Aug 31

- It’s Settled: Central Banks Trade S&P500 Futures (ZeroHedge, Aug 30, 2014):

Based on the unprecedented collapse in trading volumes of cash products over the past 6 years, one thing has become clear: retail, and increasingly, institutional investors and traders are gone, probably for ever and certainly until the Fed’s market-distorting central planning ends. However, one entity appears to have taken the place of conventional equity traders: central banks.

Courtesy of an observation by Nanex’s Eric Hunsader, we now know, with certainty and beyond merely speculation by tinfoil fringe blogs, that central banks around the world trade (and by “trade” we mean buy) S&P 500 futures such as the E-mini, in both futures and option form, as well as full size, and micro versions, in addition to the well-known central bank trading in Interest Rates, TSY and FX products. Continue reading »

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Aug 28

- Fed Vice Chairman Warns: Your Bank May Seize Your Money to Recapitalize Itself (SHFTplan, Aug 27, 2014)

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Aug 27

… and Europe:

- Germany Blesses ‘Bail-In’ Deposit Confiscation Plan For Failing EU Banks

- UK Bank RBS Has ‘£100 Billion Black Hole’ & In ‘Danger Of Failing’ – Bail-Ins Cometh

H/t reader squodgy:

“Being a former member of the chosen few, he rejected their ways and chose a form of Christianity.
He knows how the corrupt jews think and plan, and so far, his assessment has been spot on.

This next forecast is worrying, not least because it proves where all the bail out money has gone…..and it isn’t to the middle and lower classes…..”

Bail-ins are coming to a country near you.

Brother Nathanael’s YouTube channel is blocked in several countries, which is why I have provided some alternative uploads for you.

Prepare for collapse.

Physical gold and silver will protect you from bail-ins, but only real preparedness (food, water etc.) will keep you and your family alive.

They don’t need to confiscate your guns, all they need to do is collapse the system and head to their DUMBS …

- Whistleblower Reveals Secret Underground Base Beneath Denver International Airport

- Deep Underground Military Bases (D.U.M.B.S.) In California

- Deep Underground Military Bases (D.U.M.B.S.) – US Has Been Building Large Scale Underground Cities

Most people have only food for 3 days and then the only thing they have left is guns and ammo, lots of ammo.

And then what?

- Dr. Rima E. Laibow: The Globalist Depopulation Agenda (Video):

In 2002 one of Dr. Rima E. Laibow’s patients, a head of state, told her:

“It’s almost time for the great culling to begin.”

Dr. Rima E. Laibow’s husband is Albert “Bert” Newton Stubblebine III a retired Major General in the United States Army. He was the commanding general of the United States Army Intelligence and Security Command from 1981 to 1984, when he retired from the Army.

- Sinister Sites: The Georgia Guidestones

- The Georgia Guidestones: ‘Maintain Humanity Under 500,000,000′


Alternative 1:

Alternative 2:

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Aug 27

Cornel West

- Cornel West slams ‘counterfeit’ Obama’s presidency (RT, Aug 25, 2015):

Cornel West, activist and professor at Union Theological Seminary, ripped Barack Obama’s “Wall Street presidency,” calling him another neoliberal “counterfeit” after posing as a progressive in his initial campaign for the White House in 2008.

“We ended up with a Wall Street presidency, a drone presidency, a national security presidency,” West told Salon.com’s Thomas Frank.

“The torturers go free. The Wall Street executives go free. The war crimes in the Middle East, especially now in Gaza, the war criminals go free. And yet, you know, he acted as if he was both a progressive and as if he was concerned about the issues of serious injustice and inequality and it turned out that he’s just another neoliberal centrist with a smile and with a nice rhetorical flair.”

Public intellectual West lamented Obama’s failure – or refusal – to attempt a revival of democratic principles at a time of “an empire in decline.”

“Our culture is in increasing decay. Our school systems are in deep trouble. Our political system is dysfunctional. Our leaders are more and more bought off with legalized bribery and normalized corruption in Congress and too much of our civil life. You would think that we needed somebody—a Lincoln-like figure who could revive some democratic spirit and democratic possibility.”

