Frankfurt: 20 New Residential Skyscrapers Are Being Built To Meet Brexit Demand

Last month, we discussed how Frankfurt was emerging as the clear winner. When UBS staff were asked to rank which city they would prefer to be relocated to, their options were Frankfurt, Amsterdam and Madrid. Our top picks would have been Paris and Dublin, which didn’t even make the short list. On 19 October 2017, Goldman’s Chairman, Lloyd Blankfein, garnered lots of media attention after he tweeted.
“Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. #Brexit.”
If Lloyds is thinking about buying himself a smart pied-a-terre in Frankfurt, he’s going to have plenty of options as a Brexit-driven construction boom is taking place in the city. The sharp rise in residential property prices is justifying the construction of ‘skyscrapers’, as Bloomberg explains.
The prices for new condominiums in Frankfurt have now reached such a high level that it pays off for project developers to build high-rise residential buildings and more and more such towers are being built in the German financial capital. This emerges from an assessment by consulting company Bulwiengesa AG.
In 2017 alone, asking prices rose by 15 percent compared to the previous year. A total of eight residential high-rise buildings have been completed since 2014 in the city. 20 more could be added by 2022. Five are currently under construction and another 15 are planned. These are key findings of the study.

This post was published at Zero Hedge on Nov 30, 2017.

‘Things Have Been Going Up For Too Long’ – Goldman CEO

– ‘Things have been going up for too long…’ – Goldman Sachs’ CEO
– Lloyd Blankfein, Goldman CEO ‘unnerved by market’ (see video)
– Bitcoin bubble is no outlier says Bank of America Merrill Lynch
– Bubbles are everywhere including London property
– $14 trillion of monetary stimulus has pushed investors to take more risks
– We are now in a new era of bigger booms and bigger busts – BAML
– ‘Seeing signs of bubbles in more and more parts of the capital market’ – Deutsche Banks’ John Cryan
– Global debt bubble and China very vulnerable too – warns Steve Keen
– Bubbles, bubbles everywhere … lots of potential pins … got gold?
Editor: Mark O’Byrne
The B word is something which is almost whispered in financial circles. To acknowledge there might be a bubble somewhere is like admitting the proverbial elephant is in the room.
But, like many taboo words, it seems the mainstream are coming around to the idea that it is ok to mention the word ‘bubble’ and express their concerns about the possibility of at least one existing.

This post was published at Gold Core on September 7, 2017.

Even Lloyd Blankfein Is Getting Worried: “Things Have Been Going Up For Too Long”

Earlier today, we reported that Deutsche Bank CEO John Cryan called for an end to Europe’s cheap-money policies and asked that the European Central Bank not use the strengthening euro as an excuse to keep printing money.
According to Bloomberg, Cryan said that the bank is ‘seeing signs of bubbles’ across capital markets while low interest pummel European banks’ earnings.
‘We are now seeing signs of bubbles in more and more parts of the capital market where we wouldn’t have expected them,” Cryan said, adding that the interest-rate policy has been partly responsible for the decline in earnings at European banks. ‘I welcome the recent announcement by the Federal Reserve and now also from the ECB that they intend to gradually bring their loose monetary policy to an end.’

This post was published at Zero Hedge on Sep 6, 2017.

Goldman “Unexpectedly” Exempt From Venezuela Bond Trading Ban

When the White House announced on Friday that Trump had signed an executive order deepening the sanctions on Venezuela, and confirming the previously rumored trading ban in Venezuelan debt that earlier in the week had sent VENZ/PDVSA bonds tumbling, we made what we thought at the time was a sarcastic comment that in light of the recent scandal involving Goldman’s purchase of Venezuela Hunger Bonds, that Lloyd Blankfein’s hedge fund, which now controls the presidency and next year will also take over the Fed courtesy of Gary Cohn, would be exempt from the trading ban:
So all bonds owned by Goldman are exempt from the Venezuela sanctions until Goldman can sell them?
— zerohedge (@zerohedge) August 25, 2017

