Cesarnc's market talk, gossips, rumours & fun

My airline of choice.

Everybody is hitting buttons all over the place.

HOLLA

Probably the reason $ recovered the gap. But for how long...

"The deepening crisis in the US banking system is causing alarm in Europe.

There are worries that if a huge European bank, equivalent in importance to Lehman Brothers, faced failure, there would be no way to rescue it.
Up to now, it has been down to individual European governments to come up with the money to keep troubled banks afloat.
Recent examples include Northern Rock in the UK, Rosklide in Denmark and Germany's IKB.
However, those banks are relatively small compared with the huge cross-border financial institutions that have developed in the past decade.
If one of those faced bankruptcy, it would cost tens of billions of euros to rescue it, perhaps even hundreds of billions.
Governments would balk at the price and voters would ask why the French or British taxpayer, for example, should pay to support a bank that does most of its business in other countries.
Political squabbles
One option to share the burden of the banking crisis is to ask the European Central Bank to take on the responsibility for bailouts.
That would be a major new role which goes beyond its present brief.
It would not be easy to arrange.
Firstly, the ECB would have to amass a large fund to handle such rescues.
If and when it did step in, there would almost certainly be political squabbles about which countries' banks it should help and how much money it should offer them.
However, the ECB is constantly monitoring what is happening in the financial sector in a way that individual governments cannot.
They often do not have the expertise or the information to check the financial health of big banks, especially those with complex international operations.
"It is very difficult to see through the accounts to assess the level of risk," says Nicholas Vernon an economist at Bruegel, a Brussels-based research group.
"There have already been many surprises and now due to the environment with Lehman Brothers, we are likely to have other surprises down the road."
The answer, he thinks, is to develop better communication links between all the teams that supervise the banking industry across Europe.
This was a plan supported by Europe's finance ministers when they met in Nice at the weekend. However, with the banking crisis gathering momentum in the US, it may not be long before Europe is forced to make some tough and expensive decisions about how to ensure its banks avoid a similar fate."

Any calls?

LET THE BODIES HIT THE FLOOR....LET THE BODIES HIT THE FLOOR!!

HOLLA

my phone has been quite.

Possibly - Société Générale which is one of the main European financial services companies and also maintains extensive activities in others parts of the world. Also took a $7.1b hit from a rogue trader employee. Remember...

Henry "The Bazooka" Paulson...

Sept. 15 (Bloomberg) -- U.S. bond prices show Henry Paulson's ``bazooka'' fired blanks when he took over beleaguered mortgage-finance companies Fannie Mae and Freddie Mac.
Instead of instilling confidence in the credit markets, the Treasury secretary's plan to place the government-sponsored enterprises in conservatorship on Sept. 7 only served to underscore weakness in the world's biggest economy and the plight of U.S. financial institutions. Lehman Brothers Holdings Inc. filed for bankruptcy late yesterday, while Merrill Lynch & Co. agreed to be acquired by Bank of America Corp.



So, long story short, Paulson committed an unknown amount of billions of dollars so the makets could die another day?

It's a good call... Is it as "huge" as the commentary says?

They keep trying to delay the inevitable, Mr. Anderson.

Investors around the globe sold off stocks in reaction to the financial crisis sweeping Wall Street, though there was little sense of the panic that some had feared.

Turns out, Monday acted like Gustav. Roared like Category 4, landfall like a fart.

I don't rule out Financial Ike still this week though.

There was an interesting commentary here, from a former Finance Minister.

That things in US are much worse than it's being said. The next trigger for a massive crash could be exactly what saved the day today: BofA is now sitting in a montain of crap. If you don't remember, it was BofA that bought Countrywide, the name that brought the "subprime" mess to the surface.

Now they added Merill to the crap in a clear bottom fish attempt. If they fail to put the bottom here, BofA is the next in line to melt down...



Thoughts?

"Scary Clown" Poulson speaking. Watch out!

Bank of Americalynch?

Bank of Atrashca

Watching....

I've read his statement today. I didn't post here because in some 20 lines he didn't say anything.

We can curse here. Show disgusting pictures, go to the edge of pornography. But we can't admit a lousy statement from a Treasury official. That's way tooo loowwww

One of the few stocks that is up is McDonald’s. Do investors figure it will drain customers from fancier restaurants?

Alcohol, tobacco and playboy should raise as well, among other things