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Spain Runs Out Of Money To Feed The Zombies
One of the problems with the Hispanic Pandora's box unleashed by a now insolvent Bankia, which as we noted some time ago, is merely the Canary in the Coalmine, is that once the case study "example" of...
View ArticleThe Second Act Of The JPM CIO Fiasco Has Arrived - Mismarking Hundreds Of...
As anyone who has ever traded CDS (or any other OTC, non-exchange traded product) knows, when you have a short risk position, unless compliance tells you to and they rarely do as they have no idea what...
View ArticleA few more questions on JP Morgan and the London Whale
“In this world, shipmates, sin that pays its way can travel freely, and without a passport; whereas Virtue, if a pauper, is stopped at all frontiers.” -- MOBY DICK, Chapter IX Herman Melville...
View ArticleApocalypse Europe: The Smell Of Draghi's Eau De Napalm
As we look forward to tomorrow's scorched-earth policy-fest from Draghi-et-al., Jefferies' David Zervos, in his typically understated manner, notes "I love the smell of napalm in the morning. We are...
View ArticleGuest Post: Everything You Know About Markets Is Wrong?
Submitted by Eric L. Prentis, The financial elite—using academe for intellectual cover—want you to believe that markets are efficient, as defined by the Efficient Market Theory (EMT). My research...
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Here We Go: Moody's Downgrade Is Out - Morgan Stanley Cut Only 2 Notches, To...
Here it comes: MOODY'S CUTS 4 FIRMS BY 1 NOTCH MOODY'S CUTS 10 FIRMS' RATINGS BY 2 NOTCHES MOODY'S CUTS 1 FIRM BY 3 NOTCHES MORGAN STANLEY L-T SR DEBT CUT TO Baa1 FROM A2 BY MOODY'S MOODY'S CUTS MORGAN...
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Fed's John Williams Opens Mouth, Proves He Has No Clue About Modern Money...
There is a saying that it is better to remain silent and be thought a fool than to speak out and remove all doubt. Today, the San Fran Fed's John Williams, and by proxy the Federal Reserve in general,...
View ArticleBarclays LIBOR Scandal: Lions and Tigers and Bears, Oh My!
Update | Link below for CNBC "Closing Bell" ~ 3:30 ET to talk about the continuing crisis. Chris http://video.cnbc.com/gallery/?video=3000101073&play=1 What do the rogue hedge fund inside JPMorgan...
View ArticleBarclays Wins Euromoney's Best Global Debt, Best Investment Bank, And Best...
Financial magazine Euromoney, which in addition to being a subscription-based publication appears to also rely on bank advertising, has just held its 2012 Awards for Excellence dinner event. And in the...
View ArticleShhh... Don't Tell Anyone; Central Banks Manipulate Rates
David Zervos, Jefferies: Shhh... Don't Tell Anyone; Central Banks Manipulate Rates It should come as no surprise to anyone that major commercial banks manipulate Libor submissions for their own...
View ArticleJPM Admits CIO Group Consistently Mismarked Hundreds Of Billions In CDS In...
Back on May 30 we wrote "The Second Act Of The JPM CIO Fiasco Has Arrived - Mismarking Hundreds Of Billions In Credit Default Swaps" in which we made it abundantly clear that due to the Over The...
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The CME On Gold As Collateral And Its Unsurprising London-Based Custodian
While the increasing use of gold as accepted explicit (not implied) collateral has long been known, especially with an increasing push by Germany to receive gold as the ultimate guarantee backstop of...
View ArticleCriminal Inquiry Shifts To JPMorgan's Mispricing Of Hundreds Of Billions In...
On the last day of May, when we first learned via Bloomberg that there was even the scantest likelihood that JPM may have been massaging its CDS marks within the (London-based of course) CIO...
View ArticleIs Jamie Dimon Really Master of the Universe?
“Questions swirl around the character and timing of Dimon's disclosures to shareholders. Given the widespread speculation about JPMorgan's potential losses, which proved to be accurate, it raises the...
View ArticleMorgan Stanley With Huge Q2 Miss, Posts Abysmal Results
Morgan Stanley reported earnings this morning, and showed that unless one has massive loan loss reserves to release, US banks are in big trouble. The firm just reported $0.28 EPS including DVA benefit,...
View ArticleSpain Follows Italy In Banning Short Selling
Moments after we reported the announcement of the Italian short-selling ban we had a simple question: Where is the Spanish short selling ban? They are slacking — zerohedge (@zerohedge) July 23, 2012 We...
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Hedging Europe's Short-Selling Ban (Again)
While repeating the same thing and expecting a different result is the definition of insanity, the Italian and now Spanish regulators, in their wisdom, have banned short-selling once again (supposedly...
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Gold Continues To Be Money: CME Europe Now Accepts Gold As Clearing Collateral
Over two years ago, the US Clearing house of the CME, the world's largest derivatives marketplace, had no choice but to allow gold as collateral. Why: because as we showed some days ago, while in...
View ArticleIs Gold Money? LCH Accepts Shiny Yellow Metal As Collateral
Whether it is because the CME just did it; or it's all their clients have left; or Gold volatility is lower than EURUSD volatility (9.0% vs 9.6% in last 3 weeks); or they see the painting on the wall...
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LCH.Clearnet Accepts ‘Loco London’ Gold As Collateral Next Tuesday
From GoldCore LCH.Clearnet Accepts ‘Loco London’ Gold As Collateral Next Tuesday Today's AM fix was USD 1,640.50, EUR 1,315.87, and GBP 1,038.49 per ounce. Yesterday’s AM fix was USD 1,624.00, EUR...
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