there was always a balance sheet between countries,we went global in the 20's and it was a disaster,going global in the zero's, it may have been necessary to let the banks become traders or large houses to become banks,but it used to be large houses against each other,they got rid of a few and ended the competition , then smaller and smaller ,the large houses are all in unison now with the govt's and the smaller and smaller are becoming fewer and fewer
Global Macro Trading Journal
- Thread starter Daal
- Start date
Panicky investors keep being right
http://www.marketwatch.com/story/jp-morgan-london-whale-loss-may-hit-9breport-2012-06-28
http://dealbook.nytimes.com/2012/06...r-benchmark-manipulation/?src=me&ref=business .. the best line is the justice dept agreed not to prosecute, the money stolen dwarfs anything maddoff and the rest have done combined...your quote could have read who's buying the justice deptQuote from ralph00:
Who's buying BCS this morning.
Rigging the world's most important market. No biggie here. Banks are going to be buried in litigation over this for the rest of our lifetimes.
This is where you continually miss the point. It's not really about the trading loss, the trading loss is a symptom (other than Dick Bove, who gives a shit whether its $2B, or $6B, or $9B). What you have with the big banks are a bunch of (now) well-capitalized zombies that through normal operations can't get much ROE.
Securitization dead
Investment banking dead
Lending growth dead
Net interest margins dead
Buy JPM for a trade or some sort of bounce from a massive decline? Fine, go ahead. Bully for you.
Put serious money at risk over the long-term with these guys? Why? Buy a POS like MSFT instead. You've got bigger upside with less tail risk (see BCS).
New motto - never invest in a bank run by a CEO whose pin-stripes don't match at the lapels:
Bogie shows how it should be done:
Bogie shows how it should be done: