The Greatest Financial Bubble in History (thc0655)
In the past ten years, bank customers have chosen almost $12 trillion of WMPs. That might be fine if WMPs were like high-quality corporate or municipal bonds. They’re not. They’re more like the biggest Ponzi scheme in history.
Here’s how they work. Proceeds from sales of WMPs are loaned to speculative real estate developers and unprofitable state owned enterprises (SOEs) at attractive yields in the form of notes.
The ongoing EpiPen pricing scandal has caused Mylan “significant reputational and financial harm,” the investors complained. Yet directors continued to be rewarded. The investors were particularly critical of Chairman Robert Coury, who received more than $160 million in compensation in 2016 and will receive a $1.8 million per year “cash retainer” as part of a deal made with Mylan last year. Trade publication FiercePharma reports that Coury is the highest-paid executive in the drug industry.
Invest In Yourself (Axel M.)
May I propose that you analyze your current spending habits to better understand how your spending may evolve? Your current spending discipline may speak volumes about your future spending discipline. To give an example: a good fifteen years ago, I discussed spending habits with two investors: both had a family, both lived in affluent neighborhoods; one of them had about four times the income of the other one. Yet, the person with the more modest income saved more each year than the high earner. And guess what: today, the high earner continues to splurge most of his money while the more modest person has continued to prudently build his retirement nest egg.
Kafka In Vegas (jdargis)
In October 2012, a judge declared that Steese, after 20 years in prison, was innocent. It was an extraordinary ruling — in fact, unprecedented in that court. But the Clark County district attorney was not willing to free Steese. Prosecutors vowed to put him through lengthy appeals. Even to re-try him. The process would take years. Or, if Steese just wanted to be released, the prosecutors had a tantalizing proposition: he could agree to an Alford plea. In a feat of logical gymnastics, this obscure plea allows defendants to maintain their innocence while at the same time pleading guilty and accepting the status of a convicted felon. And, perhaps most damaging to prisoners like Steese, after decades behind bars, the plea meant giving up the right to sue. It would also allow prosecutors to keep a “win” on the books, admit no wrongdoing, and avoid civil and criminal sanctions for their behavior. In exchange for all this, the prosecution in Las Vegas would let Steese go.
The outcome of today’s meeting, which should also include the signing of four cooperation agreements between Russia and Saudi Arabia, will be particularly interesting to see in the context of heightened tensions between Riyadh and Tehran as well as a flare-up of tension within the Gulf Cooperation Council. The latter was caused by friendly remarks from Qatar’s Sheikh about Iran on state media, which were later removed and attributed to “fake news”.
Recently, the U.S. Army Corps of Engineers pumped more than ten million cubic yards of sand from offshore dredges to widen Long Beach Island’s beaches and dunes – part of a Sisyphean-like effort to protect the island’s $15 billion of high-calorie real estate. But there is a problem. The sand keeps washing away. A series of storms over the last two years gouged the neatly groomed beaches, costing tens of millions in additional repairs. When all is said and done, the project will cost more than half a billion dollars, most of the money paid by U.S. taxpayers.
Dr. Leonard Bielory, an allergist in Springfield, New Jersey, and a professor at Rutgers’ Center for Environmental Prediction, explains the difference between those long- and short-term effects. He also advises: check the actual pollen count instead of the pollen index and adjust your time spent outdoors accordingly.
The German leader pointed to future cooperation between the Brussels and Beijing, making clear the similar intention in Europe to move ahead with potential partners to fill any vacuum created by Washington’s absence.
Gold & Silver
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