Wednesday, November 16, 2011

@9:57, 11/15/11 4

.





  • TimesPeople recommended a user:
    Nov 14, 2011
    Jari Salomaa

    • Bini recommended an article:
      May 19, 2010
      A New Clue to Explain Existence
      New evidence could help clear up why the universe is composed of matter and not its opposite, antimatter.

  • TimesPeople recommended a video:
    Nov 14, 2011

  • TimesPeople recommended a video:
    Nov 14, 2011
    An Interview With Sarah Burton
    She may be a great designer. 
    She is a great fashion designer.
    We will have to look at the shows.
    I am not and do not wish to be.

  • TimesPeople recommended a user:
    Nov 14, 2011
    Valerie

    • Snapperpacheco recommended a blog post:
      Jan 31, 2011
      Strains for Hispanic Caregivers
      Fabiola Santiago lives in the Miami suburbs, two miles from her 81-year-old mother and 87-year-old father, whom she looks after. As the single mother of three grown daughters, she might live in the city or in Miami Beach if she had no family respo...
      My plan is to pass the responsibility for care.  Providing the care can also be passed.  Margaret has responded positively to inquiries.  Her boys will do better on their own for a time. 

  • TimesPeople recommended a user:
    Nov 14, 2011
    Michael Ahearn

    • John recommended an article:
      Aug 22, 2010

      How Fox Betrayed Petraeus
      The rage over the “ground zero mosque” is not motivated by a serious desire to protect America, but by a desire for an election-season payoff.
      The project ran into title trouble on the property and lost financial support.  You can dig out all the details here:
      http://www.cordobainitiative.org/
      They may not be talking.
      http://park51.org/vision.htm
      http://park51.org/category/in-the-news/
      http://park51.org/2011/09/islamic-center-opens-its-doors-near-ground-zero/
      http://www.npr.org/templates/story/story.php?storyId=140693172
      Not found.
      http://www.pbs.org/wgbh/pages/frontline/religion/man-behind-mosque/imam-feisal-adbul-rauf-and-daisy-khan-we-are-simply-people-caught-in-the-middle/
      http://www.thedailybeast.com/articles/2011/06/30/feisal-abdul-rauf-on-ground-zero-mosque-his-regrets-donald-trump-fox-news-and-9-11.html

  • TimesPeople recommended a user:
    Nov 14, 2011
    John

    • John recommended an article:
      Aug 22, 2010

      How Fox Betrayed Petraeus
      The rage over the “ground zero mosque” is not motivated by a serious desire to protect America, but by a desire for an election-season payoff.
      Finally not an event.

  • TimesPeople recommended a video:
    Nov 14, 2011
    Critics’ Picks: ‘The Wild Bunch’
    Not quite this time.
    http://donhenryfordjf.blogspot.com/2011/11/charles-bowden-on-mexico-drug-wars-and.html

  • TimesPeople recommended a user:
    Nov 14, 2011
    christian.delrosso

    • christian.delrosso posted to Twitter a video:
      Apr 30, 2010
      Text-Blocking Apps
      “Pogue on Text-Blocking Apps - http://nyti.ms/dbs09b”
      Cute and far too true.
      Distracted driving does not require help.

  • TimesPeople recommended a user:
    Nov 14, 2011
    Heather Sturges

    • Sanden Totten recommended an article:
      Jan 12, 2010

      A Future That Doesn’t Guzzle
      The Toyota FT-CH compact hybrid vehicle at the auto show in Detroit. The automakers are emphasizing hybrid gas-electric and battery-powered cars.More Photos >
      Hybrid really has no future.  If one needs the range why carry the battery and electrics?

  • TimesPeople recommended a user:
    Nov 14, 2011
    Tanja

    • Tanja posted to Twitter a blog post:
      Feb 12, 2011
      The Economics of Blogging and The Huffington Post
      “Good analysis on the value of blog posts: The Economics of Blogging and The Huffington Post - http://nyti.ms/gAeg9p”
      AOL bought an editor.
      These people need to find a different song.

222222222222222222222222222222222222222222222222222222222222222222





  • TimesPeople recommended a user:
    Nov 14, 2011
    Sanden Totten

    • Sanden Totten recommended an article:
      Jan 12, 2010

      A Future That Doesn’t Guzzle
      The Toyota FT-CH compact hybrid vehicle at the auto show in Detroit. The automakers are emphasizing hybrid gas-electric and battery-powered cars.More Photos >
      Not quite yet.  The dealers are not brave to electrics.

  • TimesPeople recommended a user:
    Nov 14, 2011
    Snapperpacheco

    • Snapperpacheco recommended a blog post:
      Jan 31, 2011
      Strains for Hispanic Caregivers
      Fabiola Santiago lives in the Miami suburbs, two miles from her 81-year-old mother and 87-year-old father, whom she looks after. As the single mother of three grown daughters, she might live in the city or in Miami Beach if she had no family respo...
      Family is better.  We all speak the same idiom.   Often it matters.

