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

reply to post by DangerDeath


Yep, Italy is worse than Greece and can't be bailed out... too big to be bailed out...

AIG posts $4.1 billion loss

American International Group is back in the red. Way in the red.

The bailed out insurer posted a net loss of $4.1 billion on Thursday, a loss per share of $2.16 for the third quarter. While analysts hadn't expected the company to post a profit, the size of the loss exceeded expectations.

Surprised?

This one was priceless,

JPMorgan Denies Holding Missing MF Global Funds

Yes, it was rumors that JP Morgan was holding the missing MF funds, but heck they put the rumor to an end in not time


I tell you all that I bet some of that missing money is somewhere in Goldman Sach cache or corruption.

JP Morgan Chase shot down a report that it was holding hundreds of millions of dollars in missing MF Global client funds.
JP Morgan [JPM 33.86 -0.52 (-1.51%) ] told CNBC Friday that, much like other banks, it has been holding MF funds and awaiting instructions from the bankrupt company's trustee.

The bank said the funds are not the missing client funds and the account has always been "transparent" to MF and its trustee.

www.cnbc.com...

Sometimes rumors are not far from the truth. . .

reply to post by marg6043


Yep. Wouldn't have surprised me if JPMorgan would have saved Corzine's butt.

In other news, Greek government confidence vote at 6PM EST, midnight Greece time....

More downgrade of Europe :

Moody's downgrades Cyprus's bond ratings to BAA3/P-3, a two notch downgrade, on review for a further downgrade

G-Pap To Begin Formation Of New Government Tomorrow

* PAPANDREOU TO BEGIN TALKS TOMORROW WITH PARTIES ON GOVERNMENT
* PAPANDREOU SAYS NEEDS TO AGREE TARGETS, TIMETABLE FOR ACTIONS
* PAPANDREOU TO DICSUSS POSTS, PEOPLE, EVEN HEAD OF NEW GOVT
* PAPANDREOU TO PROCEED WITH NATIONAL UNITY GOVERNMENT
* GREEK NEW GOVERNMENT MUST PURSUE OCT. 26 PACT, PAPANDREOU SAYS
* PAPANDREOU SAYS NEEDS TO AGREE TARGETS, TIMETABLE FOR ACTIONS
* PAPANDREOU WILL SEE PRESIDENT TOMORROW

Watch him live here in english :
Here

China says it will not boost the eurozone bailout fund until the Greek issue is resolved

So never...

The G20 summit in Cannes concludes with a plan to boost growth and IMF funding - but it is short on detail

Makes me sick.

French President Nicolas Sarkozy gives strong backing to a tax on financial transactions

As always.

Update : Papandreou won the vote of confidence... disgusting.

Originally posted by Vitchilo
reply to post by marg6043

 

Yep. Wouldn't have surprised me if JPMorgan would have saved Corzine's butt.

In other news, Greek government confidence vote at 6PM EST, midnight Greece time....

You mean save their own? The $600m doesn't even cover half the expected loss they were expected to take from MF Globals demise .. MF had over 1.5 billion in outstanding credit (most likely in the form of a margin related to the bad bet too) There were rumors that the ultimate nail in the coffin was a Margin Call.. and Chase was MFG's largest creditor..

reply to post by Rockpuck


Yeah save their own. Doesn't matter if it would have cost a billion or 2 billion or whatever. It's nothing for JPMorgue or GS.

Result of the Greek vote : 153 for, 145 against. 2 MP didn't show up to vote.

Commentator says this ``unity government`` won't last till the end of the year.

reply to post by Vitchilo


You know for the amount that we've sunk into Frannie Mae, Freddi Mac and AIG we could have paid off the entire national debt of Greece and funded for about 20 years debt free. The World is more inclined to bailout banks and insurers than national governments.

I know this was already mentioned ^ but anyway:

Greek PM survives confidence vote

Greek Prime Minister George Papandreou won a confidence vote in Parliament early Saturday. The victory came minutes after he announced that he will seek a coalition government, though it was not immediately clear whether he would lead it.

"Tomorrow, I will go see the president and inform him that I am willing to hold talks with other parties in order to form a coalition government," the leader said late Friday in a speech to Parliament.

Heh. I noticed European and US stocks closing lower? Obviously news overnight (here in Aust) failed to tickle investors little tushes eh.

It all ends Monday

Enjoy. Millions of people will go bankrupt on monday.

Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury

Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.

Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.

This quarter's $6 billion request from taxpayers is the largest since April 2010.

Freddie's losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.

reply to post by surrealist


hahahaha!

Greeks better rename their country to MacGreec

Unity government - this means each party gets its own turf, they keep stealing without minding what the others do. There will be even more corruption now. This debt payment business is just a show to cover for the big theft of everything of value in Greece (like everywhere else) and bringing down the LABOR COST.

reply to post by surrealist


Hey the holidays are approaching you know all those poor higher ups in Freddy needs their yearly bonuses as usual so they need tax dollars to pay themselves out.

reply to post by DangerDeath


Is not going to survive, the people are not very happy with the developments of the last two days, that new unity is not going to last until new years.

Originally posted by marg6043
reply to post by DangerDeath

 

Is not going to survive, the people are not very happy with the developments of the last two days, that new unity is not going to last until new years.

It survives in Serbia, for long now. We have 5-6 parties in the government and each is minding its own business (stealing what it can), while government is doing absolutely nothing.

As long as people have something to eat all is well. This is totally gangocracy and it works. The moment stomach start howling, it will be bloody over. But it won't change the heavily conditioned idiotic personality mods of people that have been systematically produced the last 50 years. The whole world is already deep in this.

reply to post by DangerDeath


I think that the people from where the cradle of Democracy sprouted are going to let this one going. I don't know perhaps because Greece have all the centuries of knowledge behind them, I guess.