And, as it so often happens in a world controlled by Goldman (as a reminder, in 2018 the world’s three most important central banks, the Fed, the ECB and the BOE will be run by former Goldman employees: Gary Cohn, Mario Draghi and Mark Carney), sarcasm has a way of chronically turning into truth, and as Bloomberg confirmed overnight, one of Venezuela’s largest bondholders is “breathing a sigh of relief.”
That would be Goldman Sachs Asset Management, which infamously bought $2.8 billion of notes issued by state oil company PDVSA in May, and has since faced sharp criticism for a deal that appeared to supply fresh funds to President Nicolas Maduro. Confirming our initial “sarcastic” reaction, while observers thought the Goldman bonds would be a prime target for new penalties, they were exempt from the order. In fact, the only bonds covered by the trading ban are notes due in 2036 that appear to never have been sold outside Caracas.

This post was published at Zero Hedge on Aug 26, 2017.

Blankfein Trolls Trump, Compares Him To A Solar Eclipse

Today's decision is a setback for the environment and for the U. S.'s leadership position in the world. #ParisAgreement
— Lloyd Blankfein (@lloydblankfein) June 1, 2017

Back on June 1, in his first ever tweet (after being a silent member of Twitter since 2011), Goldman CEO Lloyd Blankfein slammed Trump’s decision to pull the United States out of the Paris climate change agreement, which he called ‘a setback for the environment and for the U. S.’s leadership position in the world.’

This post was published at Zero Hedge on Aug 21, 2017.

“You Know What You Did”: Scaramucci Punked By Email Spoofer Pretending To Be Priebus

The first two times infamous email spoofer @SINON_REBORN struck, the UK was scandalized when first Barclays CEO Jes Staley, then the head of the BOE, Mark Carney himself, were duped into lengthy email conversations with the “prankster” as the FT reported at the time. Staley, thinking he was being emailed by Barclays chair John McFarlane, offered his effusive praise to his respondent, saying among other things that he had “all the fearlessness of Clapton.” Carney, in turn, responded to emails from the imposter pretending to be Anthony Habgood, the chairman of the court of the BoE.
Then, in June, the spoofer extended his winning streak by also punking Goldman’s Lloyd Blankfein and Citi’s Michael Corbat into believing he was someone else.
Now, the same prankster, a 38-year-old web designer from Manchester according to the FT, has struck again, this time fooling several highly placed White House officials on several occasions, most remarkably Anthony Scaramucci, into thinking he was someone else.
As CNN reports, the exchange between the prankster and the Mooch may have played a role in the tensions between the now former White House Communications Director and the since-fired White House Chief of Staff, Reince Priebus, who replacement Gen. Kelly fired Scaramucci.

This post was published at Zero Hedge on Aug 1, 2017.

Wall Street Efforts to Improve Its Image Fail to Sway Americans

Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.
Despite efforts by Wall Street firms to regain trust since the 2008 financial crisis, fewer than a third of Americans view the industry positively — unchanged from 2009, according to the latest Bloomberg National Poll.
Dimon, 61, and Blankfein, 62, each chief executive officers for more than a decade, have sought to influence the public policy debate on issues including infrastructure investment, regulation, education, immigration and corporate tax reform. Both were revealed as billionaires in 2015, according to the Bloomberg Billionaires Index.
Yet the poll shows that Americans are much more likely to distrust billionaires than admire them, 53 percent to 31 percent. And just 31 percent look favorably on corporate executives and Wall Street.
Big banks ‘are still pushing for deregulation and they are going to get us right back to where we were with the financial crisis,’ said poll participant Chad Boyd, 36, an independent voter and information technology worker who lives in Louisville, Colorado, about 10 miles east of Boulder.

This post was published at bloomberg

Jamie Dimon: “It’s Embarrassing As An American Listening To This Stupid Shit We Have To Deal With”

One month after Goldman CEO Lloyd Blankfein trolled Donald Trump, when on June 9 in only his 4th ever tweet, the chief executive sarcastically said on Twitter “Just landed from China, trying to catch up…. How did “infrastructure week” go?” moments ago Jamie Dimon, in very uncertain terms, lashed out at the gridlock in Washington in general, and – according to some – president Donald Trump in particular (despite Dimon’s subsequent clarification that that was not the case).
During today’s earnings call discussing JPM’s Q2 beat, which however masked another sharp drop in the company’s trading revenue, Dimon – fresh from a work trip overseas, unloaded on everything that’s holding U. S. businesses back.

