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Financial fuckery thread

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

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hirley0

#1051
June 21, 2012, 06:38:53 PM Last Edit: July 27, 2012, 02:50:26 PM by hirley0
Fri 6:50 i mean 5:55 Mt: Final entry { probably
Thur? 7:49?Lookii iT is so Silly iZ out | close 9/29 : 9/29 CLOSE
Tue missing? regurg: {Hold Long?/?
4.20-3.55=+.65/s31 | ?2.65Long S29p
23/4:56AM pdT  Low3.55} + ADD AN open {NO TRADE {{DELETED
&At 9: SEPT29@3 :fnord:
VERY INTERESTING?  the "Low3.55} became so /-/i priced
there R No. buyer thus exit at 420 Leaving t 9: SEPT29@3 (UR) L= yes
green | limegreen & maroon | Mondays Navy very soon
20 / 9AMdT  Low3.55 | close-1.5hr ? 9pdT.| Volume19
20 / 3:45Ap Where did my 3.33&1/3 on open disappear 2?
19 / 4:30pm Maybe tomorrow |
18 / 9:25AM the 31's were not shown in chain ? Rback
17 / 9:30AM pdT should be \ NOT: | sad B.true |/+@.69=not
8:41AMpdt 16 asleep at the switch // Spy flag @ 138 till 8
20120715 A Dream /'\
^ Read Up^

Elder Iptuous

#1052
July 05, 2012, 06:42:56 PM
New short article from Taibbi asks:
Why is Nobody Freaking Out About the LIBOR Banking Scandal?

Seems an appropriate question....
it sounds like much bigger news than the play it is getting here in the states.

LMNO

#1053
July 05, 2012, 08:12:14 PM
Check the "Random News Stories" thread.  We're trying to piece it together up there.

The Good Reverend Roger

#1054
July 05, 2012, 08:42:29 PM
Off the immediate subject, does Greece still exist?  I haven't heard anything in weeks.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

LMNO

#1055
July 05, 2012, 08:50:54 PM
Funny you should ask.  There's talk about kicking them out of the Eurozone.

The Good Reverend Roger

#1056
July 05, 2012, 08:54:39 PM
Quote from: LMNO, PhD (life continues) on July 05, 2012, 08:50:54 PM
Funny you should ask.  There's talk about kicking them out of the Eurozone.

That's awesome.

"You can't balance a checkbook, so GET THE FUCK OUT OF OUR CONTINENT!"
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

ñͤͣ̄ͦ̌̑͗͊͛͂͗ ̸̨̨̣̺̼̣̜͙͈͕̮̊̈́̈͂͛̽͊ͭ̓͆ͅé ̰̓̓́ͯ́́͞

#1057
July 06, 2012, 10:19:37 AM
Quote from: Elder Iptuous on July 05, 2012, 06:42:56 PM
New short article from Taibbi asks:
Why is Nobody Freaking Out About the LIBOR Banking Scandal?

Seems an appropriate question....
it sounds like much bigger news than the play it is getting here in the states.



It only affected $800 trillion or so contracts according to the Wall Street Journal. Relax there, big guy.

Taibbi on Viewpoint with Eliot Spitzer here:

http://www.youtube.com/watch?v=0oV2mI0IYp8
P E R   A S P E R A   A D   A S T R A

Faust

#1058
July 06, 2012, 10:52:38 AM
Quote from: The Good Reverend Roger on July 05, 2012, 08:42:29 PM
Off the immediate subject, does Greece still exist?  I haven't heard anything in weeks.
They have formed a government and have done nothing. This has allowed a brief respite where there economy stabalises a little. Give it another week and when they can actually find a finance minister (The guy they nominated and voted in walked out and quit politics forever saying he wasn't able to take that on), when they have this guy then the shitstorm will resume.
Sleepless nights at the chateau

Cain

#1059
July 06, 2012, 10:53:29 AM
Meanwhile, in Europe...

Slovenia looks like it might need a bailout next.  Slovenia is small fry, comparatively - especially since French growth has ground to a halt and the government, having repealed certain austerity measures, is now having to make up the difference via one-off and permament tax hikes.  It's hard to tell how much of France's problems are the international investor class hyperventiliating at being forced to pay some kind of taxes at all, and how much of it has to do with underlying French economic weaknesses in regards to banks, bailouts etc.  But even the appearance of a recession could spark panic in the international markets.

Cain

#1060
July 06, 2012, 11:00:47 AM
http://www.bloomberg.com/news/2012-07-05/wall-street-bank-investors-in-dark-on-libor-liability.html

QuoteBarclays, like other lenders that help set key rates for $360 trillion in securities, has given investors scant guidance on the liability they face for alleged market manipulation. More than a dozen banks are being probed by U.S., Asian and European regulators for collusion in setting interbank lending rates. The others have mirrored Barclays on minimal disclosure.

"The automatic reaction from investors is: 'Who's next?'" said Todd Hagerman, a New York-based analyst at Sterne Agee & Leach Inc. who recommends investors remain "cautious" on the biggest U.S. banks. "It's fair to assume that legal and related professional fees and associated reserves are going to continue to remain elevated, if not increase."

Bank of America Corp., Citigroup Inc. (C), Royal Bank of Scotland Group Plc and UBS AG (UBSN) are among the lenders whose participation in setting the London and Europe interbank offered rates, known as Libor and Euribor, are under investigation. None of the banks would say if they set aside reserves to cope with potential liabilities and, if so, how much.

