tag:blogger.com,1999:blog-7982981413278241287.post5331587628912715355..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: You Know How You Get To Carnegie Hall?Dave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7982981413278241287.post-45779205346740620672011-12-01T13:52:40.149-07:002011-12-01T13:52:40.149-07:00The Fed’s European “Rescue”: Another back-door US ...The Fed’s European “Rescue”: Another back-door US Bank / Goldman bailout?<br />DateWednesday, November 30, 2011 at 7:53PM <br /><br /><br /><br />Perhaps at that point, Goldman thought they had it all under control, but Germany's bailout-resistence was still a thorn, which is why its bonds got hammered in the last auction, proving that big Finance will get what it wants, no matter how dirty it needs to play. Nothing from the Fed, except a small increase in funding to the IMF.<br /><br />Rating agency, Moody’s announced it was looking at possibly downgrading 87 European banks. Still the Fed waited with open lines. And then, S&P downgraded the US banks again, including Goldman ,making their own financing costs more expensive and the funding of their seismic derivatives positions more tenuous. The Fed found the right moment. Bingo.<br /><br />Now, consider this: the top four US banks (JPM Chase, Citibank, Bank of America and Goldman Sachs) control nearly 95% of the US derivatives market, which has grown by 20% since last year to $235 trillion. That figure is a third of all global derivatives of $707 trillion (up from $601 trillion in December, 2010 and $583 trillion mid-year 2010. )<br /><br />But, Goldman has something the others don’t – a lot fewer assets beneath its derivatives stockpile. It has 537 times as many (from 440 times last year) derivatives as assets. Think of a 537 story skyscraper on a one story see-saw. Goldman has $88 billon in assets, and $48 trillion in notional derivatives exposure. This is by FAR the highest ratio of derivatives to assets of any so-called bank backed by a government.<br /><br />http://www.nomiprins.com/thoughts/2011/11/30/the-feds-european-rescue-another-back-door-us-bank-goldman-b.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-87539988618580967692011-12-01T11:48:29.591-07:002011-12-01T11:48:29.591-07:00Where in the World Is Jon Corzine?
When was the l...Where in the World Is Jon Corzine?<br /><br />When was the last time anybody saw Jon Corzine?<br /><br />For several days following the bankruptcy of MF Global, Corzine was regularly appearing in the office. Sources at MF Global told me he spent his days in conference rooms with teams of lawyers and accountants. Then he abruptly resigned as chief executive.<br /><br />And for his next act, he vanished.<br /><br />Corzine is not an ordinary chief executive. As a former US Senator and former Governor of New Jersey, he is a public figure. He was even under consideration to be the next Treasury Secretary.<br /><br /><br />Corzine may be able to hide from cameras. Perhaps even from the Senate's panel investigating the collapse of MF Global. But he can't hide from public suspicion. And silence will never save his reputation. <br /><br />http://finance.yahoo.com/news/where-world-jon-corzine-175229463.html?l=1<br /><br />Here he is...he's fast...lol<br />http://www.youtube.com/watch?v=7v14r2MlWysAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-56459203197521891052011-12-01T10:21:57.107-07:002011-12-01T10:21:57.107-07:00New word:
Ineptocracy (in-ep-toc’-ra-cy): A syste...New word:<br /><br />Ineptocracy (in-ep-toc’-ra-cy): A system of government where the least capable to lead are elected by the least capable of producing, and where the members of society are least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of an ever diminishing number of producers.<br /><br />Read more: http://www.investmentpostcards.com/2011/12/01/new-word-ineptocracy/#ixzz1fIwpv2uAAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-63089445759280803242011-12-01T10:10:07.326-07:002011-12-01T10:10:07.326-07:00James Koutoulas Co-Founder Commodity Customer Coal...James Koutoulas Co-Founder Commodity Customer Coalition - MF Global Bankruptcy <br />Warren Pollock (wepollock) out foxes CNN and Reuters (Bloomberg CNBC did not attend at all) by asking hard questions of James Koutoulas regarding MF Global, in front of US Bankruptcy court, Bowling Green Manhattan. CNN tried to push him out of the way, a Reuters "reporter" scoffed, yet I bulldog to the real issues and concerns on this important issue as the mainstream media dozes in a coma. While the CME may back peddle; Warren talks to a retiree who lost all her money. We talk about JPM trying to run the show during bankruptcy as a fox in the henhouse; the CFTC, the CME and roles and responsibility. Items CNN won't cover include the two MF Global bankruptcies and balance sheets in play. One balance sheet containing customer money; the other used for speculation. If the speculative side dipped into customer funds a clawback must occur! I am sure JMP would not like that outcome. Was there fraudulent conveyance? Why is speculation still occurring if customer funds were at play in the speculative side of the house. JPM delaying motions with continuances.