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‘Carbon bomb’: Westpac, National Australia Bank under fire for bankrolling Woodside, BHP’s Scarborough LNG
‘Carbon bomb’: Westpac, National Australia Bank under fire for bankrolling Woodside, BHP’s Scarborough LNG Anti-gas sentiment remains across Australia as banks continue to invest in farming the resource. Credit: AAP Bankers have been accused of “industrial-scale greenwashing” by financing a huge new gas field. But National Australia Bank and Westpac insist they’re on board with the […]
Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches”
Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches” The Punjab Maharashtra Co-operative Bank (PMC), in India, has been caught cooking the books and misreporting non-preforming loans (NPL) of Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL). As Reuters reports, PMC hid the bad loans with 21,000 fictitious accounts, which has spooked depositors, […]
Metro Bank Teeters after Bond Sale Fails. Shares Collapsed 95%
Metro Bank Teeters after Bond Sale Fails. Shares Collapsed 95% Hedge-fund manager Steven Cohen and Michael Bloomberg are among those ruing the day they bought the crushed shares of the UK bank touted as a “bargain.” Even by its own recent standards, Metro Bank has had a torrid week. On Monday, shares of the British […]
Chinese Bank With $100 Billion In Assets Is About To Collapse
Chinese Bank With $100 Billion In Assets Is About To Collapse While the western world (and much of the eastern) has been preoccupied with predicting the consequences of Trump’s accelerating global trade/tech war and whether the Fed will launch QE before or after it sends rates back to zero, Beijing has quietly had its hands […]
A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes
A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes Could it be possible that we are on the verge of the next “Lehman Brothers moment”? Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, […]
Global Banking Stocks Are Crashing Hard – Just Like They Did In 2008
Global Banking Stocks Are Crashing Hard – Just Like They Did In 2008 Global stocks are falling precipitously once again, and banking stocks are leading the way. If this reminds you of 2008, it should, because that is precisely what we witnessed back then. Banking stocks collapsed as fear gripped the marketplace, and ultimately many […]
Russian Depositors On Edge After Second Major Bank Fails In Under A Month
Russian Depositors On Edge After Second Major Bank Fails In Under A Month If once is happenstance, twice is coincidence, and three times is a full-blown collapse in the financial system, then Russia may be getting close. Just three weeks after Russia bailed out its largest and very politically connected private bank, Otkritie, after an […]
The world’s most powerful bank issues a major warning
The world’s most powerful bank issues a major warning In 1869, a 48-year old Jewish immigrant from the tiny village of Trappstadt in Germany’s Bavaria region hung a shingle outside of his small office in lower Manhattan to officially launch his new business. His name was Marcus Goldman, and the business he started, what’s now […]
Is Another Spanish Bank about to Bite the Dust?
Is Another Spanish Bank about to Bite the Dust? Stockholders and junior bondholders fear a “bail-in.” After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander […]
Unaware and Misinformed–Exactly How They Like Us
UNAWARE AND MISINFORMED – EXACTLY HOW THEY LIKE US I should start this out with a disclaimer. I worked as a financial planner and stock broker for 25 years and really didn’t begin to grasp the true mechanics of the financial system until nearly 10 years in. It took even longer for the magnitude of […]
Italy To Nationalize Monte Paschi After Private Sector Rescue Fails
Italy To Nationalize Monte Paschi After Private Sector Rescue Fails Update: the FT writes that the Italian govt set to take a stake between 50% and 70% in Monte dei Paschi, up from the current 4% stake, as part of the government’s third bailout in as many years. As the FT adds, “the government rescue, which had long […]
Canada’s Fourth Largest Bank Erases $1 Billion In Excess Capital In Unexpected Accounting Gimmick
Canada’s Fourth Largest Bank Erases $1 Billion In Excess Capital In Unexpected Accounting Gimmick Early in 2016, when oil prices were plunging and when US banks were careful to push up their loan loss reserves to exposed E&P loans, we noted something surprising: Canadian banks had barely taken any loss reserves to their exposure in the […]
The Road to Canossa
THE ROAD TO CANOSSA That the artificial interest rates in evidence in our hugely distorted capital and money markets can be made negative in nominal as well as in real terms is, alas, the curse of the modern age. Though entirely at odds with natural order – as we have repeatedly tried to make plain […]
Why Did Japanese NIRP Cause Such Surprise In the Currency Market and Is It More Dangerous?
WHY DID JAPANESE NIRP CAUSE SUCH SURPRISE IN THE CURRENCY MARKET AND IS IT MORE DANGEROUS? The Bank of Japan announcement of NIRP sent shock waves through currency markets The Yen has strengthened on capital repatriation since the BoJ move JGB 10 year yields turned negative this week Longer-term the Yen will weaken At the […]
