by ilene - July 2nd, 2010 10:15 pm
Extreeeemely bearish. Grawrl.
by ilene - July 1st, 2010 2:28 pm
Courtesy of Janet Tavakoli of Tavakoli Structured Finance
CBCs Lang and O’Leary Exchange – April 29, 2010
Janet Tavakoli is the president of Tavakoli Structured Finance, a Chicago-based firm that provides consulting to financial institutions and institutional investors. Ms. Tavakoli has more than 20 years of experience in senior investment banking positions, trading, structuring and marketing structured financial products. She is a former adjunct associate professor of derivatives at the University of Chicago’s Graduate School of Business. Author of: Credit Derivatives & Synthetic Structures (1998, 2001), Collateralized Debt Obligations & Structured Finance (2003), Structured Finance &Collateralized Debt Obligations (John Wiley & Sons, September 2008). Tavakoli’s book on the causes of the global financial meltdown and how to fix it is: Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street (Wiley, 2009).
by ilene - June 19th, 2010 5:03 pm
Courtesy of Bondsquawk
Regarding today’s negative growth rate index “Let’s not sugarcoat it, it’s a sharp drop,” says ECRI managing director, Lakshman Achuthan.
(Source: Tech Ticker)
by ilene - June 10th, 2010 10:47 pm
Yahoo Finance Video 3: Prechter: Bank Reform Will Shrink Credit and Kill the Economy
The Senate version of financial regulation is bad for business on Wall Street and, according to the Wall Street Journal, could cut the profits of major financial institutions by roughly 20%. Find out why Robert Prechter thinks it’s also bad for the economy in the third excerpt from Robert Prechter’s May 20 interview with Yahoo! Finance Tech Ticker host Aaron Task.
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by ilene - June 1st, 2010 2:42 pm
Here’s The Latest On Israel’s Ongoing Gaza Flotilla CrisisThe crisis over Israel’s attack on an alleged aid boat bound for blockaded Gaza continues to worsen today, as pressure mounts on the Israeli government to take action.
- Israeli Prime Minister Benjamin Netanyahu has hit out at critics of his country’s blockade of Gaza saying it is a necessary action to prevent weapons entering the territory.
- Egypt has opened its border with Gaza, allowing refugees to spill out of Palestine into Egypt. Materials, relief or otherwise, may also be passing freely through the border.
- The Guardian reports that Israel also may have sabotaged two other relief boats bound for Gaza, prior to the attack, in an effort to stop them from reaching the shore.
- Turkey is the central critic of Israel’s attack on the convoy and its most important regional ally. Their alliance, and regional stability, may come into doubt over this crisis.
- Israeli troops claim they only fired on the activists when they were attacked.
- This analysis of the attack is one of the best we’ve seen thus far, pointing out that individuals on the ship were prepared for some sort of fight, using slingshots as a defense.
- If you are interested in a particularly vocal debate from both sides on the issue, there is a quality one from Al Jazeera which may represent a different set of opinions than U.S. media outlets.
by ilene - May 31st, 2010 3:24 pm
This morning, Israel intercepted a flotilla bound for Gaza from Turkey that was, according to the Israeli military, carrying a cache of weapons. Those on the flotilla, who included members of parliaments from the region, claimed they were carrying only aid items for the Palestinians.
- At least 10 people were killed in Israel’s assault on the flotilla. Israel claims 10 of its soldiers were also injured in the attack.
- The flotilla was meant to break the blockade on Gaza, a portion of Palestine ruled by Hamas, a political party but also a terrorist organization.
- The flotilla was attacked in international waters.
- Those on the boat, and those who support their cause, claim that all they were carrying was personnel, many of whom were teachers and doctors, and items to support their aid mission. Supporting video, from Al-Jazeera:
- Israel claims the boat was housing a weapons cache and that individuals on the boat attacked their troops with weapons when they stormed it. Supporting video, from the Israeli Defense Force (IDF):
- Protests against the actions of the Israeli government have broken out in London, Cairo, and Istanbul.
- Governments in Europe have spoken out against the attacks, with President Sarkozy of France and Foreign Minister Hague of the UK calling Israel’s actions "out of line."
- Israeli PM Benjamin Netanyahu has canceled his trip to the U.S. as a result of the attack, choosing to remain in Israel to deal with the problem.
- This is likely a massive political misstep for Israel, as tensions with the U.S. government were just beginning to dissolve, and now are likely to remain high.
by ilene - May 27th, 2010 1:20 pm
The European banking system is in crisis, says Hendry.
"I would recommend you panic."
The hedge fund manager of Eclectica Management went on BBC Newsnight last night to play pessimist against Jeffrey Sachs, an economist from Columbia University.
Of course the two get into a fight. It’s awesome.
At first Hendry is talking quietly and his manner is worryingly subdued but wait just a minute. He starts going after Sachs at 2:38.
"When you bring on a professor and when you bring on a politician, they are unaccountable. Jeffrey’s wrong, you know what? He’ll survive and tenure. I’m wrong, I go bankrupt."
Then Jeffrey defends himself a little bit, says no one should jump to the conclusion that all is lost, and Hendry literally jumps on him. (4:50)
"I don’t know," says Hendry, "because, was Jeffrey skiing two months ago? I was working, Gillian (Tett, who was also on the show) was working. So we can tell you about the real world."
It’s so offensive that the host has to jump in and say, "Now that’s just a low blow."
(Meanwhile, Gillian Tett is loving this, grinning from ear to ear.)
Then Jeffrey, who doesn’t want to let some other guy fight his fight for him, warns Hendry:
"Please watch your language, it’s just ridiculous. Watch your rhetoric a little bit."
Seriously, says Hendry. It’s time to worry. Panic.
"Banks today are refusing to lend to each other. Bank share prices are collapsing. We have no ability to gauge the credit-worthiness of the banking system."
"I say, let’s purge this system of its rottenness," recommends Hendry. "Let’s take on a recession. It’s going to be tough. People are going to lose their jobs."
"The banking sector is responsible for gross folly," he says. The solution is just, "Don’t pay them. Don’t reward folly."
"We can spread this over 20 years or we can get rid of it over 3 years… You make a mistake, you pay for it."
Of course remember that Hendry is shorting the crap out of Greece and the European banking crisis. He’s a big proponent of speculation and shorting, so he hates bailouts and would love massive failure.
by ilene - May 11th, 2010 2:02 pm
Courtesy of Josh M. Brown, The Reformed Broker
The market plunged because of a "Perfect Storm"…one that happens about every two weeks.
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|A Nightmare on Wall Street|
by ilene - April 26th, 2010 4:31 pm
Courtesy of Jr. Deputy Accountant
It’s long but did you really have anything better to do?
Bonus points for hijacking Jekyll Island for Dr Paul’s own purposes.