We survived January … and it was NOT the worst start of a year … as we recovered thanks to Uncle Ben …
January was down “only” 6.3% (S&P) … Nasdaq was down 9.9%.
The bond insurer problem still the tail wagging the dog …
Yesterday, CNBC spread rumours, that S&P will downgrade SOME of the bond […]

As the Fed reduces rates at panic pace, markets still are not going higher.
Investors seem to realize, that the landscape has changed. Not one single day passes without earnings revisions to the downside or record write offs.
The economic climate gets rough. Even good figures like today’s ADP number create only a short lived squeeze which […]

Fed decision tomorrow … and all eyes on Ben Bernanke … known as Helicopter Ben

We waited for January and hoped for 50 bps … fantasized of 75 bps … got them already (thanks to SocGen) and … ???
YES … market has priced in quite fully a further 50 bps rate cut … OMG
The last cut […]

Funny or dangerous?
Last Friday, on the public website of the Japanese Financial Services Agency, the japanese supervisory body, some announcements appeared.
Teramento Corporation, a ONE-MAN-company with a capital of 7 (SEVEN!) EURO … yes, seven only, not million, not billion, not trillion announced, that it held 51% of “some” companies like Toyota, Sony, NTT, […]

Reading the stories coming out after the SocGen MISMANAGEMENT … not a rogue trader … absolute reckless mismanagement made it happen … makes me sick!!!
Where were/are all the supervising authorities???
SEC? BaFin? Whatever their name is … WHERE THE HELL ARE YOU??? Or are you all stupid underpaid bastards??? Helpless or blind? Or just waiting for […]

After reflecting this weekend over the current global situation and zapping through the long term charts, I think, the days of the carry trade are numbered.
Some long term trends are about to reverse soon, helped by a sentiment which calls contrarians to act.
Everybody is bearish on the US Dollar, everybody is bullish on the Euro. […]

After reading a lot of stuff about the case, the story looks even more incredible today.
Risk Magazine named SocGen in its JANUARY issue “Equity Derivatives House of the Year”. Farther from reality they could not have been
French press is speculating, that Jérôme Kerviel is only used as a public scapegoat to cover up […]

SocGen’s risk manager as he found out about the loss …