In this increasingly gloomy world for retirees everywhere, one person has come up with a modest proposal: the UK's Lord Jonathan Adair Turner, Baron Turner of Ecchinswell, who judging by his title hardly has much to be worried about his own personal retirement funds. That said, Turner also happens to be the former chairman of the UK Pensions Commission, and as such his opinion will be closely followed. What he said is the following: people should work until they are 70 and then be rewarded with a more generous state pension.
407,000 private sector workers are about to lose most of their pensions. When private pension plans go broke, they go broke. Public pension expect a bailout.
If you want to get a sense of what’s motivating Donald Trump and Bernie Sanders voters, it’s a desire to take people like Robert Shapiro, remove them from the halls of power, and toss them into a cardboard box on the street. Of course, that won’t be happening any time soon, but that’s what a lot of people want. As we detail below, confirmed recently by Congressman X, Washington is infested by the secretive world of the dark money groups representing mercenary hedge funds in their insatiable quest for more and more money. In many ways, it’s merely a microcosm of America in 2016. A culture in which ethics has become so irrelevant, it isn’t even a nuisance; it simply never factors into the equation.
While company officers - who have given up on major stock upside as a result of busted M&A - and investment bankers are lamenting the bursting of the M&A bubble, some of the biggest losers are on the buyside, where merger arbs have seen billions in paper profits turn into billions in paper losses in moments upon the announcement of deal termination. Indeed, broken deals have whipsawed hedge funds that focus on merger arbitrage. As the NYT poetically puts it, according to one "arb" the current mood of the industry: "Every day is like showing up unsure of whether to wear a helmet or a diaper."
By all accounts Bernhard Gubser was living the American Dream. Born in Switzerland he moved to the Land of the Free in the early 1980s to work at an international shipping company based in Laredo, Texas. Eventually Mr. Gubser worked his way up to be President of the company and began traveling around the world to expand the business. He became a naturalized citizen of the United States in the 1990s, something that would eventually cost him $1.35 million...
Today we look back to the recent past with singleness of purpose. Context and edification for the present economy is what we’re after. We have questions... How come the recovery has been so weak? Why is it that, nearly seven years after the official end of the Great Recession, the economy’s still mired in a soft muddy quagmire? Squinting, focusing, and refocusing, there’s one particular week that rises above all others.
Ahead of the most important macro economic event of the week, US nonfarm payrolls (Exp. +200,000, down from 215,000 despite a very poor ADP report two days ago), the markets have that sinking feeling as futures seem unable to shake off what has been a steady grind lower in the past week, while the Nasdaq has been down for nine of the past ten sessions, after yet another session of jawboning by central bankers who this time flipped to the hawkish side, hinting that the market is not prepared for a June rate hike. Additionally, sentiment is showing little sign of improvement due to concerns over global-growth prospects as markets seek to close the worst week since the turmoil at the start of the year.
In the aftermath of the Panama Papers scandal, one topic that will only continue to receive attention as this topic moves along, is the state of Delaware and its perceived status as a U.S. tax shelter. According to Bloomberg, the state has about 1.1 million business entities, and one single building located at Wilmington's 1209 Orange Street is the home address of 285,000 companies including Alphabet (Google), Ford Motor Co., and Wal-Mart. However, as pressure from mounts from the outside asking Delaware to reform some of its laws around incorporation and business in general, there is one good reason why the state will choose to leave everything at the status quo if at all possible.
The standard narrative we are told by the government and their lapdog media is that tax avoidance is something that self-centered rich assholes do so that they can buy more Ferraris. This is complete propaganda. Taking legal steps to reduce what you owe is all about ensuring that your labor goes to the causes that YOU believe in, rather than funding spy agencies and bombing raids on children’s hospitals.
Saudi Arabia Threatens To Liquidate Its Treasury Holdings If Congress Probes Its Role In Sept 11 AttacksSubmitted by Tyler Durden on 04/17/2016 09:13 -0400
Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.
What's a Couple Hundred Trillion Benjamins Between Friends?
- U.S. readies bank rule on shell companies amid 'Panama Papers' fury (Reuters)
- Co-Founder of Mossack Fonseca Defends Law Firm at Center of ‘Panama Papers’ (WSJ)
- Fed's Cautious Approach on April Rate Hike Raises Stakes for June (BBG)
- Dollar sinks again after Fed remains cautious (Reuters)
- New Tax Rules on Inversion Deals Are Met With Protest (WSJ)
- Fed Chairs Since 1979 Offer Peek Into Central-Bank Philosophy (BBG)
Unlike yesterday's overnight session, which saw some subtantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2. Adding to the overnight rebound was crude, which saw a big bounce following yesterday's API inventory data, according to which crude had its biggest inventory draw in 2016, resulting in WTI rising as high as $37.15 overnight
Thanks to an ever-increasing need for tax revenues to fund an ever-increasing horde of government-handout-beneficiaries, the populist-in-chief has once again taken aim at tax inversions for the crusade-du-jour. We look forward to him explaining how this is different (and better for American jobs) from what Donald Trump has suggested.