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http://online.wsj.com/article/SB123051066413538349.html?mod=testMod Great article about the fall of Lehman. And you can see that our so called self appointed leaders haven't a clue. We desperately need to change the world so that we are not dependent on "Giants" like Lehman Merrils etc...

What is remarkable is that he is 100% wrong!

Been with IB since 2004 also have not had major problems. Just one where they miscalculated a close out. But a ticket and few weeks and they corrected it, pity about the lack of an apology. But other than that they are fine.

Yup zero downside, only upside free $$$ :D

Merry Christmas!!!!!:cool:

So until it happens the banks are insolvent. Yes?

Why? Because the banks are insolvent. Those bad loans are not going to be paid back! This is not a crises of liquidity its a crisis of solvency.

Its the "Matrix"

Banks issue these as capital but to count as capital they must have at least five years to maturity, so they make them callable with a punitive rate if they don't call them. In this case euribor +88bp. Problem is most people assume they will be called and so price them as normal bonds with...

No lunch break but it tends to drop just before the HK lunch break. The comments about the US server reset are correct. The reset is normally not more than a minute but it can drive you nuts. Move to the HK server.

K200 and add futures, be aware today is the last day for the December futures.

Can you imagine the size and number of positions these idiots have taken. Down a $160 million dollars now that's a draw down

fooled by randomness. Like Taleb says, the turkeys think the farmer is fantastic until christmas

:D

Nah money is just burnt, why do you think we are facing deflation and not inflation when the central banks have printed 9 trillion dollars, because $9 trillion has just been burnt.

So lets take an example. IB account has Liquidation value of $500 000 Security values fo $100 000 IB goes bust, So SIPC pays $100 000 for the securities and $100 000 for the cash and Lloyd's pays the remaining $300 000 assuming that they don't have to pay more than $150 000 000 in...

Heads up ,news doesn't move markets, just your attempts to explain the move after the fact by the news that came out immediately before the move. Markets just move!

Not sure what it means, but a government can always say hey you know all that debt I issued sorry can't pay it back and by the way, all pension money will now have to be invested in these nice new shiny government bonds paying 5%. Can't force foreigners to invest in new bonds and that was my point.

Point Taken, I was referring to the 2Trillion dollars the Chinese have in foreign currency reserves I assume they recycle most of it into US treasuries. Quiet possible they will default on domestic debt, but not on foreign owned debt. By the way a big devaluation is the same as a default

Lets think who owns the most of that debt, Oh yes the Russians and the Chinese and the Oil producing nations. Next day rest of the world declares war on the USA and you are forced to pay-off your debts at the end of gun. The same will happen if they try to monetize the debt. No inflation...