2016-03-19 18:53
Well I did warn you.Just because BofA was taking this heap over the ride isn't finished.Unless you're a sovereign wealth fund, that is, easily duped with money to burn,you had ample opportun… Read More
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Random Thoughts on The City, Wall St & Capitalism
2016-03-19 18:53
Euphemisms and acronyms.Wall St. and The City seems to be full of them.Years ago Morgan Stanley used have a product called 'OPALS'.Short for Optimized Asset Linked Securities.I can't remembe… Read More
2016-03-19 18:53
I don't mean The Bailout,you know Resolution Trust 2,or Toxic Bank.Whatever you want to call it.The proposition itself is not new but why does Hank want his proposal/decisions to be outside… Read More
2016-03-19 18:53
I wept when l heard the news.With laughter.If you didn't see this one coming you must be a real believer in the Blundering Herd.I'm mulling over yesterday's events.I'm a bit annoyed.I was su… Read More
2008-08-03 14:49
I haven't written anything for a while.There was nothing to write about.All that's happened in the last six months is that an investment bank went under,oil & gold reached new peaks,liqu… Read More
2008-02-25 23:24
The US stock market rallied today.Mostly on the back of Ambac retaining it's triple A rating,and MBIA being taken off the downgrade sick list.Ambac's trying to raise 3$ billion to bolster it… Read More
2008-02-20 23:44
Oh dear.The Fed lowers growth forecasts,predicts increased unemployment,and oil also jumps to 101$ on supply concerns.It's the 70s all over again,and this time not just disco.Stagflation wri… Read More
2008-02-20 23:44
Oh dear.The Fed lowers growth forecasts,predicts increased unemployment,and oil also jumps to 101$ on supply concerns.It's the 70s all over again,and this time not just disco.Stagflation wri… Read More
2008-02-17 22:28
The big news isn't the Northern Rock nationalisation.I predicted that a while back in an earlier blog.The really big news is on the other side of the pond.You'll miss it if you blink.Last Fr… Read More
2008-01-30 21:06
We expect very little of our public servants.So we get what we deserve.The re-appointment of Mr King is not good news Read More
2008-01-28 20:49
Ahmass Fakahany Resigns (According to CNBC)I did tell you this would happen.My earlier blog of 29 Nov 2007 entitled,Merrill Lynch:You don't have to be in-thain to work here,but it helps,expl… Read More
2008-01-24 23:39
I hate the term 'rogue trader'.There's no such thing.Just poor controls.I don't know the details,they're not important.The young man at SG has just racked up losses of $7 billion.I hate the… Read More
2008-01-22 20:57
Well the recent recent volatility will be nothing compared to what will happen if the monolines go under.Imagine the whole of the developed world selling most of the bonds they own and most… Read More
2008-01-17 22:17
Monoline Insurers : Key to future write down numbersAt the moment bond insurers are having their credit ratings downgraded.This is of course having a knock on effect on the value of all the… Read More
2008-01-15 19:45
.A number of readers have privately e-mailed me as to what l think the true position is at Merrill Lynch.I am sad to say l cannot proffer career advice.Each person's position is unique.I thi… Read More
2008-01-12 18:15
As you will see from Bloomberg,Marketwatch,and the International Herald Tribune,Merrill is now expected to report a 4th quarter write down of 15$ billion.Apparently far in excess of analysts… Read More
2008-01-04 17:51
2008 ForecastsLike most ill informed pundits,my 10 Forecasts for 2008.A lot of it wishful thinking.1. Oil reaches $125 (mostly on supply disruption concerns).2.Gold breaks $1100 per troy oun… Read More
2007-12-30 14:44
I'm pretty excited about 2008.Observing Carnage in the financial sector is a very entertaining way to pass time.As Yogi Berra used to say,you can observe a lot by watching.As you're aware l… Read More
2007-11-30 18:43
I think I might be psychic.It's a big responsibility.It's the only 'skill' l have. After my piece yesterday,what should happen today-as if by magic.Oh Lordy!,Marketwatch reports that Mr Tha… Read More
2007-11-29 23:32
John Thain is starting at Merrill from Dec 1.Once a new CEO starts,especially with a specific mandate to turn around a company,the legacy senior management should be afraid.He will be firin… Read More
2007-11-27 08:41
Yesterday Greg Fleming,Merrill's co-president told his minions,that he has "tremendous confidence" in the company's long term prospects.I worry about his mental health.When senior staff talk… Read More
2007-11-24 20:13
Sir John Gieve is normally naturally Hawkish.As a Deputy Governor of The Bank of England his judgement is usually better than Mr King.As the real possibility of a recession appears on the ho… Read More
2007-11-24 20:13
Sir John Gieve is normally naturally Hawkish.As a Deputy Governor of The Bank of England his judgement is usually better than Mr King.As the real possibility of a recession appears on the ho… Read More
2007-11-21 00:39
Adam Applegarth:Who's the fool?I'm bored of the whole Northern Saga.Why shouldn't the tax payers pick up the bill.Apparently it's costing each tax payer in the UK £900 per head.The pub… Read More
2007-11-16 23:35
No Thain, no gain:The asymmetry of risk / rewardHere's a strange thing.John Thain is taking the top job at Merrill.He must be bored indeed.For his troubles, if he can turn the house around,h… Read More
2007-11-16 23:18
He is apparently a brilliant economist.For me he is also the least able central banker in the developed world.The governor has announced that there are likely be a number of rate cuts in 200… Read More
2007-11-09 18:42
"Puritanism: The haunting fear that someone, somewhere, may be happy"The Wall Street Journal is a pretty run of the mill paper.Editorials tend to be good.The quality of the rest of the journ… Read More
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