Mo’ Money, Mo’ Problems: The Rise of Wealth Therapy (Bloomberg)
Naturally, these shrinks aren’t cheap: It’s bad business to discount a luxury service for people who can pay for luxury. Therapists counseling the über rich charge up to $500 an hour for their expertise on topics normally considered taboo. “About 20 minutes into the first session, patients—particularly inheritors—will say, ‘I’m so happy I found you, I have no one else to discuss these issues with,’ ” says Jamie Traeger-Muney, founder of Wealth Legacy Group, a San Francisco- and Israel-based firm geared toward “addressing the emotional impact of wealth on individuals, couples, and families.” About a dozen psychologists and wealth coaches contacted her for wealth therapy training last year, up from one or two annual requests a half decade ago.
Investors Cast Wary Eye On Fed Rate Increases (WSJ)
Investors are rethinking their expectations for interest-rate increases this year, converging on a view that the Federal Reserve is unlikely to raise rates in March and possibly not even for the rest of the year.
Pimco's Schneider, Bond King of 2015, Sees Fed Hikes This Year (Bloomberg)
Schneider and his colleagues predict policy makers will raise their target more than once in 2016 as U.S. economic growth remains stable and wage gains pick up.
Texas Isn't Scared Of $30 Oil (Bloomberg)
A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel, according to an analysis by Bloomberg Intelligence. In the Eagle Ford’s DeWitt County, which produced more than 100,000 barrels a day in November, the average well can be profitable with U.S. benchmark crude at $22.52 a barrel, $4 below the lowest level this year.
Police Are Training Eagles To Take Out Rogue Drones (Reuters)
Dutch police puzzling over how to remove drones that pose a public safety threat are testing a way to get the job done in one fell swoop -- with trained eagles. "It's a low-tech solution to a high-tech problem," spokesman Dennis Janus of the country's national police said...Possible solutions the Dutch police have studied include shooting nets at the offending drones, remotely hacking them to seize their controls -- or taking them out with birds of prey. "People sometimes think it's a hoax, but it's proving very effective so far," Janus said. Showing off the technique in a video released by police, a four-propellerdrone hovers in the middle of a warehouse, colored lights flashing.
Deutsche Bank must face U.S. lawsuit over $3.1 billion mortgage loss: judge (Reuters)
Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing $3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages, a federal judge ruled on Wednesday.
London 'flash crash' accused trader to fight U.S. extradition (Reuters)
Navinder Sarao, 37, arrested by British police on a U.S. warrant last April, has been indicted by a U.S. federal grand jury on 22 criminal counts including wire fraud, commodities fraud and attempted price manipulation. If he is extradited and convicted, the maximum U.S. sentences for the charges of which he is accused amount to more than 350 years in prison.
Venezuela Orders Bank Notes By The Planeload (WSJ)
The shipments were part of the import of at least five billion bank notes that President Nicolás Maduro’s administration authorized over the latter half of 2015 as the government boosts the supply of the country’s increasingly worthless currency, according to seven people familiar with the deals. And the Venezuelan government isn’t finished. In December, the central bank began secret negotiations to order 10 billion more bills, five of these people said, which would effectively double the amount of cash in circulation. That order alone is well above the eight billion notes the U.S. Federal Reserve and the European Central Bank each print annually—dollars and euros that unlike bolivars are used world-wide.
Ruth Madoff turned to pot, Funyuns and expensive wine to cope with Bernie (Bloomberg)
As feds investigated Ruth and Bernie Madoff after he pleaded guilty in 2009 to orchestrating a decades-long, $65 billion Ponzi scheme, the disgraced financier’s wife plunged into a spiral of illegal drug use, wandering around her apartment stoned and guzzling thousands of dollars worth of wine from the family’s collection, according to a source. “Ruth had a network in place to deliver pot up to the apartment,” a source told Page Six of life inside the couple’s posh duplex penthouse at 133 E. 64th St. “If she didn’t have anything to smoke it in, she would order someone out to a bodega for rolling papers because she felt unsafe leaving the apartment herself.” “After Ruth smoked up on their rooftop patio, she’d walk around munching on bags of Funyuns or other types of chips,” added the source.