Originally posted by marg6043
reply to post by DangerDeath

 

I think that the people from where the cradle of Democracy sprouted are going to let this one going. I don't know perhaps because Greece have all the centuries of knowledge behind them, I guess.

They don't. The Cradle of Democracy was 2,500 years ago. Then there was Filip and Alexander, no more democracy until XX century. Modern Greeks are descendants of romanticized Byzantine Greeks. They spent almost 500 years under Turkish rule.

It's more like they are used to be defiant and oppose dictatorship, resisting taxing as it suits the masters.

reply to post by DangerDeath


Thanks for the history lesson but the word "Democracy did came from Greece"

right?

Originally posted by marg6043
reply to post by DangerDeath

 

Thanks for the history lesson but the word "Democracy did came from Greece"

right?

From ancient Greeks

Anyways, just saw that in Italy there were today some tens of thousands demonstrating against Silvio Playboysconi

edition.cnn.com...

Just to clarify :
It all ends monday, CME gives clarification

Crazy CME creating even more leverage and more risk... brilliant.

A nice bluff by the ECB :
ECB Issues Ultimatum To Italy, Threatens To Halt Bond Purchases

Three months ago, in exchange for the ECB's expansion of its sterilized monetizations of bonds to include Italian BTPs, allegedly the only backstop that has prevented Italian bonds from experiencing an all out collapse to date, Italy was presented with a list of strict "austerity" demands, among which were spending cuts, higher revenues and labor reform. Since then none of these has occurred... or will occur, simply because Berlusconi has no control over the government

It appears that the ECB has just made it clear that the status quo is about to end, unless Italy does in fact push with something. And unlike other cases, where politicians on both sides of the table are happy to spout rhetoric while knowing well that nothing will change, in this case, courtesy of Italy largely untenable debt profile in which €166 billion in debt and interest are due in 2012, the ECB will have no choice but to play hard ball. Reuters has just confirmed that, reporting that The European Central Bank often discusses the possibility ending the purchase of Italian government bonds if it concludes Italy is not adopting promised reforms, ECB Governing Council Member Yves Mersch said. "If we observe that our interventions are undermined by a lack of efforts by national governments then we have to pose ourselves the problem of the incentive effect,"

So basically saying : no austerity? We won't buy your bonds anymore and you'll blow up.

All that is a bluff since if Italy goes, the EU goes.

And more news out of Greece :

* GREEK MAIN OPPOSITION LEADER SAMARAS REPEATS CALL FOR ELECTIONS
* SAMARAS SAYS PAPANDREOU REFERENDUM GAMBIT MADE MATTERS WORSE
* SAMARAS SAYS PAPANDREOU REFERENDUM GAMBIT BLOCKED 6TH TRANCHE
* SAMARAS SAYS ASKED FOR TRANSITIONAL GOVERNMENT
* SAMARAS SAYS ASKED FOR PAPANDREOU TO STEP DOWN
* GREEK PRESIDENT TO SEE GREEK MAIN OPPOSITION LEADER TOMORROW

Bri tain has drawn up plans for collapse of the euro, admits Treasury minister

Britain has drawn up plans for the collapse of the euro, a Treasury minister admitted yesterday.

+1

Lloyds CEO Takes a Break

The surprise move by 47-year-old António Horta-Osório threw Lloyds into turmoil and sent shockwaves through the London banking industry. At an emergency board meeting Wednesday morning, the partly nationalized retail bank's directors named outgoing finance chief Tim Tookey to temporarily replace Mr. Horta-Osório. The bank's shares slumped 7.5% in afternoon trade on the London Stock Exchange.

Lloyds said in a statement that Mr. Horta-Osório "is taking a temporary leave of absence…due to illness." The bank said it expects him to return before the end of the year.

Co-op confirms second-round bid for Lloyds' branches

The Co-operative Group has confirmed it will submit a second-round bid next week for the hundreds of branches being sold by Lloyds Banking Group.

Lloyds is selling 632 branches and £36bn of deposits, after being ordered to by the European Commission following the bank's rescue by the UK government.

The government currently still holds a 41% stake in Lloyds.

BBC business editor Robert Peston said so far Lloyds had received only one bid, of about £1.5bn, from NBNK.

Only ONE bid... that means either people think it's worthless... or they are waiting for LLoyds to go under and have a good deal.

And some piece of news that is sure to piss off Germans...

At the G20 meeting at Cannes, France, the UK and the US want Germany to pledge their gold reserves as collateral to save the euro...

At least some intelligent people are running the Bundesbank...
Bundesbank: c'bank reserves will not help fund EFSF

Germany on Saturday rejected media reports that Bundesbank reserves would be used to fund the euro zone's rescue facility after German newspapers said Group of 20 leaders had discussed the idea of tapping central banks.

The Frankfurter Allgemeine Sonntagszeitung (FAS) reported that Bundesbank reserves -- including foreign currency and gold -- would be used to increase Germany's contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).

The European Central Bank (ECB) would own the reserves, according to the paper, citing sources at the G20 meeting held in Cannes this week.

The Welt am Sonntag newspaper, citing similar plans, said 15 billion euros would come from special drawing rights (SDR) that the Bundesbank holds.

Disgusting.

"Germany's gold and foreign exchange reserves, which the Bundesbank administers, were not at any point up for discussion at the G20 summit in Cannes," government spokesman Steffen Seibert said.

They are trying to cover their butts...

So they say ``no`` for now... until Merkel and her puppets in the German government orders the Bundesbank to do so.

The big problem is Italy. What Italy could do is invade the Vatican and take all their gold over.