<br /><br /><br />http://www.youtube.com/watch?v=MZkjIIudN70&feature=colikeAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-15056089082170250172011-12-01T10:03:31.124-07:002011-12-01T10:03:31.124-07:00If no one did anything wrong....how could this eve...If no one did anything wrong....how could this ever occur?..I still don't get it...what am I missing?<br /><br />Bank Funds Won't Cover MF Global Shortfall<br /><br />MF Global Inc., the futures brokerage that collapsed on Oct. 31, will have a shortfall in customer funds even if all the money in customer accounts at U.S. depository institutions is recovered, the trustee overseeing the firm's bankruptcy said.<br /><br />James W. Giddens, the trustee, has said there may be as much as $1.2 billion in missing funds. MF Global Inc. was a subsidiary of MF Global Holdings Ltd., the New York-based firm run by Jon S. Corzine that failed after making $6.3 billion in wrong-way bets on European sovereign debt.<br /><br />"The trustee has determined that even if he could recover everything that is at U.S. depositories, there will be a shortfall in what MF Global management should have segregated at U.S. depositories," according to a document, dated today, from Giddens's office that was obtained by Bloomberg News. Kent Jarrell, a spokesman for the trustee, confirmed the authenticity of the document, and said it was part of a briefing Giddens gave today in Washington with congressional aides and a lawmaker. <br /><br />http://finance.yahoo.com/news/bank-funds-wont-cover-mf-143511571.html?l=1Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-27719280738033679242011-11-30T16:17:59.128-07:002011-11-30T16:17:59.128-07:00(Dave)
Ya. When I use metal ETF's it's fo...(Dave)<br /><br />Ya. When I use metal ETF's it's for shorter term directional plays or hedgins. Imagine being short a shitload of GLD (or having a shitload of puts on it) when HSBC defaults on delivering gold to some big holder that turns in its shares....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-88293334307016308832011-11-30T15:41:33.079-07:002011-11-30T15:41:33.079-07:00I own a fair amount of AGQ myself, but in case you...I own a fair amount of AGQ myself, but in case you didn't know Dave, Deutsche Bank is a major counterparty to it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-16566606278104113542011-11-30T15:23:12.158-07:002011-11-30T15:23:12.158-07:00(Dave)
"wtfdik" - hmmmm...someone knows...(Dave)<br /><br />"wtfdik" - hmmmm...someone knows my initials LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-31977992875330911832011-11-30T15:22:15.948-07:002011-11-30T15:22:15.948-07:00(Dave)
Thanks for the feedback Brian. I apprecia...(Dave)<br /><br />Thanks for the feedback Brian. I appreciate it as much as I'm sure you do with your blog. I just added your's to my blogroll, although I'm not sure how many people actually scroll down that far on here LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-20422272801482151672011-11-30T15:10:43.621-07:002011-11-30T15:10:43.621-07:00In the macro picture there are really only two cho...In the macro picture there are really only two choices left. World austerity and the resultant lynch mobs- or print. Print is the only way out. There truly is no other alternative left for the worlds politicians and central bankers.<br /><br />Thanks Dave, love your blog. I put it on my blogrollBrianhttps://www.blogger.com/profile/11009623520148094685noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-81810526152221202792011-11-30T14:56:09.770-07:002011-11-30T14:56:09.770-07:00Silver will stay under $45 until early 2013.
It h...Silver will stay under $45 until early 2013.<br /><br />It hits $1500 per ounce by late 2015.<br /><br />Great Depression begins in March 2014.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-25562406244325091432011-11-30T13:39:14.370-07:002011-11-30T13:39:14.370-07:00great stuff Dave!great stuff Dave!wtfdikhttps://www.blogger.com/profile/03637642997346375552noreply@blogger.com