  • TimesPeople recommended a user:
    Nov 14, 2011
    davidorban

    • davidorban recommended a blog post:
      Feb 1, 2011
      Explaining Egypt
      6:10 p.m. | Updated [My Twitter take on the presidential news from Egypt:  From Crowd Sourcing to Crowd FORCING> Mubarak Won't Run again: http://nyti.ms/eCv9iq]
      http://topics.nytimes.com/top/news/international/countriesandterritories/egypt/index.html?scp=1&sq=egtpt&st=cse
      "In October, members of the military council said they planned to retain full control of the Egyptian government even after the election of a new Parliament begins in November. The legislature will remain in a subordinate role similar to Mr. Mubarak’s former Parliament, they said, with the military council appointing the prime minister and cabinet."
      "Recent Developments
      Oct. 9 A demonstration by angry Christians in Cairo touched off a night of violent protests against the military council ruling Egypt, leaving 24 people dead and more than 200 wounded in the worst spasm of violence since the ouster of President Mubarak. The protest occurred against a backdrop of escalating tensions between Muslims and Coptic Christians, and appeared to catch fire because it was aimed squarely at the military council, at a moment when the military’s delays in turning over power had led to a spike in public distrust of its authority."

  • TimesPeople recommended a video:
    Nov 14, 2011
    Morning T | Christian Louboutin
    He is having fun advancing his obsession.
    "The Boot" is not my idea of a nice thing.
    http://en.wikipedia.org/wiki/Boot_%28torture%29

  • TimesPeople recommended a user:
    Nov 14, 2011
    Bini

    • Bini recommended an article:
      May 19, 2010
      A New Clue to Explain Existence
      New evidence could help clear up why the universe is composed of matter and not its opposite, antimatter.

      Interesting to me.  Useless knowledge at the moment.

444444444444444444444444444444444444444444444444444




  • TimesPeople recommended a user:
    Nov 14, 2011
    Sanden Totten

    • Sanden Totten recommended an article:
      Jan 12, 2010

      A Future That Doesn’t Guzzle
      The Toyota FT-CH compact hybrid vehicle at the auto show in Detroit. The automakers are emphasizing hybrid gas-electric and battery-powered cars.More Photos >
      Almost two years in the past.
      http://en.wikipedia.org/wiki/Electric_cars#Currently_available_electric_cars
      http://en.wikipedia.org/wiki/Currently_available_electric_cars
      Further research.

  • TimesPeople recommended a user:
    Nov 14, 2011
    davidorban

    • davidorban recommended a blog post:
      Feb 1, 2011
      Explaining Egypt
      6:10 p.m. | Updated [My Twitter take on the presidential news from Egypt:  From Crowd Sourcing to Crowd FORCING> Mubarak Won't Run again: http://nyti.ms/eCv9iq]
      Not much hope.
     

  • TimesPeople recommended a user:
    Nov 14, 2011
    Tanja

  • TimesPeople recommended a user:
    Nov 14, 2011
    christian.delrosso

  • TimesPeople recommended a user:
    Nov 14, 2011
    Michael Ahearn

    • John recommended an article:
      Aug 22, 2010

      How Fox Betrayed Petraeus
      The rage over the “ground zero mosque” is not motivated by a serious desire to protect America, but by a desire for an election-season payoff.

      Wave the bloody shirt.
      http://en.wikipedia.org/wiki/Bloody_shirt

Tuesday, November 15, 2011

On the Dubious Defenses of the Netting of $4 Trillion of US Bank CDS to the Eurozone

One of the reasons I’m not a big fan of Twitter is that I don’t see it as being useful save for communicating short updates (Raid on Zuccotti Park! Come help fast!) or a terse assessment with a tiny URL. Even more can be misconstrued (or can pretend to be misconstrued by a nay-sayer) than in longer forms of communication.
Nevertheless, I think we can safely make some conclusions re the following tweet from Economics of Contempt on the over $4 trillion notional of US bank exposure to Eurozone risks. A Reuters story recounts how the Financial Stability Oversight Council is trying to get a grip on the positions. Even the bank lobbying group the International Institute of Finance is cautious:
“As such, the potential for contagion to the U.S. financial system is not small,” the Institute of International Finance, the lobby group for major international banks, said last week.
Nevertheless, there is not much room for misinterpretation of this exchange:

In the Economics of Contempt remark, it isn’t hard to detect a patronizing, “Ah, you non-insiders just don’t get how this works, do you?” tone. The problem with EoC’s airy assurance is the intense regulatory focus says the authorities don’t buy the industry’s reassurances, and for good reason. Any time a big dealer implodes (and per Bear Stearns and MF Global, they can fail suddenly and catastrophically), it can set off a domino effect of counterparty shortfalls as one side of supposedly netted positions is suddenly not there. An excellent primer on FT Alphaville that we highlighted earlier explains how this can happen. And remember, MF Global (not unlike LTCM in 1998) failed in an manner that the authorities did not anticipate and would not have been monitoring at other dealers.
And the poster child of this is Lehman. Unlike Bear and MF Global, its distress was widely recognized, if not universally believed. And contra EoC, the position marks, and therefore any related netting, were not as clean and tidy as he implies. One tax lawyer at a major dealer bank (and being a tax lawyer means you really need to understand how the trades work) told me that two years before the death of Lehman, he heard from a colleague that Lehman was so desperate to lower its funding costs that every day the “repo gremlins” would go through the firm to hock anything and everything they could. He even said if there was any way to take the firm’s staplers and put them into a structured vehicle so they could repo them, they would.





http://www.zerohedge.com/news/presenting-deutsche-banks-pitchbook-ecb-go-all

 http://firedoglake.com/


Time for sleep.


.

No comments:

Post a Comment