“It’s almost an embarrassment be an American citizen traveling around the world and listening to the stupid shit we have to deal with in this country and at one point we have to get our act together. We won’t do what were supposed to for the average American.”
He continued: “since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong. What I’m saying is that it would be much stronger growth if there were more intelligent decisions and less gridlock.” Dimon’s outburst was prompted by a Wall Street analyst who asked if clients were beginning to worry about D. C. dysfunction and a lack of progress. Dimon countered by saying that the economy has grown despite years of bad policy, and that it would continue to grow regardless of the US political climate.

This post was published at Zero Hedge on Jul 14, 2017.

Goldman Accused Of Funding Maduro’s Dictatorship

In late April, the Venezuela opposition slammed attempts by the Maduro regime to liquidate some/all of the nation’s gold in order to buy his crumbling regime some additional time with much needed liquidity.
As we reported then, in a letter sent by National Assembly President and head of the Venezuela opposition to US banks, Julio Borges, the politician wrote that ‘the national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally. I have the obligation to warn you that by supporting such a gold swap you would be taking actions favoring a government that’s been recognized as dictatorial by the international community.’
Fast forward to this weekend, when the Wall Street Journal reported that Goldman Sachs had bought some $2.8 billion in bonds issued by state oil company PDVSA that mature in 2022, paying 31 cents on the dollar or around $865 million. The price represented a 31% discount to trading Venezuelan securities that mature the same year, and would result in a staggering annual yield of more than 40%.
The purchase came as Maduro’s detractors have been pleading with international financial institutions to avoid any transactions that might help a government accused of human-rights abuses. It also prompted Julio Borges to accuse bank Goldman Sachs of “aiding and abetting the country’s dictatorial regime.”
“Goldman Sachs’ financial lifeline to the regime will serve to strengthen the brutal repression unleashed against the hundreds of thousands of Venezuelans peacefully protesting for political change in the country,” wrote Julio Borges in a letter to Goldman Sachs President Lloyd Blankfein.

This post was published at Zero Hedge on May 30, 2017.

GOLDMAN SACHS IS FINANCING VENEZUELA’S SOCIALIST DISASTER

Nothing to see here. Just another failed attempt at socialism. The opposition forces are finally figuring it all out too. The government is in control, not the people, and Julio Borges is blaming Goldman Sachs for financing the all-but-failed democratic socialist nation.
The president of Venezuela’s opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of ‘aiding and abetting the country’s dictatorial regime’ following a report that it had bought $2.8 billion in bonds from the cash-strapped tyrannical country. The Wall Street Journal on Sunday said Goldman paid 31 cents on the dollar for bonds issued by state oil company PDVSA that mature in 2022, or around $865 million, citing five people familiar with the transaction.
Known as the world’s worst oil company, for being completely run by the tyrannical government in Venezuela, PDVSA is the socialist nation’s government. The oil company’s exports account for 93% of the country’s exports. And socialist opposition forces are now blaming the Wall Street bank, Goldman Sachs, for propping up the regime by buying the bonds. Julio Borges, President of the National Assembly and Deputy of the Venezuelan coalition of opposition parties wrote a letter to Goldman Sachs president, Lloyd Blankfein, and calmly stated to him that his financial contributions are propping up the ‘brutal regime’ that’s killing its own people through starvation and violent clashes.

This post was published at The Daily Sheeple on MAY 30, 2017.

