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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Why a minor change to how EPA makes rules could radically reduce environmental protection

 

Why a minor change to how EPA makes rules could radically reduce environmental protection

Tighter emissions standards create costs for truck manufacturers yet provide health benefits for society. How should they be weighed? Lesterman

Courtesy of Joseph Aldy, Harvard University

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Chart School

Bulls Look To Make a Stand

Courtesy of Declan.

It's looking a little early for some of the nascent pullbacks but buyers are stepping in here to support markets. Much of this looks to be driven by the secular bull market leader, Russell 2000. It managed a new closing high as momentum traders continue to benefit from strength in this index.


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"Equity Markets Look Like They're In Denial" - Trader Warns 'Summer-Living Ain't Gonna Be Easy'

Courtesy of ZeroHedge. View original post here.

If you watch the mainstream business media frequently enough during the day, you will be reminded, almost incessantly, that 'stocks' are at record highs, Amazon and Apple are fighting it out in the trillion-dollar-market-cap chase, and Netflix calls are safer than Treasuries.

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Digital Currencies

BIS Blasts Cryptos In Special Report: "Beyond The Hype"

Courtesy of Mike Shedlock, MishTalk

The BIS blasts cryptos over scaling issues, energy, and trust. The BIS is correct. Cryptos are fatally flawed as money.

A Bank of International Settlements (BIS) report examines cryptocurrencies in depth. The study, called "Looking Beyond the Hype" investigates whether cryptocurrencies could play any role as money.

Bloomberg, Reuters, and the Bitcoin Exchange guide all have articles on the report but not one of the bothered to link to it.

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4 Online Trading Shows You Should Watch To Start Your Day

Courtesy of Benzinga.

For most people, the stock market’s regular session (9:30 a.m. - 4 p.m. ET) is the only time they can trade. But there’s a whole other world of action taking place before and after each weekday session.

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Biotech

Mind molding psychedelic drugs could treat depression, and other mental illnesses

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

 

Mind molding psychedelic drugs could treat depression, and other mental illnesses

By agsandrew/shutterstock.com

Courtesy of David E. Olson, University of California, Davis

It seems that psychedelics do more than simply alter perception. According to the latest research from my colleagues and me, they change the structures of neurons th...



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ValueWalk

Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...



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Kimble Charting Solutions

The Stock Bull Market Stops Here!

 

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Courtesy of Kimble Charting

 

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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

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Mapping The Market

The tricks propagandists use to beat science

Via Jean-Luc

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The tricks propagandists use to beat science

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OpTrader

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. 

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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!

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All About Trends

Mid-Day Update

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

Click here for the full report.




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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