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Preparing Resources To Shop For Distressed Assets As Banks Refuse To Come Clean On Near Fraudulent Reporting

Reggie Middleton's picture




 

As the equity markets are benefiting from the forced zero rates of central banks world-wide, I remain cognizant that the core problems of the crash five years ago have went absolutely nowhere. As I have demonstrated to all that I am no perma-bear in calling the contrarian pair trade of the decade (short Apple: Deconstructing The Most Accurate Apple Analysis Ever- long Google: Reggie Middleton Goes For 2nd Win On CNBC Stock Challenge & Causes TROUBLE!!!). I'm not pessimistic, I'm realistic! My recent rant on the Irish banks included the post that pretty much laid out the evidence of a potential Irish bank collapse -  "If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It... I followed this up with a stern warning to Irishmen - "As Forewarned, The Irish Savers Have Just Been "Cyprus'd", And There's MUCH MORE "Cyprusing" To Come". Who do you believe, me or your Irish government? Let me give the skeptical readers a little assistance...

Just a month and a half ago, we've had Irish officials proclaiming...

image004image004

Hey, ninety days or so later... guess what?

image008image008

These banks are likely to need a recap, a recap that will likely get sloppy and ugly. I visited the UAE this time last year and noticed that would be an excellent source of capital for a shopping spree based upon the EU Bank deleveraging. It prompted me to detail my thoughts to subscribers for I was preparing to raise capital. 

Distressed Sales from European Sovereign Nations and Banks Page 01Distressed Sales from European Sovereign Nations and Banks Page 01Distressed Sales from European Sovereign Nations and Banks Page 02Distressed Sales from European Sovereign Nations and Banks Page 02Distressed Sales from European Sovereign Nations and Banks Page 03Distressed Sales from European Sovereign Nations and Banks Page 03Distressed Sales from European Sovereign Nations and Banks Page 04Distressed Sales from European Sovereign Nations and Banks Page 04Distressed Sales from European Sovereign Nations and Banks Page 05Distressed Sales from European Sovereign Nations and Banks Page 05

 

This is just a portion of the report released (subscribers can find the full report in the Global Macro Section of the downloads area). One page in particular was particularly prescient, page 9... Remember what happened two months ago before you read this and be sure to notice the dates on the embedded documents... Bank deleveraging is REAL!!!

Distressed Sales from European Sovereign Nations and Banks Page 09Distressed Sales from European Sovereign Nations and Banks Page 09

I have updated versions of this distressed asset acquisistion document which I will post for institutional subscribers later on in the day. Any institutions or high net worth individuals interested in my plans should feel free to contact me. 

 

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Fri, 05/10/2013 - 14:23 | 3549145 THE DORK OF CORK
THE DORK OF CORK's picture

Those "officials" may have had drink taken but they knew exactly what they were doing............

 

Fuck the rest of us over in the interests of their masters  and hope for a cut.

 

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

 

Its now about a 10,000 ~ euro extraction per person per year and increasing.

Fri, 05/10/2013 - 14:06 | 3549066 W T F II
W T F II's picture

Reggie,

 

Perhaps Irish "Officials" were in an alcholic blackout when they did the first bail-out...??!!

Fri, 05/10/2013 - 11:21 | 3548403 THE DORK OF CORK
THE DORK OF CORK's picture

Nah.

It won't be possible.

They will increase tax on the capital gains.........

 

Best to hold gold to get out of the system proper.

 

Many people will simply bury the shiny stuff in a bog.

Its what happened the last time..............

 

 

Fri, 05/10/2013 - 11:09 | 3548356 THE DORK OF CORK
THE DORK OF CORK's picture

House asking prices still remain fictional..............

 

Take 25 % off this cottage .

 

But it looks nice.

Half a acre is enough for spuds for the year.

 

http://www.daft.ie/searchsale.daft?id=444430

Fri, 05/10/2013 - 11:17 | 3548388 RaceToTheBottom
RaceToTheBottom's picture

I hope you can buy that, at your discount, with a few bars of phyz

Fri, 05/10/2013 - 10:59 | 3548304 YHC-FTSE
YHC-FTSE's picture

I'm sold. I'd be stupid to argue against Reggie's track record which, timing aside, is stellar. 

