~~~~ ” Leveraged fixed-income arbitrage trading strategies have not been a popular topic in the past several months. However, following the dislocations that occurred to world financial markets in the second half of 1998, many good opportunities for fixed-income arbitrage trading continue to exist for those firms that survived the peril of the previous year.
Indeed, [...]
Friday, November 28, 2008
This is a clip from Aug 12th on Bloomberg News (running time ~~ 4 minutes)… it concerns the auction rate securities markets…analysis by Adam Dean, President of SVB Asset Management and Joe Mysak, Bloomberg columnist…
Mr. Dean talks about the approx $ 200 billion dollars of ARS that the large banks had to bring back on [...]
Wednesday, November 26, 2008
~~~~ ” … While officials yesterday contested claims that the Fed is undertaking quantitative easing, they acknowledged that the central bank’s new actions will result in another injection of funds into the system. Officials said their objective is to affect credit markets rather than to target money supply.
The Bank of Japan is the only major [...]
Tuesday, November 25, 2008
President Elect Obama and Treasury Secretary Designee Geithner are making an enormous bet with the nations patrimony… ”the single most expensive expenditure in American history”… gentlemen… history is watching and will be measuring the outcome…
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~~~~ “ The government’s financial bailout will be the most expensive single expenditure in American history, potentially costing [...]
Friday, November 21, 2008
Andrew Popper, Chief Investment Officer of SG Hambros, discusses the potential fate of Citigroup and conditions in the financial markets. He sees more value in bonds, specifically high quality corporate names… (running time = 4:44)
Friday, November 14, 2008
From EconomPic Data…
The Fed’s Reserve Bank Credit, now up to $2.2 Trillion.
Thursday, November 13, 2008
Ancient Celtic coin cache found
By the Associated Press via the NRC Handelsblad
~~~~ “A man with a metal detector has found a cache of ancient Celtic and Germanic coins in a cornfield in the southern Dutch city of Maastricht.
The city says the trove of 39 gold and 70 silver coins are dated to the middle of [...]
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Here is an interesting account of what happened in 1998 when the Federal Reserve orchestrated the primary dealers to bail out Long Term Capital Management…
~~~~ ” … I want to talk about the word “liquidity” as it applies to the bond market.
I want to focus on what has happened over the last three or four months. [...]
Thursday, November 6, 2008
The giant liquidity ocean… little fish… big fish…
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Liquidity is fragmenting rapidly as new execution venues unveil compelling alternatives to traditional exchanges.
More and more financial institutions are deploying integrated, smart order routing platforms for connecting to the increasingly broad diversity of trading venues, locating liquidity across markets, and executing on that liquidity quickly and [...]
Thursday, October 30, 2008
The core of the argument made by William Isaac, former FDIC chairman, for the suspension of mark-to-market (MTM) accounting pivots on several points as seen in this YouTube of him debating Janet Tavakoli…
Isaacs arguments
Suspend MTM
Global subprime losses are in the range of $ 300 billion and are systemically manageable
MTM has “destroyed” $ 500 billion of [...]