Fund managers joining Buffett in preparing for an ‘ugly’ downturn

"Beinner highlights the increase of global debt, now upwards of $237 trillion and the way the debt has been dispersed as risks to the economy. Rather than banks holding most of the debt as it happened in the financial crisis, this time it’s hedge funds, private equity and investment managers holding most of it. Also worrisome, he says, ratings agencies are again being overly generous with their appraisals allowing for companies with very high debt levels to gain investment-grade ratings."

Continue ReadingFund managers joining Buffett in preparing for an ‘ugly’ downturn

Washington may have had a hand in halting Dow meltdown

"Someone started arbitrarily and aggressively buying stocks and the decline was halved. Monday will still go down as a Wall Street massacre, but that anonymous superhero buyer or buyers made it a lot less bloody. Who was the market’s superhero? I’m going to tell you a story and then you decide."

Continue ReadingWashington may have had a hand in halting Dow meltdown

Nomura “Sincerely Apologizes” For Blowing Up Investors

"Overnight, realizing it is facing an avalanche of lawsuits even though it explicitly laid out the possibility of the ETN getting 'terminated' should VIX explode, Japan's biggest brokerage issued an apology after investors in its $300 million vol-linked ETN were all but wiped out during this week’s stock-market turmoil."

Continue ReadingNomura “Sincerely Apologizes” For Blowing Up Investors

Jamie Dimon says he regrets calling bitcoin a fraud

"'The blockchain is real,' Dimon added in the interview. 'You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.'"

Continue ReadingJamie Dimon says he regrets calling bitcoin a fraud

Goldman Executive Assistant Indicted In $1.2 Million in Rare Wine Theft

"A former personal assistant to Goldman Sachs co-president David Solomon has been indicted in federal court for allegedly taking hundreds of bottles of wine worth an estimated $1.2 million from his boss' Manhattan cellar, and reselling them. One of his tasks was accepting wine deliveries at the finance executive's Manhattan apartment, and then transporting them to Solomon's East Hamptons house. According to the indictment, for a period of at least two years, De-Meyer sold hundreds of the bottles to an unnamed wine dealer based in North Carolina."

Continue ReadingGoldman Executive Assistant Indicted In $1.2 Million in Rare Wine Theft