naked capitalism Sun 2009-09-13 15:59 EDT

Another Lehman Mess: No One Can Run the Software

Lehman's global derivatives book included contracts with a notional face value of $39,000bn and deals with 8,000 different counterparties when it went bust. The derivatives business was actually split into multiple strands, backed up by between 20 and 30 different systems. Once it went bankrupt, the staff who supported these systems "evaporated"...The more time goes by, the less insight remains in terms of the people who staffed those systems...Many previously hidden costs of running a derivatives business, including technology support of multiple disjointed systems, can no longer be discounted.

Lehman Mess; naked capitalism; running; software.

Jesse's Café Américain Fri 2009-09-04 19:12 EDT

Hong Kong Bringing Its Gold Home From London

Jesse

"In the house of the wise are stores of precious treasure and oil, but a foolish man devours all he has." Proverbs 21:20 The People's Republic of China has been urging its citizens to convert some part of their savings into gold and silver, having recently liberalized the procedures by which individuals can obtain it. Hong Kong has built a new world class bullion vault, and is repatriating its gold reserves from the London Bullion Market Association (LBMA), where some speculate it had been committed for sale many times over. Hong Kong wishes to become its own regional Asia market maker for bullion metals. The rest of the world will rein in the Wall Street financial establishment, because the bankers have demonstrated an inability to manage their financial affairs...

Gold Home; Hong Kong Bringing; Jesse's Café Américain; LONDON.

Minyanville Thu 2009-09-03 11:31 EDT

Tred Carefully When Trading UNG

James Kostohryz

The collapse of the natural gas market in the US has been breathtaking. And if you need anything else to worry about United States Natural Gas (UNG) -- which is in the midst of a massive liquidation -- is selling at a premium somewhere in the neighborhood of 20% relative to the spot price of the commodity. Thus the end to the carnage is not apparent.

Minyanville; Trading UNG; Tred Carefully.

zero hedge Tue 2009-09-01 15:39 EDT

Head Of China Sovereign Wealth Fund Openly Admits Asset Bubble Addressed By Creation Of More Bubbles

In a phenomenal demonstration of frankness and true economic assessment, the head of the China Investment Council, Lou Jiwei, who controls China's $298 billion sovereign wealth fund, admits the ponzi nature of today's markets: Both China and America are addressing bubbles by creating more bubbles and we're just taking advantage of that. So we can't lose. $20 trillion+ global equity market Ponzi scheme.

bubble; China Sovereign Wealth Fund Openly Admits Asset Bubble Addressed; creation; Head; Zero Hedge.

Wed 2009-06-10 00:00 EDT

Terms of Service

Russia, Brazil to Buy $20 Billion IMF Bonds, Diversify Reserves - Bloomberg.com; dollar losing reserve status

services; term.

Tue 2009-04-21 00:00 EDT

Hussman Funds - Weekly Market Comment: Wishful Thinking - April 20, 2009

``The current bounce was fueled by a combination of deteriorating but less bad than expected economic reports (therefore counting as upside surprises), as well as what can only be considered misleading and semi-fraudulent earnings reports from distressed financial companies''

2009; April 20; Hussman Funds; weekly market comments; wished think.

Tue 2009-04-21 00:00 EDT

Financial Bailout: America's Own Kleptocracy

by Michael Hudson, 2008-09-20

America's; Financial Bailout; kleptocracy.

Tue 2009-02-24 00:00 EST

Jesse's Café Américain: Inflation v. Deflation and the Yield Curve: Jesse's Lifetime Trading Plan

Jesse's Café Américain: Inflation versus Deflation and the Yield Curve: Jesse's Lifetime Trading Plan; ``we could see short term rates spike up to 15 to 20 percent with much of the longer yield curve at 12+%''

deflation; Inflation; Jesse's Café Américain; Jesse's Lifetime Trading Plan; yield curve.

Fri 2009-01-23 00:00 EST

naked capitalism: WSJ: Bank of America to Receive $20 Billion Injection, Support for $118 Billion of Loans

118; 20; America; bank; injection; Loans; naked capitalism; receive; supports; WSJ.

Mon 2009-01-19 00:00 EST

naked capitalism: WSJ: Bank of America to Receive $20 Billion Injection, Support for $118 Billion of Loans

118; 20; America; bank; injection; Loans; naked capitalism; receive; supports; WSJ.

Sun 2008-11-23 00:00 EST

Michael Hudson: Bankers Shake Down Congress and the G-20

(CounterPunch); ``all markets are planned, and have been ever since calendars were developed...Most market structures throughout history have been organized in a way that provides the vested interests with a free lunch. This remains the essence of post-feudal capitalism or as some have expressed it, corporativism.''

Bankers Shake; Congress; G-20; Michael Hudson.

Fri 2008-11-07 00:00 EST

Jesse's Café Américain: Top 20 Credit Default Swaps Exposure Net Notional Basis

Jesse's Café Américain: Top 20 Credit Default Swaps Exposure Net Notional Basis

Jesse's Café Américain; Top 20 Credit Default Swaps Exposure Net Notional Basis.

Mon 2008-10-20 00:00 EDT

Hussman Funds - Weekly Market Comment: Why Warren Buffett is Right (and Why Nobody Cares) - October 20, 2008

Hussman says buy equities

2008; care; Hussman Funds; October 20; Right; Warren Buffett; weekly market comments.

Fri 2008-06-13 00:00 EDT

naked capitalism: UK: Petrol Sales Fall 20%

naked capitalism; Petrol Sales Fall 20; UK.

Thu 2008-03-27 00:00 EDT

Ticker Classics: A Long Term Investment Timing Signal That Works

"buy the SPY...when the 20 week moving average crosses the 50 week moving average by more than 1%, and you go to cash (or treasuries) when the 20 week moving average crosses the 50 week moving average in the downward direct by more than 1%."

Long Term Investment Timing Signal; Ticker Classics; working.

Sat 2007-12-29 00:00 EST

Calculated Risk: Tanta: Mortgage Servicing for UberNerds

(2007-02-20)

Calculated Risk; mortgage services; Tanta; UberNerds.