All that concerns me is, is this big enough to take out RBS? Or will the touted depositor haircuts v2.0 offset the big bank collapse again? If the latter, I suspect the IRA will make a resurgence.

Fri, 05/10/2013 - 10:38 | 3548205 RaceToTheBottom
RaceToTheBottom's picture

Accounting has become a historical relic.

"Daddy, tell me again about "Mark to Market""

Fri, 05/10/2013 - 10:59 | 3548285 OneTinSoldier66
OneTinSoldier66's picture

Good one!

 

When someone says that Gold is a barbarous relic, I will reply that Governments and Banks no longer using G.A.A.P.(Generally Accepted Accounting Principles) and Mark-to-Market accounting are the barbarous relics, not Gold.

Fri, 05/10/2013 - 11:44 | 3548501 Ghordius
Ghordius's picture

+1 all of you. I'd say the only barbarous thing about gold is that in some parts it's accounted in "Imperial" system troy ounces instead of civilized Metric ;-)

which reminds me about how 1968 one million USD bought you one metric ton of gold - and methinks this was not a coincidence, since it was a politically/diplomatically agreed price

Fri, 05/10/2013 - 10:53 | 3548258 YHC-FTSE
YHC-FTSE's picture

Mark went to the market and lost his shirt, pants, jacket, and his organs.

Fri, 05/10/2013 - 10:59 | 3548154 THE DORK OF CORK
THE DORK OF CORK's picture

@Tinky

Its very hard to break into the Irish Agricultural thingy......farms change hands pretty slowly.

 

The golden vale North of Cork city is the richest farm area (dairy)

But if you want a few acres hobby farm in the west with good land by the standards of the western areas........

 

Valentia Island is the one me thinks.

It has a road bridge and ferry access on the other side and holds the best land in west Kerry.

It has some nice English style villages also as it was the point where the transatlantic cable reached Europe and was therefore a important part of the world at one stage.

 

http://en.wikipedia.org/wiki/Knightstown,_County_Kerry

 

This guy has good videos of the place.

He is one half of a canadian couple who seems to have moved there a few years ago.

 

http://www.youtube.com/watch?v=pi-F53twfeg

 

Advantage of summer living on Irish islands....

Mackeral are easy to catch.

 

http://www.youtube.com/watch?v=pjPuRbT6-PU&list=UUnlOwuC-ek-Nbocg6hPOeWw&index=102

 

Knightstown burbs............

http://www.youtube.com/watch?v=DC3yfUSxYWY&list=UUnlOwuC-ek-Nbocg6hPOeWw&index=83

 

No scarcity of new houses 

http://www.youtube.com/watch?v=WuphfQmpp5U&list=UUnlOwuC-ek-Nbocg6hPOeWw&index=46

 

The local retired collie

http://www.youtube.com/watch?v=pdwV9VYhbhI&list=UUnlOwuC-ek-Nbocg6hPOeWw&index=88

 

Looking west toward Newfoundland.

http://www.youtube.com/watch?v=pDFrGp8yxl8&list=UUnlOwuC-ek-Nbocg6hPOeWw&index=100

Fri, 05/10/2013 - 11:17 | 3548385 Tinky
Tinky's picture

Thanks much for that. I'm not thinking commercial; more hobby farm.

Hadn't though of Valentia Island, and it looks interesting.

Cheers,

Tinky

Fri, 05/10/2013 - 11:34 | 3548466 THE DORK OF CORK
THE DORK OF CORK's picture

No Problem

As I said it has surprisingly good land and is very mild (except for these past few cold winters)

They planned that village before the cable.......

They would not have put it there without it having good land by the standards of the area.......the mainland near the island is however not very nice.......

Its bleak windswept coastal blanket bog.

Fri, 05/10/2013 - 09:52 | 3548024 THE DORK OF CORK
THE DORK OF CORK's picture

Ireland is not growing................

 

exports add to GDP growth.

You cannot eat exports.

GDP is therefore a very poor metric for Irish banks exposed to continued decreases in domestic consumption & commerce.

 

The real Irish economy continues to dive into the bog.

 

Irelands only function is to transfer surplus wealth to the core.

