This page has been archived and commenting is disabled.

This Is Probably Not Good

Tyler Durden's picture




 

BARCLAYS'S JENKINS SAYS `SERIOUS' PROBLEMS IN EUROPEAN UNIT

For those who may have forgotten, back in the summer of 2007 Bear Stearns had some problems with some of its own units as well...

And some of the other soundbites:

  • BARCLAYS CEO SAYS BARCAP IS REDUCING CREDIT MARKET EXPOSURE
  • BARCLAYS CEO SAYS BANK DOESN'T USE RETAIL DEPOSITS FOR INV BANK
  • BARCLAYS'S JENKINS SAYS 2013 INT RATES TO RISE 100 BASIS POINTS
  • BARCLAYS'S JENKINS SAYS COMPETITION HAS INTENSIFIED IN THE UK
  • BARCLAYS'S JENKINS SAYS BANK CLOSED FINANCIAL PLANNING UNIT
  • BARCLAYS'S JENKINS SAYS ECONOMIC RECOVERY TO BE 'SLOW'
  • BARCLAYS'S JENKINS SAYS RESTRUCTURING TO REDUCE HEADCOUNT
  • BARCLAYS'S JENKINS SAYS RESTRUCTURING IN SPAIN IS 'COMPLEX'
  • BARCLAYS'S JENKINS SAYS : PLAN IS ABOUT EXECUTION, 'ORGANIC GROWTH'

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 06/15/2011 - 10:17 | 1370792 Coke and Hookers
Coke and Hookers's picture

Doomed, bitchez!

Wed, 06/15/2011 - 13:23 | 1371692 He_Who Carried ...
He_Who Carried The Sun's picture

Its all live and happening folks, and, heh, transitory by nature.

Wed, 06/15/2011 - 10:14 | 1370794 ZeroPower
ZeroPower's picture

BARC.LN off about a 1%, no biggie.

Wed, 06/15/2011 - 10:19 | 1370798 mirac
mirac's picture

This is probably not good...Seriously

Wed, 06/15/2011 - 10:24 | 1370832 Boston
Boston's picture

Soft patch

Wed, 06/15/2011 - 10:25 | 1370838 redpill
redpill's picture

Transitory

Wed, 06/15/2011 - 10:28 | 1370855 Cpl Hicks
Cpl Hicks's picture

Anthony Weiner is having trouble with one of his units too.

Wed, 06/15/2011 - 10:35 | 1370904 Boston
Boston's picture

Speed bump

Wed, 06/15/2011 - 10:51 | 1370964 Superslam
Superslam's picture

Power nap.

Wed, 06/15/2011 - 10:54 | 1370975 monkeyboy
monkeyboy's picture

Definitely bullish!

Wed, 06/15/2011 - 11:01 | 1371011 snowball777
snowball777's picture

zzzzzzzzzz

Wed, 06/15/2011 - 11:15 | 1371065 bonddude
bonddude's picture

Green chutes and ladders.

Wed, 06/15/2011 - 11:24 | 1371102 TerraHertz
TerraHertz's picture

Nothing some Viagra won't fix.

Wed, 06/15/2011 - 11:26 | 1371124 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Dear Fed:

 

Please make the US taxpayers suck my dick. Party on. Pass the hookers and cocaine, the annual bonuses to keep Barclay's "talent" is incoming.

 

Suck it, peasants!

Wed, 06/15/2011 - 10:54 | 1370976 LaLiLuLeLo
LaLiLuLeLo's picture

spike strip

Wed, 06/15/2011 - 10:54 | 1370977 tekhneek
tekhneek's picture

Merely a flesh wound

Wed, 06/15/2011 - 10:54 | 1370978 Rylie
Rylie's picture

But his Twitter account seems to be performing.

Wed, 06/15/2011 - 11:18 | 1371076 UGrev
UGrev's picture

what was it performing? 

Wed, 06/15/2011 - 11:22 | 1371109 Bindar Dundat
Bindar Dundat's picture

That soft patch carries a big fucking stick!

Wed, 06/15/2011 - 10:19 | 1370799 Franken_Stein
Franken_Stein's picture

 

In other news, albeit off-topic.

 

U.S. diver wants to find bin Laden's underwater corpse. No shit !

If successful, he wants to take a sample and have the DNA analyzed.

