Business

Pride comes before the fall...

The Dow soared once again - why not - to its highest since June 2015 (when Fwd EPS was 1178 as opposed to 1120 currently)...

In a scene right out of Office Space, one week ago we read that TD Bank, the fourth-largest retail bank in Massachusetts, was pulling out its coin-counting equipment for "servicing" following reports that the machines were short-changing customers who came in to exchange their nickels and pennies for bills. As a recent NBC’s Today show revealed when it tested several coin counting machines, it found that TD’s Penny Arcades weren’t accurate. In one case, the bank’s machine gave $43 less than the change deposited.

Submitted by Jeffrey Snider via Alhambra Investment Partners,

Amidst all the pearls of wisdom unleashed in mainstream economics over the past unbelievable eight years or so, it was one paragraph of common sense that had it been written and appreciated at the start of this period might have saved us all the inordinate and totally unwarranted trouble.

In a review published on Monday, the UK's Financial Conduct Authority said that treating clients to a round of golf, or attending social events such as tennis matches or concerts, doesn't enhance the quality of service to clients, and meetings could take place without such activities. 

The wording at the bottom of the key findings says the following:

"Your firm should consider these findings and expectations and ensure they meet the current requirements."

China's shift to an official local-currency-based gold fixing is "the culmination of a two-year plan to move away from a US-centric monetary system," according to Bocom strategist Hao Hong.