Posts Tagged ‘Afghanistan Bank Run’

The Great Afghanistan Bank Run

The Great Afghanistan Bank Run

Courtesy of Jr. Deputy Accountant 

Did we mention we bombed the sh*t out of the bank?!

Here’s the quick sitch: Kabul Bank – Afghanistan’s largest – is under attack by depositors who have removed some $155 million in deposits in the last two days after news that the bank had been running a questionable operation and loaning money to insiders like Mahmood Karzai, brother of Afghan president Hamid Karzai. Karzai is a Kabul Bank shareholder, naturally. The bank’s chairman Sherkhan Farnood decided an island shaped like a palm tree in Dubai would be a great investment so he took it upon himself to invest $160 billion of the bank’s assets in said palm tree islands and, for convenience’s sake, put the properties in his name. Who wouldn’t?

The U.S. government didn’t find these activities to be entertainment and swooped in to stop the nonsense. Unfortunately now they may be required to prop up Afghanistan’s already precarious financial system. Oh well, they’re experts in doing that at this point, if they could save Bank of America I’m sure they can save some corrupt Afghan bank.

MSNBC:

A senior U.S. official in Kabul told NBC that in recent weeks, Gen. David Petraeus, commander of international forces in the country, and other U.S. officials had “forcefully” urged President Karzai to crack down on the bank.

After reviewing the bank’s activities, “we didn’t like what we saw,” said the official. In particular, the official said, U.S. officials — “and many Afghans” — were upset that the country’s assets, much of which has been derived from billions of dollars in western aid, were being taken out of the country and invested elsewhere.

The U.S. prodding apparently prompted President Karzai to direct Afghanistan’s Central Bank to move in and oust Farnood, the bank’s chairman, and Khalilullah Frozi, the bank’s chief executive officer, from their positions. The reports of the move, first reported by the Washington Post, triggered the run on deposits that has now threatened the bank.

U.S. officials, under the direction of David Cohen, assistant secretary of the treasury for counterterrorism, are closely monitoring the situation and have dispatched a team to assist officials of the Afghan Finance Ministry as they grapple with how to deal with fallout from the bank withdrawals, a Treasury Department official said Thursday.

"U.S. officials in


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Investors Will Never Get the Answer to "Why Now?"

 

Investors Will Never Get the Answer to “Why Now?”

Courtesy of Joshua Brown, The Reformed Broker

Andrew Lo’s heuristic to understanding why markets are resistant to rules is that we can’t think about them as though they’re governed by physics or mechanics. He refers to markets as biological systems, which are highly susceptible to unpredictability, adaptation and evolution. I think that’s right, based on everything I’ve seen, read and experienced over the last twenty years. Or, I should say, this is the best explanation I’ve seen anyone make.

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Earnings Scheduled For December 11, 2017

Courtesy of Benzinga.

Companies Reporting After The Bell
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A Gift From The Oldies

Courtesy of ZeroHedge. View original post here.

By Chris at www.CapitalistExploits.at

I bumped into a friendly bloke at my local gym last week. Jim is his name.

Jim tells me he just started because, and I quote, "my doctor says I'm going to die unless I do something".

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All You Need To Know About Today's Bitcoin Futures Contract

Courtesy of ZeroHedge. View original post here.

CBOE Global Markets Inc and CME Group Inc will launch futures contracts on bitcoin on Dec. 10 and Dec. 17 respectively. Here are some of the differences between the products to be offered by the exchange operators.

CONTRACT UNIT
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Time for a funny

Courtesy of Read the Ticker.

Many countries who are neighbors, have digs at each other.

Taking a dig at the Aussies.

Asking an Aussie to work the weekend with his mates.




A 'smoko' is a union tea break for blue collar workers. A song from a Aussie kid!





NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net

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DNA has gone digital - what could possibly go wrong?

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

DNA has gone digital – what could possibly go wrong?

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An Interview with David Brin

Our guest David Brin is an astrophysicist, technology consultant, and best-selling author who speaks, writes, and advises on a range of topics including national defense, creativity, and space exploration. He is also a well-known and influential futurist (one of four “World's Best Futurists,” according to The Urban Developer), and it is his ideas on the future, specifically the future of civilization, that I hope to learn about here.   

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Puts things in perspective

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Puts things in perspective:

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Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Brazil; Waterfall in prices starting? Impact U.S.?

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Mid-Day Update

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To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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