• Mike Bloomberg


    Deal Judge: The Dumbness of Forex, Scalia, and Hizzoner

    Ed. note: This is a new weekly column by Elie Mystal, Managing Editor of Above the Law Redline, wrapping up the week that was in law and finance. Elie is not a practicing attorney, and anything he says that you listen to can and will be used against you. Issue #1: The $4.3 billion chat […]

    / Nov 14, 2014 at 2:30 PM
  • Banks

    UBS Says Settlement For Forex Failures Will Include Finding That UBS Failed Vis-à-Vis Forex

    Read on and learn, well, basically nothing that you could not have intuited.

    / Sep 30, 2014 at 2:51 PM
  • News

    Biggest Banks Pledge To Make It 10% Harder To Rig Rates, Screw Over Customers

    The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent […]

    / Sep 16, 2014 at 11:43 AM
  • News

    Here’s How You Could Have Made A Bunch Of Money This Year

    The folks at Citigroup have gone and ruined an awfully lucrative, awfully simple arbitrage.

    / May 20, 2014 at 1:30 PM
  • News

    Banks Are Just Going To Hold Onto Those Forex Bonuses For Now

    You’ll get yours in due time, provided your record turns up clean/you didn’t do any favors for any big boys.

    / Mar 17, 2014 at 3:39 PM

    Dealbreaker Afterdark: Big Auto In Big Trouble

    The Senate compromise looks dead at the moment. CNN is reporting that bipartisan talks have collapsed and the Senate bill looks dead. The pressure actually falls back to Pelosi now, who played a bit of legislative brinkmanship with the Senate and has now lost (baring some miracle tomorrow). GM will likely be the first victim, […]

    / Dec 11, 2008 at 10:47 PM

    Opening Bell: 12.09.08

    Wall Street Is No More (Bloomberg) “”There’s no more Wall Street,” Greenberg, 81, said last night in an interview on Bloomberg’s “Money & Politics” television program. “That model just doesn’t work because it’s at the mercy of rumors.”” This is how cultures of fear are run: rumors are news because the worst is thought to […]

    / Dec 9, 2008 at 7:54 AM

    No One Likes A Know It All

    The days of lecturing China may be over for the moment. But, really, how perfectly did you want them to embrace capitalism just now? The head of China’s sovereign wealth fund says he’s lost the confidence to invest in U.S. banks, while China’s central bank governor Zhou Xiaochuan didn’t even stay in town. Instead, he […]

    / Dec 5, 2008 at 11:29 AM
  • News

    Fed Searches Control Room For More Buttons

    Gentle signs of Japa-nic are beginning to show, don’t you think? What with the Fed poking around and toying with things like buying up Treasuries (drives the yields down you know) and convincing the Euro folk that “cool kids lower rates.” (New Zealand is very unpopular right now). In another sign of its focus beyond […]

    / Dec 5, 2008 at 10:57 AM
  • News

    Barclays Investors Approve Shareholder Dilution

    It was touch and go there for a while but Barclays Plc shareholders have given the British bank the go-ahead on a 7 billion pound ($10.44 billion) capital raise. The fractional owners had been ticked off about not being asked what their feelings were on the round of fundraising beforehand (there was also a matter […]

    / Nov 24, 2008 at 9:13 AM

    Opening Bell: 11.13.08

    Citi Considering New Chairman? (Reuters) The BOD, dissatisfied with the performance of the company, may be moving to seek new leadership. The majority of this article is blatant conjecture, so we’ll skip the thriving analysis and just jump to the point: replacing the chairman at this point would probably send a strong signal to shareholders. […]

    / Nov 13, 2008 at 8:33 AM

    Opening Bell: 11.10.08

    China Authorizes Massive Bailout (FT) The Chinese have authorized a bailout package of unprecedented size: $586B. In a statement regarding the bold move, “The government said the spending plan reflected a decision to adopt an “active” fiscal policy to deal with the global financial crisis, while monetary policy would be “moderately active”. The problem inherent […]

    / Nov 10, 2008 at 8:10 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

    Opening Bell: 11.06.08

    European Markets All Out Of That Special European Flair, May Turn To Snorting Zoloft. (Reuters) Markets across Europe were down overnight on continued credit worries and fear that the incoming administration may not be able to move quickly enough. In an attempt to allay panic it looks as though the EU CB is going to […]

    / Nov 6, 2008 at 8:00 AM

    Opening Bell: 10.30.08

    “Analysts welcomed the move but said it had already been priced in and the outlook remains grim.” (Reuters) This has all the grace of a blind dog running head first, full speed, into a brick wall. Sure Bernanke, you say there’s a treat on the other side, but we both know there isn’t. We’re floating […]

    / Oct 30, 2008 at 7:53 AM
  • News

    That Will Show Them!