 

 

In yet other news:

 

U.S. diver missing off the coast of Pakistan.

Ok, just kidding.

 

Wed, 06/15/2011 - 10:21 | 1370810 HelluvaEngineer
HelluvaEngineer's picture

This is probably one of those things where you want to do it, then talk about it.  Not the other way around.

Wed, 06/15/2011 - 10:21 | 1370829 PaperBear
PaperBear's picture

Or so he can kill bin Laden for a third time.

Numerous top sources have said Osama bin Laden was already dead.

Reported in Pakistan Observer that he died Dec 15th 2001.

Wed, 06/15/2011 - 10:28 | 1370851 Franken_Stein
Franken_Stein's picture

 

That sonuvabitch is a tough one.

You only live thrice.

 

Wed, 06/15/2011 - 10:34 | 1370897 BobPaulson
BobPaulson's picture

Rasputin.

It's not even like looking for a needle in a haystack, it's more like looking for the end of a rainbow. Maybe he can create a startup called RaiseOBL and do an IPO to build a big salvage fleet, sell it to the US Navy and make a bundle.

Wed, 06/15/2011 - 10:37 | 1370915 john39
john39's picture

he is making a pretty big assumption that any body was ever thrown into the ocean.  my take, all total BS.

Wed, 06/15/2011 - 11:19 | 1371083 Manthong
Manthong's picture

I hope the USN was considerate enough to at least sprinkle some fish food overboard during the show.

It's not nice to fool mother nature.

Wed, 06/15/2011 - 10:42 | 1370941 francis_sawyer
francis_sawyer's picture

If he ends up finding him, maybe they'll end up putting him alongside Juan Francisco Franco in the  Valle de los Caídos...

Daily confirmations to follow (& 'hourly' updates in the final run up to the Obama 2012 re-election campaign)...

 

Wed, 06/15/2011 - 11:48 | 1371219 Azannoth
Azannoth's picture

He's a cheater he wants 72x3 virgings!

Wed, 06/15/2011 - 10:41 | 1370914 francis_sawyer
francis_sawyer's picture

All I can say is that he'd better hope the NAVY doesn't have a 'shark' team to go along with the SEAL unit...

Wed, 06/15/2011 - 11:15 | 1371064 Rodent Freikorps
Rodent Freikorps's picture

Zombie bin Laden.

Why do you think the SEALs put a round through his head without hesitation?

Wed, 06/15/2011 - 11:50 | 1371226 Bolweevil
Bolweevil's picture

silver, no doubt

Wed, 06/15/2011 - 11:18 | 1371096 TerraHertz
TerraHertz's picture

He needs to ask these guys for the coordinates.

They know. Starts with "469" if that's any help.

http://youtu.be/F0gswhoOCQI

Wed, 06/15/2011 - 10:16 | 1370801 Mr Rogers
Mr Rogers's picture

Almost as good as "Houston, we have a problem"

Wed, 06/15/2011 - 10:21 | 1370813 Cassandra Syndrome
Cassandra Syndrome's picture

This time, no studio ;-0

Wed, 06/15/2011 - 10:17 | 1370805 Cdad
Cdad's picture

Wait...do you mean NOT GOOD or LESS THAN previously expected OK?

 

Wed, 06/15/2011 - 10:22 | 1370815 HelluvaEngineer
HelluvaEngineer's picture

Serious problems beat expectations.

Wed, 06/15/2011 - 10:22 | 1370817 SheepDog-One
SheepDog-One's picture

Blowhorn says its no problem Cdad, we got 'smoothing mechanisms' appearing, likely giant steam rollers, and Chinese tourists coming to save the economy, nevermind the Chinese military uniforms on the tourists.

Wed, 06/15/2011 - 10:23 | 1370848 Cdad
Cdad's picture

Whew!  Tyler scared me, Dog.  I thought for a moment that criminal syndicate Wall Street banker expectations were not in line with the impending game of dominoes.  

We all know that LESS THAN PREVIOUSLY EXPECTED CRACK PIPED DREAMS is just fine, in relation to smoothing mechanisms.  I just wasn't expecting NOT GOOD.

As for Chinese tourists, uniforms or no, I can't wait to get my job at the sticky rice ball factory.  Looking forward to it.

 

Wed, 06/15/2011 - 10:20 | 1370828 Cognitive Dissonance
Cognitive Dissonance's picture

Cue the food riots in 5.....4.....3.....2.....

