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Archive | Banksters

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Some EFTs are deliberately filled with toxic slop

Some EFTs apparently are little more than sewer catchments for Wall Street to sell risky junk to then foist upon an unsuspecting public as solid investments. Astonishingly, many of them have no physical assets but instead own risky and deliberately opaque financial instruments like swaps which a retail investor has little hope of understanding. This of […]

Freeport CDS spread

Freeport debt downgraded to junk, CDS spread spikes

Freeport McMoRan is one of the biggest mining companies on the planet. Falling copper prices and too much debt are cratering the company and its stock price. They employ 80,000 people. There will be pain. Moodys just downgraded their debt to low-end junk. Their CDS spread is now over a whopping 2000, which means insuring […]

FHA loans up

If 3% down is just too much, FHA has a deal for you

The FHA dropped mortgage-insurance costs an average of $900 a year and their loan originations for mostly first-time buyers soared 54% YOY in September. Um, if saving $75 a month on mortgage insurance means you can then “afford” a mortgage, then you actually can’t. Any unexpected bill will probably put you behind in your payments. […]

zetland

Flint water crisis perhaps cannot be solved

David Zetland, water policy expert, on the disastrous problem with Flint MI water supply. He’s known for thinking outside the box and says, pay each household in Flint to move to Detroit, to help resurrect that city. Because Flint is probably too far gone to save. Someone asked my opinion on the situation in Flint. […]

Money Laundering

Mexico drug profits will continue to be laundered in London

El Chapo’s capture is meaningless in terms of stopping drug trafficking. Someone else will simply take his place. All that dirty money will still need to be freshly laundered. London, New York, corrupt hedge funds and banks worldwide are happy to take the money. And isn’t it so very curious that even though governments know […]

CSI 300 1/7/16

China stock market halted again this week

Trading today in China was briefly halted when the 5% circuit breaker tripped, giving traders time to assemble more sell orders. When the markets re-opened, a new selling wave triggered the second circuit breaker at 7%, shutting markets for the day. This is the second time in a week this has happened. A rational observer […]

1185d094e4fde4ce_640_crater

Summer Olympics in Brazil looking like a disaster

The economy of Brazil is crashing fast. This is drastically impacting its ability to hold anything like a normal Olympics this summer. Virus levels in waters athletes will be competing in are off the charts. Athletes will have to pay if they want air conditioning in their rooms. A major stadium just had electricity turned […]

Slot machines

Must be the Season of the Quad Witch

In the casino that is Wall Street, much chaos can ensue on quadruple witching day when stock index futures, stock index options, stock options, and single stock futures all expire. This happens four times a year and today could be exceptionally volatile as events could trigger a massive selloff. Speculators (because they certainly aren’t investors) […]

Third Avenue junk bond fund

Financial markets tanking everywhere

The ongoing liquidation of the $800m Third Avenue junk bond fund highlights current chaos in the financial world. The fund has lost 27% this year and is telling “investors” they can’t withdraw money until the fund liquidates, which probably means there will be little left to distribute. Anyone who puts money into this high yield […]

From 32 to 4 since late July. Could easily drop to 2.

SunEdison, huge renewable energy developer, faces bankruptcy

Crushing amounts of debt are pummeling SunEdison, the biggest renewable energy developer in the world. Hedge funds, who used to favor the company, are dumping the stock, accelerating SunEdison’s problems. There is an unfortunate misconception that renewable energy companies are so wonderfully squeaky green clean that they are immune from Wall Street and financial machinations. SunEdison […]

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