Cumberland Advisors

Mario Draghi and the European Central Bank are broadcasting their policy change. Clearly they are going to construct an enterprise to purchase additional sovereign debt of the troubled peripheral...

Revelations continue regarding the Libor rate-rigging scandal. Investigations into documents are underway in several countries. News releases reveal the names of banking institutions that may have...

The great economic historian Charles Kindleberger described a bubble as follows: “What happens, basically, is that some event changes the economic outlook. New opportunities for profits are...

Over the last two years, we’ve noticed a shift in thinking on the part of distressed municipalities tinkering with the idea of filing for bankruptcy. With Harrisburg’s attempted bankruptcy...

Europe appears to be dismembering. We see Spanish yields breaking well above 7%. The government bond market is essentially closed to private investors. The only funding for Spain -- and many of its...

In “The Pension Dilemma,” I discussed some of the anomalies that occur in a zero-interest-rate investment climate. Several months ago, PIMCO’s Bill Gross said that investors are no...

Recently I wrote about the sorry state of corporate governance in some leading financial institutions that is being revealed by the still-developing LIBOR scandal. We now have, in addition, the US...

I got on a plane the other day. As I was boarding, a guy came up in a wheelchair. He looked OK to me; however, the wheel chair took him straight to the plane. And it looked like he managed well enough...

America’s largest pension fund, the California Public Employees Retirement System (CALPERS), reported a 1% return on its investments for the 12 months that ended June 30, 2012. This...

Readers are seeing a series of Cumberland commentaries about the Libor Scandal. We do not intend to bore you. We do intend to explore it in detail, from various perspectives, seeking out the nuances,...

Since the release of the commentary "What Did They Know, When Did They Know It and What Did They Do?: Part II," additional facts have come out concerning follow up actions by the Bank of England in...

The New York Federal Reserve Bank released on Friday about 100 pages of emails and internal documents from both its own staff and Barclays concerning the LIBOR fixing problem. The redacted Barclays...

“Insanity: doing the same thing over and over again and expecting different results.” - Albert EinsteinSomehow, the insanity of the present unsupervised system involving the Federal...

The still unfolding story of Libor and Barclays’ “reprehensible behavior” (to quote Bob Diamond, ex-chief executive of Barclays) presents a sorry picture of the quality of corporate...

Last week’s Supreme Court decision that upheld the Patient Protection and Affordable Care Act (PPACA) has implications for the health-care sector of the municipal bond market.What did the court...

Markets reacted to this crazy week of discredited, ADP-based employment forecasts, LIBOR revelations and central bank fizzle. The result is plain ugly.   In Europe, post-ECB, credit spreads...