Posts Tagged ‘Northern Rock’

European Highlights: October 29

Courtesy of Cheeky Bastard

Good morning Zerohedgers

The two year long saga concerning the nationalized UK bank, Northern Rock, has finally ended. The main economic body of the European Union gave its consent for the bank to be broken into two smaller parts and sold off to the interested parties. This gave new incentive to the ailing British financial sector, and plans are being made, by Gordon Browns cabinet, to restructure the other two nationalized banks; Royal Bank of Scotland and Lloyds. Cabinet members stand united in their hope that by selling the nationalized banks, in a much milder economic climate, it will be possible to miss the losses which would have been generated, if the banks were sold months earlier. 

Amid the rumors of Lat devaluation ( yet again ), Valdis Dombrovskis, the prime minister of Latvia, said that his country is in a grave economic situation, but that the plans for currency devaluation are not being taken into regards by his government. Just to remind you; Latvian government was instructed, and was given guidelines, by the IMF, on how to meet the necessary requirements of the 11 billion dollar bailout loan which the IMF is ready to provide. The symbolic currency peg between the Lat and the Euro is being taken into question by the recent measures which where underdone by the Latvian government. Latvian government proposes a regulation which would allow the Latvian banks to collect only the current value of the property, and not the original one, and will thus wipe out almost 70% of the losses which the citizens would endure, if the old regulations would be kept in place. A number of analyst are, among them Neil Sharing, an emerging market analyst at London based Capital Economics, taking a contrarian view, and think that the currency devaluation is due to happen for several reasons. One of the reasons is that the devaluation will impact the Latvian economy severely on the short run; but with a weaker currency Latvia’s exporting potential could be fully materialized and the country could start building its economy on a much sounder foundations. The economic situation in Latvia is a direct consequence of the lending standards and practices the European banks impose on the countries which emerged from Communism in the beginning of the 90s. A complete " silent moratorium " on business loans, and a full concentration…
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Did Lehman Brothers Fall or Was It Pushed?

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Did Lehman Brothers Fall or Was It Pushed?

lehman brothersCourtesy of ELLEN BROWN at Web of Debt

A year after the bankruptcy of Lehman Brothers on September 15, 2008, questions still swirl around its collapse. Lawrence MacDonald, whose book A Colossal Failure of Common Sense came out in July 2009, maintains that the bank was not in substantially worse shape than other major Wall Street banks. He says Lehman was just “put to sleep. They put the pillow over the face of Lehman Brothers and they put her to sleep.” The question is, why?

The Lehman bankruptcy is widely considered to be the watershed event that changed the rules of the game for those Wall Street banks considered “too big to fail.” The bankruptcy option was ruled out once and for all. The taxpayers would have to keep throwing money at the banks, no matter how corrupt, ill-managed or undeserving. As Dean Baker noted in April 2009:

“Geithner has supposedly ruled out the bankruptcy option because when he, along with Henry Paulson and Ben Bernanke, tried letting Lehman Brothers go under last fall, it didn’t turn out very well. Of course, it is not necessary to go the route of an uncontrolled bankruptcy that Geithner and Co. pursued with Lehman. . . . [But] the Geithner crew insists that there are no alternatives to his plan; we have to just keep giving hundreds of billions of dollars to the banks . . . , further enriching the bankers who wrecked the economy.”

Although Lehman Brothers filed for bankruptcy on Monday, September 15, 2008, it was actually “bombed” on September 11, when the biggest one-day drop in its stock and highest trading volume occurred before bankruptcy. Lehman CEO Richard Fuld maintained that the 158 year old bank was brought down by unsubstantiated rumors and illegal naked short selling. Although short selling (selling shares you don’t own) is legal, the short seller is required to have shares lined up to borrow and replace to cover the sale. Failure to buy the shares back in the next three trading days is called a “fail to deliver.” Christopher Cox, who was chairman of the Securities and Exchange Commission in 2008, said in a July 2009 article that naked short selling “can allow manipulators to force…
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Phil's Favorites

How palm oil became the world's most hated, most used fat source

 

How palm oil became the world’s most hated, most used fat source

Oil palm fruit in North Aceh, Indonesia. Fachrul Reza / Barcroft Media via Getty Images

Courtesy of Jonathan E. Robins, Michigan Technological University

Palm oil is everywhere today: in food, soap, lipstick, even newspaper ink. It’s been called the world’s most hated crop because of its association with de...



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Biotech/COVID-19

The FDA's weak drug manufacturing oversight is a potentially deadly problem

 

The FDA’s weak drug manufacturing oversight is a potentially deadly problem

Though drug recalls are relatively uncommon in the U.S., reduced inspections increase the likelihood of manufacturing errors that slip through the cracks. AP Photo/Rafiq Maqbool

Courtesy of Adrian V. Hernandez, University of Connecticut and C. Michael White, University of Connecticut

The ...



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Zero Hedge

Buzzfeed Is Finally Going Public In SPAC Merger Valued At $1.5 Billion

Courtesy of ZeroHedge View original post here.

Update (1100ET): At long last, Buzzfeed is finally going public, a crowning career accomplishment for founder and CEO Jonah Peretti.

As we reported earlier, Peretti confirmed on Thursday morning that Buzzfeed had agreed to merge with the obscure 890 5th Avenue Partners (yes, it's named after the fictional headquarters of the Avengers), which raised $250 million in an IPO earlier this year.

The SPAC is led by CEO Emiliano Calemzuk and executive chairman Adam Rothstein, and counts NBCUniversal ad sale chief Linda YAccarino, former Buzzfeed President Greg Coleman, Time W...



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Digital Currencies

Will Bitcoin Crash the Stock Market?

 

Will Bitcoin Crash the Stock Market?

Courtesy of 

When the S&P 500 fell in March last year, it brought Bitcoin down with it. So if stocks can bring down Bitcoin, it’s reasonable to ask if Bitcoin can bring down stocks.*

If you thought the Bitcoin run-up to 60k was emblematic of investor** euphoria, then you probably wondered what would happen if it were to come crashing down. Would that take other high-flying areas of the market down with it?

It might be premature, but as of now, the answer is no.

...



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Chart School

RTT Plus Bulletin

Courtesy of Read the Ticker

RTT Plus private blog answer these questions over the last two weeks.

Ending: 2021-06-19

- Metal stocks very bullish after gold smash
- FED taper talk vs Basel 3
- Dollar devaluatioin before end of 2021
- COVID, Vaccine insight (off topic)
- The next play for the deep sate (off topic)
- The debt loaded USA can not break these economic stats


RTT Plus membership required to review.

RTT Plus members can include chart building services if you wish. If you you do not want chart building services select 'RTT Plus' only during the membership sign up process.

Sign up now!






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Politics

The Ukraine Fallacies (with Victor Rud)

 

The Ukraine Fallacies (with Victor Rud)

Americans are confused about the history of Ukraine. That's just how Russia wants it.

Courtesy of Greg Olear, at PREVAIL

Greg is the author of Dirty Rubles: An Introduction to Trump/Russia 

...

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Promotions

Live Webinar with Phil on Option Strategies

 

June is TD Bank's Option Education Month, and today (Thursday, June 10) at 1 pm EST, Phil will speak with host Bryan Rogers about selling options and various option strategies that we use here at Phil's Stock World. Don't miss this event!

Click here to register for TD's live webinar with Phil.

 

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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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