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First Of Many: Standard Chartered Hit By Billions In Losses From Commodity Crash
Now that even the pundit brigade has confessed that crashing crude may not be the "unambiguously good" event all of them had sworn as recently as a month ago it surely would be, and stocks are beginning to comprehend that plunging oil may well be rather "unambiguously bad" because without EPS growth (energy is well over 10% of S&P EPS), without multiple expansion (rumor has it the Fed will hike this year), without a jump in stock buybacks (energy companies account for 30% of the buyback growth in 2015 according to Goldman) and without a boost to GDP (energy capex plans are imploding), the only way is down. But there was one key element missing from the "bad" scenario: impaired banks. At least until now, because as Reuters reports, Asia-focused bank Standard Chartered is the first (of many) bank facing billions in losses resulting from the crude crash.
The bank, which recently has been on a firing spree and even exited its entire equity business, will likely need $4.4 billion of extra provisions to cover losses from commodities loans, potentially forcing it to raise billions of dollars from investors, analysts said on Monday.
Credit Suisse analysts said the losses could force Standard Chartered to raise $6.9 billion to improve its core capital ratio to 11 percent by the end of the year. "We think the needed provisioning could be large enough to require further capital measures, such as further equity raising, and/or dividend reductions," analyst Carla Antunes-Silva said in a note.
Standard Chartered's shares were down 2.3 percent at 923 pence by 1330 GMT, the weakest major European bank.
There were previous hints, completely ignored by the markets of course, that things at this China-heavy bank are going from bad to worse: a jump in Standard Chartered's bad debts in the third quarter has prompted concern that it could face heavy losses from commodities loans after the fall in the price of oil and commodities.
The loss could be lower...
Credit Suisse's estimate was based on an "adverse" scenario that would see the bank need $4.4 billion to maintain its capital ratio, based on a potential $2.6 billion of pretax provisioning for commodities loans that sour and a higher risk-weighting on the loans.
Then again, considering that the "adverse" scenario in the ECB stress case didn't even consider the current deflationary environment, the loss could be far higher. Which means capital raises are on deck, and logically Credit Suisse said the bank could announce a rights issue or cut the dividend at its 2014 results, due on March 4.
"We believe the last two years of de-rating have been driven largely by weaker revenue and that the asset quality deterioration leg is now setting in," said Credit Suisse, maintaining its "underperform" rating on the stock. Analysts at JPMorgan and Jefferies also cut their target prices on the stock on Monday, saying that credit quality could deteriorate.
Standard Chartered CEO Peter Sands is under pressure after a troubled two years in which profits have fallen, halting a decade of record earnings. Some investors have said that Sands should go or the bank should set out succession plans.
One down: many more to go. Hopefully equity investors are as generous to all those other banks who will be stunned to learn they, too, need billions more in capital.
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The only good bank is a dead bank
and the only good banker is a dead banker,,,why is there never an arsonist or a terrorist around when ya need one.
Our real enemy are central banks, the bankster squid that chokes the life out of our economies to benefit a very tiny satanic elite.
This link was posted in another thread yesterday.
This is one of the best documentaries I've seen regaring the banking cabal. It's about 3 hours long and I'm halfway through it but I'm sending it to everyone I know.
https://www.youtube.com/watch?v=U1Qt6a-vaNM
They are okay because mark to market got shit canned years ago
Say hello to mark to money then
We are not retreating, we are merely advancing in a different direction.....
Standard charter? The boys at goldman are laughing and calling them muppets right about now, as they pop the champaign corks.
Is there going to be a ZH article for every bit of collateral damage that occurs because oil regained it's market price?
Yes.
[PS: Bitcoin collapsing. Down to $230...]
Lol, where is the idiot fonestar now? fucking putz would never shut up
HE SHOULD HAVE BOUGHT SILVER !
Might have received silver painted lead instead.
Holding Silver from $30 or bitcoin from $600, which as better?
NO CONTEST .........
SILVER !!!!!
IMHO but I let 5000 years of human behavior be my guide.
BTFD.
There were a bunch of negative comments when folks were picking up FB on the cheap. I'm not a Bitcoin fanatic, but it might be something to consider picking up on the downswing.
