• I guess I'm looking forward to the public flogging of the Whale, though I also sort of dread how uncomfortable it's going to be.

    Banks, News

    Banks Are Losing One More Source Of Fake Income

    Have you given up on this week yet? Of course you have. Libor Libor Libor Libor, we get it, mistakes were made. Next week though we get the start of bank earnings season, which will at least kick off with a whaling expedition, so that’s something. One thing that we’ve had to look forward to […]

    / Jul 6, 2012 at 3:14 PM
  • Banks

    Spare Some Worrying For Ratings-Triggered Collateral

    Remember how a week ago people went around bothering themselves about Bank of America’s derivatives? Specifically how if they get downgraded, as seems plausible, they will have to come up with a zillion more dollars for derivative collateral? And how earlier this week they did the same for Morgan Stanley? Anyway we talked about it […]

    / May 11, 2012 at 6:22 PM
  • Banks

    Nice Earnings, Citi, Shame About Your Credit Improvement

    I have nothing particularly useful to tell you about Citi’s earnings – they were good, yay, well done Vik, one day maybe you’ll be able to pay a dividend – so let me ask you some useless things. My favorite useless thing is DVA, which is the thing where if you are a bank you […]

    / Apr 16, 2012 at 3:47 PM
  • Banks, News

    Bonus Watch ’12: UBS Investment Bankers Thought Zero Was The Minimum Bonus? They Thought Wrong

    UBS investment bankers yesterday learned that their bonus pool would be down by 60%, and that anyone inclined to grumble to division head Carsten Kengeter should be aware that (1) he would have none of it and (2) he himself was taking a bonus of zero, so see point (1). Rank-and-file bankers were perhaps a […]

    / Feb 8, 2012 at 7:07 PM
  • News

    BofA Wants To Make A Little More Money On DVA

    Financial institutions normally prefer not to have everyone think they’re a shitty credit, because that can lead to doom, or MF Doom, or glitchy intimations of doom that quickly get sorted. But it can also sometimes lead to profit. Sometimes that profit is fake, or fake-ish. When banks book a mark-to-market profit on their own […]

    / Nov 3, 2011 at 6:41 PM
  • Goldman Sachs, News

    Now Let Us Say Certain Things About DVA

    If you are in the business of selling derivatives you have to value them from time to time, because counterparties want to know what their thing is worth, and regulators want to know how deep in the hole you are. This is not always as easy as valuing a stock by just going out and […]

    / Oct 18, 2011 at 6:39 PM

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