    Iceland’s central bank Tuesday pushed its key interest rate up to a record high of 18% from 12%, reversing a hefty rate cut earlier in the month. […] Trade in the Icelandic krona is at a virtual standstill and is fixed by the central bank in a daily foreign currency auction. Monday, the rate was […]

    / Oct 28, 2008 at 8:27 AM

    Worst Pep Talk Ever?

    From: Lowenthal, Albert Sent: Oct 24, 2008 8:47 AM Subject: Today It has never been more difficult to come to work and face overnight market reports and the continuous cacophony from market pundits telling us how the world as we know it is coming to an end. This morning, we face markets that were down […]

    / Oct 24, 2008 at 9:27 AM
  • FOREX, Opening Bell

    Opening Bell: 10.24.08

    U.S. stock futures blasted after Asia plunge (Marketwatch) U.S. futures are getting smashed up this morning after a nightmare trading session in the Asian markets (see next article). Dow futures are off 546 points, while Nasdaq futures are falling 82.5 points; S&P futures are down 60 points, at 855.20. There’s a lot of technical analysis […]

    / Oct 24, 2008 at 7:34 AM
  • FOREX, Opening Bell

    Opening Bell: 10.23.08

    Futures fall as recession fears weigh (Reuters) There’s no end in sight to the bottom of this week’s selloff — but this morning there is perhaps the beginning of one. S&P futures are down 7.7 points, Dow Jones futures lower by 35 points, and Nasdaq futures are off around 12 points or so. Those numbers […]

    / Oct 23, 2008 at 7:40 AM

    Evita’s having a bad hairday

    Is Argentina’s government deliberately trying to fuck its consumers? Off the DJ wire: Very few bonds had traded yet, but the dollar-denominated Boden 2012 was down sharply to the peso equivalent ARS136 from its open at ARS149.90. On Tuesday, President Cristina Fernandez signed a bill that, if approved by the legislature, will end the country’s […]

    / Oct 22, 2008 at 11:43 AM
  • FOREX, Opening Bell

    Opening Bell: 10.22.08

    U.S. Futures Weighed Down by Gloomy Earnings Reports ( Despite good news from the Apple camp after the bell yesterday, an overnight selloff along with the likes of AT&T, Wachovia and Boeing reporting today is having a gloomy impact on futures trading. S&P futures are off between 19 – 31 points, at 939, while Nasdaq […]

    / Oct 22, 2008 at 7:31 AM

    When do we hit a bottom?

    So … suddenly, the market turned up 4% or so. Unfortunately, this is less likely anything to do with equity valuations being at bargain prices, and more to do with index option expirations, many of which take place Friday. This should by all accounts be somewhat expected: there are usually spikes in the market at […]

    / Oct 16, 2008 at 4:32 PM
  • News

    Germany Concedes Bloated Rescue Required For Formerly Bloated Banks

    It is hard not to sicker at the snotty Europeans (and I say this with all the love in my heart) who pointed fingers from lofty heights when the U.S. began tinkering with hundreds of billions of bailout. Originally, Germany was rather curt about the whole thing. “There will be no Euro-wide bailout efforts. Each […]

    / Oct 13, 2008 at 9:50 AM
  • Opening Bell

    Opening Bell: 10.13.08

    U.S. stock futures point to rally on rescue hopes (Reuters) At long last, a big rally is getting underway. S&P futures are soaring 6%, Dow Jones futures are up 4.9%, and Nasdaq futures are jumping 5.4%. Global markets are rallying (see next article). This is now a battle for the federal government to win or […]

    / Oct 13, 2008 at 7:20 AM
  • FOREX, Opening Bell

    Opening Bell: 10.10.08

    U.S. stock futures pointing to further losses (Marketwatch) It’s getting easier and easier to make an accurate call on the market these days: all you have to do is say, “major indices will be down between 5% and 10%.” With seven straight downward sessions, we’re still in the death spiral this morning. Futures for the […]

    / Oct 10, 2008 at 7:14 AM

    Japan To Crisis: “Been There, Done That”

    Maybe it is because we are in “the biz,” but lately it seems that we’ve been hearing a lot of analogies thrown around comparing the credit crunch with Japan’s banking (and general) crisis. There almost is an undertone of smug amusement to the entire thing. Trust the New York Times to press that angle not […]

    / Oct 2, 2008 at 10:54 AM
  • News

    Word To The Wise

    But the most absurd and preposterous of all, and which showed, more completely than any other, the utter madness of the people, was one, started by an unknown adventurer, entitled “company for carrying on an undertaking of great advantage, but nobody to know what it is.” Were not the fact stated by scores of credible […]

    / Oct 2, 2008 at 10:50 AM
  • News

    As Predicted: UK Lehman Employees Totally Screwed

    You have to wonder if the 750 Lehman employees just canned would have gotten anything at all but for the UK law that mandates Lehman to pay them GBP 800. As for the rest? “They’ve been told they will get their pay for the last month and they take their place with all other unsecured […]

    / Oct 1, 2008 at 2:31 PM

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