Yes, maybe two.
That video is awesome. Thanks for posting it. Still watching but it is very thorough so far.
Wow, great video........never seen anyone put the pieces together like that before.
Je suis "Earl"
Je suis 0.1%
Je suis 0.0001% (Whatever is wrong in my life is the fault of the old dude in the mirror.)
the only good bank is in SD
Don't worry. Central banks will do the QE and buy the bad loans
Does the word "Titanic" mean anything to you?
ICEBERG DEAD AHEAD!!
You must have me confused with someone who gives a SHIT. I got into a life boat and sneaked off long time ago.
Then why are you here?
pop corn and enjoying the show.
Yep, that's me too, full schadenfreude ahead...
apocalypse porn
Is there any other kind?
Oh my goodness! YES!!! http://www.gunsholstersandgear.com/shot-show-2015/
If that aint a turn-on..
+1 apocalyporn
still waiting for that elusive apocalysm
apopalypse corn (to be eaten while watching apocalypse porn)
get to work Mr Yellen
Boo fucking hoo...where did I put my kleenex?
Please bust up all the fucking banks.. let them pop like popcorn!
This is what happens to 99 out of 100 degenerate gamblers. Let's stop calling them banks.
I'm sure those guys were discussing their balance sheets in a risk management meeting or so.
Must have been something like:
"We all agree, crude will go up mates, won't it?"
"Sure" "Uh uh" "Absolutely"
"And for an adverse downside scenario let's just assume minus 15% in crude price by the end of 2016, a sort of a crash scenario"
[Laughter]
"Makes sense" "Uh uh" "Absolutely"
"I mean come on, oil will NEVER go lower than 85 USD/barrel!! That would be impossible!!"
[Laughter]
"Of course not!!" "Ridiculous, NEVER EVER!"
actually, that's EXACTLY how it went down...
ICE/NYMEX and all the folks associated with that throttled the supply chain and jacked up the Brent index... all the hedges etc. associated with that made their pitch to pension and sovereign wealth funds which effectively stated, "see? peak oil, sky falling, lucrative futures contracts *guaranteed*, give your money to us and we'll make more because supply will always be 'down' and demand will always be 'up' because we've set things up to always be that way, c'mon what could go wrong, easy money!"...
until things weren't set up that way, which is what we're seeing now...
we're going to see some pretty strong unwinding by institutional investors given the current set of circumstances... it will get ugly for those who weren't prepared...
Yes, it can be argued from first principles, they are not, in fact, banks.
Might give the Advertising Standards Authority a bell.....
Don't worry about the losses Standard, the Middle Class Taxpayers have your back.
And while the banks will receive a bail-out, those that work in the oil (and many supporting) sectors, will be fucked and broke.
Be patient on the interest rate retirees, as soon as we have QE4 thru infinity
It was also Standard Chartered who was involved big time in the false warehouse receipt scandal in Qundao, China
More like just the only ones to get busted for doing something wrong. Thought they could be a JPM and get away with it lmao.
Standard Chartered was also involved in the false aluminium warehouse receipt scandal in Qingdao, China in Spetember last year.
I thought we would make it until fall . That doesn't look good now
Why does nobody care?
http://www.bloomberg.com/quote/STAN:LN
Already priced in?
China vacuum tubes are even more stubborn the US vacuum tubes.
BTFD
I did that at $50 and shorted gold. I'm an expert at contrarian calls :)
It's all contained
Bobert727 the preferred nomenclature would be "ringfenced".
Where's the big bad wolf when you need him to blow this fucking house of cards down once and for all? We need a cultural reboot at the highest levels. That means boot out the tribe and let the goy take it from here.
As if the goy would do better. Get real nightwish. There is no one on earth who can take it from here and fix it. I don't care about their religion or race, it would make more sense to boot out all dishonest people in positions of power. Then it would all collapse and we could rebuild.
