The "up-to-the-minute Market Data" thread

Here's a PFD on the final regulations for implementation of the Basel II Accord in the United States.

I see no final date in this...17 pgs...

www.pdfdownload.org...

And this...

The Implementation of Basel II: Some Issues for Cross-Border Banking
www.federalreserve.gov...

~
It was a difficult decision for the Basel Supervisors' Committee to delay by one year, to 2008, the start date for implementation of the advanced approach while retaining the 2007 target for the other approaches. The delay reflected the realities that many banks that will be applying the advanced approach needed more time and that the requirements in the United States for public comment and review made it impossible for final U.S. rules to be promulgated before 2006. Thus, the earlier start for the other approaches, along with the imposition of the 95 percent of Basel I capital floor for that first year, 2007, seemed to all concerned to be a reasonable compromise, more practical than trying to hold to the original schedule for all banks or delaying the start date for approaches not permitted in the United States.

Under the circumstances, consistent with our agreement to have a single, worldwide start date for the advanced approach, the U.S. authorities do not see any opportunity for implementation of the advanced approach in the United States before 2008, regardless of any individual bank's ability and readiness to do so.

Maybe this was part of the problem for last years collapse eh?

[edit on 9/21/2009 by Hx3_1963]

Originally posted by mrsdudara
OK, This was the first I had ever heard of a Bassel anything. So I looked it up and saw things like the Federal Reserve is not Basel III ready and what that means. I dont exactly understand what that means and if they were actually serious. Is the world really saying that we have to go back to currency that states that it is gold backed or else that currency is no longer worth anything?

Im confused.

You should have included a link to the source of your confusion. If you saw things such as that the Federa Reserve is not Basel III ready, then the source is of a dubious nature, coz the Federal Reserve is not a bank.

There is constant fearmongering going on in the sewers of the Internet.
Just think about it. The governments have spent trillions on keeping the banks operating, and now there is a word out that non-compliance with some suggested rules would close a bank. Just think about for a sec . . .

Maybe you could use this source:
www.reuters.com...


[edit on 9/21/2009 by stander]

Originally posted by stander
It's not easy to keep up with all the jargons and acronyms to the words that no one can even pronounce -- words coined to disguise the real meaning of mostly dubious activities of the financial word:

The drive for Dow 10,000 hit a bump on the road Monday as investors took a breather, sending stocks down more than half a percent at the opening bell.

A breather?
What's wrong with the word "money"?

For how long will that "breather" last?
It all depends on the "investors" when they decide on buybacks. They usually make these decisions before going to lunch according to recent EAS data.


(EAS = "Etch A Sketch" --> DJIA = "Dow Jones Industrial Average")

The "investors" are creatures guided by their habits, and thus predictable.

LUNCHTIIIIIIIIME!

[atsimg]http://files.abovetopsecret.com/images/member/177fe8f48f22.jpg[/atsimg]

Nice sketch . . . What is it?
Bowl of soup?
Very nice. Artful, indeed

Originally posted by HimWhoHathAnEar
The Option-ARM and Alt-A reset waves have already begun, which will make subprime look like a picnic. Then there's Basel III compliance:

September 30th is the date all banks worldwide must become Basel II and Basel III compliant. Those who do not will not be allowed to trade outside of their borders with any bank, nor within their borders with a Basel II or III bank. US banks have massive derivative exposure “off balance sheet”, thus they won’t qualify under Basel III. If pursued the world will find out that the US banking system is bankrupt. The world knows the Fed is the lender of last resort and its problems are beyond repair, so is it any wonder gold has broken out to new highs. This is a monumental event and if it has to be adhered too all hell will brake loose in October.

www.marketoracle.co.uk...

I hear the fat lady tuning her voice in the background.

Im sorry, stander, This is the source of my confussion. It was 10 posts above mine.

reply to post by Hx3_1963


Fabulous read. HOLY COW. There is so much I didnt understand completely. That does put things in perspective doesnt it?

Ok, please pardon my lack of knowledge on this subject. I am trying to deny ignorance and dig my head out of the sand. I know that earlier, Russia and a couple other countries said that we needed to stop using US currency as the main currency that everything was based off of. Then a some other countries joined in not too long ago, and there was rumor of a single currency developing. Something that I totaly blew off because it sounded totaly crazy.

Then I was reading this morning - one of the things that made me jump to this thread - about how our Treasurer asked for a lot of heavy info from the Fed who said, basicly, dream on.

In your alls opinion, does that all fit in somehow?

Also, if this does come about, then do we no longer owe taxes to the fed?

