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910,000 Mizuho Transactions, Including Salary Payments, Remain Unprocessed

Tyler Durden's picture




 

From Kyodo: "Mizuho Bank said Friday the number of unprocessed transactions as a
result of its computer system malfunction since Tuesday stands at
910,000. The unprocessed transactions include salary transfers to customers of
both Mizuho and other banks, according to the key arm of Mizuho
Financial Group Inc. Mizuho is aiming to fix the system malfunction by the end of the three-day weekend on Monday, it said." It seems reasonable to suppose that Japanese financial workers will be happier once they get their money, considering the prevailing mood in the country (incidentally we are confident a UMichigan confidence read in Tokyo would come at an all time high right about now). And don't fotget - sellside analysts were expecting an unpaid salaries number of 910,200, so the beat is decisively bullish.

 

 

 

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Fri, 03/18/2011 - 10:53 | 1071387 Boilermaker
Boilermaker's picture

How are people supposed to buy REIT equity without their salaries???

Fri, 03/18/2011 - 10:53 | 1071388 bob_dabolina
bob_dabolina's picture

Wow

 

Fri, 03/18/2011 - 10:55 | 1071396 sodbuster
sodbuster's picture

Tyler-

Do I detect just a bit of sarcasm??

 

Fri, 03/18/2011 - 10:56 | 1071397 LRC Fan
LRC Fan's picture

As long as the bankers get paid what's the problem? 

And yep...this was clearly priced in yesterday when the Dow ran up 161.    Fucking joke of a market.  CNBC hasn't even reported on the radiation reaching Calif yet, they had a guest on who basically said no need to worry, radiation won't reach the US.  Or if it does, it won't be a high level.  Or if it is, we have Obamacare.  If not, we'll just print a few trillion and make the problem go away

Fri, 03/18/2011 - 11:06 | 1071445 Ethics Gradient
Ethics Gradient's picture

Imagine what will happen when TV tells the masses that 'Radiation from Fukushima reaches America'?

Now that I come to think about it, probably not a lot more that a few billion misinformed Tweets and panic on Facebook.

edit: Oh yeah. And the gun buying. And stockpiling. OK, I'll shut up.

Fri, 03/18/2011 - 11:52 | 1071659 serotonindumptruck
serotonindumptruck's picture

Watching the scramble to secure KI tablets over the past few days convinced me that Americans are just one mass panic away from empty store shelves.

When the collapse arrives, it will be quick.

Fri, 03/18/2011 - 12:07 | 1071743 Rodent Freikorps
Rodent Freikorps's picture

Pay cash. Have one stash the authorities can "find" and the one you plan to survive on.

Fri, 03/18/2011 - 11:07 | 1071449 Cdad
Cdad's picture

I does not sound as though you love Big Brother. 

Do you love Big Brother?

Fri, 03/18/2011 - 12:13 | 1071765 Rodent Freikorps
Rodent Freikorps's picture

I don't. I will not comply. I expect a short life.

The star that shines twice as brightly, shines half as long.

Yes I know in reality it is one fourth, but I like the quote anyway.

Fri, 03/18/2011 - 12:20 | 1071806 Buckaroo Banzai
Buckaroo Banzai's picture

"And you have shown so very, very brightly, Roy..."

Fri, 03/18/2011 - 12:40 | 1071846 Rodent Freikorps
Rodent Freikorps's picture

It is a matter of perspective. Getting old fills me with more horror than finding out what comes next.

I wish I could claim a more noble standard. The Gods I have decided to follow don't judge you on how you lived, but how well you die.

 

http://images0.cpcache.com/product/68756430v6_480x480_Front.jpg

 

Fri, 03/18/2011 - 10:57 | 1071398 pendragon
pendragon's picture

mizuho is a truly shite organisation. their poaching of calyon's subprime rmbs team at the top of the market is the stuff of legend

Fri, 03/18/2011 - 10:57 | 1071404 buzzsaw99
buzzsaw99's picture

funny how "computer problems" always happen in a crisis. we are going to have to go back to the mattresses.

Fri, 03/18/2011 - 11:37 | 1071595 NumberNone
NumberNone's picture

Maybe it was a bad idea to store the computer systems in the same building as Reactor #3?

Fri, 03/18/2011 - 13:06 | 1072003 EvlTheCat
EvlTheCat's picture

LOL

Fri, 03/18/2011 - 10:58 | 1071405 TexDenim
TexDenim's picture

This is par for the course. It could be much worse. Judging by the ES, no one here is very worried about Japan any more.

Fri, 03/18/2011 - 10:57 | 1071408 Oh regional Indian
Oh regional Indian's picture

Supply chain troubles abound.

Yep, can't make sure money gets to people, but sure as hell will make sure 30 FRIGGIN TRILLION YEN get to the banks and assorted financial asswipes and index supporting shennanigans.

Truly a screwed up world. Anyone watch that French Guy's video from Tokyo? 

Telling.

ORI

http://aadivaahan.wordpress.com/2011/03/17/archetypal-astrology-from-cathartes-aura/

 

Fri, 03/18/2011 - 11:02 | 1071433 buzzsaw99
buzzsaw99's picture

save the billionaires.

Fri, 03/18/2011 - 11:14 | 1071480 Oh regional Indian
Oh regional Indian's picture

+1,000,000,000

ORI

Fri, 03/18/2011 - 10:59 | 1071413 Dagny Taggart
Dagny Taggart's picture

Maybe it will all clear up when the interyention kicks in? 

Fri, 03/18/2011 - 11:01 | 1071428 lazysunday
lazysunday's picture

Yesterday I blew out my investment accounts, it was sort of like going cold turkey with cigs. I am getting some cold shakes but they keep getting shorter and less fierce after reading articles like this.

