We have reduced our funding needs in dollars and we have buffers that can use if the situation carries on. I will communicate all that to the market and I am sure we will be able to regain confidence. … The amount of money market funds, funding resources, compared with the amount of buffers, is much smaller. We have 105 billion euros of liquid assets, 80 billion available to the central banks. It is much more than the current exposure to money market funds. Even if it were to go to zero, there would be no problem – forever.
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nothing is fucked
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Posted in:
Banks
SocGen CEO Doesn’t Want Your Dollars, Wouldn’t Take Them If You Begged Him
By Matt Levine
The Germans would like to put it out there that they have no plans to “win market shares” by purging employees, despite reports suggesting otherwise. Continue reading »
Apparently a fun thing to do is to freak out about how Libor is losing its magic as an indicator of whatever it is an indicator of. Since it’s an indicator of interbank lending rates (being an interbank lending rate and all), news suggesting that it may provide a false signal of bank borrowing costs is interesting.
Today though we get (Money & Investing front-page) news that Libor is “losing its clout as a macroeconomic indicator,” by which the WSJ appears to mean that low Libor fixings are not giving everyone enough reason to panic:
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Honestly, it's fine. Just relax. I know what I'm doing here. I bounce back from 86% losses all the time.
I’m not asking for myself, I’m asking for Ebullio Capital Management, and its founder, Lars Steffensen. In February the commodities fund took a 86 percent hit, after declining 70 percent in January, and YTD, is down 96 percent. Investors are forming a disorderly line for the exits. From the outside in, things look ass-bleedingly bad. But it’s cool! Lars is not stressing. People come back from this sort of thing all the time, Lars included. Continue reading »
Remember no one “fails” a stress test. You just fail to avoid needing massive cash injections. So, when the Wall Street Journal announces that Citi is going to need $10 billion, “as the government continues negotiations with banks over the results of its so-called stress tests,” that is absolutely not in any way a “failure.” And you shouldn’t read anything into the fact that the results of the “stress tests” are negotiable. Nothing at all.
And you conspiracy theorists should see absolutely nothing at all wrong with the fact that clicking on the link on the front page of the Wall Street Journal gets you a “page not available” error.
To: Colleagues in NYC
From: Citi Security & Investigative Services
Sent: Monday, April 27, 2009 11:20 AM
Subjec: U.S. Air Force Authorized Flyover in NYC
The US Air Force is conducting an authorized photo-shoot in the air space above lower Manhattan. During the shoot, a large airliner escorted by several fighter jets is flying at a low altitude over NYC, including in the vicinity of several of our downtown locations. There is no reason for concern, and the photo-shoot will conclude later this morning.
Earlier: Do Not Be Alarmed: Low Flying Jet Just A Military Drill/Vanity Project
Per CNBC, the sign currently on the sign of the front door of Stanford Financial: “We are temporarily closed. The company is still in operation but under the management of a receiver.”
Earlier: What Are We Going To Do To Him, Harry?
*Wouldn’t want people to make the association, you know how it is.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
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