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Hypo Fails, All Other German, Portuguese, French Banks Pass Test
And we uncover that the German Landesbanks (the equivalent of the bankrupt Spanish cajas) did their own stress tests. Time for the PPT to step in with this pretext and soak up all offers. Totally pathetic BS.
Update 1: Somehow Bank of Ireland "passes" the test but needs over €2 billion in extra equity... uhm... WTF??? This is the point where the audience rushes the stage and burns the theater down.
Update 2: 5 Spanish cajas, 1 German and 1 Greek banks are eliminated on their quest to marry the US taxpayer. 84 other banks will soon be the recipients of far more US taxpayer generosity. And with that the season finale of the farce comes to a close.
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Speaking of PPT, AUDJPY is having a seizure.
The EU just failed the more important Credibility Test.
This confirms the belief that all these financial entities are completely bankrupt and anyone who puts a dime of fiduciary money in them should be sued for every last penny.
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I might spam it on one more post...but here is a playlist of electronic musiq for y'all's friday: http://www.youtube.com/view_play_list?p=5E7FB2A12195500D
o no they din't!!!
even the Greek banks passed.
boy they think people are stupid.
Amazing how they've proven via the "stress test" (should be renamed the "stink test") that when my stinky shit is held in your bank it stinks much less. And vice versa.
Ponzi 2.0
pass the fraud koolaid;
good grief, even cnbc doubts; how low can they go
sitting infront of my bloomberg with news scrolling down, every update makes me laugh more and more... this is a joke!
Turn off the bloomberg. You'll feel better. Works for me! :>)
A Lake Woebegone stress test.
These results will only make sense to economists since their heads are so far up their asses
only those with a PhD from a Good School
or sell side analysts...
This, dear sirs, is what we call a Financial Circle Jerk
Theatre of the Absurd.
Admission free to all Ponzi participants.
I need €2 billion in extra equity as well.
Performing a 'stress-test' which won't be believed is even worse than doing nothing. Stating the obvious of course.
There now, aren't all you market participants reassured? Mission accomplished.
could you pass me a trading ticket for gold? i want to be ready after they finish trying to hold it down.
Moving rapidly from the absurd to the sublime.
All good buy em
JPM currency trader wants to sell EC on news....hmmm
Wow kool-aid is a flowin today
If rates rose 6% wouldnt it imply that Greece would be looking for funding at >12%?
And by extension the rest of the PIIGS?
How the hell do they not default in that scenario?
what a total fraud
TD, isn't more accurate to say that instead of the US taxpayer getting the shaft it is any holder of USDs/USD equivalents? These won't be taxes collected, but rather wealth taken away.
While the Baltic Dry Index is having a small surge, the BCI sub-index (Baltic Cape Index), wich tracks the capesize vessels, the larger ones, used to carry all that iron ore and copper to China, is still falling.
The small rise in the Baltic Dry during this week is credited to Panamax and Supramax sub-indexes, tracking smaller vessels:
http://www.dryships.com/pages/report.asp
Dude, you're harshing the mellow of my EU flavored Kool-Aid with your BDI talk!
Everybody has to prop up everybody else's ponzi scheme in order for this to work. The problem is that eventually they'll need a fall guy...
Will the fall guy be revealed before or after the wars to hide the commodity inflation?
As with any cartel self interest will prevail since the members of a cartel would be able to make more profit by breaking the agreement.
The new syndicated FDICs and GM IPO show abundantly clearly that US Taxpayers are the continuing bagholders and persons of interest by the Banker-led and Government-cum-Goldman Sachs serf creators.
Groucho: "The key to success in business is to develop a reputation for honesty and integrity. Once you learn to fake that you got it made"
Today " The key to policy credibility is having the markets applaud your actions that you have designated as important. Once you learn to fix the markets so you can move them around at will - you got it made"
As expected. Nothing to see here. Move on.
yup
Poor (patsy) Simon Hobbs (CNBC) has been relentlessly pushing the validity of the "stress test" all morning, even in the face of credibility issues raised by his own fellow CNBC cheerleaders.
When one shill isn't "believed" by the other shills, it's clear that one is acting as the counter point to the others to create a sham unbiased (and thus believable) "discussion" designed to elevate the overall credibility of the "scammed" stress test.
"See, we're talking honestly and openly about the scam. We don't believe everything they're telling us but overall it doesn't look bad, even thought it's a shame."
I've felt that CNBC is really ramping up the hopium in the last few weeks. There's been little discussion of any of the negative data, selective reporting, etc. More than usual.
To your point, it seems that they always want to end on some silver lining these days, sometimes even talking over a guest to find something positive about what they have to say.
I thought TD's expose of Hobb's transformation was right on point.
Around 2 PM yesterday, as the markets were reaching their peak, I posted a comment about how things must really be bad tomorrow (Friday) for the markets to be pushed so high today (Thursday) and I believe I'm correct.
The PPT certainly knew the results of the stress test in advance and gunned the markets up in advance because they weren't sure what the reaction would be nor if they could contain it.
They've been throug four of the 5 stages of grief, but they keep coming back to Denial before moving on to Acceptance. Several more of these cycles and there won't be anything left worth stealing, and the remainder will bolt.
<duplicate>
Liesman's spin is that the markets have over reacted to the need for transparency.
More of the theme that "the markets are too fragile to know the truth"... maybe in the next administration.
If there was ever a day for the PPT to rally 'em - today's the day. That way the MSM can say that the "markets" liked the results.
"84 other banks will soon be the recipients of far more US taxpayer generosity."
Are you kidding me? You honesty think a single tax dollar is used for this?
It's tough taxing cash that hasn't or been able to be made..ooops! 1873 and Uncle Ben isn't an expert on that ...his brilliance is waiting for the 1930's
LEH had over 9.0% tier 1 capital two weeks before the doors were closed.
Five Spanish banks failed, Cajasur + four more, names not reviled yet.
"names not reviled yet."
Typo or sarcasm. Either way it works. :>)
In other news - after months of serious study the "Pay Czar" ( aint a czar ..like a russian king or sumpin?...)- discovers that 17 banks massive paid out bonuses as they were getting bailout money.
So - ?
I mean - thats good...right? No? Mo money - good thang.
not necessary to make any comments on all these rubbish
no comments needed here... results speaks for itself
true
Spanish banks: Diada, Unnim Caixa de Terrassa, Banca Civica, Espiga and Cajasur failed...
...I wonder how this happened? Greece banks better interconnected than their Spanish counterparts?
hmmm
Or maybe GS cooked their bocks?
I am so relieved.
we did it!!! i'm so hapyy yahoooooooo bang! bang!
Porras of the world unite!
i'm a dual US-Portuguese citizen, love your avatar
Ok, so they fudged the stress tests. We can still count on their promises for austerity.
The stress test are really a psyop/media manipulation to prevent reversion to the mean (cash), since this can not be tolerated. Solvency in a fractional system, predicated on compound interest will always reach the limit. At this time, you just cannot have the populace seeking refuge in older means of payment (cash), and CONfidence has to be maintained. It is a requirement of the system surrounding us all, and the parts of it we even enjoy. It is enjoyable to swipe a card, to click a button (and orchestrate complex delivery).
If we undershoot reversion to some mean (like cash (or honesty if you like it that way)), and descend further, like barter, or thought forbid (hunter gathering), the amount of people that can be sustained by the vanishing lack of specialization required under those circumstances will show in spades.
Historically, the plebes never held the money, or power. No reason to think they will in the future. However, this currency house of cards is interesting.
Its not important whether or not they fool all of us informed slobs, as we can easily be dismissed as a bunch of conspiracy wing-nuts.
What is important is that John Q. and Jane Public turn on those nice folks on the nightly news and see that most of the banks passed, and for those doubting few who remain, they go to CNBC and hear the same in a little more detail. NY Times et al spread the same message.
Tell the lie big enough and often enough and it will become the truth.
All the lies and deception are building-up.
I don't know how or when but this is going to end badly.
Probably a three letter word beginning with W and ending in R with one vowel in the middle.
"5 Spanish cajas, 1 German and 1 Greek banks are eliminated on their quest to marry the US taxpayer. 84 other banks will soon be the recipients of far more US taxpayer generosity."
How so marry the American taxpayer? The American taxpayer is getting screwed quite enough at home.
Did somebody mention Ireland sushhhhhhhhhhhhh
Don't you know we Irish are good little boys , we do not want to offend our banker masters
Because because we don't like being Buggered.
"Please mister banker man not again I am still recovering from those Papal Pricks."
YOU CAN TAKE A GOOD DOSE OF AUSTERITY, NOW BEND OVER IRISH BOY
Deleted in the interests of austerity
Deleted - on the grounds of taste
LOL! Well, if it's any consolation, we get buggered as a country every April in the US.
Dork - I think you used the right word when descibing the banksters versus the people - "Buggering"
Urban Dictionary always has the best definitions:
http://www.urbandictionary.com/define.php?term=buggering
@Gimp
I think every young irish male should consider joining the Royal Navy as soon they will all be suitably qualified
Churchill would have been so proud.
Things are so fucking great that I just have to join this rally as the computers go into shock and awe mode. Get this market to 12000 by November and Dems can all get re-elected. Wall Street owns the White House, DOJ and the SEC.... Here's your $400 welfare, unemployed hand licking cow. Here's a mega million bonus, bankster. Vote for me or starve ....
As I mentioned before, Ireland has a new financial regulator who's in a hurry to make a name for himself. He's set an 8% minimum core capital standard for the banks.
DOW/SP500 daily chart is bullish for now ...
http://stockmarket618.wordpress.com