I am still trying to check this one. The news comes from a Polish web site. So far it seems authentic. The story is that the man who got the crash site first and filmed it was stabbed 3 times by assailants unknown. He was rushed to hospital where he was put on life support. …
Man who filmed Polish government plane crash murdered Read More »
Well the news this morning out of Greece is that its debt has been revised UP AGAIN. Up from 12.7% to 13.6% and the advice from Eurostat that this will probably be revised UP yet again because and this I love – the Goldman Sach’s currency swaps deal and any other not yet discovered are …
The sovereign-default domino-effect – what does it mean? Read More »
So the IMF proposes a FAT tax on banks. It offers this as its idea of how to regulate banks and avoid another banking crisis. I would be more willing to accept this proposal at face value if it was likely to work but it won’t. And because it won’t I think this proposal isn’t …
Today, 20th April Athens had to sell €1.5 billion in debt. Experts said it was another test of Greece’s ability to continue borrowing. So the fact that they sold €1.9B has been reported as a triumph. But it wasn’t. Here’s why. This debt does not give Greece more money. This debt sale only replaces previous …
Greece now pays DOUBLE to fund its short term debts. Read More »
For the last year maybe longer I have been suggesting that the reason the central banks have been able to keep selling such vast debts without apparent buyers is because they are selling it to each other. 18th February I wrote in “Chinas sells US debt. WHO BUYS?” about how we here in the UK …
UK buys $231 Billion of US debt in last five months Read More »
Yesterday the SEC announced it had compiled a detailed complaint against Goldman Sachs. Shares across the world tumbled. Today the SEC today voted on whether or not to proceed with the case. The chairman and two democratic commissioners voted for prosecuting Goldman Sachs. The two Republican commissioners, however, voted AGAINST. Did the Republican commissioners feel …
If the case against Goldman Sachs was a one off it would be an ugly ‘bad apple’ story. It would be quoted by bankers as a cautionary tale and evidence of their own horror at such ‘isolated’ bad practice. No doubt perpetrated by some ‘rogue traders’. But it isn’t a one off. There are currently …
The SEC have filed a suit against Goldman Sachs which paints a picture of the banks’ operation, so morally repugnant it is almost cartoonish. Here’s what the SEC alleges they did. You tell me if it shows the Goldman Sachs bankers to be as morally degenerate as I think they are. The Goldman bankers were …
I GOT THIS ONE WRONG! The down grade on that day was, I now realise, to National Bank of Greece’s debt, the country’s biggest private bank and most of its other big banks as well. I’m afraid I read National Bank of Greece and mistook this for the central bank. Bad mistake! SORRY! However, it …
Could Greece have stepped on the trip wire today? Titlos again. Read More »
Commerzbank is pulling its repo’s from Greek Banks. Not a headline to set the pulse racing. Though it should. Repo agreements between banks are the essential liquidity that keeps banks running day to day. Commerzbank is one of the largest repo counterparties for Greek banking. Not only is it withdrawing its repo agreements but dumping …
