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Trade-Exchange Rates

  • Warren Buffets Berkshire’s Credit Risk Soars on $37 Billion Bet
    19 November 2008 par (Open-Publishing)

    Warren Buffets Berkshire’s Credit Risk Soars on $37 Billion Bet (Update2)
    By Erik Holm and Shannon D. Harrington
    Nov. 18 (Bloomberg) — The cost of protecting against default by Warren Buffett’s AAA rated Berkshire Hathaway Inc. has almost tripled in two months, a sign of just how skittish investors have become amid the global financial crisis.
    The cost to protect against Berkshire being unable to meet its debt payments, based on credit-default swaps, is more than four times that of (…)

  • It’s Only America Bleeding
    18 November 2008 par (Open-Publishing)

    It’s Only America Bleeding By David Glenn Cox
    To what do I owe the pleasure of this company? What is owed to me and to what account do I owe by the nature of my birth? Solemn allegiance and my blood poured out on foreign fields for the honor and glory of brass buttons and medal-resplendent generals?
    A promise? A dream? A promise is a note for some other time, and a dream was never real in the first place. So open up the envelope and find what you’ve won: nothing. To (…)

  • Canadian financial swindle is just as absurd as that of the US: Canadian and US Bank Bailouts Equivalent
    17 November 2008 par (Open-Publishing)

    Let’s do some simple mathematics to put things into perspective.
    The United States has a population of 303,824,640 and the Emergency Economic Stabilization Act of 2008, commonly referred to as the $700 billion bailout of the US financial system, means that approximately $2,304 per capita will be donated to banking institutions, or should I say, be given to private banks so that they can maintain their stranglehold on citizens of the United States.
    Canada has a population of 33,212,696 (…)

  • The End
    16 November 2008 par (Open-Publishing)

    The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
    To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The (…)

  • Wrong Again
    16 November 2008 par (Open-Publishing)
    2 comments

    By David Glenn Cox
    “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.” (George W. Bush)
    Or, this won’t hurt, the check is in the mail and I won’t..., well, I think you get the idea. We are not a prosperous nation; we once were but we (…)

  • Wall St falls amid fresh concerns over toxic assets
    13 November 2008 par (Open-Publishing)

    Wall St falls amid fresh concerns over toxic assets
    By Alistair Gray in New York Published: November 12 2008 13:55 | Last updated: November 12 2008 21:43
    Wall Street stocks neared fresh five-year lows on Wednesday after the US Treasury’s backtrack over toxic mortgage assets renewed investor concerns over authorities’ ability to deal effectively with the financial crisis.
    Several financial stocks hit new bottoms and the sector sank 6.9 per cent overall after Hank Paulson, treasury (…)

  • AIG: We Need More Money (AIG already spent 122 B in 2 month)
    9 November 2008 par (Open-Publishing)

    AIG: We Need More Money (AIG already spent 122 B in 2 month)
    AIG in talks with Fed over new bail-out
    By Francesco Guerrera in New York
    Published: November 8 2008 00:36 | Last updated: November 8 2008 00:36
    AIG is asking the US government for a new bail-out less than two months after the Federal Reserve came to the rescue of the stricken insurer with an $85bn loan, according to people close to the situation.
    AIG’s executives were on Friday night locked in negotiations with the (…)

  • The Black Swan: Quotes & Warnings that the Imbeciles Chose to Ignore (+ videos)
    3 November 2008 par (Open-Publishing)

    Nassim Nicholas Taleb: The Black Swan: The Impact of the Highly Improbable (April 2007)
    For the last 12 years, I have been telling anyone who would listen to me that we are taking huge risks and massive exposure to rare events. I isolated some areas in which people make bogus claims —epistemologically unsound. The Black Swan is a philosophy book (epistemology, philosophy of history & philosophy of science), but I used banks as a particularly worrisome case of epistemic arrogance —and (…)

  • Time To Bunker Down - Global Panic Spreads
    2 November 2008 par (Open-Publishing)
    1 comment

    Joe Average November 2008
    The largest debt bubble in the history of mankind is on the verge of deflating and collapsing as world leaders and central bankers fly around the globe to one crisis meeting after another. No sooner is one panic quelled or some hasty band-aid fix slapped into place to stop a financial collapse, then another breaks out somewhere else. The bad news just keeps on coming; ICELAND...Bankrupt...Oct.2008 nationalises banks; turns to International Monetary Fund for help. (…)

  • Bush administration denies funding for FBI probe of mortgage mess
    1 November 2008 par (Open-Publishing)
    1 comment

    The Bush administration is rejecting FBI pleas for more agents to investigate crimes that helped trigger the global financial meltdown, bureau sources said this week.
    Many more agents needed, official says
    Friday, October 31, 2008 Last updated 2:54 p.m. PT
    By PAUL SHUKOVSKY AND DANIEL LATHROP P-I REPORTERS
    "They are bogged down big-time or there would be some indictments by now," said a recently retired bureau official who played a pivotal role in setting FBI policy after 9/ 11. (…)