Wed, 06/15/2011 - 10:33 | 1370881 Cdad
Cdad's picture

Food?  Who needs food?

On a related note, so much for yesterday's BlowHorn lunacy dejour...the thesis of getting long Miracle Grow with the specific catalyst of all those pot growers out in CA.  Check the price action on SMG.

You cannot make this stuff up faster than bankers...errr...anchors at the BlowHorn.

Wed, 06/15/2011 - 10:39 | 1370906 Cognitive Dissonance
Cognitive Dissonance's picture

The human need for food is transitory.

And it appears Miracle Grow was having problems before today. Down 15% plus since May 31st? Better stop here at $49-$50 or the next leg down is $45, then $38.

Wed, 06/15/2011 - 10:49 | 1370955 francis_sawyer
francis_sawyer's picture

The "Wiener" scandal is having various cross-marketing effects on some consumer items...

Wed, 06/15/2011 - 10:45 | 1370956 Cdad
Cdad's picture

The weekly chart on that one does look pretty Wiley Coyoteish.  Meep meep.

So...either pot growers in CA are about to experience upside earnings surprises OR pot prices are heading lower due to oversupply.  Hmmmm?   

It is a damn good thing we have the BlowHorn to alert us to such pressing things...while the entire continent of Europe is imploding.

Wed, 06/15/2011 - 11:24 | 1371115 MrButtoMcFarty
MrButtoMcFarty's picture

MG sucks.

Now that Peter's Hydroponic Mix....very good stuff....and dirt cheap....

And ironically....it has the perfect NPK ratio for our favorite plant.

What a coincidence.

Wed, 06/15/2011 - 11:28 | 1371132 SheepDog-One
SheepDog-One's picture

Theres an app for that, just send a picture of a gyro to your I-Phone.

Wed, 06/15/2011 - 11:28 | 1371133 SheepDog-One
SheepDog-One's picture

Theres an app for that, just send a picture of a gyro to your I-Phone.

Wed, 06/15/2011 - 10:36 | 1370907 BobPaulson
BobPaulson's picture

Food riots come AFTER the lineups at banks and looting of bank machines.

Wed, 06/15/2011 - 10:47 | 1370943 Bay of Pigs
Bay of Pigs's picture

@BobPaulson

Are you still long Corruption?

What's the ticker for that?

Wed, 06/15/2011 - 10:17 | 1370806 LoneStarHog
LoneStarHog's picture

How does one say "transitory" in various European languages?

Wed, 06/15/2011 - 10:25 | 1370840 Let them all fail
Let them all fail's picture

Anything related to this being transitory is called "QE3" no matter what language you speak

Wed, 06/15/2011 - 10:43 | 1370863 hedgeless_horseman
hedgeless_horseman's picture

In German, it is the word Blitzkrieg.

In French, it is the word for monogamy.

In Spain, it is the word for virginity.

In Italy, it is the time when an Italian woman can fit comfortably into a Fiat.

In England, it is, "nice weather."

In Irish, it is the same as the Irish phrase for, "bury the Armalite."

In Greek, it is the word for the time between tourist seasons.

In Switzerland, it is the French, German, or Italian phrases for, "the time our neighbors are at peace."

 

 

 

Wed, 06/15/2011 - 11:05 | 1371030 Confused
Confused's picture

Well played sir. Thanks for the laugh. 

Wed, 06/15/2011 - 11:29 | 1371121 MrButtoMcFarty
MrButtoMcFarty's picture

Bravo!

Wed, 06/15/2011 - 11:32 | 1371135 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Sweet Horseman. I heart u.

Wed, 06/15/2011 - 10:28 | 1370854 RollOver
RollOver's picture

transitory = no schvitz

 

no?

Wed, 06/15/2011 - 10:26 | 1370860 subqtaneous
subqtaneous's picture

a moment on the fainting couch . . . (chiefly british)

Wed, 06/15/2011 - 10:17 | 1370811 SheepDog-One
SheepDog-One's picture

Damn it! And just when the Stress Tests showed all is well!

Wed, 06/15/2011 - 10:43 | 1370925 BobPaulson
BobPaulson's picture

ROTFL. The funniest thing about the stress tests is that they pretend to do them and people pretend to care.Marcel Marceau excersice #777 in the hilariously fake world where virtual reality is more real than the real thing...(whatever that is).