You are for a global monetary system run by a cabal comprised of people of same race, ideology and purpose whose end game is to execute their vision of global dominance at the expense of all other races? Why rebuild in the same flawed manner? The outcome will be the same as it always has been - more theft, oppression and war until they have their way. The system may never be truly fixable or perfect, but we can eliminate the rigged nature of this command market system the world has been enslaved to for a century now, with the primary beneficiaries extending beyond one group of people. No?
Like throwing your car in reverse after it just plunged off a cliff.
It does keep your mind off the fall.
"Hey, if the Blues Brothers could do it, and I'm doing God's work..."
Jamie Dimon, 2015
People do not worry! No matter how bad the banks problems get all the top dogs will still get huge bonuses!
I believe Deutsche is holding the North Sea Oil bag
You hope anyway.
them along with GS, Mother Morgan, and last but not least Societe Generale...
That would be good news if the squid was exposed. Very good news indeed.
Perfect opportunity for some high profit FRAUD.
No, no, it's called "investing."
"WINNING!"
#Bangin7gramBaracks
Standard Chartered has a _very_ long reputation (back to 1980's at least - shows how old I am) as being 'accident-prone'.
Unlike, say, BAC which appears to have endless variations on the same theme (bad mortgages), SC seems to get involved in every theme shortly before it falls apart.
Watson
I'll only believe you if Sherlock does !
I have a question for you guys on the other side of the Pond:
Canada seems, for the time being, immune to the existential threats and economic doom that looms in Europe/ME/Ukraine and elsewhere.
It seems less vulnerable to a persistent dollar spike that could implode WS highs and bring deep recession to the USA.
To what extent is Canada culturally and economically hedged from this global fall out?
It seems now to stand more on its own legs and not be scared of its big neighbour's economic and racial blues.
True or false?
falak pema, this is something I question a lot myself as a Canadian citizen. I think it could go either way.
In the rural areas and small towns the oldtimers are generally more conscious of being Canadian. These are generally hard working salt of the earth types working class people and farmers, they have an independent streak. A majority of our population live in urban Southern Ontario, Vancouver and Alberta (as well Montreal but they are different yet again and would prefer to be less American for certain) and most of these people are quite brainwashed from the years of propaganda.
Most of our manufacturing industry is either American owned or we trade with the USA a lot, if the USA crashes our urban areas will be hit very hard. Furthermore the engine driving our economy the last 15 years has been oil and I am already aware of layoffs in the oil patch. If the USA goes into full scale economic depression we will too no doubt.
I am 40 years old and came to Canada as a child, I have seen my country change drastically since the late 1980s and even more so since the early 2000s. Our media including our public CBC is totally in the bag for the globalists as is our education system, but the young people don't seem to be buying it.
If I had to make a prediction I suspect our rural areas and small towns like where I live that have remained more traditionally Canadian will survive but there could be a lot of volatility in our urban areas. I suspect an urban/rural divide, but where I live the Native Indians, Germans, Poles, Ukes, Scots, Irish, English descendants have been living in relative harmony for generations, I hope this continues.
The cities will probably see some unimaginable tragedies and heartache. I lived in Toronto for a decade and I don't return there for any reason, a lot of people appear to be insane there to me and the place gets my spidey senses on high alert as it is. Most of our capital intensive industry will suffer or even close, how quickly we can bounce back and get it working again on our own I can't say but I have my doubts.
A lot of the soul of this country has been ripped out and its on life support.
Its never coming back and thats why I left. Anyways it will cease to exist after the next big crash. The crisis will bring north american union.
No I think the crisis will bring splintered Provinces and States. Quebec would do well on it's own. So would the West. Ontario would go up in flames.
Maybe that's what our rulers were working for all along?
Actually you might find secessionist movements growing rather than more globalization.
Concerning the current oil conundrum this is what caught my eye :
http://www.marketwatch.com/story/canada-oil-sands-operators-dig-in-for-t...
The oil price roller coaster could reverse in say 2016.
Layoffs have already started and Calgary RE is going south in a hurry. Listings have exploded upward. The whole Canadian RE bubble is very long in the tooth (15 years up), and ready to blow.
