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Keyword: derivatives

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  • Don't come looking at Gramama Obama's Bank

    04/26/2010 7:19:26 PM PDT · by tutstar · 93 replies · 2,309+ views
    lame cherry ^ | Sept 28 2008 | lame cherry
    Tucked away on the 10th floor of South Beretania apartments in Honolulu, Hawaii is quite a woman, the one engineered profile online suggests for Madelyn Lee Payne Dunham, the grandmother who raised Barack Hussein Obama when he was abandoned by his mother, but for the wonder woman profile which was created online, the one question jumps out that no one has noticed: If Madelyn Dunham was thee woman as her profile states who paved the way for all women in banking, thee woman who raised Barack Obama, then why is Barack Obama running away from this woman, why is she...
  • Buffett swings derivatives reform

    04/26/2010 6:35:55 AM PDT · by throwback · 4 replies · 296+ views
    ftalphaville.ft.com, WSJ ^ | Apr 26 | Paul Murphy, DAMIAN PALETTA, SCOTT PATTERSON
    Lobbying by Warren Buffett’s Berkshire Hathaway on proposed financial reform as it impacts the treatment of derivatives has helped the famed investor avoid a financial hit, the WSJ claimed. Derivatives reform has been folded into broader legislative measures, senior Democrats told the paper.
  • Next bubble: $600 trillion derivatives? (Cities, states, universities could sink from meltdown)

    04/22/2010 9:48:31 AM PDT · by SeekAndFind · 27 replies · 1,237+ views
    Worldnetdaily ^ | 04/22/2010 | Jermone Corsi
    <p>As interest rates begin to rise worldwide, losses in derivatives may end up bankrupting a wide range of institutions, including municipalities, state governments, major insurance companies, top investment houses, commercial banks and universities.</p> <p>Defaults now beginning to occur in a number of European cities prefigure what may end up being the largest financial bubble ever to burst – a bubble that today amounts to more than $600 trillion.</p>
  • Brooksley Born Excoriates Alan Greenspan: “You Failed”

    04/07/2010 5:53:20 PM PDT · by dangthis · 174 replies · 1,869+ views
    FDL News Desk ^ | Wednesday April 7, 2010 | David Dayen
    "At today’s Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure – to his face. Greenspan accords a certain degree of respect on Capitol Hill, despite Born’s accurate take on his many failures, and so this outburst was highly unusual – and gratifying. Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency “failed to prevent housing bubble, failed to prevent the...
  • Investors can soon make bets on movie box office (Financial Exchange for Movie Derivatives)

    03/11/2010 7:33:44 AM PST · by SeekAndFind · 15 replies · 1,226+ views
    Los Angeles Times ^ | 03/11/2010 | Nathaniel Popper and Ben Fritz
    Two new futures exchanges will let studios spread the financial risk of creating films. Welcome to Hollywood's newest version of risky business: movie derivatives. Two trading firms, one of them an established Wall Street player and the other a Midwest upstart, are each about to premiere a sophisticated new financial tool: a box-office futures exchange that would allow Hollywood studios and others to hedge against the box-office performance of movies, similar to the way farmers swap corn or wheat futures to protect themselves from crop failures. The Cantor Exchange, formed by New York firm Cantor Fitzgerald and set to launch...
  • Goldman Sachs, Greece Didn’t Disclose Swap Contract

    02/17/2010 11:54:41 AM PST · by the invisib1e hand · 2 replies · 220+ views
    QuantNet ^ | 021710 | Elisa Martinuzzi
    Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit. more at link.
  • Wall Street’s Euro Scams (secret derivatives deals behind the euro crisis stay secret)

    02/17/2010 8:49:45 AM PST · by SeekAndFind · 6 replies · 479+ views
    Newsweek ^ | 02/17/2010 | Mark Hirsh
    Behind each great historical phenomenon," Niall Ferguson has written, "lies a financial secret." So it is with Europe's latest identity crisis. Greece's euro troubles have a lot to do with its fiscal irresponsibility and the instability at the heart of European Monetary Union—a group of countries that sometimes behave like "the United States of Europe" and at other times revert to nationalistic petulance (witness German resistance to a Greek rescue). But the Greek panic—and fears of a euro collapse and another financial contagion—also have a great deal to do with secret derivatives deals orchestrated by big American banks. As a...
  • Federal Reserve Moral Hazard Smoking Gun: Goldman Was Willing To Tear Up AIG Derivative Contracts

    01/26/2010 4:45:12 AM PST · by mikelike · 19 replies · 665+ views
    Zero Hedge ^ | 1/25/10 | Tyler Durden
    {snip} In tonight's Heard On The Street section, the WSJ notes: As everybody knows, AIG got a huge government bailout in September 2008 to help make payments on derivatives contracts with banks, including Goldman. Yet in the previous month, Goldman approached AIG about "tearing up" its contracts, according to a November 2008 analysis by BlackRock, then an adviser to the New York Fed. So was Goldman prepared to offer AIG a haircut in the month before its rescue? A legitimate question, given that Goldman refused to accept such a cut when the New York Fed raised the idea after it...
  • Deriving the Truth - Brooksley Born wants the public—and Wall Street—to understand unregulated...

