“In his keynote speech at this week’s #FXDebates event in London, Lars Seier Christensen, the co-founder and co-chief executive of Saxo Bank, said the euro crisis had turned into a fatal disaster with huge consequences for the members involved.”
Saxo Bank CEO On The ‘Eurozone Minefield’: “This Crisis Will Not Pass”
Niall Ferguson recently remarked, “[Europe] is a politicial experiment gone wrong. The experiment was to see if Europeans could be forced into [...]
If (scratch that, WHEN) the Cyprus Parliament rejects the deposit tax, the aid package would be in jeopardy, potentially setting the stage for default, which would be akin to dominoes laced with dynamite given the leverage in system and the derivatives holding the global construct together.
US Deposits In Perspective – $25 Billion In Insurance, $9,283 Billion In Deposits – $297,514 Billion In Derivatives
Total derivative notional outstanding of the Top 25 holding companies is [...]
The domino”s are falling !
This is the most stupid decision ever from Europe !
BREAKING ALERT! CHAOS IN CYPRUS: “Thousands” Are Withdrawing Their Money; ALERT IN THE SOUTHERN EUROPEAN COUNTRIES – Cyprus-Rescue Shows, Not Bank Accounts Are Safe!
This Crazy Cyprus Deal Could Screw Up A Lot More Than Cyprus…Read more: http://www.businessinsider.com/cyprus-bailout-risks-europe-bank-runs-2013-3#ixzz2NlUJEAGG
Europe Announces Stunning Bailout For Cyprus — Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week
Eurozone leaders and the IMF on Saturday announced an unprecedented [...]
The Piper PA-46 aircraft had just taken off from an airport near Paris, Texas, around 8 a.m. when it came crashing down outside the town of Glory to the south.
The Texas Department of Public Safety identified the men as Michael Endo, 50, Michael Dale Bradley, 44, and the pilot Rob Thompson, 49, according to a report in the The Desert News.
All three men worked for Utah-based Celtic Bank, the Salt [...]
As the House Financial Services Committee hearing into recent failures at JPMorgan waned, bank CEO Jamie Dimon finally said what had already been obvious to everyone—he didn’t want to be there. “These are complex things that should be done the right way, in my opinion in closed rooms,” Dimon said. “I don’t think you make a lot of progress in an open hearing like this.” In the closed room, Dimon [...]
Bloomberg TV’s Erik Schatzker sat down with Toronto Dominion CEO Edmund Clark, who calls himself an old-fashioned banker, to talk about the strategy of Canada’s second-biggest bank and why the countries’ banks have fared better than U.S. counterparts. Clark’s “old-fashioned” approach of lending money to businesses and consumers has helped TD post a three-year return that is 11x higher than JPMorgan’s, with almost half the volatility .
Clark said that, “If [...]
By Marcin Sobczyk
The euro-zone debt crisis is heading to a climax that will likely be as bad as the collapse of Lehman Brothers at the onset of the global financial crisis in 2008, said Zbigniew Jagiello, chief executive of PKO Bank Polski SA (PKO.WA), Poland’s largest bank by assets.
“We’re nearing a potential breakthrough moment. There’s official talk now about how Greece may exit the euro zone,” he told a press [...]
Uploaded by CapitalAccount on Apr 5, 2012
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Welcome to Capital Account. US President Barack Obama signed the J.O.B.S. act today, otherwise known as the jumpstart our business startups. Only this so called success rolls back securities laws for companies going public with up to a billion dollars in revenue and according to critics, what it really does is jumpstart frauds like wall street pump and dump schemes. Surprisingly, or maybe not [...]
It could be either for good or bad.
Some of them:
2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
2/09/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
2/15/12 (KENYA) Govenor of Kenyan Central Bank Njuguna Ndung’u to resign
2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
2/17/12 (USA) Goldman Sachs CEO Lloyd Blankfein out as by summer
2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
2/21/12 (ARGENTINA) Central [...]
As every central banker, politician (except Chuck Schumer), and bank CEO looks towards Chinese central planners as their apparent bottomless pit of dumb money, it seems that perhaps the cupboards are bare. Reuters, via The China Post, highlights in a recent article that while there are indeed reserves, they are gainfully employed and the unwinding of those positions (in size enough to matter) to provide the cash that is so desperately [...]
