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Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

Two weeks after the latest consumer scandal involving Warren Buffett's favorite bank, Wells Fargo, broke when the NYT reported that as many as 800,000 people who took out car loans from Wells were also charged for auto insurance they did not need, with many of them still paying for it, while some were forced to default as a result of this obligations, and just days after the NYC Comtroller Scott Stringer, said that what happened at Wells Fargo is an "unbelievable, outrageous, full-blown scandal"... 

An Insane Bond Market In 4 Charts: "Italian Junk Bonds Yield Less Than US Treasurys"

An Insane Bond Market In 4 Charts: "Italian Junk Bonds Yield Less Than US Treasurys"

In our "WTF Chart of the day" from last Friday, we showed something stunning: European junk bonds yields were the same, and in some cases lower, than comparable-maturity 10Y US Treasurys.

In other words, the distortion unleashed by Mario Draghi's CSPP, or corporate bond buying program unveiled last March, has made European junk bonds "safer" than US government-issued paper.

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