Wed, 06/15/2011 - 10:18 | 1370814 swissinv
swissinv's picture

fucking pussies, always having problem - ever heard something of effective risk management?

Wed, 06/15/2011 - 10:24 | 1370827 qussl3
qussl3's picture

What are you talking about?

The bankers have perfected risk mgmt.

Its called the taxpayer backstop.

Wed, 06/15/2011 - 10:27 | 1370849 SheepDog-One
SheepDog-One's picture

With 25%+ real unemployment and record high bankruptcies, the taxpayer backstop is pretty flimsy.

Wed, 06/15/2011 - 10:32 | 1370875 Founders Keeper
Founders Keeper's picture

+1

 

Wed, 06/15/2011 - 10:19 | 1370819 Cognitive Dissonance
Cognitive Dissonance's picture

First your unit starts to hurt, then it turns a nasty shade of black and blue until it finally falls off. At least that's my personal experience.

Wait.....what are we talking about?

Wed, 06/15/2011 - 10:26 | 1370846 spanish inquisition
spanish inquisition's picture

True, but it isn't that big of a problem because it is a European unit.

Wed, 06/15/2011 - 11:31 | 1371149 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Drat, am I now the only chic on ZH?? WTF?

 

CD, I thought you were a girl! Now back to playing old Queensryche albums.

Wed, 06/15/2011 - 11:39 | 1371188 Cognitive Dissonance
Cognitive Dissonance's picture

Too funny.

I've been a dick all my life. :>)

Wed, 06/15/2011 - 12:16 | 1371330 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

ha ! :)

Wed, 06/15/2011 - 10:25 | 1370821 hugovanderbubble
hugovanderbubble's picture

Tyler,

 

Barclays has been asking for help to the Swedish National Bank to acquire a spanish saving bank.- LA CAM-

 

but on the other side, they have sold out the branches not owned. 20%.

 

Barclays knows perfectly that Spanish 10yr Bond will hit the 7% trigger, they are preparing the terrain for the invasion

The layoff scheme has been awesome disgusting,

Wed, 06/15/2011 - 10:19 | 1370823 Silverhog
Silverhog's picture

Can we call these Units reactors 1, 2 and 3 for simplification?

Wed, 06/15/2011 - 10:24 | 1370831 John McCloy
John McCloy's picture

Of course there will be problems. Euro collapse is only a matter of when not if so after Greece defaults every other nation see it as a more valid option and eventually the only option. The most entertaining aspect of all of this is that none of them can violate the gentleman's agreement of not selling stock to raise cash and lower leverage so the question is who steps up first to save their own firm by violating the under the table agreement? 

Wed, 06/15/2011 - 11:28 | 1371117 Josh Randall
Josh Randall's picture

under the table agreement, what are those?

Wed, 06/15/2011 - 10:34 | 1370833 GOSPLAN HERO
GOSPLAN HERO's picture

Gold and silver are all the rage in Europe.

Wed, 06/15/2011 - 10:24 | 1370834 Medea
Medea's picture

You guys are so pessimistic.  Can a brother get some excitement about Pandora in this bitch?

Wed, 06/15/2011 - 10:27 | 1370847 Cognitive Dissonance
Cognitive Dissonance's picture

Sure.

Pandora's box is up 40% in Greece this afternoon.

Bullish.

Wed, 06/15/2011 - 10:29 | 1370861 Cdad
Cdad's picture

LOL!  Good one, brother Cog.

Wed, 06/15/2011 - 10:26 | 1370862 spongeBOB
spongeBOB's picture

Tried shorting this POS at 23 but no dice !

Wed, 06/15/2011 - 10:36 | 1370911 Medea
Medea's picture

Wait for it....

Wed, 06/15/2011 - 10:34 | 1370884 fuu
fuu's picture

Hope was the only thing left in the jar after the evils were released.

Wed, 06/15/2011 - 10:22 | 1370843 Urban Redneck
Urban Redneck's picture

Barclays is on the inside of Ben and the BIS's (fire) line in the sand circumscribing chairsatan's alter to the fiat devil. 

