct" Is Has Ever SeenSubmitted by Tyler Durden on 05/24/2016 08:03 -0400
Over one year after the collapse of 1MDB, aided and abetted by none other than Goldman Sachs, officials have finally started to piece together the fund flows, and BSI was the first casualty: "BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector," Ravi Menon, managing director of MAS, said in the statement. “It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously."
This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve tried to push back up to that distant high that means new life several times, but each time the market falls into a pit again to where the market is once again lower than it was a year ago. These are the last gasps of a stock market (and economy) that is struggling to rise again, which it simply cannot do now that QE has been turned off and the oxygen tank of zero interest is being slowly turned down.
What remains to be answered definitively is whether or not George Soros and Open Society Foundations are funding a highly politicized opposition movement in order to weaken the democratically elected new Polish government despite an overwhelming and unprecedented popular mandate.
No wonder the Chinese are buying gold hand-over-fist...
When it comes to financial assets, Apollo's legendary founder Leon Black has been gloomy for years, and said in a recent Milken Conference that his firm has been "selling everything that is not nailed down." The billionaire (who at last check was worth around $4.7 billion) however appears to have a soft spot for Hollywood A-lister real estate. Because we were surprised to learn that the buyer of Tom Cruise's $40 million 10,000 square foot Beverly Hills home is none other than Leon Black.
The most stunning part of the deal is that the same property sold for $4 million only a year ago. What could possibly go wrong flipping mobile homes for millions in a softening economy? In light of of all of this, we expect to see a pilot for "Flip This Malibu Mobile" coming to a network very soon.
What happens when a system designed to sell to the "greater fool" runs out of fools?
The state of Rhode Island is considering the legalization of recreational marijuana, and some opponents of legalization have jumped in to demand the status quo continues. Catholic Bishop Thomas Tobin has come out forcefully against the legalization of marijuana claiming that marijuana turns people into "zombie-like individuals." Tobin's implied support for breaking up families and jailing fathers, wives, mothers, and husbands — for the "crime" of using a plant that Tobin dislikes — is illustrative. Tobin's positions provide us with a helpful and high-profile example of the flaws in attempts to make moral arguments claiming that non-violent activities should be regulated and punished by states.
"The peak is behind us, and that's becoming clearer and clearer..." While we're happy for all of these tech heavy cities making this list, we would caution those reading not to pack up and head to the West Coast just yet. While Silicon Valley has undoubtedly had a good run, the reality is that the second great tech bubble has popped, and impacts are only just beginning to be felt.
"...my husband, who I will put in charge of revitalizing the economy ’cause he knows what he’s doing."
Actually, he doesn’t. In truth, it was the doing of Alan Greenspan, and not in a good way.
Not long ago we pointed out that the second tech bubble had officially burst, and the extent of the layoffs is increasingly significant. It's taken a few months, but the economic slowdown and downshift in the once bustling Silicon Valley jobs front has now worked its way into the real estate market... "The seemingly inexhaustible well of very high-end buyers has proven exhaustible after all. The peak is behind us, and that's becoming clearer and clearer to builders and buyers"
As pensions dry up and blow away under the relentless erosion of the Federal Reserve's zero-interest rate policy (ZIRP), unaffordable property taxes may well start evicting homeowners from the "asset" they mistakenly thought they "owned." If your Social Security pension can barely pay your property tax, never mind your Medicare, healthcare costs, food and other living expenses, then what exactly do you own? If politicos and tax authorities think people will passively watch their neighbors lose their homes to sky-high property taxes, they will soon discover their mistake.
We've chronicled extensively the capital flight taking place out of China and into anything that is perceived to hold value as fears that the yuan will devalue persist (here, here, and here). Now we're able to learn just how much individual wealth has been poured into the United States real estate market over the past few years. According to the study (which excludes most purchases by companies and trusts), Chinese buyers have invested a massive $110 billion into the US real estate market between 2010-2015... and it's expected to double by 2020.
First, It Was "Fu$k the Fundamentals", Now "It's Fu$k Contracts, Too" - Negative Rates Are Doing So Well in the EU!Submitted by Reggie Middleton on 05/16/2016 10:16 -0400
Oh, this is going to get messy - and as it doe the sell side will likely try to trow a positive (as in buy our inventory) spin that may trap a Muppet or two. But hey, that's the business model, no?