Random Bits…

The SEC now says investors need to have investible assets of at least $2.5 million, excluding equity in any homes or business, to be eligible to sign on a hedge fund’s dotted line. The above applies to just 1% of the American population.

Morgan Stanley is expecting a 15% sell-off in the stock market…

…and “Bond King” Bill Gross is now turning bearish on bonds (may explain recent sell-off)

and his reasoning… “Mortgage Default Rates Rise 90% in May

And why should the banks care… Bloomberg reports “Sales of CDOs (collateralized debt obligations) hit a record in the first quarter of this year – at $251 billion for the three months they’re running at more than $1 trillion per annum.

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