Playing devils advocate for a moment here, could everything that has happened over the past couple of years been done intentionally to get the Fed out? Was that the only way to, well, fire them so to speak?

I am seeing a lot about this, but not here in our own country. Though that piece posted by Hx3 does seem to sum it up straight from the horses mouth. The September 30 date is comming from news articles outside our country.

reply to post by stander

Oh, you mean the gatherings are affecting the market like the moon affects the tide in the oceans?

The Global 20 nation meetings are probably as close to a New World Order as the public is going to be informed about. Decisions on everything from oil prices to currency valuations are discussed and sometimes new guidelines are proposed which may or may not be followed by key policy implementers from the different member countries.

Over the weekend Google news was pushing a story that suggested the US dollar would steady ahead of this weeks G20 meeting. Currency stability has been mention as a goal by the US Fed. It is conceivable that a statement issued at the end of the G20 meetings might include language that attracted buyers from the other side of the globe to the US dollar.

NZSE 50 3,146.398 7:18PM ET Down 23.823 (0.75%)

There's that date...again...

Vicis Capital Suspends Redemptions After Hedge Fund Loses 12%
www.bloomberg.com...

Sept. 21 (Bloomberg) -- Vicis Capital LLC, the $2.9 billion hedge fund started by former Lehman Brothers Holdings Inc. trader John Succo in 2004, barred clients from withdrawing money from its main fund after losses this year.

The firm received “higher-than-anticipated” requests for a Sept. 30 distribution from its Vicis Capital Fund, according to a letter sent to clients today and obtained by Bloomberg News. The New York-based hedge fund will resume withdrawals if clients approve a plan to separate hard-to-sell assets into another pool, the letter said.

Vicis clients sought to withdraw $550 million at the end of September, after $2.7 billion was returned to them since October, according to a person familiar with the firm. Hedge funds including New York-based Fortress Investment Group LLC and Harbinger Capital Partners last year limited investor withdrawals to avoid raising cash by selling off holdings at distressed prices.

Fed Rejects Geithner Request for Study of Governance, Structure
www.bloomberg.com...

~
“It is not obvious at all why that is a Treasury responsibility or even appropriate why the Treasury would undertake that kind of study,” said Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey, and a former Atlanta Fed research director. “The Fed was created by Congress and it is not part of the executive branch.”

Bank of America Agrees to Pay $425 Million for Merrill Backstop
www.bloomberg.com...

Towns May Seek to Ease AIG’s Government Bailout Terms
www.bloomberg.com...

[edit on 9/21/2009 by Hx3_1963]

reply to post by Hx3_1963


Jeepers that almost sounds like an upper class bank run.

Here is another link to add to the rest.

Emirates 24/7 'Timing concern over new capital rules'

Down tward the end they talk about the September 30th deadline a bit more. The rest of it made me feel like Sheen on Jimmy Newtron. Its a bit over my head.

I think it says they are just going to talk about doing that on September 30 and that all banks will have until maybe even 2012 to get-er-done. ???? Is that what you get out of all that?

reply to post by mrsdudara
Yeah that's what it's sounding like...

They're going for 36 months, in a few stages after TRYING to start it...they've been pushing it back for years already and are getting snippy about it...

I think a few are shooting to get it done faster, but, the US is fighting it...don't want to give up the concentration of power... :shk:

Here's a little history on BIS (World Bank) and the Basel II. It doesn't go as far as Basel III which forces derivitaves onto the banks balance sheets.

For many years the BIS kept a very low profile, operating behind the scenes in an abandoned hotel. It was here that decisions were reached to devalue or defend currencies, fix the price of gold, regulate offshore banking, and raise or lower short-term interest rates. In 1977, however, the BIS gave up its anonymity in exchange for more efficient headquarters. The new building has been described as “an eighteen story-high circular skyscraper that rises above the medieval city like some misplaced nuclear reactor.” It quickly became known as the “Tower of Basel.” Today the BIS has governmental immunity, pays no taxes, and has its own private police force.4 It is, as Mayer Rothschild envisioned, above the law.


It was evidently not in the game plan, however, that U.S. banks should escape the regulatory net indefinitely. Complaints about the loopholes in Basel I prompted a new set of rules called Basel II, which based capital requirements for market risk on a “Value-at-Risk” accounting standard. The new rules were established in 2004, but they were not levied on U.S. banks until November 2007, the month after the Dow passed 14,000 to reach its all-time high. On November 1, 2007, the Office of the Controller of the Currency “approved a final rule implementing advanced approaches of the Basel II Capital Accord.”8 And on November 15, 2007, the Financial Accounting Standards Board or FASB, a private organization that sets U.S. accounting rules for the private sector, adopted FAS 157, the rule called “mark-to-market accounting.”9 The effect on U.S. banks was similar to that of Basel I on Japanese banks: they have been struggling to survive ever since.

www.webofdebt.com...