West said at a time of deep need for solutions, for a change of culture in the gilded halls of Washington, Obama was another “opportunist.” Continue reading »

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Aug 23

wealth-confiscation

- Is Portugal Next In Line For Wealth Confiscation? (Doug Casey’s International Man, Aug 22, 2014):

The pattern should be seared in your memory by now. If you fail to recognize it, you could be struck with a huge financial blow.

It’s a pattern that has played out over and over throughout history: a government gets into financial trouble, then denies there’s a problem, which is followed by a surprise wealth grab.

That’s exactly what happened when bank deposits in Spain and Cyprus were raided. We’ve also seen retirement savings confiscated in some form in Poland, Portugal, and Hungary. Capital controls have been imposed in Cyprus and Iceland.

Of course these aren’t the only examples of blatant government thievery. These examples are just within Europe and just within recent years. They can and will happen anywhere. Continue reading »

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Aug 23

Alternative upload:

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Aug 22

- Big Banks “Bought” Congress … So Credit Derivatives Are Bigger than Ever (Washington’s Blog, Aug 21, 2014):

The Causes of the 2008 Crisis Have Never Been Addressed

We’ve noted for years that Washington never reined in the risky derivatives which helped cause the 2008 crash … and so the big banks hold more derivatives than ever.

We’ve also noted that the financial services industry has bought and sold Congress.

Indeed, Washington never fixed the causes of the 2008 financial crisis.

Yesterday, Janet Tavakoli gave a good overview of the problem to CBC: Continue reading »

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Aug 21

- Bank of America agrees to $17bn fine over mortgage fraud – report (RT, Aug 20, 2014):

America’s second largest lender has reached a $17 billion settlement with US federal authorities over selling bad mortgages, according to sources close to the negotiations.

The bank will pay out $10 billion in cash and $7 billion for consumer relief – such as modified home loans and refinanced mortgages, AP reports, citing officials close to the negotiations. The final verdict is due on Thursday.

The fine will be the largest single compensation settlement, beating out JPMorgan Chase & Co’s $13 billion penalty paid in November 2013. Citigroup, another major US bank, had to pay $7 billion in July. Continue reading »

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Aug 21

H/t reader squodgy:

“Several years ago, when I first got interested in who owns what, I saw this video which shows where the man himself was worming his way in.

Not only is he now selling weather guarantees (no connection with chemtrails & HAARP there then?!?!….erm), he is advocating the one world currency and the supervisor of the Chinese Central Bank is his ‘friend’.

Again, what we are seeing is all window dressing to keep us confused. Whatever Vlad does with China, it has Rothschild’s nod of approval because they’re already in there.

Think about it, the USA and EU are bust, the BDI is bottomed so world trade is grinding to a halt. China has just admitted it has been borrowing trillions to build twenty cities……….who other than the people who own 90% of world assets would stump up that much? It was their perfect leverage to gain control of the Chinese financial sector.

In my humble opinion, the Chinese Credit Card is one of Rothschild’s moves, and if Vlad locks in to it, it will please Evelyn.”


June 7 (Bloomberg) — Evelyn de Rothschild, chairman of E.L. Rothschild Ltd., talks about China’s economic development and outlook for the country’s financial services industry. De Rothschild speaks from Beijing with Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” (Source: Bloomberg)

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Aug 20

- Wall Street banks ‘may desert UK for Ireland’ if Britain leaves EU (RT, Aug 19, 2014):

Wall Street banks could abandon Britain for the Republic of Ireland if the UK decides to leave the EU, senior figures in the industry have reportedly said. This is despite a Forbes report that names London the world’s ‘most influential city’.

Changes to EU banking rules could see London stripped of its financial preeminence. Some major institutions including Bank of America, Citigroup and Morgan Stanley are believed to be drawing up plans to desert the City amid concerns the UK is drifting further from the EU.

This is despite a Forbes list of “The World’s Most Influential Cities 2014″ which ranked London as the most influential city in the world, because it attracts more than double the amount of foreign direct investment deals than New York, which came in second. Continue reading »

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Aug 18

unionpay

- Russia launches China UnionPay credit card (RT, Aug 15, Edited Aug 18, 2014):

Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay.

