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. Read more »
Take your money and go play Keno with Grandma– nothing to see here. Read more »
Ace Greenberg Doesn’t Take Any Of The Adminstration’s Anti-Wall Street Sentiment Personally, Thinks Everyone Should Chill About Europe, Has His Reasons For Not Meeting With Jimmy CayneBy Bess Levin
Why wouldn’t the magician, philosopher, former Chairman of Bear Stearns and former friend o’ Jimmy not want to see his old pal, who he hasn’t spoken to since Bear was sold to JPMorgan (where Greenberg took a gig, while JC chose to spend his time perfecting the perfect panini to eat whilst baked)? According to a new interview with AG, it involves a desire to avoid stepping in shit. Also, Cayne impugned on the dignity of magicians.
IDD: If you ran into [Cayne], what would you say to him?
Greenberg: I would not like to step in horses—. So why would I stand around him? He’s a lying f—. Some of those lies in “House of Cards.” Lies about my wife — how could he bring my wife in that? How could he do that? He’s just a miserable, unhappy person…He said in the book, I understand, that when it came time for bonuses, I called the key men in and threw their bonuses on the floor and made them get on the floor and pick up their bonuses. Does that sound like me, really? Is that how you build a firm? A guy doing magic tricks, would he do that? Read more »
Subprime? Banking crisis? Currency and sovereign debt crisis? Male pattern baldness? Shrinkage? Take a little responsibility or at least go bark up some other tree. Jim Chanos is no longer interested.
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 we note that the phrase “market failure” actually seems to translate to “the market is not acting in a politically expedient fashion, and it’s making us look bad.”
Expect to see a lot of “socialist” finger-pointing from the United States in response, right before a massive semi-nationalization bill passes the Senate this evening.
ECB Offers to Drain 200 Billion Euros, Deposits Surge [Bloomberg]