The Bank Index in Europe Just Had it's Largest Daily Drop Ever

"They're going lower ... avoid these ... don't pick bargains.. there's going to be some European bank stocks that lose all their equity value in 2016 ... like Bear Stearns style... it's a very grim picture.. it's a mess..."


( Read more... )

"When the capital development of a country becomes a by-product of the activities of a casino, it is likely to be ill-done.” ~John Maynard Keynes

[Source]

CNBC
Could 2011 Be Worse Than 2008? Don't Rule It Out

2011 is beginning to look very like 2008 before the collapse of Lehman Brothers-except the numbers involved are much bigger this time around, according to Simon Derrick, the chief currency strategist at Bank of New York Mellon...

"This time around, the battle is being staged in the euro zone and ( Read more... )

NYT
Financial Crisis Was Avoidable, Inquiry Concludes

The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.

The commission that investigated the crisis casts a wide net ( Read more... )

From a post at The Economic Populist

What is beginning to unfold before our eyes is a situation which can only be comprehended with jaw-dropping incredulity.

The Too Big To Fail banks have been waiting with trepidation for a ruling from the Supreme Judicial Court of the State of Massachusetts on the case titled US Bank National Association ( ( Read more... )

by Gaius Publius on 12/20/2010 04:20:00 PM



Chris in Paris has noted the coming civil fraud charges against the Ernst & Young accounting firm by NY prosecutors. That post well describes the allegedly fraudulent use of the Repo 105 accounting technique in its handling of the books at Lehman Brothers.

Now Matt Taibbi weighs in. ( Read more... )

CNBC
Art Cashin: Spain Could Be the New 'Lehman'

... “People think we’ve seen his movie before in a different version,” Cashin told CNBC.
“Was Greece in fact the Bear Stearns of this movie and are they now coming around with the CDS spreads?-The belief is that Spain could be Lehman and we don’t want to see a repeat of that.” ...

Bloomberg:Bank Debt Stressed at Bear Stearns, Lehman PeaksBank debt is as stressed as when Bear Stearns Cos. had to be bailed out and Lehman Brothers Holdings Inc. collapsed, according to analysts at BNP Paribas SA ( Read more... )

The Hard Right in the United Kingdom seized on comments made as Education Secretary Ed Balls shot more than a little discomfort into Gordon Brown's administration.

Call this BANANA whatever you want, but it's becoming increasingly difficult for many in parts of the United States, parts of Europe, parts of Asia and other developing nations, not to ( Read more... )

As we round out this dreadful, yet hopeful year, the editor of the Yale Book of Quotations
has selected these little gems for us to reflect upon for years to come...

As compiled by the editor of the Yale Book of Quotations:1. "I can see Russia from my house!" - Comedian Tina Fey, while impersonating Alaska Gov. Sarah Palin on the TV comedy show " ( Read more... )