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Originally posted by marg6043
reply to post by stander
Those numbers are the year I was born and the year I join ATS. I guess it was a bad idea to used those numbers after all is been quite a few years already.
Agency that insures banks to open its books
www.msnbc.msn.com...
NEW YORK - The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.
The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year.
That has happened only once before — during the savings-and-loan crisis of the early 1990s, when the FDIC was forced to borrow $15 billion from the Treasury and repay it later with interest.
On Thursday, the agency reveals how much is left in its reserves. FDIC Chairman Sheila Bair may also use the quarterly briefing to say how the agency plans to shore up its accounts.
FDIC backs revised bank investment rules
www.reuters.com...
WASHINGTON (Reuters) - U.S. banking regulators voted on Wednesday to ease rules applying to private investments in troubled banks.
The board of the Federal Deposit Insurance Corp voted 4-1 to change previous proposals that some regulators and potential investors said had threatened to scare away much-needed capital from the banking industry.
A capital requirement for private equity investments in banks was lowered to a Tier 1 common equity ratio of 10 percent, from the 15 percent previously proposed.
The regulators also dropped a requirement that investors serve as a "source of strength" for the bank they buy, which critics said could have put them on the hook for more capital if the institution struggled.
Originally posted by Hx3_1963
Agency that insures banks to open its books
www.msnbc.msn.com...
NEW YORK - The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.
The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year.
That has happened only once before — during the savings-and-loan crisis of the early 1990s, when the FDIC was forced to borrow $15 billion from the Treasury and repay it later with interest.
On Thursday, the agency reveals how much is left in its reserves. FDIC Chairman Sheila Bair may also use the quarterly briefing to say how the agency plans to shore up its accounts.
Massachusetts regulator subpoenas Goldman
www.reuters.com...
BOSTON, Aug 26 (Reuters) - Massachusetts' top securities regulator said on Wednesday his office is demanding information from Goldman Sachs Group Inc (GS.N) on how the investment bank passes on analysts' short-term trading tips to top clients.
William Galvin, Massachusetts' Secretary of State, said the subpoenas were sent recently and that Goldman has until around Sept. 7 to respond.
"We thought we solved this problem with the preferred customers years ago when we settled with Goldman Sachs on Wall Street research, but now we don't know," Galvin said.
Bearish Chinese Options Trading Jumps in U.S. on Capacity Curbs
www.bloomberg.com...
Aug. 27 (Bloomberg) -- Traders boosted bearish bets on Chinese stocks, with put trading in the U.S. jumping to the highest in a month, after the government said it’s studying curbs on overcapacity in industries including steel and cement.
Put option volume for the FXI, an exchange-traded fund tracking the FTSE/Xinhua China 25 Index, jumped to 92,369 contracts in U.S. trading, almost double the four-week average and nine times the number of calls changing hands. Puts give the right to sell a security for a certain amount by a given date. Calls convey the right to buy. The FXI retreated 0.7 percent to $40.26 in New York.
“Angst regarding prospects in China has been heightened today given clear signs of excess capacity,” Caitlin Duffy, equity options analyst at Greenwich, Connecticut-based Interactive Brokers Group Inc., wrote in a note yesterday. The trading “indicates China pessimism.”
Taylor Bean’s Mortgage Bonds Fail to Pay Investors (Update2)
www.bloomberg.com...
Aug. 26 (Bloomberg) -- Some securities backed by home loans serviced by Taylor, Bean & Whitaker Mortgage Corp. failed to make scheduled principal payments to investors.
The cash flows were disclosed in monthly reports to bondholders dated yesterday. Wells Fargo & Co., the so-called master servicer for the bonds, is seeking access to cash in accounts frozen by the government that are responsible for the shortfalls, according to two of the reports.
Ocala, Florida-based Taylor Bean, the 12th-largest U.S. mortgage lender, filed for bankruptcy protection on Aug. 24 after being suspended from doing business with U.S. agencies and Freddie Mac, the government-supported mortgage company. The lender has said its frozen accounts may also hurt consumers by interfering with pass-through payments for items such as insurance and taxes.
Wells Fargo fired Taylor Bean as primary servicer on Aug. 13, and received no money from the lender on Aug. 18 “because its accounts, including the collection account, were frozen by government regulators,” according to the bond reports.
The Federal Reserve has effectively been monetizing far more US government debt than has openly been revealed, by cleverly enabling foreign central banks to swap their agency debt for Treasury debt. This is not a sign of strength and reveals a pattern of trading temporary relief for future difficulties.
This is very nearly the same path that Zimbabwe took, resulting in the complete abandonment of the Zimbabwe dollar as a unit of currency. The difference is in the complexity of the game being played, not the substance of the actions themselves.
The shell game that the Fed is currently playing does not change the basic equation: Money is being printed out of thin air so that it can be used to buy US government debt.
When the full scope of this program is more widely recognized, ever more pressure will fall upon the dollar, as more and more private investors shun the dollar and all dollar-denominated instruments as stores of value and wealth. This will further burden the efforts of the various central banks around the world as they endeavor to meet the vast borrowing desires of the US government.
One possible result of the abandonment of these efforts is a wholesale flight out of the dollar and into other assets. To US residents, this will be experienced as rapidly rising import costs and increasing costs for all internationally-traded basic commodities, especially food items. For the rest of the world, the results will range from discomforting to disastrous, depending on their degree of dollar linkage.
Originally posted by GreenBicMan
This rally still has much legs, and its because again "pro's" know the correction is coming etc..
Originally posted by stander
I think that today the LR indicator will show a line with a slope closer to zero -- unless there is a pullback in the making, which I kinda doubt.