AUTHOR: TOWNE SCHERER.COM 06/05/2015: Towne Scherer Private Wealth Management BLOG: The U.S. Government reported that the U.S. economy declined by .7% instead of advancing .2% for the first quarter of 2015, according to an article in the New York Times (NYT). The NYT’s article went on to blame the negative revision on the trade imbalance, the west coast labor dispute and the bad weather. However, Reuters reported that the U.S. Dollar slipped which might be good news for the trade imbalance. Further, Reuters pointed out that treasury yields fell to three-week lows on poor GDP data which might stall the Fed from increasing interest rates which might be good for the markets. Reuters also reported that Oil rallied on a drop in U.S. inventories which may help the energy sector. Nevertheless, Greece is causing the European markets to get slippery, again, according to CNBC, as the country struggles with its lenders over its loans. And, finally, right when we thought it was a famous golfer’s liaisons with women that ended up turning an athletic shoemaker’s famous tag-line into a pun, we now have an athletic shoemaker’s bribery scandal with FIFA giving new humorous fire to an athletic shoemaker’s phrase of “Just do it.” The AP reported that the U.S. government raided regional offices of FIFA in Miami and then went all the way to Zurich, Switzerland to arrest FIFA executives in a luxury Swiss hotel on racketeering charges. The AP went on to report that “Swiss police arrested seven soccer officials at the request of American prosecutors and threatened them with extradition to the U.S. Four other soccer and marketing officials and two corporate entities agreed to plead guilty, and prosecutors said they agreed to forfeit more that $150 million in illegal profits.” To connect the dots, The Washington Post reports that “the indictment also alleges bribes were paid and pocketed in connection with the sponsorship of the Brazilian national soccer team by ‘a major U.S. sportswear company.’” I suspect…we will see if the shoe fits and if someone will have to wear it.
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