China UnionPay plans to have 2 million cards in Russia in the next three years.

Instead of seeing the small Visa and MasterCard logo on credits cards, ATMs, and retail outlets, Russians will start to see the three words “China. Union. Pay.” Continue reading »

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Aug 15

- The Price To Keep Bankers Out Of Jail: $110 Billion And Rising (ZeroHedge, Aug 14, 2014):

Six years after the greatest financial crisis in modern history, not a single prominent – and bailed out - banker (or frankly any for that matter) has gone to prison. Still, in the great squid pro non-jail quo, regulators and the DOJ have had to be appeased somehow. That “somehow”, as has been revealed over the past several years, is with quarter after quarter of massive legal charges, settlements, penalties and so on. Of course, since the banks wouldn’t exist in the first place if it wasn’t for a multi-trillion taxpayer bailout, they don’t mind because the math is quite simple: being converted into a government utility is better than being bankrupt anyday. Also, it is shareholder money, not an actual clawback (oh, the horror). Continue reading »

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Aug 11

FYI.


Iraq3

- America’s Secret Civil War (Veterans Today, Aug 10, 2014):

A Secret American Civil War is now being waged as Terrorist Proxy-Wars in Syria, the Ukraine and Afghanistan.

 This is a remote civil war with the “Aggressors” being Mind-kontrolled Mercenary Zombies fighting on behalf of the City of London (COL) Rothschild World Zionists (WZs), Israeli’s Leaders, Saudi Arabia and Bush Crime Cabal lackeys still deeply embedded inside the Secret Shadow Government (SSG aka the US Privatized Defense establishment).

And on the other side, best viewed as the “Defenders” which are now counter-attacking in Iraq, is the USG on behalf of the current Administration who have been playing along at times but are now directly bucking the City of London and Israeli WZs and the Bush Crime Cabal (BCC).(1)

The reason the US Administration has ordered an attack on ISIS in Iraq when they did nothing for so long? Because the ISIS made the mistake of attacking Kurdistan which has been a very strong secret Allie of the US Administration. It seems clear that this is a line that even President Obama will not allow ISIS to cross. Continue reading »

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Aug 11

FYI.


- HSBC targets account of Syrian refugees in the UK (RT, Aug 8, 2014):

Banking giant HSBC has been accused of “shamelessly profiling” its customers after it closed bank accounts belonging to Syrian refugees and students in the UK.

Despite cracking down on its customers with even the most flimsy connection to Islam, HSBC itself has been linked to terrorism financing, including Hezbollah and 9/11 and the laundering of billions of dollars by Latin American drug cartels.

HSBC, branding itself as “the world’s local bank,” is increasingly being accused of Islamophobia, after it emerged that the bank is closing accounts of Syrian nationals in the UK. The move comes shortly after the global banking giant closed the accounts of high-profile UK-based Muslim groups. Continue reading »

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Aug 05

too-big-to-fail

- Another Settlement – JP Morgan Receives Slap on the Wrist Despite Years of Fraudulent CFTC Data (Liberty Blitzkrieg, Aug 4, 2014):

The Commodities Futures Trading Commission (CFTC) has been long viewed as one of the most corrupt of American institutions – and that’s saying a lot. Putting aside all the accusations with regard to silver manipulation in recent years, the most stunning controversy occurred back in 2010 when a retiring judge accused the other remaining judge of being a total bought and paid for Wall Street crony.

The retiring judge was George Painter, who accused fellow judge Bruce Levine of not once ever ruling in favor of an investor in his 20 years on the bench. Not only that, but he claimed this was the result of a promise Levine made to Wendy Gramm, the former head of the CFTC and the wife of Phil Gramm. Phil Gramm was the Congressman who spearheaded the repeal of Glass-Steagall in 1999, which is seen by many (including myself) as one of the most catastrophic pieces of legislation in American history since it laid the groundwork for the financial crisis of 2008, as well as the continued cancerous permanence and power of TBTF banks. FiredogLake covered the CFTC controversy in 2010: Continue reading »

