• Hedge Funds

    David Tepper Calls It

    That bond-market rally that you’ve been enjoying alongside your stock-market rally? The ECB killed it yesterday, sayeth he with the brass balls.

    / Sep 5, 2014 at 3:40 PM
  • News

    ECB Takes Counterintuitive Approach To Stopping Counterfeiters

    It seems that when making phony euro banknotes, forgers like to get as much bang for the bogus buck as possible, and therefore favor dummying up twenties and fifties. So, to commemorate a three-year high in fake notes yanked from circulation, the ECB is rolling out a new €10 bill.

    / Jan 14, 2014 at 5:38 PM
  • News

    European Finance Sector Stress Levels Back To Where They Were Just Before The Financial Crisis

    For some reason, this is considered cause for celebration, rather than cause for concern.

    / Nov 27, 2013 at 1:08 PM
  • News

    ECB Perfecting Laissez-Faire Approach To Worsening Economic Situation

    It could. It totally could. But, for now, the European Central Bank isn’t going to make banks pay it for the privilege of holding onto its money overnight. And so, in spite of the mounting bad news, the euro soared to a one-month high against the dollar.

    / Jun 6, 2013 at 5:02 PM
  • News

    Eurozone Financial Sector Stability, Risk Of Bank Failures Apparently Unrelated

    The good news is that the Eurozone financial sector is enjoying its most stability since 2011. The bad news is, it doesn’t matter.

    / May 30, 2013 at 12:15 PM
  • mario-draghi


    ECB Feels Great About Doing Nothing

    Flu isn’t the only thing going around. An epidemic of economic optimism has seized the European Central Bank, and its president thinks that should be enough to get the continent’s economy going once again.

    / Jan 10, 2013 at 3:00 PM
  • That would have been a better program.


    ECB Announces Unlimited Bond Buying, Will Fill In Limits Later

    Every time I talk about Europe I begin by saying “Europe is all better,” because Europe these days operates on big-bang fixes followed by long slow decays, repeated indefinitely, so I guess you should sell the news and buy the quiet. Anyway, Europe is all better, since Mario Draghi announced today that the ECB will […]

    / Sep 6, 2012 at 2:33 PM
  • News

    Europe Is All Better (As Of January 2013)

    Ooh look there’s another Europe thing. In this thing, Europe, in the form of the almost-existing ESM,* will take equity (?) stakes in troubled Eurozone banks, rather than its previous plan of buying senior debt of troubled Eurozone sovereigns so those sovereigns can invest the proceeds in equity stakes of their troubled banks. There has […]

    / Jun 29, 2012 at 12:35 PM
  • News

    The SEC Wants Banks To Tell You Where They’re Hiding Their Terrible European Exposure

    You can’t argue too much with the SEC’s gentle suggestion that maybe banks should tell people, in a consistent format, what’s up with their European debt exposure. It seems to be a thing that is on investors’ minds, so why not have the SEC try to put their minds at ease: “Our staff has been […]

    / Jan 10, 2012 at 1:18 PM
  • News

    Now That European Banks Have Money, Lots Of People Have Ideas For What They Should Do With It

    So Europe’s all better now, or something. The banks are anyway. They have had the money flung at them, in the form of the European Central Bank advancing them tons of medium-term funding at attractive rates and with pretty chill collateral requirements, and now they just have to sit back and be awesome. Since they’re […]

    / Dec 15, 2011 at 3:45 PM
  • News

    Jean-Claude Trichet: If You Buy Greek CDS, You Will Be Sorry

    We don’t spend much time with Jean-Claude Trichet, the president of the European Central Bank, and really that’s our loss because he is quite the charmer, though less seductive and/or rapey than other French international bankers who come to mind. Last week he sat down with a French magazine for an interview that was released yesterday, […]

    / Jul 28, 2011 at 5:30 PM
  • News

    Cancel Christmas

    Another €187 billion will vanish over the next couple of weeks, the always-optimistic European Central Bank predicted. Banks in the euro-zone will write off that much before the end of the year, the ECB reports. That’s about one-third of the total of €553 billion in write-downs predicted between 2007 and next year. Oh, and that […]

    / Dec 18, 2009 at 2:06 PM
  • News

    EU Aims To Decimate Insurance Industry Next

    If the European Union isn’t regulating, it isn’t happy. Stymied by fear and common sense, the EU seems likely to drop the most odious aspects of its proposed new rules on hedge funds and private equity firms. But the Europeans have simultaneously struck upon the only thing more likely to drive hedge funds out of […]

    / Nov 18, 2009 at 11:44 AM
  • News

    Credit Crisis? Not My Kid!

    Furthering the U.S. Euro divide on financial crisis (non)response, the ECB is not having any more of this private asset buying crap. And, you will be happy to know, the incident many refer to as a “credit crunch” or “credit crisis” is absolutely, positively over. Got it? Over. Done. Finished. Ceased to be. European Central […]

    / May 12, 2009 at 11:53 AM
  • News

    Don’t Call Me StupidWeak

    Trichet said it was difficult to describe the euro as weak after its 6.2 percent drop against the dollar this year. When the euro was introduced, it was 1.17 to the dollar, now it’s about 1.31 so “to speak of a euro that is weak doesn’t reflect the present situation,” Trichet said. Perhaps we’ll have […]

    / Apr 17, 2009 at 11:08 AM
  • News

    Delicious Rate Cuts For Everyone!

    The audience able to take advantage of the morning’s European rate cut was almost entirely composed of the vanishingly small community of insomnia plagued index futures traders, and even that crowd better have taken their gains quickly, as the advance had all but evaporated by the open. This shouldn’t surprise anyone. Markets have priced in […]

    / Nov 6, 2008 at 10:05 AM
  • News

    News Europe Can Use

    Maybe it is just us, but three categories of prediction have become so laden with spin, obfuscation and ass-covering, their prose so muddied, that really it would be better if they were merely never spoken of again. These three are energy prices, terrorism and inflation. Pronouncements about the risk of these three-horsemen are so utterly […]

    / Oct 2, 2008 at 9:26 AM
  • News

    That Was The Big Sucking Sound He Was Talking About

    Slurping 200 billion Euro from the market, the European Central Bank appears to be working to counteract the recent tendency of certain money market funds to “break the buck.” If the fund looks ready to act “un-marketlike” might as well take it off the market, the thinking goes. I hope we can be forgiven if […]

    / Oct 1, 2008 at 8:36 AM

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