John Tamny And The Problem With Fractional Reserve Banking - By James E. Miller (7/8/12) PDF Print E-mail
James E. Miller   
Tuesday, 07 August 2012 07:56

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Interview With A High-Frequency Trading Expert - By Casey Research (7/8/12) PDF Print E-mail
Casey Research   
Tuesday, 07 August 2012 07:55

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The Con Game Of Writing Up Assets: It’s Not Just The “London Whale” - By Testosteronepit.com (6/8/12) PDF Print E-mail
Testosteronepit.com   
Monday, 06 August 2012 07:42

Normally we see the gory details only after a firm collapses, like Enron or Lehman, when vultures tear open its guts to fight over shriveled assets that had appeared fat and healthy on paper, and some of them had been written up repeatedly to create—which our accounting system encourages us to do—paper income.

Other outfits get bailed out. JPMorgan among them. A distinction made behind closed doors. They still have hollowed-out balance sheets ... and the certainty, if they’re large enough, that the Fed and the Treasury, or central banks and government agencies around the world, will prop them up at a moment’s notice. Confidence is required to keep the scheme going. Once confidence fades, the scheme collapses, and central banks have to print trillions and hand them to the industry so that confidence will reassert itself, and so that the scheme can be driven to the next level. And yet, it’s all about prosaic accounting.

Accounting rules allow the use of estimates to value many assets. And estimates can be written up. If a trader or an executive imagines that an asset has increased in value, he’ll set in motion a chain reaction that will cause the company to make the adjustments, increasing the value of the asset with one entry and increasing by the same amount an income account. It’s all good. Asset value goes up, profit goes up. Trader bonus goes up. Manager bonus goes up. CEO bonus goes up. Investors froth at the mouth. Earnings per share beat analysts’ expectations. A money machine. Everyone is happy. Even regulators, their banks being strong and profitable. Halleluiah.

Until it blows up. So, the revelation that the “London whale”—as JPMorgan trader Bruno Iksil was known due to his enormous positions—had been prodded by his boss to jack up the valuations of his trades comes as no surprise. But this time, the system got snared and exposed live. Iksil had been trading credit-default swaps in amounts so huge that they were budging the index. He lived in Paris and commuted to his office in London, on the Eurostar presumably. What is it with these French guys that are accused of gouging deep holes into the balance sheets of their mega banks?



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MUST-WATCH VIDEO: Major Banks Help Clients Hide Trillions In Offshore Tax Havens. James Henry: US Media And Politicians Mostly Ignore Massive Untaxed Wealth That Big Banks Help Rich Move To Tax Havens (6/8/12) PDF Print E-mail
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Monday, 06 August 2012 07:39

 

 

 



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Systemic Upheaval, Economic Recovery Vs Propaganda Reality Check - By Jim Willie (4/8/12) PDF Print E-mail
Jim Willie   
Saturday, 04 August 2012 09:37

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