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Aug 04

- Deutsche Bank “Raises The Warning Flag”: What The Most Important Chart For The Market Reveals (ZeroHedge, Aug, 4, 2014):

“The risk sell-off we’ve seen in recent weeks frustrates us a little as the chart we’ve published most this year has pretty much predicted that tougher times would come around July. We’ve been paying it a lot of attention for over a year now but decided to wait until the autumn before we raised the warning flags. The chart in question (included in today’s pdf) is the one showing the Fed balance sheet and the S&P 500 (as a proxy for risk generally). As you can see, since the Fed balance sheet was used as an aggressive policy tool post-GFC, the graph suggests that the S&P 500 is well correlated with the size of the Fed balance sheet…  This is important as virtually all of the mega rally in the last 5 years has come in the Fed balance sheet expansion periods.” – Deutsche Bank

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Aug 04

- Money Creation – “So Simple The Mind Is Repelled” (ZeroHedge, Aug, 3, 2014):

As John Kenneth Galbraith famously stated, “The process by which money is created is so simple the mind is repelled.” As Peak Prosperity’s Chris Martenson explains (as part of his excellent Crash Course), essentially, money is lent into existence though fractional reserve banking. The dollars you deposit at the bank? They turn into nearly 10x that amount as your bank subsequently makes loans using that money as collateral. As simple as the process is, nearly every American remains ignorant of it and its massive implications. At the heart of the matter is this: our money supply and its related debt obligations MUST continue expanding (thereby devaluing the purchasing power of each dollar ad infinitum) — forever — or the entire system collapses upon itself. Prepare to be repelled…

For those who simply don’t want to wait until the end of the year to view the entire new series, you can indulge your binge-watching craving by enrolling to PeakProsperity.com. The entire full new series, all 27 chapters of it, is available — now– to our enrolled users. Continue reading »

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Aug 04

G-20 Revolt? France Gets “Positive Reception” To Challenge US Bank Fines (ZeroHedge, Aug, 3, 2014):

In recent weeks France has defied US demands not to build Mistrals for Russia, has questioned dollar imperialism and the Petrodollar, and has blasted the US banking regulator’s fines as “accelerating the decline of the dollar.” So it is likely not a huge surprise that ahead of the G-20 meeting of world leaders later in the year, The FT reports, France has gathered support to challenge US regulators imposing heavy penalties on foreign banks. Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet hoping to bring “more proportionality” to bank fines. With allies like this…

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Aug 04

20140803_CCB

- ‘Glitch’ Halts All ATM & Online Operations For World’s 2nd Largest Bank (ZeroHedge, Aug, 3, 2014)

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Aug 04

- Portugal’s Insolvent Banco Espirito Santo To Be Bailed Out, Existing Equity To Be Wiped Out (ZeroHedge, Aug, 3, 2014):

  • Portugal may use the Resolution Fund to recapitalize Banco Espirito Santo, Diario Economico reports, citing unidentified people linked to the process.
  • Resolution Fund may inject more than €3 billion
  • A “bad bank” may be created for the toxic assets of the credit portfolio
  • Solution aims to rescue Banco Espirito Santo without spending taxpayers’ money, and is being prepared by the government and the Bank of Portugal
  • From Aug. 4, Banco Espirito Santo will leave the stock market and will be 100% owned by the Resolution Fund, an entity created in 2012 and financed by Portuguese banks and by revenue from the special contribution that the banking sector pays the Portuguese state

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Aug 02

- Alarm Bells Ringing: Behind The Smoke And Mirrors Of The European Banking System (ZeroHedge, Aug 2, 2014):

Alarm bells in the European banking system have been ringing for quite a while but nobody seems to be listening. The roaring capital markets are just too loud. But we have been keeping track of a few things.

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Aug 02

- Russian Oligarchs Wave Goodbye To Visa, Switch To Chinese Credit Card (ZeroHedge, Aug 2, 2014):

So much for the “Russia is becoming increasingly isolated” meme that the West would like many to believe. As Russia continues to sign de-dollarization deals and trade agreements with its BRICS allies while pushing ahead with retaliatory actions against the US and Europe, it appears the ‘sanctioned’ friends of Putin are taking matters into their own hands. Billionaire oligarch Gennady Timchenko, among the first to be hit by travel bans and asset freezes by the US, has decided to tear up his Visa and Mastercard, shifting all his credit cards to China’s UnionPay, noting that “in some ways it is more secure than Visa – at least the Americans can’t reach it.”

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Jul 30

Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To “Unexpected Facts” (ZeroHedge, July 29, 2014):

With all other operating holdcos having already declared bankruptcy, the anxiety over Banco Espirito Santo is growing (despite DE Shaw and Goldman Sachs recommending investors buy the shares). Despite Bank of Portugal reassurance last night that “BES is able to raise capital), the stock is plunging on news of “unexpected facts” this morning…

  • *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED DUE TO “UNEXPECTED FACTS”
  • *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING

Remember, this is systemic (as the Portugues President has warned), and the contagion is potentially global… not “contained.” Continue reading »

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Jul 28

Full article here:

- Forget What They Say And Watch What They Do (Mark St.Cyr, July 27, 2014):

You pay attention to when implementations seem to be appearing on a near regular basis that can separate you from your money with, or by the force, of law. e.g., The “Gates” Are Closing: SEC Votes Through Money Market Reform


You don’t sit down and draft this stuff up when everything is just ducky. You do it when you know or believe: If this shite hits the fan – its gonna get a whole lot worse even faster. Continue reading »

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Jul 27

“London Fix” Gold Rigging By Bullion Bank Exposed In Class Action Lawsuit: The Complete Charts (ZeroHedge, July 27, 2014):

While the allegations in the lawsuit are well-known to frequent (and all other) readers of Zero Hedge, we recommend reading the full filing as it explains in clear English just what the fixing process worked. Perhaps what is more interesting are the abnormalities in the price of gold as highlighted by Derksen, which clearly show the critical role the daily fix has in the manipulation of the price of gold, both in a downward and upward (mostly downward) direction: whichever suits the London Fix member banks.

 

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Jul 23

Flashback:

- This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – THE SEQUEL


- Frontrunning: July 23 (ZeroHedge, July 23, 2014):

  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick’s cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters) (Sure!)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)

Overnight Media Digest

WSJ

* Two U.S. appeals courts issued conflicting rulings on subsidies for health coverage purchased on federal insurance exchanges, clouding a major part of Obama’s health law. (http://on.wsj.com/1pb81yo)

* The Federal Reserve Bank of New York found that Deutsche Bank AG’s U.S. operations suffer from a litany of serious financial reporting problems that the lender has known about for years but not fixed. (http://on.wsj.com/1jUoOXe) Continue reading »

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Jul 23

From the article:

“As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.”

Related info:

- The Size Of The Derivatives Bubble Hanging Over The Global Economy Hits A Record High

- The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of “Significant Operational Risk” (ZeroHedge, July 22, 2014):

First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote “Yes” on the next, “Level-3″ round of Russia sanctions when it revealed, via the WSJ, that “Deutsche Bank’s giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems.”

What could possibly go wrong? Well… this. Recall that as we have shown for two years in a row, Deutsche has a total derivative exposure that amounts to €55 trillion or just about $75 trillion. That’s a trillion with a T, and is about 100 times greater than the €522 billion in deposits the bank has. It is also 5x greater than the GDP of Europe and more or less the same as the GDP of… the world.

DB Derivs in context_0

More from WSJ:

In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank’s U.S. arms “are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.”

The criticism from the New York Fed represents a sharp rebuke to one of the world’s biggest banks, and it comes at a time when federal regulators say they are increasingly focused on the health of overseas lenders with substantial U.S. operations.

The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made “no progress” at fixing previously identified problems. It said examiners found “material errors and poor data integrity” in its U.S. entities’ public filings, which are used by regulators, economists and investors to evaluate its operations.

The shortcomings amount to a “systemic breakdown” and “expose the firm to significant operational risk and misstated regulatory reports,” said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.

Deutsche Bank’s external auditor, KPMG LLP, also identified “deficiencies” in the way the bank’s U.S. entities were reporting financial data in 2013, according to a Deutsche Bank email reviewed by the Journal.

Oh wait, so those €55 trillion in derivatives are actually completely fabricated? Well if that doesn’t send the S&P 500 limit up nothing will.

DB’s response is the generic one already attempted by that other permacriminal bank, Barclays, which hired a few hundred compliance people after it was revealed that the British firm was manipulating and rigging pretty much every product and market it was involved in.

“We have been working diligently to further strengthen our systems and controls and are committed to being best in class,” a Deutsche Bank spokesman said Tuesday. As part of this, he said, the bank is spending €1 billion globally and appointing 1,300 people, including about 500 compliance, risk and technology employees in the U.S. Mr. Muccia declined to comment.

Sadly for now what this latest Pandora’s box means is that confidence in Europe’s insolvent banks just crashed with a bang once again, not that it would be reflected in the stock’s rigged price of course: rigged most likely by Deutsche Bank among other of course.

The New York Fed’s concerns also pose a challenge for Deutsche Bank’s longtime finance chief, Stefan Krause, who is ultimately responsible for the company’s financial figures and has been spearheading efforts to improve the quality of the bank’s reporting.

The concerns from regulators strike at the heart of an issue plaguing many of the world’s big banks: Some investors lack confidence in the integrity of their numbers. Such fears have been especially prevalent in Europe.

Then again, none of DB’s numbers actually matter: if the banks needs a bailout the Fed will promptly step in, and today’s advisory has one simple end point, which happens to be the same as the recent BNP $9 billion fine – don’t even dare to side with Putin over the US. Because you sure have big bank over there Germany… It would be a pity if the NY Fed i) revealed just how insolvent it truly was and ii) decided not to bail it out subsequently.

* * *

As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.

 

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Jul 23

- Portugal President Admits Espirito Santo Failure Could Be Systemic As Another HoldCo Goes Bankrup (ZeroHedge, July 22, 2014):

As RioForte joins its parent ESI in bankruptcy, in a strangely honest turn of events from a European leader, Portugal’s President Anibal Cavaco Silva warned on Monday that fallout from the financial troubles of the founding family of Banco Espirito Santo (BES) could affect the wider economy. With Portugal’s hope-strewn GDP growth expectations at only 0.9% for 2014, they do not have much room for disappointment before the nation (whose yields remain near record lows) double- or triple-dips back into recession. Silva concluded, “We cannot ignore that there will be some impact on the real economy,” which is odd given every talking-head has explained it is “contained” and “priced-in.”

Rioforte joins ESI in bankjruptcy…

  • *RIOFORTE SAYS IT SEEKS PROTECTION FROM CREDITORS
  • *RIOFORTE SAYS FILING IS LINKED TO DIFFICULTIES AT ESI

Just another default in the chain Continue reading »

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Jul 21

- Goldman Managing Director Found Dead In Apparent Kite Surfing Accident (ZeroHedge, July 21, 2014):

Police are still investigating the tragic death of 39-year-old Goldman Sachs Managing Director Nicholas Valtz this weekend. As Bloomberg reports, Valtz, a “novice kiteboarder,” was found dead yesterday by family members who went searching for him after he didn’t return from a kiteboarding outing. While there is no accusation of suicide in this case, it sadly brings the number of young financial services executives deaths to 16 this year.

20140721_valtz

As Bloomberg reports,

Nicholas Valtz, a managing director in cross-asset sales at Goldman Sachs in New York, was found in Napeague Harbor off the coast of Long Island, according to the East Hampton police. Valtz, 39, was a “novice kiteboarder” and was found floating in the water secured to his kite, police said in a statement released yesterday. Other kite gear was found in a grassy area of the harbor, police said. Continue reading »

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Jul 19

Holding Company Of Portugal’s 2nd Largest Bank Just Filed For Bankruptcy Protection (ZeroHedge, July 18, 2014):

Following this morning’s farce of huge investor demand and then Bank of Portugal’s Costa ‘hoping’ for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly…

*ESPIRITO SANTO INTERNATIONAL SAYS IT CAN’T MEET OBLIGATIONS
*ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT’ REGIME UNDER LUXEMBOURG LAW

The “controlled management” application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.

 

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