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A few days ago we noted that the Dallas Police and Fire Pension System (DPFP) took the unprecedented step of halting withdrawals from their DROP fund after a "run on the bank" pushed to the entire pension system, and the City of Dallas, to the brink of liquidity crisis (see "In Unprecedented Move, Dallas Pension System Suspends Withdrawals").  Now, a local CBS affiliate in Dallas is reporting that the pension crisis is driving a massive surge in police resignations.   

Two days after the Mayor of Dallas, Mike Rawlings, filed a lawsuit against the Dallas Police and Fire Pension system to block withdrawals, which he referred to as a "run on the bank" of an "insolvent" pension system in "financial crisis, the Pension's board has finally taken steps to halt further withdrawals.  Of course, this delayed action has come only after $500 million in deposits have been withdrawn since just August. 

About a decade ago, Christian Leone's Luxor Capital was one of the biggest brand names in the industry, and alongside Harbinger and DB Zwirn, every trader and analyst on Wall Street wanted to work there. Since then things have changed.

Submitted by Simon Black via SovereignMan.com,

This is starting to become very concerning.

The momentum to “ban cash”, and in particular high denomination notes like the 500 euro and $100 bills, is seriously picking up steam.

On Monday the European Central Bank President emphatically disclosed that he is strongly considering phasing out the 500 euro note.

Yesterday, former US Treasury Secretary Larry Summers published an op-ed in the Washington Post about getting rid of the $100 bill.