While many were looking forward to the weekend in last week's holiday-shortened week for some overdue downtime, the CEOs of five, mostly energy, companies had nothing but bad news for their employees and shareholders: they had no choice but to throw in the towel and file for bankruptcy.
In a shocking development, earlier today a highly reputable executive with a just as reputable private equity firm was arrested and charged with securities fraud. Andrew Caspersen, a Harvard Law School graduate and a partner at the Park Hill Group, an advisory firm that up until last fall had been a part of the Blackstone Group and was recently spun off as Paul J. Taubman's PJT Partners, was accused of defrauding numerous institutional investors out of $95 million through fake private equity investments.
As discussed in length by Zerohedge and other financial sites across the internet, housing prices continue to rise globally with no end in sight. Aided by low interest rates, increases in inequality and capital flight (from corrupt governments), the millennial generation is caught in the cross fire and forced to either live with family longer (increase in missing households) or take on more roommates.
Two months ago, just before crude dropped to 13 year lows, we warned oil traders that there is "a constant short squeeze threat" because "oil shorts are at all-time highs", adding that "we have seen extreme short positioning building up in the oil futures market. The quantity of short positions opened is at an all-time high for Brent, and still high for WTI futures."
As if The Federal Reserve's credibility was not already circling the drain faster than Kanye West's, San Francisco Federal Reserve President John Williams just dropped the ultimate tape-bomb of ignorance and flip-flopping...