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90 years is the amount of prison time looming over each of three former ICAP employees. The men face charges of conspiracy to commit wire fraud and commission of wire fraud stemming from their attempt to manipulate the LIBOR rate. LIBOR is used to price $800 trillion worth of financial instruments, from loans to derivatives. ICAP itself must pay fines of $65 million to U.S. authorities and 14 million British pounds to U.K. authorities.
13,000 acres in Southern New York are being abandoned by Chesapeake Energy. One of the largest "frackers" in the business, Chesapeake signed leases for the land 13 years ago in hopes of exploring it for unconventional oil and gas deposits. Now, rather than work with landowners who want to renew the leases on more favorable terms, Chesapeake is walking away. The company hasn't extracted one solitary cubic foot of gas from that acreage. Meanwhile...
$175 trillion represents the possible worth of the total amount of unconventional oil and gas located in just four South American countries. In terms of proven reserves, the number is $34.5 trillion. There are dozens of ways for investors to participate and tap into this "Super-Shift."
3 top people, all veteran professional investors, have fled embattled hedge fund SAC Capital Advisors so far this month. Steve Cohen was once heralded as a virtuoso investor, one of the most intelligent and gifted of the age. But now, his firm is fighting for its life amidst insider trading charges, more than $600 million in fines, and the prospect of $2 billion more. The investment pros have gone to work with Israel Englander's $18 billion juggernaut, Millennium Management.
$30 billion is all the cash the tapped-out U.S. Treasury will have on hand by Oct. 17. But a single day's net expenditure can be as high as $60 billion. This puts the country at a real risk of default. The consequences of such a default on the global economy are nearly unthinkable, but would surely be dire. It's far from certain that the Congress will pass a budget or continuing resolution or even vote to extend the debt ceiling. This would be a one-two punch of government shutdown and then default.