BLACK FRIDAY? - 05 Aug 2011

So yesterday things started to get rough, with the DOW closing down 500+ point.

Japan and HongKong overnight down 3.72% and 5.13% respectively.

Europe wide has opened this morning is full on panic mode, with open positions blasting all predictions by "experts" out of the water.

Today we also have the US Job Figures,
Bank of America is Trouble,
Royal Bank of Scotland about to write off GBP 800 million of Greece debt as part of a total GBP1.4 Billion loss in the first 6 months of 2011.
A Bank run in Italy.
Massive volatility of the commodities, as banks try to achieve liquidity,

So this is the place to track all the fun and happiness that we are in for this Black Friday.

Remember it always starts in Japan.

Good luck everyone.

Around the World In Eighty Plays.......

Duh, duh, duh, da, duh, da duh,

1st time in a balloon, this time in a "bubble " eh ???

RBS (Royal bank of Scotland) post 1.4 bn loss.

Sky News

Royal Bank of Scotland about to write off $840 Billion of Greece debt .....

where did you get this numbers from ?

reply to post by freetree64


hehehe well done.

Yep, its the effin second coming of out of control banking systems eating our lifelines.

I just heard...the global economy is now at DEFCON 2. Just hope it doesn't get that bad. Good luck folks. I wish you all the best during these tough times.

stop 840 billion is wrong. is this fear mongering ?
its 800 Millions.

Of course if this goes really bad, they will start crying next week that they lost all the money on speculation, can;t repay the previous bailout, and need more. prompting the central banks into further quantitative easing, further pushing inflation!. its another step on the road we have been walking for the last 3 years now. And it not getting any better!

Allianz SE (ALV), Europe’s biggest insurer, said second-quarter profit fell 8.2 percent, missing analyst estimates following writedowns on Greek sovereign bonds.

Bloomberg

Here another candidate. Thanks Greece!

reply to post by icepack


I just remember seeing it on the Sky News ticker last night. Could have sworn it said 840 Billion! but you could be right. Either way it a massive amount to be writing down

reply to post by JakiusFogg

dude, its in your own link.

RBS has also had to set aside £850m to cover compensation for customers who were mis-sold payment protection insurance (PPI).

news.sky.com...

UPDATE 1-RBS posts $1.1 bln loss, bruised by Greece, Ireland

Fri Aug 5, 2011 3:02am EDT


reuters.com / royal bank of scotland

This is what I found.
Posted one hour ago on Reuters.


David Grouchy

reply to post by icepack


Dude, that is compensation for PPI. there was a snippet on the sky new ticker last night that sais.

RBS to write down 840 b/m? of Greece National Debt, Tomorrow (read today)

Not the PPI, but willing to concede it could well have been 800 Million for Greece, either way it is not good as this bank is majority owned by the UK Tax payers

I believe the loss of RBS is around 1.4 billion, in US dollars, but 897 million in euro/pounds, not sure which one

www.marketwatch.com...

Royal Bank of Scotland Group PLC said Friday that it swung to a second-quarter net loss of 897 million pounds ($1.46 billion) from a profit of 257 million pounds a year earlier, due to provisions on Greek debt and a charge to cover mis-sold insurance policies.

Edit - I think the OP just had a little typo




Edit 2 - I could also easily see a 800 billion write off the way things have been going recently.

op, you do not seem to have much financial knowledge.
you think you saw it on the ticker last night ? come on, are you kidding me ?
you went wrong by a "1000" times.

reply to post by icepack


Well, that would put the OP in good company, considering the financial knowledge of those running this " Dog and Pony Show "!!!!!

No hard feelings Op....

reply to post by JakiusFogg


Hello JF

I have this link to a peice by BBC Biz Editor, ''Bob'' Peston.........

www.bbc.co.uk...

It discusses RBS and it's 'write-off' off Greek Bonds because , as we already know is Bust and Knackerred !!

He suggests that maybe RBS is being Realistic and the expectation of the Greeks not paying is real WHEREAS european banks ACTUALLY haven't got enough money to cover their own liabilites on Greece..........!!!!!

FYI, I am having my first 'proper' holiday in the past 2 years, down in the South of France.........why has the world waited until I am away from the UK and the action............???

And what are all these reports about UFO's and power supply breaks over the UK......??

I'm back sunday night, hpoe everyone is still around then ????

PDUK

There go the jobs in the EU banks....

see yaa......

just wait until the US gets their credit rating downgraded. i'm sure that's gonna help the situation out. me thinks it about time i start learning Chinese. now is that cantonese or mandarin?