"I believe that Barclays had previously reserved for only about one-third of their ultimate liability" in regulatory fines, Charles Peabody, a banking analyst at New York-based Portales Partners LLC, said in an e-mail. Other banks' reserves "will probably prove inadequate."

http://www.independent.co.uk/news/business/news/diamond-ousting-was-plotted-by-his-outraged-bankers-in-new-york-7912735.html

QuoteBob Diamond's New York bankers were enraged by his reluctance to quit after the Libor scandal broke.

The Wall Street division of Barclays, where many staff who had previously worked for the collapsed Lehman Brothers were based, even talked of plotting some kind of insurrection to force him to leave, according to reports in the US.

Monday night's memo to staff from Mr Diamond particularly enraged his New York trading floor.

CNBC interviewed 14 traders there who all confirmed that the note, which was supposed to be an attempt to calm his workforce, had had the opposite effect.

"It was ridiculous that he thought he could stay on after the Libor scandal," said one senior executive. "It made us look like crooks and fools."

Some, CNBC reported, even began plotting to force him to resign. "We were like: 'What world is he living in?'" said one trader. "How could he not see the writing on the wall?" Another added: "He was like a guy trying desperately to keep his girlfriend from breaking up with him. I was literally cringeing reading the letter," said another.

http://www.businessweek.com/news/2012-07-03/diamond-s-exit-shows-libor-only-what-each-bank-says-it-is

QuoteBarclays has gone from saying in January it can borrow for three months at interest rates that were on average above other banks to saying it can borrow more cheaply than its peers even though the cost of insuring the London-based firm's debt using credit-default swaps rose 36 percent, according to data compiled by Bloomberg.

The contrast between banks' daily submissions for Libor and other measures of their creditworthiness shows why regulators from Europe to the U.S. are beginning to fine them for manipulating the market for short-term rates. While the British Bankers' Association reveals Libor submissions from each bank, the process that the firms use to come up with their individual rates is opaque and not based on actual transactions.

"After the Barclays admission, we have proof that Libor is not a reliable benchmark," said Alessandro Giansanti, a senior rates strategist at ING Groep NV in Amsterdam.

Libor is hardwired into the world's financial system, meaning credible alternatives have been slow to develop. ICAP Plc, which started the New York Funding Rate in 2008 amid concern about the veracity of Libor, cut the minimum number of participants in April required in its daily survey of unsecured loans because of a decline in interbank lending.

http://www.macrobusiness.com.au/2012/07/the-libor-scandal-will-expose-more-naked-bankers/

QuoteSo it is against this backdrop that I have been thinking about this Barclays LIBOR fixing news and the fine and scandal it has caused. The question I am asking myself is how did Barclays manage to influence the whole market over an extended period in a manner that was material to their borrowing costs all on their own? It strikes me as almost impossible.

So it is interesting to note that other institutions are being looked at.

Just like we have seen in past periods of market turmoil, they are often associated with behaviour that is either illegal or with the benefit of hindsight deemed immoral. My guess is that there is more to this scandal than meets the eye and that this will not be the only market where manipulation of price for short term interest rates or bonds will be exposed.

Central bankers are doing their best to take back the ascendancy and control for the financial system and we heard last night that the BoE and FSA were involved in Barclay's CEO Diamond's demise. Equally in the context of the above the move by the ECB overnight to limit the acceptance of some bonds as collateral for loans looks structurally worrying but could simply be a shot across bank management's bow not necessarily an anti-bailout move.

Time will tell but as the tide runs out there'll be a few more naked bankers.

Junkenstein

#1061
July 07, 2012, 10:14:33 PM
The wheel is spinning and the sacrificial bank will soon be chosen!
BET NOW! Name your bank, I'll name your odds that it's gone next year!

This is wonderful. A giant game of who's going to get fucked and cause major headlines.

Thinking about the ties between several large UK banks to those in Europe and America there's a pretty good chance that it could be anyone.

I'd ask for a Cain prediction, but he should be away getting laid or drunk or something. If you're not man then bugger off and do so post haste.
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

hirley0

#1062
July 22, 2012, 11:30:03 AM Last Edit: July 27, 2012, 02:52:36 PM by hirley0
OK never mind then! read in sept? {Maybe

Yeah: Teal Tuesday, E.com has become so Stupid SiLLy i May As
weLL say .. Hillsborrow 11:33 Grocery Outlet ? address net time /-/i
A NEW 24/7 Econ is in the chip as i cLICK iT :fnord:
By now? it seams clear 2me
THAT having Sat & Sun off Aint Any Longer an AfordAble Luxury i con Aford.
^ READ UP ^ stupid

The Good Reverend Roger

#1063
July 24, 2012, 12:23:00 AM
Quote from: hirley0 on July 22, 2012, 11:30:03 AM
A NEW 24/7 Econ is in the chip as i cLICK iT :fnord:
By now? it seams clear 2me
THAT having Sat & Sun off Aint Any Longer an AfordAble Luxury i con Aford.
^ READ UP ^ stupid

Hirley0, I am beginning to understand what you post.

That is both amazing and terrifying.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Mesozoic Mister Nigel

#1064
July 24, 2012, 01:09:00 AM
Quote from: The Dead Reverend Roger on July 24, 2012, 12:23:00 AM
Quote from: hirley0 on July 22, 2012, 11:30:03 AM
A NEW 24/7 Econ is in the chip as i cLICK iT :fnord:
By now? it seams clear 2me
THAT having Sat & Sun off Aint Any Longer an AfordAble Luxury i con Aford.
^ READ UP ^ stupid

Hirley0, I am beginning to understand what you post.

That is both amazing and terrifying.

I told you that would happen eventually.
"I'm guessing it was January 2007, a meeting in Bethesda, we got a bag of bees and just started smashing them on the desk," Charles Wick said. "It was very complicated."

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