Preet Bharara: New York Times Promotes a False Narrative

The narrative of Preet Bharara as a crusading crime fighter has gotten a big boost from the Editorial Board of the New York Times in a glowing editorial in today’s print edition. Bharara was, until this past weekend, the U. S. Attorney for the Southern District of New York, Wall Street’s stomping ground. Bharara Tweeted on Saturday that he had been ‘fired’ by the Trump administration.
The Times’ editorial headline in its digital edition has to be bringing howls this morning from Wall Street veterans and corporate crime watchers. The Times is asking its readers to believe that Bharara was a ‘Prosecutor Who Knew How to Drain a Swamp.’ That’s fake news at its finest. Despite Jamie Dimon, CEO of JPMorgan Chase, Lloyd Blankfein, CEO of Goldman Sachs, and Michael Corbat, CEO of Citigroup, presiding over an unprecedented series of frauds upon the investing public at their banks, these men remain firmly entrenched as overpaid titans in the impenetrable toxic muck of the Wall Street Swamp.
We’ll get back shortly to Bharara’s tenure in the financial crime capitol of the world, but first some necessary background on the New York Times itself.
The Times has a new advertising slogan. It goes like this: ‘Truth. It’s hard to find. But easier with 1000 journalists looking. Subscribe to The Times.’ Unfortunately, when it comes to New York’s biggest and richest hometown industry known as Wall Street, those 1,000 journalists regularly have dull pencils and fogged lenses. (See related articles below.) Even worse, the Editorial Board at the Times has repeatedly served as a propagandist for the serial Wall Street ruses to fleece the public.

This post was published at Wall Street On Parade on March 14, 2017.

Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule

As previewed earlier today, moments ago President Trump signed two executive orders aimed at starting the process of rolling back the regulatory system put in place after the financial crisis.
Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading. Specifically, Trump took executive action ordering the review of Dodd-Frank rules enacted after 2008 financial crisis, and halting the “fiduciary rule” that would require advisers on retirement accounts to work in the best interests of their clients.
Wall Street CEOs such as Lloyd Blankfein and Jamie Dimon, tired of being constrained from blowing up the financial world with undue government regulations and relying almost entirely on NIM which stubbornly refuses to rise, have been pushing for changes for years, arguing that the industry has been too constrained by the system put in place by the 2010 Dodd-Frank Act. After Trump focused on limiting trade and immigration during his first two weeks in office, policies opposed by many in the financial industry, the president’s stroke of a pen unleashes a process to undo many of the rules they find most “irksome” as Bloomberg put it.

This post was published at Zero Hedge on Feb 3, 2017.

Dimon Says Euro Zone May Not Survive If Concerns Are Ignored

The euro region could break up if political leaders don’t get to grips with the discontent that’s spurring support for populist leaders across the continent, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.
Dimon said he had hoped European Union leaders would examine what caused the U.K. to vote to leave and then make changes. That hasn’t happened, and if nationalist politicians including France’s Marine Le Pen rise to power in elections across the region ‘the euro zone may not survive,’ Dimon, 60, said in a Bloomberg Television interview with John Micklethwait.
‘What went wrong is going wrong for everybody, not just going wrong for Britain, but in some ways it looks like they’re kind of doubling down,’ Dimon said in the interview Wednesday at the annual meeting of the World Economic Forum in Davos, Switzerland. Unless leaders address underlying concerns, ‘you’re going to have the same political things about immigration, the laws of the country, how much power goes to Brussels.’
Dimon’s remarks on Europe were unusually pessimistic, coming in a wide-ranging interview in which he also criticized regulations that he said stunt economic growth. But he reiterated optimism for President-elect Donald Trump. Minutes later, Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein also expressed concern about Europe, telling CNBC that leaders are facing a backlash in the midst of a long, complicated process to create an economic bloc.

This post was published at bloomberg

Does the Deep State Have It in for Trump?

Government Sachs
BALTIMORE – Two things. One we understand. The other we don’t. First, you gotta hand it to Wall Street. The financial elite were 1,000% behind Hillary. Then, when Donald Trump won the White House, within minutes, they were in his cabinet.
During the campaign, not only were they loading Hillary up with millions of dollars in funding, but they also regularly predicted doom if ‘The Donald’ were to win. Then, apparently within seconds, in the middle of the night, they saw a great dollar sign in the sky…
‘By this sign will you conquer’ was written upon it. Not since the conversion of Constantine has a turnaround been so abrupt and so complete. Mirabile dictu!
In a flash, the analysts at the nation’s top Wall Street firm suddenly realized something that had eluded them throughout the long and bitter presidential campaign: Tax cuts and spending increases might not be so bad after all!
The great sell-off ended. A buying spree took over… pushing up the price of Goldman Sachs stock by 40% and making its CEO, Lloyd Blankfein, the No. 1 beneficiary of the election (since the election, the value of his Goldman holdings have increased by $163 million).

