Are we headed for a bank holiday?

Let’s say one early morning in June, probably a Saturday, you go to buy bagels and the paper and your ATM card doesn’t work. So you pay cash. You get to the car and see the headline in the paper. PREZ DECLARES BANK HOLIDAY. Unbelievable, can’t happen here. We survived 2008-2009 without one. I believe […]

Stocks soar on ‘Trump dump & bump’

The markets this week had two main drivers taking them up off floor. Four to five times this week either a bond offering was canceled for “technical reasons” or someone came out and trashed Republican presidential front runner Donald Trump. All of these events were good enough to send market soaring over 100 points each […]

Goldman’s Leissner jumps ship

Power banker Tim Leissner — the head of Goldman Sachs Southeast Asia office — has left the white-shoe bank in the wake of a Malaysian government corruption investigation. As I wrote here, Leissner who help set up financing Malaysian PM Najib Razak’s slush fund, called 1MDB, left Malaysia earlier this year for Beverly Hills with […]

Dimon’s “consumer is a winner” misses the point

So America’s banker Jamie Dimon of JPMorgan Chase believes the consumer is enjoying the best time in the last decade due to the savings from cheaper gas. “The U.S. consumer is a huge winner,” Dimon, 59, said Tuesday at the bank’s annual investor day in New York. “The consumer balance sheet has almost never been […]

Goldman Sachs’ Malaysian err

So I have had my reporters digging into a scandal involving a Goldman Sachs chief and the Malaysian prime minister and would ultimately add up to a $4 billion money laundering scheme. The bombshell case involves Tim Leissner, 45, Goldman’s chairman for Southeast Asia, who recently left the country and moved to Los Angeles to […]

Can you break a dollar? Markets can

Market gyrations continued on Monday as Chinese marts reacted to the firing of its market’s regulator over botched intervention and the loss of $5 billion in market cap. The dollar is soaring as the 10-year is falling to 1.7 percent. It’s a difficult call as a strengthening greenback usually moves equity markets lower, but lately […]

QE is coming to prop up the Potemkin bank balance sheets

If we take the position that the world’s central bankers have no answers on how to right what their policies has wrecked on the economic welfare on the globe, then we have a sense of what is driving the markets. The amount of debt created from between 2008 and 2015 through various easing programs, which […]