Futures Go Nowhere In Quiet Overnight Session

In fitting with the pre-holiday theme, and the moribund liquidity theme of the past few months and years, there was little of note in the overnight session with few event catalysts to guide futures beside the topping out EURJPY. Chinese stocks closed a… [...]

Cyprus-Style Wealth Confiscation Is Starting All Over The World

As we warned two years ago, "the muddle through has failed… and there may only be painful ways out of this." Submitted by Michael Snyder of The Economic Collapse blog, Now that "bail-ins" have become accepted practice all over the… [...]

Frontrunning: September 24

Iran Icebreaker Set at U.N.  (WSJ) Chrysler Feud Triggers IPO Filing  (WSJ) JPMorgan Chase, 12 More Banks Said to Be Sued Over Libor (BBG) Regulator sues Morgan Stanley, eight others over faulty securities (Reuters) Monte Paschi Seen Boostin… [...]

It Begins: Monte Paschi "Bails In" Bondholders, Halts $650 Million In Coupon Payments

Recall that three weeks ago we warned that “Monti Paschi Faces Bail-In As Capital Needs Point To Nationalization” although we left open the question of “who will get the haircut including senior bondholders and depositors…. given the small size of su… [...]

Monti Paschi Faces Bail-In As Capital Needs Point To Nationalization

Just as we warned 4 months ago, the oldest bank in the world now faces a critical need to raise EUR2.5 billion in fresh capital – more than double its original plan. “There is no chance on the planet that they can raise [this] in 12 months… they are … [...]

Frontrunning: September 9

Hedge Funds Cut Back on Fees (WSJ) as we predicted would happen, in May Syria’s Assad denies chemical weapons use; U.S. presses case for strike (Reuters) Unemployment Falling for Wrong Reason Creates Fed Predicament (BBG) U.S. tapped into networks of… [...]

Here Is Why Italy Keeps Bailing Out Monte Paschi Again And Again And Again

There is a reason why Italy keeps bailing out Monte Paschi, Italy’s third largest, most scandal-ridden and most insolvent bank not to mention the oldest in the world, again and again and again, and which is currently demanding yet another bailout. The … [...]

Mario Draghi Press Conference – Live Webcast

The all important ECB press conference is set to begin momentarily. Will Draghi answer questions regarding the readiness of the OMT’s use in Portugal whose short end has exploded this morning, or will he be forced to wait for the German court’s decisio… [...]

Italy Embroiled In Latest Derivative Loss Fiasco Through Another Mario Draghi-Headed Scandal

It was roughly four years ago when details surrounding such Goldman SPV deals as Titlos first emerged, that it became clear how for over a decade, using deliberately masking transactions such as currency swaps, Greece had managed to fool the Eurozone i… [...]

Spot The Odd Continent Out: Total Bank Assets As % Of GDP

There is a reason why in Europe, no matter how much some want to deny it, the Cyprus deposit confiscation “resolution” has become the norm. Quite simply, as BofA summarizes, “Europe’s economy struggles with too many banks, too much debt and too little … [...]