UBS Chairman Warns Central Bank Intervention Is Forcing Investors "To Make Bad Choices With Their Money"
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Saudi Arabia Launches Bond Deal As Oil Spikes Above $50 On Latest Chatter Of Russia, Saudi Output Freeze
German Bond Yields Spike As Investors 'Flee' To Safety Of Most Systemically Dangerous Bank In The World
Towards the end of a credit bubble, ideas that might have seemed crazy in more boring times are not just accepted but embraced by investors desperate to keep the high that comes from effortless bull-market profits.
In the junk bond bubble of the late 1980s, for instance, there was the “PIK preferred,” a kind of stock/bond hybrid that paid its holders in more securities (PIK stood for “payment in kind”). Companies could issue them with zero near-term cash flow consequence while credulous investors bought them for their “high yields.”
The Money GPS:
Russian Foreign Minister Sergey Lavrov said that Moscow does not see any signs that the US fighting the Al-Nusra terrorist group in Syria.
Moscow “doesn’t see any facts that the US is seriously battling Al-Nusra [now known as Jabhat Fateh al-Sham],” Lavrov said in an interview to Channel One Russia on Sunday.
He said that American fighter jets return to their air bases with unspent ammunition. The jets make a lot of flights but their efficiency is very low, about 15-20%. Washington even called on Moscow to cease bombing runs in Aleppo, because “there are also allegedly representatives of the “moderate opposition,” who are surrounded and have nowhere to go except to Al-Nusra,” he said.
Australian Prime Minister Malcolm Turnbull has introduced legislation that would keep prisoners convicted of terrorism offenses locked up indefinitely.
INTERNAL STRATEGY DOCUMENTS and emails among Clinton staffers shed light on friendly and highly useful relationships between the campaign and various members of the U.S. media, as well as the campaign’s strategies for manipulating those relationships.
The emails were provided to The Intercept by the source identifying himself as Guccifer 2.0, who was reportedly responsible for prior significant hacks, includingone that targeted the Democratic National Committee and resulted in theresignations of its top four officials. On Friday, Obama administration officials claimed that Russia’s “senior-most officials” were responsible for that hack and others, although they provided no evidence for that assertion.