 

its a conduit economy.

A Giant SPV.

Fri, 05/10/2013 - 10:07 | 3548085 Tinky
Tinky's picture

Dork –

 

What's your view of the current real estate market in Irelend? I'm primarily interested in rural or semi-rural homes and small farms.

Thanks in advance.

Fri, 05/10/2013 - 09:49 | 3548008 THE DORK OF CORK
THE DORK OF CORK's picture

Check this out.

 

Transport data gives you the best indication of the real domestic Irish economy   ...what little remains.

 

 

Publication of the 10th Irish maritime transport publication where the director states quite openly that they have seen probably the biggest boom and bust in the history of shipping markets.

http://viewer.zmags.com/publication/2d9731e6#/2d9731e6/40

He points to the symmetry of the Irish maritime transport sector and the real Irish domestic economy (not GDP increases which includes high value low weight exports which are generally somewhat outside the domestic economy as it is beyond the tax system)

However dry bulk volumes increased by 7%
As a result of farmers importing extra feed in the wet summer of 2012 (agri is 22% of total dry bulk volumes) and steady demand for steam coal in Moneypoint power station.
We have a crazy Aluminium factory in Shannon which dominates dry bulk imports – Bauxite – its there for purely tax arbitrage reasons as it uses it own Gas turbine in this very high energy operation !!!
There was huge controversy about this in the early 80s with a nearby farmer on the national television politics / debate show claiming his cattle were dropping like flys because of the toxic dust from this site.
Despite its continued operation in such a crazy area (Hydro Iceland is better) it is generally not talked about in polite Irish circles.

 

THE BAD NEWS

Liquid bulk is down maybe 3% in 2012 when you subtract Bantry in the SW (this is a long term oil storage area)

break bulk volumes (eg. timber , machinery) down 3% , decreased for 5th year straight and is at a 10 year low.
Much of this is coastal traffic in the smaller ports such as New Ross (JFK ancestors home town) although the big ports dominate all sectors now.

Lift on lift off experienced a 3% decline in 2012 when it was growing at 7% a year a decade earlier.

passenger traffic declined by 4% and the tourist car market by 7 %……

The depression in Europe continues…………..
All so that the banks can have access to cheap labour arbitrage profits from Asia & Germany

 

 

Fri, 05/10/2013 - 10:57 | 3548271 Element
Element's picture

Notice how the Baltic Dry Index is down around cold-war and pre-globalism fad levels.

Fri, 05/10/2013 - 13:59 | 3549033 dontgoforit
dontgoforit's picture

The eff'ers can't afford to go anywhere so nothing's gonna move.  Soon this will become a nightmare on Euro street.

Fri, 05/10/2013 - 09:01 | 3547851 Fuh Querada
Fuh Querada's picture

I wish I could make head or tail of this post, and I wish I was a high net worth individual.

Sat, 05/11/2013 - 00:31 | 3550797 mkkby
mkkby's picture

"I wish I could make head or tail of this post"

Buy my advisory service.

Fri, 05/10/2013 - 09:48 | 3548007 MathWins
MathWins's picture

Assets on your books worth sh%t = trouble down the road

Fri, 05/10/2013 - 13:57 | 3549028 dontgoforit
dontgoforit's picture

But not with modern-day deVry banking skills!  We can make you millions from nothing simply by following our intense program.  Steal, cover your ass, steal, cover your ass, show your ass, etc.  Like takin' candy from a baby, it is!

Fri, 05/10/2013 - 09:36 | 3547962 LawsofPhysics
LawsofPhysics's picture

deploy cash, aquire physical assets (revenue generating if possible), new rental development, more silver coins, new IR beam for the AR with infared scope etc. etc. etc.

Fri, 05/10/2013 - 11:24 | 3548416 Fuh Querada
Fuh Querada's picture

Thx, clarification much appreciated..but who is supposed to be preparing which resources to shop for which distressed assets (presumably of the Irish banks)? Am I particularly dense or is this post intentionally obfuscated for " non-high net worth" subscribers?

Fri, 05/10/2013 - 13:54 | 3549013 dontgoforit
dontgoforit's picture

Reggie, that's "have gone," not, "have went."  Where you from boy?  Tennessee?

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