 

Fri, 03/18/2011 - 11:04 | 1071436 MakeMineADouble
MakeMineADouble's picture

OT:

 


U.S. military blocks websites to help Japan recovery efforts

 

http://www.cnn.com/2011/US/03/15/us.military.websites/index.html

Fri, 03/18/2011 - 11:11 | 1071471 -Michelle-
-Michelle-'s picture

I keep seeing this get posted.  The military is not blocking public access to those sites.  They're blocking them from being accessed on the military network so the bandwith can be freed up.

It's the military's network; they can do what they want with it.  If they don't want the DoD streaming Pandora right now, that's their business.

Fri, 03/18/2011 - 11:04 | 1071438 gwar5
gwar5's picture

This is nuts. Run on Japanese banks is next.

When it becomes widely known people can't get their money it will cause a banking tsunami.

Fri, 03/18/2011 - 11:04 | 1071441 Everybodys All ...
Everybodys All American's picture

Global ponzi ...

Fri, 03/18/2011 - 11:11 | 1071463 SheepDog-One
SheepDog-One's picture

Beats expectations of 910,200...priceless!

Fri, 03/18/2011 - 11:12 | 1071470 Cursive
Cursive's picture

Hmm. May have to manufacture a total power grid blackout on Monday to avoid honoring these transactions. Maybe the attempt to restart Fukushima will be the blackout catalyst.

Fri, 03/18/2011 - 11:12 | 1071472 NumberNone
NumberNone's picture

There is no computer malfunction.  All monies were moved to Swiss and Caymen bank accounts in anticipation that all of Japan would be glow in the dark by now. 

Fri, 03/18/2011 - 11:12 | 1071474 MikeyKid
MikeyKid's picture

Seriously... doesn't anyone here work in IT? These guys can't keep a nuclear plant running after an earthquake/tsunami, but we expect even less resilient bank systems to operate?

The infrastructure is a complete mess. It's plain simple incompetence and I suspect the IT guys are running around like a bunch of clowns... DR strategy? What's that?!

At least they get to recover the bank systems without DYING. Just gonna take a while. =/

 

Fri, 03/18/2011 - 11:14 | 1071481 -Michelle-
-Michelle-'s picture

It's bullish because there will be pent-up demand.  As soon as those checks clear, the recipients will all be racing to the stores.  Or the airports.

Fri, 03/18/2011 - 11:14 | 1071486 passive_lurker
passive_lurker's picture

You don't understand.  This is all being done for your benefit.  We know that you hate what we do but you need us.  You want us standing on that thin blue line between anarchy and civil society.  Because once you cross over, our (meaning the elite) way of life changes.

Fri, 03/18/2011 - 11:23 | 1071526 bob_dabolina
bob_dabolina's picture

Could have something to do with

Japan-

http://www.youtube.com/watch?v=MyTTrj4wKMU

Fri, 03/18/2011 - 11:30 | 1071573 tahoebumsmith
tahoebumsmith's picture

Just another reason for Wall St. to ralley. Forget about the fact we still may have a major catastrophe unfolding in Japan, rising tensions in the Middle East, and life for middle class Americans in free fall. I guess nobody noticed some of the other grim statistics this week like the lowest housing starts in history, first time unemployment claims still at 390,000, foreclosures back up to record levels, people more the 2 months behind on mortgages at record levels, unrest all over the US as battles continue between Unions and cash strapped States, the spackel and paint used to cover up the PIGGS crisis is starting to crack and all the other great news that either just doesn't get reported anymore or gets buried on some back page of the MSM. This crisis has made it very clear that the only thing that matters across the globe is to keep the financial ponzi scheme alive at any cost. While Japan is begging for humanitarian aid from other countries, they are injecting $600 billion into their markets to keep their debt ridden ponzi alive, meanwhile their citizens are left cold and hungry barely getting the basic essentials to survive. At this point nothing matters anymore as the taste of QE meat has turned any rational thinking person into a blood hungry carnivore. Now that the only thing that matters is QE or market manipulation, it is very obvious how vulnerable the world has become. With nuclear disasters, tsumamis, earthquakes, floods, wars, riots and everything else not affecting the markets, you should prepare yourself for the ultimate disaster. When the dollar crashes hard and the prop under this house of cards gets taken away and the only thing that matters any longer suddenly has no means to continue, the devastation it will cause to the WORLD will far out way any disaster we have been faced with thus far.

Fri, 03/18/2011 - 11:37 | 1071590 sagerxx
sagerxx's picture

+1.  TPTB have jumped the shark.  Hang on.  Big shakes just ahead.

Fri, 03/18/2011 - 12:48 | 1071932 Boilermaker
Boilermaker's picture

Is Mizuho a retail bank?

Fri, 03/18/2011 - 22:24 | 1074253 Coldfire
Coldfire's picture

Retail and wholesale. And by "assets," Mizuho is one of the top insolvent banks in Japan.

Fri, 03/18/2011 - 13:03 | 1071995 poor fella
poor fella's picture

The computers tried to front-run the paychecks before an intern saw the error. It was decided that allowing the error to go forward could 'possibly' lead to legal trouble, so the original paychecks are being printed. The NYT and the Fed both put in bids and once the decision is made, it should take approximately 7.3 seconds to complete.

Fri, 03/18/2011 - 22:26 | 1074244 Coldfire
Coldfire's picture

Of course it's a computer falmunction. Why else would a reputable bank like Mizuho massively and simultaneously fail to honour nearly a million of its obligations? But when they re-open (if they re-open) it might be a good idea to pull everything out all at once, just in case.

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