    01/18/2010 4:21:48 PM PST · by neverdem · 6 replies · 447+ views
    City Journal ^ | 14 January 2010 | Nicole Gelinas
    Brooksley Born wants the public—and Wall Street—to understand unregulated derivatives’ role in the crisis.At yesterday’s Financial Crisis Inquiry Commission hearings, Brooksley Born, one of the 10 commissioners on the Congressional panel, didn’t use her time taking cheap shots. Born, who ran the Commodity Futures Trading Commission (CFTC) under President Clinton, asked modest questions of Goldman Sachs chief Lloyd Blankfein. The details that she tried to uncover are the financial crisis, distilled. Born confined her questioning to inadequately regulated, or “over the counter,” derivatives. It’s easy to see derivatives as peripheral to the “mortgage crisis,” but they were actually central to...
  • Chinese firm beats Morgan Stanley out of most of its derivatives claim

    01/12/2010 11:55:42 AM PST · by FromLori · 1 replies · 338+ views
    GATA ^ | 1/7/10 | cpowell
    Morgan Stanley has ended a confrontation with a Chinese company over disputed hedging contracts in an out-of-court settlement that may be a model for ending similar disputes involving mainland enterprises. The Morgan Stanley dispute with China Haisheng Juice Holdings was the most public of many between foreign investment banks and dozens of mainland Chinese companies over lossmaking derivatives deals. The scale of the losses in the wake of the financial crisis triggered a clampdown on derivatives by regulators in Beijing and criticism of the practices of foreign banks. The two companies have agreed to end legal proceedings over renminbi-dollar hedges...
  • JP Morgan and Goldman Sachs Trillions Deep In Derivatives or Dumbed-Down Reporting?

    12/30/2009 5:16:02 PM PST · by FromLori · 19 replies · 807+ views
    Market Oracle | 12/30/2009 | Rob Kirby
    On December 29, 2009 The New York Post [josh.kosman@nypost.com] published an article titled, Deep in derivatives, where scribe Josh Kosman ‘took-a-shot’ at explaining the ABSURDITY of the bind boggling derivatives positions amassed by financial behemoths such as J.P. Morgan Chase and Goldman Sachs. In an attempt to explain how dangerously systemically-interconnected derivatives makes ALL banks, Kosman began; “The amounts are so large that if the swaps and other derivative contracts the banks broker go bad because the parties on either side of the deal collapse, the banks could be in trouble.” Kosman then goes on with some very superficial analysis...
  • Small Chinese Company Tells Goldman To Take A Hike, Refuses To Pay $80 Million In Derivative Losses

    12/29/2009 2:57:19 PM PST · by FromLori · 14 replies · 1,317+ views
    Zero Hedge ^ | 12/29/09 | Tyler Durden
    It appears that even after thoroughly dominating the US legislative, judicial and executive branches, the long tentacles of the squid have been no better than the Mongolian hordes at overcoming the Chinese Wall (which is ironic seeking how easy it is to ignore the same construct internally between the firm's prop and flow traders...and yes, we will be posting our response to Goldman shortly, we have not forgotten). In the meantime, half a world away, a small Chinese power generator, Shenzhen Nanshan Power, is blatantly refusing to honor contracts with Goldman Subsidiary J. Aron for $80 million in derivative losses,...
  • Not All Banks Are Created Alike

    12/20/2009 9:55:33 AM PST · by FromLori · 7 replies · 395+ views
    WSJ ^ | 12/19/09 | ROBERT G. WILMERS
    Congress is moving rapidly toward new financial-services regulation, focused on limiting the sort of "systemic risk" said to have helped bring on the current recession. But we are also in a period where there is great concern about the limited availability of credit to fund companies whose growth could bring down the country's persistent high unemployment. Any new regulation of the financial industry must distinguish between firms engaged primarily in speculative trading and lenders linked to the real economy of Main Street. The great danger is that regulation of the former might inadvertently strangle the latter. Today, not all institutions...
  • Rob Johnson: Too-Big-To-Fail Dragon Not Slain in House Financial Regulatory Reform Bill

