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Don’t Bank on the Banks
1 day ago ago from The Sceptical Market Observer
If you are still not sure about the mess we are in and are still hoping for a painless recovery, this is for you, relentless wishful thinkers. Read the following piece by Eric Sprott & David Franklin. Eric Sprott is from Sprott Asset Management LP. It is rather long but worth it. Thanks to Leo Kolivakis who blogs at Pension Pulse for sending it to me. His latest blog is on Paul Samuelson who briefly taught me some economics back in the days. ...
Related contentBank collapse in Austria brings debt in Eastern Europe center stage | TheTradingReport
23 hours ago ago from TheTradingReport | Keeping Your Trading Screen Green
admin on 12/15/09 --> Credit Writedowns , SeekingAlpha , gains In the links yesterday , I pointed to an FT article detailing the Austrian government’s nationalization of the insolvent bank Hypo Group Alpe Adria (HGAA). The financial institution, which has 40 billion Euros in assets, is the country’s sixth largest bank. But, in relative terms, this is a very large bankruptcy – using GDP at purchasing power parity , an American ...
Related contentIf you Are Drowning In Derivatives, The Answer Is To Sell More Derivatives
14 hours ago ago from DebtTalk
Just yesterday we posted a piece on Reits and and derivatives which showed just precisely the state of deteriorating banking assets. Click here. You would think that banks have learned their lessons. Maybe not. Citibank is at it again now raising $17 billion when its assets are radioactive with the worst of derivatives. How can Citi insure the value of that $17 billion when it has no idea what its assets are worth? Wouldn't you like to ...
Related contentI think Citigroup (C) just got off easy
23 hours ago ago from Jubak Picks
I think Citigroup (C) just got off easy. If it were up to me, I wouldn’t have let the company repay its government loans so it can pretend to be just a regular bank again. Not yet. Not by a long shot. You see there’s still the little problem of the $617 billion in troubled assets that Citigroup (C) stuffed into Citi Holdings. Yes, it would be nice to pretend that these aren’t Citigroup’s problem anymore but it simply isn’t true. And ...
Related contentGarcia's on the Run
8 hours ago ago from DONA VICTORINA
Garcia's on the Run Money Laundering charges were file d by the Office of the Ombudsman on Monday before the Sandiganbayan against beleaguered retired Armed Forces of the Philippines comptroller, Major Gen. Carlos Garcia, along with his wife Clarita and children Ian Carl, Juan Paolo and Timothy Mark. The 10-page information signed by Ombudsman Maria Merceditas Navarro-Gutierrez showed that the Garcia family was indicted for ...
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Banker lashes out at "political interference"
9 hours ago ago from U.S. News
Banker lashes out at "political interference" EDINBURGH, Scotland (AP) -- Royal Bank of Scotland PLC Chief Executive Stephen Hester lashed out at "political interference" in the partly nationalized bank as shareholders met to approve its participation in a government asset protection program on Tuesday. Still, bank shareholders gave formal approval to the bank's participation in a program that will let it offload shaky assets, part of the ...
Related contentGeithner Dismisses Worry Over Bank TARP Repayments - FOXBusiness.com
4 hours ago ago from FOX Business
Existing users please login User Name: Password: Remember me on this computer Home / Markets / Industries / Finance Tuesday, December 15, 2009 Geithner Dismisses Worry Over Bank TARP Repayments  By Greg Robb MarketWatch Pulse  WASHINGTON -- ...
Related contentThree Bay area banks rate zero stars in third quarter
8 hours ago ago from Media General - TBO.com
TAMPA - Many banks in Tampa Bay continued to decline in the third quarter of this year, with three now rating zero stars in the closely watched BauerFinancial analysis. Overall, though, banks in the Bay area are not faring as poorly as elsewhere in Florida, especially hard-hit Southwest Florida. BauerFinancial of Coral Gables rates banks and credit unions on their financial strength. The company looks at levels of capital, profitability ...
Related contentDeutsche Bank Reveals 2011 Target
9 hours ago ago from Wall Street Journal
BY WILLIAM LAUNDER FRANKFURT--Germany's Deutsche Bank AG late Monday said it expects to earn about 10 billion ($14.6 billion) in pretax profits in 2011 as it focuses increasingly on corporate and investment banking, asset management and business in Asia. The profit expectations offer more details on how Deutsche Bank hopes to cash in on several major acquisitions it has under way and pick up market share from competitors in the wake of ...
Related contentGoldman Sachs To Cash In On Wells Fargo Stock Sale - MarketBeat - WSJ
2 hours ago ago from Wall Street Journal
By Joe Bel Bruno It's not just Wells Fargo & Co. that stands to benefit from making an exit from the government's Troubled Asset Relief Program. Goldman Sachs Group Inc. will also get a boost. Wall Street's biggest investment bank acted as lead underwriter on Wells Fargo's $10.65 billion share issuance on Tuesday. It was unclear exactly how much Goldman's share of the fees will be, but analysts believe it will certainly have a positive ...
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