Tuesday, September 27, 2011

Alessio "The Trader" Rastani: BBC Interview Was Not A Hoax

Zerohedge follow-up on BBC video:
Zero Hedge's post yesterday of a trader telling the BBC how he (and everyone else) really feels about the current cataclysmic situation, went viral, and as of this writing, was about to generate 100,000 hits . Needless to say, the trader in question, Alessio Rastani, very suddenly and violently entered the public's eye, the most amusing side effect of which was the emergence a fringe group claiming that just because he looks like some other guy, that he is a spoof, and this was immediately used by the conventional media to attempt to discredit him. And as usually happens, this has backfired.
You Tube link
BBC statement:
Statement on BBC News channel interview with trader Alessio Rastani Date: 27.09.2011 The BBC have today issued the following statement regarding an interview with trader Alessio Rastani on the BBC News channel yesterday (Monday 26 September): "We've carried out detailed investigations and can't find any evidence to suggest that the interview with Alessio Rastani was a hoax. He is an independent market trader and one of a range of voices we've had on air to talk about the recession." BBC Press Office

Saturday, September 24, 2011

Gold and Silver: On Sale This Week!

A "golden" opportunity to acquire some physical precious metal assets!
Silver and gold continue their plunge on the London markets
Prices of the precious metals fell in morning trade in London with gold slumping to a seven-week low while the dollar and yen continue to rally amid increased recession fears.


Some savings banks wrestle with run
The run on Tomato 2 and some other lenders began the morning after the Financial Services Commission (FSC) suspended seven savings banks, including major players Tomato and Jeil, in its latest attempt to purge secondary lenders that were crippled by exposure to the country’s toxic property sector.
A crowd gathers at the Myeong-dong branch of the Tomato 2 Savings Bank in downtown Seoul, Monday, to withdraw money after the bank’s parent firm, Tomato Savings, was one of seven secondary banking units that had its business operations suspended. / Yonhap
An official (R) from Tomato Savings Bank briefs people who have spent several hours waiting to get a number that determines the date they will get provisional payments in front of the headquarters of Tomato Savings Bank in Seongnam, south of Seoul, September 22, 2011. South Korea's financial regulator on Sunday ordered seven savings banks, including major player Tomato Savings Bank, to temporarily close as the sector grapples with deteriorating asset quality due to bad construction loans. About 640,000 people have $9.60 billion deposited in the ailing banks, according to local media.

Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?

ZEROHEDGE this morning:
The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding (consisting of Interest Rate, FX, Equity Contracts, Commodity and CDS) among the Top 25 commercial banks (a number that swells to $333 trillion when looking at the Top 25 Bank Holding Companies), a mere 5 banks (and really 4) account for 95.9% of all derivative exposure (HSBC replaced Wells as the Top 5th bank, which at $3.9 trillion in derivative exposure is a distant place from #4 Goldman with $47.7 trillion).

Thursday, September 22, 2011

France bank turmoil

France’s BNP, SocGen Beat Retreat as Europe Debt Crisis Deepens
At the end of March, French financial firms had $672 billion in public and private debt in Greece, Portugal, Ireland, Italy and Spain, according to Basel, Switzerland-based Bank for International Settlements. That’s the biggest exposure to the euro-area’s troubled countries and almost a third more than German lenders. The four largest French banks have 5.9 trillion euros in total assets, including loans and bond holdings, or about three times France’s gross domestic product.

BNP Paribas SA, France’s largest bank, plans “significant” staff reductions at its investment- banking unit as the lender cuts total assets by about 10 percent, Chief Executive Officer Baudouin Prot said.

Wednesday, September 21, 2011

Lloyd’s of London Pulls Deposits From Banks on Debt Crisis

Lloyd’s, which holds about a third of its 2.5 billion pounds ($3.9 billion) of central assets in cash, has stopped depositing money with some banks in Europe’s peripheral economies, Savage said, declining to name the countries or institutions.

Siemens AG (SIE), European’s biggest engineering company, withdrew short-term deposits from Societe Generale SA, France’s second-largest bank, in July, a person with knowledge of the matter said yesterday.

Sunday, September 18, 2011

Chinese City Halts Solar Plant Operation After Violent Protests

The eastern Chinese city of Haining in the province of Zhejiang halted operation of a facility owned by Zhejiang Jinko Solar Co. after violent protests by villagers because of alleged pollution from the plant, according to a video of a local television report posted to the website of the city’s government.
Villagers gathered at the gate of the solar panel producer and overturned eight vehicles and damaged four police cars in protests on Sept. 15 and Sept. 16, according to the report.