 

Bank of America-Merrill Lynch
Citi
Goldman Sachs
JP Morgan
Morgan Stanley
Wells Fargo Bank
BNP Paribas
Societe Generale
Deutsche Bank
Barclays Capital
HSBC
RBS
Credit Suisse
UBS

Wed, 06/15/2011 - 10:25 | 1370857 hugovanderbubble
hugovanderbubble's picture

well my intuition says,,..the fed order has ended.

 

Those banks are mostly kaput Just HSBC or JPM will be in a good long term position

C neutral, Credit Suisse ok,

Specially RBS,WellsFargo,BAML,  SELL

Also UBS and socGen SELL

Wed, 06/15/2011 - 10:25 | 1370856 TheGameIsRigged
TheGameIsRigged's picture

Don't worry....it's TRANSITORY!!!

Wed, 06/15/2011 - 10:29 | 1370858 holdbuysell
holdbuysell's picture

Mr. Waddell, Mr. Reed,

Please take your fingers of those keyboards and slowly step away.

Wed, 06/15/2011 - 10:28 | 1370864 THE DORK OF CORK
THE DORK OF CORK's picture

No shit

I could have told him that 10 years ago.

The problem is much older but began to accelerate into the abyss 15 years ago.

There simply is not enough goverment money in the Eurozone , and if the CBs refuse to bid up the price of Gold the velocity along with trade & commerce will die.

Thee most important statistic in the Eurozone starting from EMU convergence.

 


Central government debt; total (% of GDP) in Euro area

 

The malinvestment from credit inflation via a vacuum in Goverment money has been massive.

Wed, 06/15/2011 - 10:31 | 1370867 williambanzai7
williambanzai7's picture

Fuck em...do you need a picture ;-)

Wed, 06/15/2011 - 10:47 | 1370959 Caveman93
Caveman93's picture

Lulz! 

Wed, 06/15/2011 - 10:52 | 1370980 Sudden Debt
Sudden Debt's picture

or a 1000 words. You decide :)

Wed, 06/15/2011 - 11:02 | 1371033 The Fonz
The Fonz's picture

Picture is worth a thousand words :) Some of your pictures are worth far more.

Wed, 06/15/2011 - 13:58 | 1371858 Problem Is
Problem Is's picture

Put Papandreou's head on that college picture of Weiner in a bra... Or make him a Greek super hero with tights and a cape...

Wed, 06/15/2011 - 10:28 | 1370870 spongeBOB
spongeBOB's picture

OT but anybody here front  running today's POMO?

Wed, 06/15/2011 - 10:28 | 1370871 PaperBear
PaperBear's picture

Once Greece defaults, Ireland will follow then Portugal.

A bailout last year and now a bailout this year and whose to say a third bailout next year.

Staying in the euro currency makes no sense for these countries but the other countries can remain in the euro currency once these countries have left.

Wed, 06/15/2011 - 10:56 | 1370981 youngman
youngman's picture

You know in the United States..when you file for Bancrupcy...and it is finalized....about a week later you get an application for credit cards from Citibank among all the others...so why worry...in three years these countries will be back in the Euro zone....

Wed, 06/15/2011 - 10:32 | 1370874 holdbuysell
holdbuysell's picture

 I like this one from the soundbites:

  • BARCLAYS'S JENKINS SAYS BANK CLOSED FINANCIAL PLANNING UNIT
  •  

    So, I guess we're just winging it now.

    Wed, 06/15/2011 - 10:42 | 1370902 scatterbrains
    scatterbrains's picture

    Are they only closing U.S. branches of financial planning ? Maybe they know the gov. is about to take charge of every one's 401k/pensions/IRA and perhaps GS or JPM will be contracted to manage same.

    Wed, 06/15/2011 - 10:32 | 1370876 TexDenim
    TexDenim's picture

    Barclays is a very good merchant bank with great customer service. I've used them for years. Maybe they should stick to their knitting and leave the investment hi-jinks to crooks like Goldman.

    Wed, 06/15/2011 - 11:20 | 1371085 Bay of Pigs
    Bay of Pigs's picture

    LOL...you're kidding right?

     

    Wed, 06/15/2011 - 11:42 | 1371187 Strider52
    Strider52's picture

    Nice udders on that filly, Tex.

    Wed, 06/15/2011 - 10:33 | 1370878 Franken_Stein
    Franken_Stein's picture

     

    Wait a minute.

     

    Wasn't Barclays the one whose prop trading desk took a hard hit in the aftermath of Fukushima, when the yen surged due to "repatriation" ?

