News:

It is better to set off a nuclear bomb, than to sit and curse the dark.

Main Menu

Financial fuckery thread

Started by Cain, March 12, 2009, 09:14:45 AM

Previous topic - Next topic

Cain

Yes, although with Sarkozy going, the Germans may find themselves less able to inflict austerity measures on the Greek population.  Hollande wants to try something else.

hirley0

#976
                                                          K,c ? 5/9
laura\latimes
        Argentine-Spanish-tr3
                                                abc

Cain

It occurs to me, the political situation in Greece is now perfect for a military coup.  Especially if Syriza form a government...I'm sure there are more than a few crustly old colonels who lived it up as freshly minted lieutenants back in the days of the Junta.  Also worth noting that the Golden Dawn apparently has more than just a passing level of support among the security services and within the military...allegedly.

hirley0

#978
3:45AM pdT http://laura-chinchilla.com May 11, 2012

THIS effort halts my system BIG time with long delays
& virtual memory loss latimes ?/? or-speeding/

pdx00782 says:
Your comment is awaiting moderation.
May 11, 2012 at 3:11 am
-mail / Friday, May 11, 2012 ?They said? 4:11:12.13 pdT

NopE whaT iReally said was -m | Get iT ? YEAH

http://tycho.usno.navy.mil/simpletime.html ? board time 3:16:??03:16:16 AM
                      20:20 03:20:27 AM
9:45B http://laura-chinchilla.com/comments/feed/
Monday, May 07, 2012 3:34 PM ? http://translate.google.com/#es|en|
limited in time Edition } good
Your May 11, 2012 at 3:11 am comment is awaiting moderation. { GOOD
May 12, 2012 at 4:45 am comment is awaiting moderation.

No PE ? _ 3 ETZNAB i did Try2 :fnord: s awa mo _ May 13, 2012 at 5:15 am

Cain

JP Morgan Chase managed to lose $2 billion in high risk trades.

Even better, there were rumblings just over a month ago that said portfolio was risky, and it was subject to a lot of criticism in the press, which Jaime Dimon shrugged off in his typical manner.

Much more interesting:

http://finance.yahoo.com/news/banks-prepare-return-drachma-083804551.html

QuoteLONDON (Reuters) - Banks are quietly readying themselves to start trading a new Greek currency. Some banks never erased the drachma from their systems after Greece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins.

From the end of the Soviet Union - which spawned currencies such as the Estonian Kroon and the Kazakh Tenge - to the introduction of the euro, they have had plenty of practice in preparing their systems to cope with change.

Planning behind the scenes has been underway since Europe's debt crisis erupted in Greece in 2009, said U.S.-based Hartmut Grossman of ICS Risk Advisors who works with Wall Street banks.

"A lot of the firms, particularly in Europe and also here, have been looking at that for a long time," said Grossman, who added that the latest Greek political crisis had brought matters "to a little bit of a head".

Doktor Howl

Quote from: Cain on May 11, 2012, 05:54:53 PM
JP Morgan Chase managed to lose $2 billion in high risk trades.

Even better, there were rumblings just over a month ago that said portfolio was risky, and it was subject to a lot of criticism in the press, which Jaime Dimon shrugged off in his typical manner.

Much more interesting:

http://finance.yahoo.com/news/banks-prepare-return-drachma-083804551.html

QuoteLONDON (Reuters) - Banks are quietly readying themselves to start trading a new Greek currency. Some banks never erased the drachma from their systems after Greece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins.

From the end of the Soviet Union - which spawned currencies such as the Estonian Kroon and the Kazakh Tenge - to the introduction of the euro, they have had plenty of practice in preparing their systems to cope with change.

Planning behind the scenes has been underway since Europe's debt crisis erupted in Greece in 2009, said U.S.-based Hartmut Grossman of ICS Risk Advisors who works with Wall Street banks.

"A lot of the firms, particularly in Europe and also here, have been looking at that for a long time," said Grossman, who added that the latest Greek political crisis had brought matters "to a little bit of a head".

Nothing will happen to anyone, of course.
Molon Lube

Cain

Of course not.

Because the person with ultimate responsibility for this loss is none other than Jaime Dimon himself.  He built up the Chief Investment Office, the people repsonsible for the loss, he hand-picked their boss, and he gave her specific instructions to trade aggressively. 

Doktor Howl

Quote from: Cain on May 11, 2012, 06:01:30 PM
Of course not.

Because the person with ultimate responsibility for this loss is none other than Jaime Dimon himself.  He built up the Chief Investment Office, the people repsonsible for the loss, he hand-picked their boss, and he gave her specific instructions to trade aggressively.

I'm not sure any laws were broken, but with a stupid $2 Bn loss, he ought to be sacked.
Molon Lube

inode_buddha

"...you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. ... You are a den of vipers and thieves."
—Andrew Jackson in 1834

:argh!:
C|N>K

Precious Moments Zalgo

If the pressure gets high enough, I'm sure that they'll find some low-level employee in their organization who they can scapegoat as a "rogue trader".
I will answer ANY prayer for $39.95.*

*Unfortunately, I cannot give refunds in the event that the answer is no.

hirley0

#985
http://www.brasil.gov.br/sobre/brazil/president-of-the-republic/biography/br_model1?set_language=en :fnord: RF


-3 ETZNAB ----nYet-(Read 24383 times) ====Comprenda'?  MAY 13th
3:33&1/3 Read 24350 +20 in 6.5Hr aka 1/4 day fix.ed
9AM ^READ UP^ d'La in effect Read 24330 times+34/1/5thDay
thread  (Read 24296 times)  Michele_Bachelet ?  May 2012 ?  2 CABAN 
May 6, 2012 http://www.huffingtonpost.com/tag/michele-bachelet
May 9, 2012 http://www.youtube.com/watch?v=-sm0J4PrVWA
Thu 10 May 2012
===============
ily Almanac for: May 7, 2012. Skip N :fnord: 7A
go ... On Saturday, May 26 :fnord: /-/ ike
ursday, May 10, 2012 ... Updated: March 11, 2010. Mi :fnord: NY ? PD
- - -
http://www.biography.com/people/michelle-bachelet-37782
http://www.daylife.com/topic/Michelle_Bachelet
http://www.evri.com/person/michelle-bachelet-0x272aa

Cain

http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511

QuoteIf you're wondering why you should care if some idiot trader (who apparently has been making $100 million a year at Chase, a company that has been the recipient of at least $390 billion in emergency Fed loans) loses $2 billion for Jamie Dimon, here's why: because J.P. Morgan Chase is a federally-insured depository institution that has been and will continue to be the recipient of massive amounts of public assistance. If the bank fails, someone will reach into your pocket to pay for the cleanup. So when they gamble like drunken sailors, it's everyone's problem.

Activity like this is exactly what the Volcker rule, which effectively banned risky proprietary trading by federally insured institutions, was designed to prevent. It will be argued that this trade was a technically a hedge, and therefore exempt from the Volcker rule. Not only does that explanation sound fishy to me (as Salmon notes, for Iksil's trade to be a hedge, this would mean Chase had an equally giant and insane short bet on against corporate debt, which seems unlikely), but it's sort of immaterial anyway: whether or not this bet technically violated the Volcker rule, it definitely violated the spirit of the law. Hedge or no hedge, we don't want big, federally-insured, too-big-to-fail banks making giant nuclear-powered derivatives bets.

So yeah.

Cain

http://www.bbc.co.uk/news/world-europe-18046280

QuoteEurope central bankers have been openly expressing views on the possibility of Greece leaving the eurozone as its leaders struggles to form a government.

Germany's top banker said it was up to the Greeks to decide, but if they did not keep to their bailout commitments, they would receive no new aid.

His counterpart in the Irish Republic said a Greek exit would be damaging but not necessarily fatal to the euro.

QuotePer Jansson, deputy head of Sweden's central bank, was quoted by Bloomberg as saying on Friday that central bankers across Europe had begun discussing the possibility of a Greek exit from the eurozone and how to handle the consequences.

"I would be very careful in speculating that it would be a painless process without complications," he said in Stockholm.

Irish central bank chief Patrick Honohan told a conference in the Estonian capital Tallinn on Saturday: "It [a euro exit] is not imagined in the legislation, in the treaties, but things can happen that are not imagined in the treaties."

"Technically, it can be managed," he added.

"It would be a knock to the confidence for the euro area as a whole. So it would add to the complexity of the operation until things settle down again. It is not necessarily fatal, but it is not attractive."

Speaking at the same conference, EU Economic and Monetary Commissioner Olli Rehn was quoted by Bloomberg as saying Europe was "certainly more resilient" to a possible Greek exit than it had been two years ago when it would have been "massively under-prepared".

Cain


Precious Moments Zalgo

Wow, what a picture.  I wonder why the police shields are in English.
I will answer ANY prayer for $39.95.*

*Unfortunately, I cannot give refunds in the event that the answer is no.