Just in time for Halloween last week, three financial goblins appeared in the Financial Times in the same October 31 issue:
-China Minsheng Investment Group, “the country’s largest private investment company,” with “crushing debt problems,” reportedly is cutting senior and mid-tier salaries by 53% “in a bold decision to save itself.”
-WeWork, the struggling former financial darling, drew a forecast from hedge fund manager Bill Ackman that it has “a high probability of being a zero for the equity as well as for the debt.”
-“South Korea’s biggest hedge fund, Lime Asset Management” is “swamped by investors’ demands to get their money back,” is “forced to sell hard-to-trade assets…at fire-sale prices,” and has “suspended withdrawals.”
The next day, the Wall Street Journal added:
“Depositors swarmed a rural bank here…rushing to pull money out.”
Perhaps these four goblins represent various leaks springing in the global “Everything Bubble” the central banks have inflated?