OECD says entire global economy is slowing:
The Organisation for Economic Co-operation and Development (OECD) says that every economy it monitors suffered a slowdown during September.
The OECD’s leading indicators index for the month is designed to highlight turning points in economic activity.
The data showed growth slowing in all OECD countries and major developing economies monitored by the group.
The OECD represents developed economies including the US, UK and Japan.
The index [...]
Buy The Rumor, Sell The News
Via Peter Tchir of TF Market Advisors
Europe is playing havoc with this old trading strategy. By only having rumors and never having news they keep the markets in permanent buy the rumor mode.
The china story is at best old news. Italy’s austerity credibility is sorely lacking, but the best news is the Merkozy wants to meet the bankers. It feels like aliens landing on a planet [...]
With gold and silver continuing to consolidate, today King World News has released the eagerly anticipated audio interview KWN Resident Expert Jim Rickards, Senior Managing Director at Tangent Capital Markets. Jim Rickards was not only talking gold, he also discussed the KWN interview with giant killer Harry Markopolos, where Markopolos accused Bank of New York Mellon and State Street of stealing $6 to $10 [...]
Below we present some observations on the compensation package of the CEO of bank that is about to be no more (in its existing pre-BearStearns’ed form), a bank which since 2008 had operated with an implicit governmental guarantee of €150 billion and which bank was the biggest recipient of the Fed’s taxpayer-funded bailout generosity during the Great Financial Crisis, confirming once again that when [...]
by Nomi Prins
Jamie Dimon’s Shameful Spouting about ‘anti-American’ Basel III regulations
There are few things more cringe-inducing than a government-subsidized bank CEO spouting self-serving, entitlement-laden idiocy to the world just because he and his bank might be subject to some extra constraints. That hasn’t stopped JPM Chase CEO Jamie Dimon from acting like a spoiled, sociopathic brat while characterizing proposed [...]
September 19, 2011
“It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.” Deutsche Bank CEO Josef Ackerman
The financial press is inundated with the most [...]
European banks face collapse under debts, warns Deutsche Bank chief Josef …
Telegraph.co.uk - Louise Armitstead – ?3 hours ago? Josef Ackermann, the chief executive of Deutsche Bank, Germany’s biggest bank, has warned that “numerous” European lenders would collapse if they were forced to book their losses on stricken sovereign bonds. By Louise Armitstead Mr Ackermann said that …
FT Alphaville (blog) - Neil Hume – [...]
Josef Ackermann just gave a terrifying speech about the fragility of the Euro banking sector right now.
At a conference in Frankfurt he said, ”It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.”
We have translated the speech based on Handelsbatt’s, the organizer of the event where Ackermann spoke, account of it.
“In recent weeks, the [...]
Commonwealth Bank CEO Ralph Norris gets ready for a long night ahead. (AAP Image: Paul Miller)
More than 1,000 chief executive officers are sleeping on cardboard tonight to raise money and awareness for homelessness.
Foreign Minister Kevin Rudd has joined CEO’s in Melbourne, while Opposition Leader Tony Abbott has joined Commonwealth Bank CEO Ralph Norris in Sydney.
Mr Norris was an eager first-time participant in the annual Vinnies [...]
A regional bank CEO says it’s the fault of Bank of America, JPMorgan, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley that small banks aren’t lending.
Bob Wilmers, the CEO of M&T Bank Corp, recently wrote a huge op-ed for Bloomberg about why subjecting regional banks to the same regulations that The Big Six face is killing the economy.
The Big Six need to be regulated more he says, because they’re [...]
From Peter Tchir of TF Market Advisors
If Greece Default Would Wreak Havoc On European Banks Then CEO’s Should Be Fired
Every day there is at least one headline about how catastrophic a Greek default would be. These headlines aren’t coming from the doom and gloom crowd, they are coming from senior government officials throughout Europe. There is great concern that a Greek default would hurt European [...]
That the bankrupt US is living on borrowed time between various can kicking episodes is by now not news to anyone. Neither is it news that as long as the broader population finds brief distractions, such as the latest iPad app or the occasional Charlie Sheen scandal, which keep them busy in peak advertising hours, few if any will care about the sordid details [...]