Financial Services Authority

If #32363f; font-family: Arial, Helvetica, sans-serif; font-size: 12.222222328186035px;">Cyrpus blew up with bank assets/GDP leverage of 700% & Iceland blew up with leverage of 880%, what should we expect from Scotland @ 1,250%? Of course, this leverage number likely excludes those top secret charges I found last month...

#111111; font-family: Arial, Helvetica, sans-serif; font-size: 12.222222328186035px; background-position: -51px -38px;"> 

Think frontrunning clients, trading against recommendations, manipulating LIBOR, and slamming gold at the London fixing is all investment bankers do? Wrong. What really happens in banker life is far more exciting and enjoyable (at least for preferred banker clients) as the following story by the WSJ's David Enrich shows. In reality, the activities that bankers seem to spend the most time on, is treating their "preferred clients" with free gambling trips to Las Vegas, skiing in Chamonix, flying wives and girlfriends in helicopters, doing blow in industrial amounts, and, of course, cavorting with strippers and hookers. All paid for by some unwitting clients of course. It is this environment of utter and perfectly permitted, if not encouraged, debauchery that allowed scandals such as the Libor fixing "conspiracy" (first theory, then fact of course), to flourish, and which makes being a banker still the most desired job in the world (contrary to beliefs that it was all about the passion of crunching goalseeked DCFs at 2 am in the morning).

Central Bank governor now admits Irish banks need more capital. As the truth seeps slowly into the mainstream media, who do you believe - Reggie or the Central Bank of Ireland?

There's never a good lawyer around when you really need one! With a 96+% (tens of $billions) loss to equity investors, one would think law firms and regulatory bodies would be chomping at the bit for this one!

And you thought this would stay in Ireland and Cyprus right? Keep hope alive. RBS bailout per UK taxpayer = £1,414 or €1,654 or $2,177. but they didn't tell you everything, did they?

One really wonders why people have lately sold gold. It seems to make little sense in light of the widespread mainstream views on what the 'correct' monetary policy should consist of. Monetary cranks abound wherever one looks. The ultimate outcome of all this inflationary experimentation is preordained, so people have every reason to be very concerned about preserving the value their assets. Of course we are well aware that markets can often behave in an irrational manner for extended time periods. In fact, this is what allows astute speculators and investors to make profitable trades, as there are frequently opportunities created by the markets getting it wrong. In this particular case it is still astonishing, considering how blindingly obvious it is in which direction things are currently moving. Mr. Woodford wants to 'scare the horses'. We are wondering why they are not scared yet – but we suspect they will be soon enough.

#666666; font-family: Arial, Helvetica, sans-serif; font-size: 12.800000190734863px; line-height: 19.200000762939453px;">How many important (or worse yet, systemically important) banks can fail to disclose pertinent debt info before it becomes evident that the tax payer/depositor/regulators/stress tester realizes they don't know the Irish banking system's true condition? 

You know, there's never just one roach. The deeper you look, the more you're likely to find. Just sayin...

Mounds of cold, hard, indisputable evidence not found ANYWHERE else! Damn, you thought Cyprus was newsworthy? Ireland already Troika'd & they're bigger than Cyprus. Depositor recap of banks looks inevitable if this research is right!

It begins here: Introduction of cold, hard evidence of bank shenanigans (with complete documentation) that A) should be prosecuted & B) cause enough concern to make you worry about your bank's integrity. 

• What bread... What circuses... JPMorgan Chase Faces Full-Court Press of Federal Investigations (NYT)
• European Regulators to Charge Banks Over Derivatives (WSJ) ... but forgive us if we don't hold our breath
• Cyprus readies capital controls to avert bank run (Reuters)
• Damage ripples through Cypriot economy (FT)
• G4S readies guards as Cypriot banks prepare to open (Reuters)
• Global pool of triple A status shrinks 60% (FT)
• Customers Flee Wal-Mart Empty Shelves for Target, Costco (BBG)
• BOE Says U.K. Banks Have Capital Shortfall of $38 Billion (BBG)
• U.K. Banks Facing Capital Shortfall (WSJ)
• Cyprus Details Bank Revamp (WSJ)
• Kazumasa Iwata Joins Kuroda Naysayers as BOJ to Meet (BBG)
• BRICS Nations Need More Time for New Bank, Russia Says (BBG)

The “Fix” Is In?

• Kuroda to Hit ‘Wall of Reality’ at BOJ, Ex-Board Member Says (BBG)
• Venezuelans mourn Chavez as focus turns to election (Reuters)
• South Korea says to strike back at North if attacked (Reuters)
• Milk Powder Surges Most in 2 1/2 Years on New Zealand Drought (BBG)
• As Confetti Settles, Strategists Wonder: Will Dow's Rally Last?  (WSJ)
• Pollution, Risk Are Downside of China's 'Blind Expansion' (BBG)
• Obama Calls Republicans in Latest Round of Spending Talks (BBG)
• Ryan Budget Plan Draws GOP Flak (WSJ)
• Samsung buys stake in Apple-supplier Sharp (FT)
• China Joining U.S. Shale Renaissance With $40 Billion (BBG)
• Say Goodbye to the 4% Rule  (WSJ)
• Traders Flee Asia Hedge Funds as Job Haven Turns Dead End (BBG)
• Power rustlers turn the screw in Bulgaria, EU's poorest country (Reuters)

• As ZH has been saying for months... Draghi Will Need to Push the Euro Down Some More (WSJ) ... but careful with "redenomination risk"
• Senate Report Said to Fault JPMorgan (NYT)
• EU Opens Way for Easier Budgets After Backlash (BBG)
• China Moves to Temper Growth - Property Bubble Is a Key Concern (WSJ)
• China bets on consumer-led growth to cure social ills (Reuters)
• Italian president mulls new technocrat government (Reuters)
• Grillo says MPS won't back technocrats (ANSA)
• The Russians will be angry: Euro Chiefs Won’t Rule Out Cyprus Depositor Losses (BBG)
• China Bankers Earn Less Than New York Peers as Pay Dives (BBG)
• Investors click out of Apple into Google (FT)
• Community colleges' cash crunch threatens Obama's retraining plan (Reuters)
• Alwaleed challenges Forbes over his billions - Calculation of $20bn net worth is flawed, says Saudi prince (FT)
• Guy Hands Dips Into Own Pockets to Fund Bonuses at Terra Firma (BBG)
• North Korea to scrap armistice if South and U.S. continue drills (Reuters)

• China drains cash to curb liquidity (FT) - no longer just a New Year issue...
• Hilesnrath speaks (but nobody cares anymore) - Fed Split Over How Long To Keep Cash Spigot Open (WSJ)
• Chasm opening between weak French and strong German economies (Reuters)
• JPMorgan Said to Seek First Sale of Mortgage Bonds Since Crisis (BBG)
• China's Bo Xilai not cooperating on probe, been on hunger strike (Reuters)
• Fed minutes send warning on durability of bond buying (Reuters)
• Sony Seeks an Extra Life in New PlayStation 4 (BBG)
• Rajoy pledges fresh round of reforms (FT) - and by reforms he means kickbacks?
• Doubts loom over eurozone recovery (BBG)
• China Extending Zhou Stay Seen as Aid to Financial Overhaul (BBG)
• King Pulls Out Stops to Energize Economy in Carney Handover (BBG)
• Central Banks Discussed Nominal GDP Targets at G-20 (Businessweek)
• Grand Central Owner Opposes IPO of Empire State Building (BBG)