This post was published at Acting-Man on January 19, 2017.

Here’s How Goldman Sachs Became the Overlord of the Trump Administration

During his political campaign, Donald Trump repeatedly railed against Wall Street with a specific focus on Goldman Sachs. In the final days of his campaign, Trump released an advertisement (see video below) that featured his opponent, Hillary Clinton, shaking hands with Goldman Sachs CEO Lloyd Blankfein. As the image flickers on the screen, Trump does a voice over, stating: ”It’s a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth, and put that money into the pockets of a handful of large corporations and political entities.’ As the ad ends, Trump bares his soul: ‘I’m doing this for the people and for the movement and we will take back this country for you and we will make America great again.’
How did a candidate who repeatedly demonized Goldman Sachs as the poster child for a corrupt establishment that owned Washington end up with Goldman Sachs’ progeny filling every post that even tangentially has the odor of money or global finance? One answer is family ties; another may be something darker.
Trump’s non-stop nominations and appointments of Goldman Sachs alumni have left his supporters stunned. Trump nominated Steven Mnuchin, a 17-year veteran of Goldman Sachs to be his Treasury Secretary. Stephen Bannon, another former Goldman Sachs banker, was named by Trump as his Chief Strategist in the White House. The sitting President of Goldman Sachs, Gary Cohn, has been named by Trump as Director of the National Economic Council, which, according to its website, coordinates ‘policy-making for domestic and international economic issues.’ Last week, in a move that stunned even Wall Street, Trump nominated a Goldman Sachs outside lawyer, Jay Clayton of Sullivan & Cromwell, to serve as Wall Street’s top cop as Chairman of the Securities and Exchange Commission. Adding to the slap in the face to Trump’s working class supporters, Clayton’s wife currently works as a Vice President at Goldman Sachs.

This post was published at Wall Street On Parade on January 9, 2017.

Why Are Goldman Insiders Dumping Stock At The Fastest Rate In 5 Years?

While the ‘deplorable’ half of America was greatly relieved when Donald Trump pulled off his establishment-upsetting victory, there is another group of Americans that may be even more pleased. Goldman Sachs’ top executives had over 1 million stock option grants due to expire worthless next week, but thanks to an unprecedented spike in the stock since the election, Bloomberg reports Lloyd Blankfein and friends have cashed out, selling hundreds of millions in stock in the last week.
As Bloomberg details, just last week, it looked like more than 1 million stock options granted toGoldman Sachs Group Inc.’s top executives and directors would expire out of the money.
The awards, granted with strike prices of $199.84 at the end of 2006, a solid year for bank stocks, were set to expire on Thanksgiving eve. But on Nov. 7, the night before Americans voted, they closed at $181.48, meaning it wouldn’t make sense for executives to exercise them.
Then Trump pulled off an upset victory and Goldman Sachs surged 16 percent through Thursday, allowing executives to exercise the options and sell shares to lock in gains. The stock closed at $209.63 on Thursday and traded for as much as $212.07 this week, the highest since July 2015.

This post was published at Zero Hedge on Nov 19, 2016.

Doug Band Exposes Foundation’s “For-Profit Activity Of President Clinton (i.e., Bill Clinton, Inc.)”

Of all the discoveries revealed as part of the Wikileaks Podesta email dump over the past month, perhaps none has been as damaging to the reputation of the Clinton family as those made by the disgruntled employee of consulting firm Teneo (which was closely linked to the Clinton Global Initiative and Clinton Foundation), Doug Band.
As we previously reported, in the last email dump released overnight, as part of Band’s ongoing feud with Chelsea Clinton and her allegations that he was misusing the Clinton name to enrich himself, Doug Band accused Chelsea Clinton of using Foundation money to pay for her wedding:
The investigation into her getting paid for campaigning, using foundation resources for her wedding and life for a decade, taxes on money from her parents…. I hope that you will speak to her and end this
In the latest email batch, Doug Band also revealed that Chelsea’s husband Marc Mezvinsky had abused the Clinton Foundation’s influence, and his wife’s family name, to help him find sources of cash for his hedge fund, Eaglevale, which included such seed sponsors as Goldman Sachs CEO Lloyd Blankfein.

