Prime Minister May signs EU divorce papers

British Prime Minister Theresa May signed the EU divorce papers on Tuesday. Brexit has officially begun as foreign exchange response seems to be muted as both the pound and euro traded off slightly against the dollar. US equities and bonds were also nonplussed by the much-anticipated move by the Brits. City of London bankers from […]

Dodd/Frank goes the way of the dodo

Despite campaigning to the contrary, President Trump is scheduled to sign an executive order on Friday to roll back banking and advisory provisions adopted after the financial crisis. The president will begin dismantling the 2010 Dodd/Frank rules, which put too much restraints on the Wall Street banking industry says White House National Economic Council Director […]

Banks settling up with regulators

Two Wall Street banks agreed to pay multi-million fines Wednesday without admitting guilt as usual. Goldman Sachs was fined $120 million for rigging a key interest rate index, according to the Commodity Futures Trading Commission. And JPMorgan agreed to settle charges and pay $30 million fine brought by Swiss financial regulators for rigging Libor and […]

Almost Armaggeddon revisited 8 years later

Eight years ago today Lehman Bros. filed for bankruptcy. Everything that happen to the US economy since then can be attributed to that filing and its ramifications. After Lehman failed, that was the last financial firm allowed to fail under capitalism. All other weak financial firms were forced into shot-gun marriages with larger firms in […]

A weekend like no other after the collapse

On Monday I wrote here about the upcoming bank holiday, which ushers in a new Great Depression. It starts on a Friday after the markets close early due to excessive selling. By Saturday morning the President is back on the airwaves telling the American people he has requested all governors to call up the National […]

Plunge Protection Team to the “rescue”

For the second day in a row US equity futures are up almost 2% before the open. This while China and European bourses are selling off, in some cases hard. On Tuesday, Dow futures were up over 300 points prior to opening and held that level into the open, only to see it fade more […]