     

    And they had to close FX positions in their BARX system ?

     

    http://seetell.jp/2011/03/barclays-kills-yen-trading-during-usdjpy-flash...

     

    Wed, 06/15/2011 - 10:34 | 1370882 PaperBear
    PaperBear's picture

    "RESTRUCTURING TO REDUCE HEADCOUNT"

    Yep, RESTRUCTURING the debt TO REDUCE HEADCOUNT of bankers by decapitation.

    How do you like that haircut ?

    Wed, 06/15/2011 - 10:32 | 1370890 Franken_Stein
    Franken_Stein's picture

     

    That would amount to a hairlength of -30 cm = -1 foot.

     

    Wed, 06/15/2011 - 10:31 | 1370885 PaperBear
    PaperBear's picture

    "BANK CLOSED FINANCIAL PLANNING UNIT"

    Yep, and opened up a crystal ball unit.

    Wed, 06/15/2011 - 10:33 | 1370895 hugovanderbubble
    hugovanderbubble's picture

    +1

    so funny

    Wed, 06/15/2011 - 10:35 | 1370886 firstdivision
    firstdivision's picture

    Is this a John Meriwether, or a Jérôme Kerviel moment?

    Wed, 06/15/2011 - 10:41 | 1370887 plocequ1
    plocequ1's picture

    Deleted

    Wed, 06/15/2011 - 10:38 | 1370898 monopoly
    monopoly's picture

    Going to take time. But we are on track. FAZ healthy today. Sheeples bought yesterday, wiped today. Great market. Great country.

    Wed, 06/15/2011 - 10:40 | 1370924 espirit
    espirit's picture

    Ah, just give them another 6.66 billion.

    Problem solved.

    Sarc on/off, I forget which.

    Wed, 06/15/2011 - 10:39 | 1370929 Cone of Uncertainty
    Cone of Uncertainty's picture

    This will be the rallying cry for anyone that has any welath tied up in fiat bassed assets.

    "Help, there is a fucking problem with my unit!"

    Wed, 06/15/2011 - 10:43 | 1370930 Cone of Uncertainty
    Cone of Uncertainty's picture

    This will be the rallying cry for anyone that has any welath tied up in fiat bassed assets.

    "Help, there is a fucking problem with my unit!"

    Wed, 06/15/2011 - 10:41 | 1370938 Central Wanker
    Central Wanker's picture

    "BARCLAYS'S JENKINS SAYS BANK CLOSED FINANCIAL PLANNING UNIT"

     

    No worries. FED and ECB have both established a Central Planning Unit. 

    Wed, 06/15/2011 - 10:44 | 1370945 Alea Iacta Est
    Alea Iacta Est's picture

    - BANK CLOSED FINANCIAL PLANNING UNIT -

    In explanation, Barclay's Jenkins offered that, "There is really no need for the financial planning unit anymore as we now recieve updates from the Federal Reserve of the United States each month as to what will occur each month on a day-by-day basis in the markets. This has allowed us to reduce headcount and will provide stability in the markets for the banks."

    Wed, 06/15/2011 - 10:44 | 1370949 Quinvarius
    Quinvarius's picture

    How can any bank possibly have a problem with the Fed giving all of them free money?

    Wed, 06/15/2011 - 10:52 | 1370966 breezer1
    breezer1's picture

    my olive grove on the med will soon be within reach. as soon as the civil war stops i will retire there.

    Wed, 06/15/2011 - 10:48 | 1370968 Jim in MN
    Jim in MN's picture

    Buh-bye Barclays.  UK has too many big banks anyway.

    http://en.wikipedia.org/wiki/List_of_banks_in_the_United_Kingdom

    Oh, wait.  No they don't. 

    Well they can always use Harrod's, Tesco and the state-owned banks.

    Wed, 06/15/2011 - 10:53 | 1370970 LaLiLuLeLo
    LaLiLuLeLo's picture

    spike strip

    Wed, 06/15/2011 - 10:53 | 1370989 Bob the Horse
    Bob the Horse's picture

    He actually said 'Serious problems in European unity' which obviously has slightly different implications for Barclays.  

    Wed, 06/15/2011 - 11:02 | 1371032 theprofromdover
    theprofromdover's picture

    Wasn't Jenkins the smartest guy in the room some time ago?

