Markets

Vietnamese Banks Got Caught Selling Clients’ Gold To Finance Themselves

Several months ago, we reported about a troubling development in Vietnam, happy inflationary host of one of the world’s most rapidly devaluing and best named currencies, that in direct refutation of Ben “Gold is not money, it is tradition” Bernanke’s claim that gold is just a trinket one can fondle with no […]
Vietnamese Banks Got Caught Selling Clients’ Gold To Finance Themselves
Markets

There’s Another Imminent ‘Cliff’ You Should Know About, And It’s $1.6 Trillion Tall

[credit provider=”flickr / BurningQuestion” url=”http://www.flickr.com/photos/team_716_pwns/2686071229/”] BofA analysts Priya Misra and Brian Smedley have issued a warning in a recent note to clients about another “cliff” facing markets at the end of the year: the “$1.6 trillion deposit cliff” the U.S. banking system faces when special FDIC insurance provisions expire on […]
There’s Another Imminent ‘Cliff’ You Should Know About, And It’s $1.6 Trillion Tall
Markets

DEUTSCHE BANK: Western Economies Are Screwed, And Investors Face A ‘Disturbing Paradox’

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Archimedes_lever.png”] In a new report entitled Gold: Adjusting For Zero, Deutsche Bank analysts Daniel Brebner and Xiao Fu paint an incredibly dark picture of the bind the global economy is in right now.Brebner and Xiao are pretty frank about how levered up the financial system is at the […]
DEUTSCHE BANK: Western Economies Are Screwed, And Investors Face A ‘Disturbing Paradox’
Markets

Bank Of America Is Giving Me Cash To Go To Happy Hour

[credit provider=”Bank of America”] As a Bank of America customer, I put up with the threat of a $35 fee for overdrawing my account; a savings account that barely earns enough annual interest to buy a morning latte; and surcharges each time I use an out-of-network ATM.And as of last […]
Bank Of America Is Giving Me Cash To Go To Happy Hour
Markets

Sandy Weill Calls For The Breakup Of Wall Street Banks

Sandy Weill was the CEO and chairman of Citigroup during Wall Street’s bad old days. He oversaw the growth of that bank into the massive, global business that it is now and as a philanthropist, the Weill name is all over New York City.
Sandy Weill Calls For The Breakup Of Wall Street Banks
Markets

Here’s All You Need To Know About China’s Fragile $2.2 Trillion Shadow Banking System

[credit provider=”myjedilightsaber on flickr” url=”http://www.flickr.com/photos/myjedilightsaber/4839595126/”] It is clear that the Chinese economy is slowing, and some think the risks of a hard landing are rising substantially.If economic growth in China continues to slow, rising and sudden defaults on loans made in the country’s shadow banking system could threaten to bring down China’s traditional […]
Here’s All You Need To Know About China’s Fragile $2.2 Trillion Shadow Banking System
Markets

Regulators Delay Important Spanish Bank Audit Because Everyone Will Be On Vacation

[credit provider=”flickr/cuellar” url=”http://www.flickr.com/photos/cuellar/219162721/sizes/o/in/photostream/”] The Wall Street Journal reported this morning that full results from the audit of the Spanish banking system that were originally slated to be delivered by July 31 will now be delayed until September.The reason? August vacation, which ostensibly would not have any bearing on a report […]
Regulators Delay Important Spanish Bank Audit Because Everyone Will Be On Vacation
Markets

Spanish And Italian Yields Surged Today, Here’s What Happens Next

[credit provider=”AP”] Michala Marcussen, Société Générale’s global head of economics, is one of the many experts telling clients this morning that the the 100bn euro package should be enough to credibly recapitalize the Spanish banking system.However, Marcussen highlights concerns over the proposed bailout mechanisms (the EFSF and ESM), raising questions […]
Spanish And Italian Yields Surged Today, Here’s What Happens Next
Markets

REPORT: Portuguese Banks Seek Bailout From Troika Rescue Fund

[credit provider=”AP Images” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=portugal%20flag&showact=results&sort=relevance&intv=None&sh=10&kwstyle=and&adte=1323270464&pagez=60&cfasstyle=AND&rids=5c915c970b27db11af9f0014c2589dfb&dbm=PY2006&page=1&xslt=1&mediatype=Photo”] Bank recapitalization plans are under way in Europe this morning. Reuters reports that three of Portugal’s largest banks — Millennium bcp, Banco BPI, and Caixa Geral de Depositos — will tap funds from the 78bn euro bailout package initially provided by troika creditors (the EU, ECB, and […]
REPORT: Portuguese Banks Seek Bailout From Troika Rescue Fund
Markets

Jeffrey Sachs: Before Anything Else, Europe Needs To Fix This One Problem Immediately

[credit provider=”Oli Scarff/Getty Images” url=”http://www.gettyimages.com/detail/news-photo/woman-walks-past-graffiti-depicting-a-young-girl-trying-to-news-photo/139271631″] While headlines in Europe are centered on a Greek exit from Europe, and the looming fiscal crisis, economist Jeffrey Sachs says Europe’s banking sector is the real imminent problem.In a Financial Times editorial, Sachs writes that in order to save itself, the eurozone needs to […]
Jeffrey Sachs: Before Anything Else, Europe Needs To Fix This One Problem Immediately