Tag Archives: White Shoe Boys

JP Morgan is Taking Delivery of Silver. Why?

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“The commodity futures market allows speculators to bet against each other on where the prices of commodities are headed. Participants make money by out-guessing their competitors. Only about 3% of the contracts ever result in delivery of the physical commodity. The speculators don’t want the commodities. They just want the price action. All of a sudden, without warning, JP Morgan is demanding delivery of silver — not money.  This is never done. Well, almost never. Bunker Hunt tried that in 1979, and the COMEX changed the rules. He was trying to squeeze the silver market. The COMEX opted out. Hunt lost billions of dollars.”

http://teapartyeconomist.com/2013/07/12/jp-morgan-is-taking-delivery-of-silver-why/

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The Case of the Missing $700 Billion

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“1.  Banks took $700 billion in bailout money and paid off their high-interest debt. That included FDIC-insured CDs, which they called in, leaving seniors and savers without many viable alternatives for safe investing.  2.   Banks stopped lending to the public because they found a better deal. If you could take billions of dollars from the government and lend it back to them by buying US bonds, wouldn’t you do the same thing?  3.   Banks turned a big profit and paid out handsome bonuses to their higher-ups. 4.   By reducing interest rates in the public sector, the Treasury reduced the cost of its own massive debt.[…]”

https://www.millersmoney.com/money-weekly/the-case-of-the-missing-700-billion

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Deutsche Bank’s Opaque Loans From Brazil to Italy Hide Risk

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“Deutsche Bank AG (DBK), perennially among the top three in global credit markets, made billions of dollars of loans to banks worldwide since 2008 and accounted for them in a way that obscured their continuing risk to investors. Germany’s largest bank managed to lend to firms from Brazil to Italy while making the transactions disappear from its balance sheet, even though it still is owed the money, according to four people with knowledge of the practice and internal documents provided to Bloomberg News. In the no-balance-sheet transactions, Deutsche Bank received the collateral, sold it and used the cash to make the loan.”

http://www.bloomberg.com/news/2013-07-11/deutsche-bank-opaque-loans-from-brazil-to-italy-hide-risk.html

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Thomson Reuters to Suspend Early Peeks at Key Index

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“Over the last several years, an exclusive group of investors has paid a steep premium to receive the results of a closely watched economic survey a full two seconds before its broader release. Those two seconds can mean millions of dollars in profits for the investors, who practice a computer-driven strategy called high-frequency trading. On Monday, the company providing these investors with that lucrative edge, Thomson Reuters, is expected to announce that it will suspend the practice, yielding to pressure from the New York attorney general, according to a person with direct knowledge of the matter.”

http://dealbook.nytimes.com/2013/07/07/thomson-reuters-to-suspend-early-peeks-at-key-index/

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No criminal charges for Jon Corzine in MF Global probe

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“It’s official. Jon Corzine will not be cuffed over MF Global’s improper handling of customers’ funds leading up to the commodity brokerage firm’s spectacular collapse in late 2011, The Post has learned. Federal investigators have found no evidence that the disgraced Wall Street titan broke the law.  The Justice Department’s decision to drop the case is sure to come as a relief to Corzine, who has been widely blamed for MFG’s bankruptcy — as well as the misuse of some $1.6 billion in customers’ funds.”

http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM

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Irish ‘rage’ after bank cheated on multi-billion bailout

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“The taped conversations, obtained by the Irish Independent newspaper, between John Bowe and Peter Fitzgerald, who led Anglo-Irish’s capital markets and retail banking arms, respectively, indicate the Irish government was duped into pumping €7 billion of emergency cash into the bank on the assumption that it would plug the lender’s funding crisis. But the €7 billion figure was just a ruse to get the government to put ‘some skin in the game,’ with the bankers assuming that politicians would have no choice but to provide further emergency funding once they had been ‘pulled in’.”

http://euobserver.com/economic/120634

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Book Review: Damn Right! Biography of Charlie Munger

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“There are huge advantages for an individual to get into a position where you make a few great investments and just sit back and wait: You’re paying less to brokers. You’re listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded. And you think that most of you are going to get that much advantage by hiring investment counselors and paying them 1% to run around, incurring a lot of taxes on your behalf? Lots of luck.”

http://www.mymoneyblog.com/book-review-damn-right-biography-of-charlie-munger.html

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Peter Schiff on Bullion Banks, and the Hidden Trove of QE Money

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Peter Schiff on Bullion Banks, and the Hidden Trove of QE Money

“Perianne talks about the Fed and gold with Peter Schiff. Justine Underhill presents a chart to explain just exactly what the Fed has been doing vis a vis QE.  Also, in the US, the big banks have had to submit ‘living wills’ to regulators — basically, a blueprint for their wind-down should they become insolvent — or, more insolvent, we guess. But the central bank of central banks, which is the Bank for International Settlements, just came out with its own plan for how to deal with too-big-to-fail. It’s ‘simple,’ they say. Just let the creditors and depositors take losses — a la Cyprus — and force the creditors to recapitalize a new banking entity.”

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Top Ten Cities With the Most Multi-Millionaires

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“London is the home to more multimillionaires, 4,296, than anywhere else in the world, but is facing tough competition from Hong Kong, 2,560, and Singapore, 3,154, to keep that title, according to a new study, writes MarketWatch.  The WealthInsight Intelligence Center Database, which tracks wealth and liquidity events, found Singapore and Hong Kong have the fastest growth rate for multimillionaires and could overtake London by 2020 if the trend continues.   The report defines a multimillionaire as someone with $30 million or more.”

http://www.economicpolicyjournal.com/2013/07/top-ten-cities-with-most-multi.html

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Bill Bonner: Are We Approaching a “Second Coming” For Gold?

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Bill-Bonner2

“There are no moms or pops left in the gold market. Even serious, knowledgeable investors have gotten out. From what we read, it seems more like a bottom than a top. The public is not interested. And the professionals hate gold. If we were speculating – and we are not – we would bet that gold is a better buy than a sell. The price could go anywhere. But unlike the Fed’s paper, gold won’t go away. And, at $1,100 an ounce, gold is likely to be one of those few investments you don’t mind telling your children and grandchildren about.  If you buy, wait five years. Then let us know how it worked out.”

http://www.billbonnersdiary.com/articles/bonner-gold-second-coming.html

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