According to a complaint filed by U.S. prosecutors earlier today, Navnoor Kang, the former Director of Fixed Income and Head Portfolio Strategist at the New York State Common Retirement Fund, steered $2 billion worth of allocations to two "preferred brokers" in exchange for $100,000 worth of bribes in the form of the universal currency of "hookers and blow."
As global markets bask in the glow of the Trumpflation recovery, the ECB continues to be busy providing the actual levitating power behind what DB recently dubbed global "helicopter money", by buying copious amounts of bonds on a daily basis (at least until tomorrow when the ECB goes on brief monetization hiatus, and Italy will be on its own for the next two weeks).
According to a new report from the Government Accountability Office, the federal government is increasingly garnishing Social Security benefits to help cover student loans payments owed by baby boomers. According the Wall Street Journal, a total of $1.1 billion has been garnished since 2001 with $171 million being collected in 2015 alone.
Submitted by Michael Snyder via The Economic Collapse blog,
While demand for physical gold is soaring in India and China (with premiums near record highs)...
Bloomberg reports that the last time ETF investors were net buyers of gold was the day Hillary Clinton conceded victory to U.S. President-elect Donald Trump. Holdings have dropped for 28 straight days, the longest run since the ETF's creation in 2004.
Investors have slashed holdings by 11 percent to about 1,787 metric tons in the period, exacerbating a decline in prices...