    Maybe he still is, he managed to extricate himself from part of Barclay's mess

    So why is he still attached?

    Wed, 06/15/2011 - 11:03 | 1371034 theprofromdover
    theprofromdover's picture

    duplicate -very slow system today

    Wed, 06/15/2011 - 11:08 | 1371051 ryanseventyfive
    ryanseventyfive's picture

    This is turrible

    Wed, 06/15/2011 - 11:11 | 1371052 Brick
    Brick's picture

    I assume this is from the barclays investor seminar today and you probably should not read to much into these headlines.
    Firstly the european units probably excludes the main operations in the US and the UK which means France, Germany, Spain, Switzerland, Portugal and Italy. This probably refers to Spain specifically.

    Chief executive Bob Diamond considers the bank's losses in Spain to be unacceptable and plans to reposition its activities there to concentrate on higher earners, it was reported.

    Secondly the financial planning unit was a service that barclays used to provide to customers. This is of concern in a way because barclays is effectively saying that there is no money in helping your customers make money.

    What you should be asking yourself is how barclays really expect to raise its return on equity to 13%, what exactly is its strategy in Spain. Just as Barcap is focused on making money the retail part of Barclays focus is moving from a focus on the customer to a focus on making money.The big axe is falling on its spanish operations,yet Barclays is looking to leverage up to get back into the market through aquisitions. Is Barclays really a balanced bank with Barcap probably bigger than its retail operations and not much presence in Asia and South America. If all this sounds good for the short term investor then you might be right, but it all smells of short termism to me and could all backfire in the future.

    Wed, 06/15/2011 - 12:11 | 1371298 francis_sawyer
    francis_sawyer's picture

    "could all backfire in the future..."

    ---

    kind of like fractional reserve banking...

    Wed, 06/15/2011 - 11:16 | 1371087 FreeNewEnergy
    FreeNewEnergy's picture

    On a totally unrelated note, I gave LeBron James a dollar and he gave me back only 75 cents.

    Why?

    He's got no 4th quarter.

    ...and,

    Why is LeBron James like a single woman?

    No ring.

    bud-a-bee, bud-a-bee, bud-a-bee, that's all folks!

    Wed, 06/15/2011 - 11:32 | 1371152 gwar5
    gwar5's picture

    "Conquest of Greece" not going well and poor banksters may not win the day. Not crying over anyone who won't cry over me.

    Wed, 06/15/2011 - 11:34 | 1371162 AldoHux_IV
    AldoHux_IV's picture

    Afterall the theft of printed dollars (trillions) to fund these insolvent oversized institutions, they are still having problems?? These institutions are broke, much like the governments they now control and influence-- they are all broke and now will have to face the wrath of the taxpayer as in this latest battle it's become painfully clear that their greed knows no bounds.

    Wed, 06/15/2011 - 11:44 | 1371197 glenlloyd
    glenlloyd's picture

    obviously Barclays wasn't the recipient of any of the QE2 euro bank cash stuffing program.

    I really wish people would quit using the word 'recovery' when the patient has been pretty much comatose now for 3 years.

    Wed, 06/15/2011 - 11:59 | 1371248 mfoste1
    mfoste1's picture

    STFR

    Wed, 06/15/2011 - 12:22 | 1371359 Don Gorgon
    Wed, 06/15/2011 - 14:02 | 1371874 PulauHantu29
    PulauHantu29's picture

    What does he mean by "serious?" Some teenage trader buy a few hundred trillion of Greek debt ...on 100:1 leverage?

    Or does he mean "serious" as in "the Europe Branch ran out of croissants?"

    Wed, 06/15/2011 - 14:25 | 1371995 johngaltfla
    johngaltfla's picture

    Let's see, when Bear Stearns went Tango Uniform, Joe Lavornga was on Bubblevision saying we were not in a recession nor would we go into one because bank balance sheets were strong (Feb 2008).

    If there are entertainment Gods out there, hear our plea: Put him on the air again tonigh, PULEEEASE!

    I could use a laugh.

    Wed, 06/15/2011 - 21:57 | 1373291 Buck Johnson
    Buck Johnson's picture

    I think we are going to see those runs on European (especially british) banks like we did back in 08.  This game is falling apart and when it does it will take alot of economies with it.

    Do NOT follow this link or you will be banned from the site!