zero hedge Tue 2009-10-13 20:07 EDT

Global Central Banks Join The "Short Dollar" Bandwagon

A recent piece by Barclay's Steven Englander demonstrates how everybody and the kitchen sink is soundly amused by Geithner's call for a strong dollar. "The IMF Composition of Official Foreign Exchange Reserves data suggest that central banks are doing more than talking about reducing the concentration of USD in their reserve portfolios. They are actually acting on their statements." [dollar losing reserve currency status]

bandwagon; Global Central Banks Join; short dollar; Zero Hedge.

The Guardian World News Mon 2009-10-12 10:04 EDT

Kaupthing chief named as suspect

Iceland's most controversial banker, Sigurdur Einarsson, the former executive chairman of failed bank Kaupthing, has been made an official suspect by fraud prosecutors examining alleged market manipulation relating to an investment in the bank by Qatari royal Sheikh Mohammed Bin Khalifa al-Thani weeks before its collapse a year ago.

Guardian World News; Kaupthing chief named; Suspected.

naked capitalism Sun 2009-10-11 17:06 EDT

Asian Countries Intervene to Prop Up Greenback (Dollar Bind Edition)

An unannounced but evidently coordinated effort to arrest or at least slow the fall of the dollar is underway. The Financial Times indicated that Asian central banks were aggressive dollar buyers on Thursday, but the information came via currency traders rather than an official pronouncement. Thailand, Malaysia and Taiwan made substantial purchases; Hong Kong and Singapore also intervened today. The action may also have a secondary objective of rejiggering their currency values versus China's, since China repegged the renminbi against the dollar...

Asian Countries Intervene; Dollar Bind Edition; greenback; naked capitalism; prop.

Mish's Global Economic Trend Analysis Wed 2009-08-26 16:00 EDT

Critically Under-Capitalized Banks Direct Result Of "Wonderful Chain of Stupidity"

Michael Shedlock

Last week the Wall Street Journal ran an article about how trust securities sank Guaranty Financial Group and six family-controlled Illinois banks in early July. Please consider In New Phase of Crisis, Securities Sink Banks. Federal officials on Thursday were poised to seize Guaranty Financial Group Inc., in what would be the 10th-largest bank failure in U.S. history. Guaranty's woes were caused by its investment portfolio, stuffed with deteriorating securities created from pools of mortgages originated by some of the nation's worst lenders. Delinquency rates on the holdings have soared as high as 40%, forcing write-downs last month that consumed all of the bank's capital. Guaranty is one of thousands of banks that invested in such securities, which were often highly rated but ultimately hinged on the health of... Security losses are a non-operating item and are listed after pre-tax operating income on the call report. This is very unusual and possibly reveals another cancer hiding on many banks balance sheets. those garbage trust-preferred securities problems are on top of the widely expected fallout from commercial real estate problems affecting small to medium-sized regional banks. Thus, banking woes are much deeper in many areas than either the FDIC or Fed is admitting.

Capitalized Banks Direct Result; Criticizes; Mish's Global Economic Trend Analysis; Stupid; Wonderful Chain.

The IRA Analyst Wed 2009-08-26 15:50 EDT

Washington Fiddles as Global Deflation Rages

The surprise facing Geithner, Bernanke et al is that by Q3, the true economic deterioration in many toxic assets will be clear for all to see. ``whatever relief that financial institutions and other residents of the hold-to-maturity world believe that they will receive through the modification of fair-value accounting and other official dispensation, they will lose through deteriorating economic fundamentals and falling cash flows supporting these assets as 2009 unfolds.''

Global Deflation Rages; IRA Analyst; Washington fiddles.

ClubOrlov Wed 2009-08-26 10:59 EDT

The new new money

kollapsnik

It's official: The government in Beijing has announced that the Yuan can now be used in international trade. Their mouthpiece for this occasion was the Industrial and Commercial Bank of China, a private entity, which made the announcement on their behalf. By the end of this year, it is expected that fully 50% of all transactions with Hong Kong will be denominated in the Yuan. In turn, Hong Kong re-exports 90% of its Chinese imports. Importer #1 is the European Union; importer #2 is the United States. Some of these countries may soon find themselves hard-pressed to earn enough Yuan to continue importing Chinese-made products. This is only the next small step in Beijing's "policy of small steps." Already the Chinese government has ramped down its purchases of US... US dollar losing reserve status; yuan-denominated accounts available in Hong Kong.

ClubOrlov; new new money.

Thu 2009-07-30 00:00 EDT

Jesse's Café Américain: The Worst Is Yet to Come

Jesse's Café Américain: The Worst Is Yet to Come -- Howard Davidowitz; ``the briefly sunny period in 1930-1 when most economists and public officials agreed that the Depression was already over and the economy was back on track...t was the second half of the great stock decline after the 1929 Crash that did the most damage, because this is when the carnage moved from financial assets and the banks into the real economy''

comes; Jesse's Café Américain; worst.

Tue 2009-06-16 00:00 EDT

The Official End of Obama's Honeymoon

by Matt Taibbi; Goldman Sachs

Obama s Honeymoon; official ending.

Thu 2009-05-07 00:00 EDT

naked capitalism: Now It's Official: Securities Industry Regulator Takes Care of Self, Not Investors

non-governmental regulator Financial Industry Regulatory Authority (FINRA) pre-sold auction rate securities shortly before bottom fell out; current SEC head Mary Schapiro formerly FINRA head

Investors; naked capitalism; officials; Securities Industry Regulator Takes Care; Self.

Tue 2009-04-21 00:00 EDT

naked capitalism: Now It's Official: Public Private Partnership to Overpay for Toxic Bank Assets

naked capitalism; officials; overpay; public private partnership; toxic bank assets.

Wed 2009-04-01 00:00 EDT

naked capitalism: Now It's Official: Stress Test Results Pre-Determined

naked capitalism; officials; Stress Test Results Pre-Determined.

Thu 2009-01-15 00:00 EST

naked capitalism: Finally, Some Semi-Official Interest in Trade Finance Woes

final; naked capitalism; Semi-Official Interest; Trade Finance Woes.

Fri 2008-11-07 00:00 EST

naked capitalism: Now It's Official: Treasury Can't Influence How Banks Use Cash Infusion

Banks Use Cash Infusion; influence; naked capitalism; officials; Treasury.

Fri 2008-11-07 00:00 EST

The Tax Foundation - Transit Agencies in Bind Due to SILO Deals and AIG Collapse

by Joseph Henchman; Federal Officials Encouraged Leasebacks, Then Made Them Worthless for Creditors

AIG Collapse; bindings; SILOs deals; Tax Foundation; transit agency.

Mon 2008-08-04 00:00 EDT

Is the U.S. Banking System Safe? - Seeking Alpha

Is the U.S. Banking System Safe? by James Quinn - Seeking Alpha; "The U.S. banking system is essentially insolvent. The Treasury, Federal Reserve, FASB, and Congress are colluding to keep the American public in the dark for as long as possible...When you see a bank CEO or a top government official tell you that everything is alright, run for the hills. They are lying."

Seeking Alpha; U.S. Banking System Safe.

Mon 2007-07-30 00:00 EDT

Abandoned homes concern Chandler officials

(Arizona Republic; foreclosure; real estate bust)

Abandoned homes concern Chandler officials.