Considering how ruthlessly Basel I & II were implemented to devastating effect, consider the following as it would apply to Basel III.

The notional value of derivatives held by U.S. commercial banks increased $24.5 trillion in the fourth quarter, or 14%, to $200.4 trillion, due to the migration of investment bank derivatives business into the commercial banking system.

www.occ.treas.gov...


This One World Central Bank has our number and they aren't interested in the US. They are interested in their Global Government.

I'm having a tough time finding anything on a Basel III anywhere other than Bob Chapman. He is very reputable and highly respected but just the same I would like to find more info. He could be confusing II with III. Anything anyone can find would be appreciated.

reply to post by HimWhoHathAnEar
I believe Basel II is the correct version...

It's built of 3 pillars and they're trying to implement the 3rd Pillar at the current time...as far as I can tell...Basel I had to many loopholes...

Edit: Maybe Basel II Pillar 3 was implemented last fall and that's the cause of the Crisis?

[edit on 9/21/2009 by Hx3_1963]

reply to post by HimWhoHathAnEar

Just a set of misleading conclusions. A professional person would never include a vague reference to a "global government," a term that lacks a basic description, to begin with.

Understanding Basel II holds a predisposition requirement: MBA at the least. Here is why:
www.slideshare.net...

reply to post by stander
Well...after reading that closer, it *appears* we're in the Pillar 2 phase with the stress testing and what-not...

Am I reading this right?

[edit on 9/21/2009 by Hx3_1963]

reply to post by Hx3_1963


Ah yes, 3rd pillar, that makes sense. I know Robert Chapman knows of what he speaks. Some things get lost in translation.

Stander,

I don't find it that difficult to understand. The fact that the effects of Basel I & II are well understood and the timing is obvious makes for a historical reference. Implementation of any further 'pillar' on Sept 30 or any other time for that matter will open a whole new chapter in bank insolvency. If derivatives are forced onto the banks books, it's over.

Originally posted by HimWhoHathAnEar


Stander,

I don't find it that difficult to understand. The fact that the effects of Basel I & II are well understood and the timing is obvious makes for a historical reference. Implementation of any further 'pillar' on Sept 30 or any other time for that matter will open a whole new chapter in bank insolvency. If derivatives are forced onto the banks books, it's over.

What do you mean by "it's over?" Can you be more descriptive?

reply to post by stander

"global government," a term that lacks a basic description, to begin with.

Haven't been around ATS much have you? There's plenty of info. And if you don't mind, don't take a condescending tone with me. Even though I'm sure your the only 'professional person' around here. I don't make off hand remarks about your daily chart rantings and call you a loon, so let's keep it real there professor.

Can you be more descriptive?

Use your imagination.

[edit on 21-9-2009 by HimWhoHathAnEar]

Can anyone say, "Boom!", I knew that ya could...

LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS
www.opednews.com...

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure.

In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure.

MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership.

The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages.

That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name.

Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.

oopsy, oopsy . . .
_____
______

[edit on 9/21/2009 by stander]

reply to post by HimWhoHathAnEar


I didn't call you a "loon." The only reference to lunatics and the moon I made got nothing to do with you, as you can see a few posts above. I refered to the source of you inspiration as very unreliable, given the way the source presented the issue. Sometimes folks stumble upon some of the fearmongering BS spread around here and feel uneasy. So I present a pinch of doubt that the arguments that lead to those wild conclusions have any merit to be concerned about.

I can only imagine what Obama's reaction would be when he will be informed on September 30 that it's "all over." There is that silence that fills the Oval Office. Then the prez excuses himself for a moment and leaves. Upon hearing repeated toilet flushing, the members of this staff race to the First Restroom, but it's too late: the 44th President of the United States of America commited suicide by drowning.

reply to post by Hx3_1963


Yes, there is that date again.

What I basically read into the hedge fund story was that people were making a run on the funds. If I happen to see any other articles that indicate runs/funding requests on such a large scale I'll post them in this thread.

What the story didn't mention (or if it did I missed it) was the source of the distribution requests. I wonder if it was international or state side. Last year when WaMu had the run on it last year, I seem to recall the majority of the fund requests came from international sources.

reply to post by mrsdudara


Yes, you are correct, the article seems to show that banks have a tiered approach to becoming compliant for capital needs.