This post was published at Zero Hedge on Nov 7, 2016.

Goldman Sachs Top Lawyer Is Part of a Secret Banking Cabal as CEO Blankfein Denies One Exists

There’s a new mantra making the rounds of Washington and Wall Street. No matter how big the lie you’re caught in, no matter how much documented evidence exists against you, just deny, deny, deny. That’s how Democratic National Committee Interim ChairDonna Brazile handled the email released by WikiLeaks showing that she leaked a debate question to Hillary Clinton; that’s how Hillary Clinton handled revelations about sending classified government material over an unclassified server in the basement of her home; and that’s how Goldman Sachs CEO Lloyd Blankfein is handling the widespread public perception that there’s a banking cabal meeting in secret to plot its continued dominance over the interests of the average U. S. citizen.
Yesterday, CNBC’s David Faber interviewed Blankfein and asked about the suggestion that Donald Trump had made on October 13 in a speech in West Palm Beach, Florida that there is an international banking conspiracy undermining the sovereignty of the United States. Faber asked Blankfein: ‘So am I to take it that you weren’t meeting in secret with international banks and Hillary Clinton to plot the destruction of U. S. sovereignty?’ Blankfein responded: ‘We could parse that clause by clause, but to every clause, the answer is no, we weren’t doing it. We weren’t meeting in secret and we certainly weren’t plotting destruction.’
The first half of Blankfein’s answer is flatly false and he knows it. The big Wall Street banks do meet in secret and have been doing it for decades. His own General Counsel, Gregory Palm, part of the Management Committee at Goldman Sachs, is part of the secret cabal.
Just five days before Blankfein made his false denial, Bloomberg News’ reporters Greg Farrell and Keri Geiger had landed the bombshell report that the top lawyers of the biggest Wall Street banks had been meeting secretly for two decades with their counterparts at international banks. At this year’s secret May meeting at a posh hotel in Versailles, the following were among the big bank lawyers in addition to Palm according to the Bloomberg report: Stephen Cutler of JPMorgan (a former Director of Enforcement at the SEC); Gary Lynch of Bank of America (also a former Director of Enforcement at the SEC); Morgan Stanley’s Eric Grossman; Citigroup’s Rohan Weerasinghe; Markus Diethelm of UBS Group AG; Richard Walker of Deutsche Bank (again, a former Director of Enforcement at the SEC); Robert Hoyt of Barclays; Romeo Cerutti of Credit Suisse Group AG; David Fein of Standard Chartered; Stuart Levey of HSBC Holdings; and Georges Dirani of BNP Paribas SA.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Goldman Crushes Democrat’s Dreams: Shows Obamacare Has Cost “A Few Hundred Thousand Jobs”

We suspect Lloyd Blankfein will be receiving a call from The White House (or Treasury) very soon as Goldman Sachs’ economists did the unthinkable in the age of political correctness – while investigating the state of under-employment in America, the smartest people in the room found that ObamaCare has led to a rise in involuntary part-time employment, estimating that “a few hundred thousand workers” have been forced to cut hours and has “created disincentives for full-time employment.”
Goldman’s Jan Hatzius explains that they find mixed evidence to support the theory that the employer mandate under the Affordable Care Act (ACA) has contributed to the elevated level of involuntary part-time work.
Our estimates of the effect by industry do show signs of an effect, particularly among the sectors that had the greatest gaps in required health insurance coverage prior to implementation of the mandate, but the relationship is weak.
It is possible that the level of involuntary part-time workers could be a few hundred thousand higher than it would be otherwise as a result of the mandate, which is a small share of the 6.4 million workers employed part-time involuntarily, but potentially a much larger share of the ‘underemployment gap’.

This post was published at Zero Hedge on Jun 8, 2016.