    12/13/2009 6:50:53 PM PST · by WashingtonSource · 5 replies · 374+ views
    Mind Over Market ^ | December 13, 209 | Robert Stowe England
    In the financial regulatory overhaul bill that passed the House December 11, insufficeint regulation of over-the-counter (OTC) derivatives 'renders impotent' the enhanced resolution powers aimed at making sure large financial institutions are not too big to fail, according to economist Robert Johnson
  • Carbon capitalists warming to climate battle using derivatives (a new financial industry)

    12/08/2009 10:36:54 AM PST · by SeekAndFind · 13 replies · 475+ views
    Economic Times ^ | 12/8/2009
    Across Uganda, thousands of women warm supper over new, $8 orange-painted stoves. The clay-and-metal pots burn about two-thirds the charcoal of the open-fire cooking typical of East Africa, where forests are being chopped down in the struggle to feed the region’s 125 million people. Four thousand miles away, at the Charles Hurst Land Rover dealership in southwest London, a Range Rover Vogue sells for £90,000 pounds. A blue windshield sticker proclaims that the gasoline-powered truck’s first 45,000 miles (72,421 km) will be carbon neutral. That’s because Land Rover, official purveyor of 4x4s to Queen Elizabeth II, is helping Ugandans cut...
  • Understanding Climategate's "Hidden Decline"

    12/06/2009 9:41:43 AM PST · by thought · 33 replies · 1,360+ views
    American Thinker ^ | 12/6/2009 | Marc Sheppard
    Close followers of the Climategate controversy know that much of the mêlée surrounds an email in which Climate Research Unit (CRU) chief Phil Jones wrote about using “Mike’s Nature Trick” (MNT) to “hide the decline.” And yet, 17 days and thousands of almost exclusively on-line op-eds into this scandal, it still seems very few understand exactly which “decline” was being hidden, what “trick” was used to do so, and why Jones’s words have become the slogan for the greatest scientific fraud in history. As the mainstream media move from abject denial to dismissive whitewashing, CRU co-conspirators move to Copenhagen for...
  • Chinese official raps US banks on derivatives

    12/04/2009 3:12:48 PM PST · by Mr. Jeeves · 4 replies · 273+ views
    AsiaLynx.com (ChinaDaily.com) ^ | 12/4/2009 | Agencies
    A senior Chinese official criticized foreign banks for selling derivatives with “fraudulent characteristics” that led to heavy losses for state-owned airlines and other companies. “Some international investment banks are the biggest villains,” said Li Wei, deputy chairman of the agency that oversees China’s biggest state companies, in a commentary in this week’s edition of the Study Times, a newspaper published by the school of the Communist Party’s Central Committee. The comments were the Chinese government’s most pointed public criticism yet of foreign institutions. Li’s agency said in September it would support companies that want to challenge the contracts in court....
  • China denounces U.S. banks for 'evil intent' with derivatives

    12/03/2009 3:05:12 PM PST · by FromLori · 12 replies · 631+ views
    GATA ^ | 12/3/09
    A senior Chinese official who oversees the country's largest state-owned enterprises has publicly slammed Western investment banks for "maliciously" peddling complicated derivative products that caused huge losses for Chinese companies over the last year. In Beijing's strongest criticism on the matter to date, Li Wei, vice director of the state-owned Assets Supervision and Administration Commission, singled out Goldman Sachs, Morgan Stanley, Merrill Lynch, and Citigroup in a long and highly critical article in the latest issue of an official Communist party newspaper. The large losses suffered by Chinese state companies were "closely associated with the intentionally complex and highly leveraged...
  • Frontline PBS Show Live Thread (Airing 9:00 Central) Vanity

    10/20/2009 7:19:04 PM PDT · by Freedom56v2 · 13 replies · 859+ views
    PBS | 10/20/09 | bushwon
    Frontline PBS TV program on Greenspan; mentioned Alan Greenspan as student of Ayn Rand...Thots.
  • THE KILLING OF MICHAEL MALLOY

    10/06/2009 8:44:22 AM PDT · by parsifal · 15 replies · 1,138+ views
    Trivia Library ^ | Historical | Irving Wallace
    He was--at least up to a point--the most durable human being in American history, possibly in world history. Over 30 attempts were made to murder him. He survived them all. He was truly incredible. His name was Michael Malloy, and he was a bleary-eyed, unsteady diminutive Irishman originally from County Donegal. While his insurance policy would later falsely give his age as 45, he was actually 60 years old. Once, in better times, he had been a fireman, but now in 1933 his almost full-time occupation was alcoholic.