Hundreds protest pollution from Chinese factory

Town residents protest at gates to solar panel manufacturer Zhejiang Jinko Solar Co. Ltd. in Hongxiao village in Haining.

Thursday, September 15, 2011

Bani Walid, town in the Libya desert

[from leonor in libya; it is google-translated from Spanish so a bit awkward grammar]:

Bani Walid

It is a small town south of Tripoli, about 170m km. It was founded just over 30 years and has a population of about 100,000.

Geographically it is an oasis on a "dry river" for thousands of years. It is the cradle of an ancient tribe Warfalla and place of supply of Bedouins. Its basic production was the olive oil. Can still be seen almost a thousand plants throughout the city green outlines.

The arrival is through the road that connects it to Tripoli or next of Misurata. At the end of Bani Walid route follows the south and splits into or continues to Shebba Ghadames.

The population is mostly Muslim but there is a core of foreigners (Pakistanis, Indians, Russians, Ukrainians). Its main textile industry was the production of typical wool rugs, traditional Arab or non-woven carpeting stores.

It has a hotel "El Azeiruna" and since the start of privatization was transformed into a dynamic city. The task force is composed of foreigners, Libyans and Tuaregs.

People are very friendly, profess a great friendship and generosity. Over the past decade were built many houses that people can access loans very comfortable. The houses are large, on average 200 meters square and costs around 25,000 euros.

Life is quiet, smooth, everyone knows each other and form a tightly knit community.

Firms are family and the charges are distributed among family members.

Bani Walid could define a neighborhood of a European city in the desert.

It is curious to meet certain customs. If you are staying for some days at the hotel, not surprisingly, upon learning of his nationality cook him something "special" for you or receiving visits from someone who knows his country or speaks your language. You can even receive gifts that leave the hotel concierge and you never know who left them.

This small haven of peace and friendship now under criminal bombs who know nothing of humanity. They are destroying a population, forcing them to emigrate, torturing them with a lack of essential services, killing innocent women and children just because they want to live their own way and have the option to choose their leader.

This is Bani Walid, one of the last strongholds of freedom, dignity and courage. Whoever wants to understand the tests are clear. After 6 months of atrocities, terror, brutality, Bani Walid does not back down and continues to fight to defend the right to life.

Bani Walid was in my heart, I love that town. Martyrdom will not stop a few traitors can not violate the dignity of a people.

BANI WALID VIVA !!!!!!!!!!! To my brother, I have them present and suffer for them. Satan also someday find its end.

Posted by Eleanor at 7:32 [at her blog today]

Sunday, September 4, 2011

Mass demonstrations in Israel

As many as 400,000 Israelis demonstrated on Saturday night against the high cost of living and for social justice in one of the largest protests in the nation’s history, although questions remained about about what it might achieve.

Saturday, September 3, 2011

Booming gold demand in Abu Dhabi

Jewellers in the United Arab Emirates are experiencing difficulties meeting rapidly growing demand for gold bullion. The strong rise in gold prices over recent months did not detract from domestic investors´ willingness to transfer capital into precious metals. On the contrary, locally operating gold traders reported that Abu Dhabi´s demand for 100 gram gold bars has reached new highs. Capital flight into safe havens continues among wealthy and middle-class investors, who fear that the world’s economy may face a double dip recession.

The monetary character of gold and silver makes both precious metals an interesting investment alternative. Paradigms have shifted since the outbreak of the worldwide financial crisis. Wealth preservation, rather than high returns, is now the main goal of investors. Precious metals have seen many different economic systems come and go in the last 5,000 years, while proving to be excellent safe havens. In times of fiat currency debasement and central bank money printing, investors are turning once more to precious metals.

Abu Dhabi´s jewellers have already adapted their business model to new market conditions. Sharply rising gold prices have led to a decline in jewellery demand in the United Arab Emirates, so many local jewellers have started offering gold bars to their clients. At Al Awadhi Jewellery, one of the largest jewellers in Abu Dhabi´s gold Souk, about 30 customers a day ask for gold bars, from 100-gram to 1-kilogram. The prices for these gold products vary between 22,000 dirham (about $6,000) per 100 grams and 220,000 dirham (about $60,000 per kilogram). According to Al Awadhi´s management, the demand for gold bars of these sizes has increased by 60 per cent in the last two months. Demand comes primarily from wealthy and middle-class investors seeking for safe investment alternatives.

Thursday, September 1, 2011

Shadow inventory Armageddon

Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties.

Massive Wave Of Lawsuits To Be Filed By The US Against America's Biggest Banks As Soon As Tomorrow

In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big banks among which Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, in an attempt for Fannie and Freddie to recoup $30 billion if not much more. The lawsuit is expected to hit the docket in the next few days: "The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims."