What I’m about to tell you is a true story…
The ‘pensions time bomb’ looms: pension funds lack of diversification, and over exposure to traditional assets may cost pension holders dearly according to research we have just released. Pensions allocations to gold are very low internationally and yet gold has an important role to play over the long term in preserving and growing pension wealth.
The pension ‘time bomb’ looms closer and millions of people are at risk of having insufficient resources to fund their retirement years.
What the financial crisis, subsequent taxpayer bailouts, zero prosecutions of financial industry participants and further consolidation of the economy by oligarchs has taught us more than anything else is that the super rich and politically connected are not allowed to fail. Apparently, this may also apply to the head of one of the largest firms in what is quickly becoming the most despised “industry” in the nation.
By now, pretty much everyone in America knows about Michael Lewis’ book Flash Boys, which exposes the high frequency trading (HFT) industry for the money-sucking parasite it is. However, what will really get your blood boiling, particularly if you live in Florida, is how the CEO of one of the biggest players in the HFT space, Virtu Financial, is looking for taxpayers to bail-out his poorly performing investment in the Florida Panther NFL hockey franchise.
This takes having “some nerve” to a whole new level of absurdity.