Falak, I don't know what percentage of our rural Ontario (my province) GDP comes from the oil patch but I know or have come across quite a lot of people that move out there temporarily to work and send money home. It is a prevelant way to earn a living on our East coast (e.g. Newfoundland) where the economy has always been depressed. Furthermore a lot of young men who moved out West to work in the oil patch will be coming home I imagine.
I think it will have a profound affect on our economy overall and as another poster above me pointed out the Real Estate market will collapse. My father owns a house in Calgary free and clear no mortgage, last February I wrote him a long letter pleading with him to sell up and move here and buy a few hundred acres. He laughed at me, he is a project engineer in oil and gas and unfortunately we have had a falling out so I don't know how he's doing (we fell out in part because he didn't like my conspiracy theories about the economy).
...
much appreciated, and sad to see families split on eco-issues. But I guess those are the times.
Check out the trajectory of the loonie vs. USD and others.... it gives the lie to your arrogant assertion about canada's economy. The biggest existential threat to Canada remains Quebec independence and not some neocon imaginary islamic boogie man.
TrulyStupid, judging from reader comments in our mainstream press a large majority of Canadians don't buy the neocon bogeyman either. Out in the real world it is hard to say because generally Canadians don't talk about politics and things in public too much as it is, but I think people have closed up even more since 2001 so its hard to gauge people's feelings. If I had to guess I'd say a third of people buy into the bogeyman you write about.
Loonie can go to 50 cents and it won't hurt us. We might have to stiff the Indians but that's OK too.
I was only half kidding about stiffing the Indians. But I did learn from reading ZH that treaties aren't worth the papper they are written on and I've always known that "might makes right".
If the loonie goes to 50 cents then oil would be at about ten bucks... not likely to happen but if it did Canada's economy would be seriously impacted.
<--They will let it fail, because bad debts need to clear the system.
<--They will bail it out with taxpayer backstopping of some kind (too many options to mention them all.
They will let it fail,its essential for the transition to a SDR regime.
A lot of phoney USD wealth has to be destroyed, around 90% by my calcs.
Gold will not skyrocket, but retain its price, rather paper assets will be destroyed.
How is an SDR a resolution or solution anyone will want? What's in it for them to get into another fiat from an odious organization backed until now by USD?
I can never see how that's going to work, or why it will be necessary. The main problem for the US is the total lack of a market asset value mechanism of merit. But other countries aren't mark to model, like the US sham is.
Other countries are already moving away from reliance on that exchange mechanism.
I can't see the allure an SDR would provide anyone.
What if the US sticks with the dollar and faces the real level of its economic capacity, potential and market mess?
I strongly suspect countries will be much happier with that, to make the US, and Japan, and Europe to clean up their acts and detoxify, if these other mechanisms of exchange already operate.
That is the bankers plan.
I see many flaws in it, and I didn't say it would work.I see a forced return of a gold standard.
Well that would totally screw Australia, huge gold producer, but with no gold of its own. It is not going to move off the AUD voluntarily, but think nationalized gold production. In which case it would again be filthy rich.
I think when the real bloodletting begins, that the general public who just assume currency is money will wise up quick and won't be willing to exchange one fiat Ponzi scheme for another.
Hunger and destitution have a remarkable ability to focus and lengthen a persons attention span of those who suffer the losses.
Even the slowest of us won't work for another handful of empty promises after the last batch goes up in smoke.
Nice one. + eleventy
http://www.zerohedge.com/news/2015-01-13/first-many-standard-chartered-h...
It's not even 9:00 am and WTI is already another 3% down and Brent almost 4%.
Come on people WAKE UP!!!
The crash is not a matter of months now, but rather of weeks!!!
PS: He who panics first, panics best
You avatar knew probability !
This is easy, just remove the energy stawks which comprise 10% of the S&P and replace them with candy iPhone game stawks and such.
I think w'll have to wait before the 16th of January before markets resume the downtrend since Dec 26.
See www.tripstrading.com
It begins
The process to pare down the herd to?.................................?
One?
As I recall, Standard Chatered is one of the four UK owned banks defined as "systemic". The others being Barclays, HSBC and (I think) Lloyds. It is these systemic banks that will not be allowed to fail and will therefore be beneficiaries of "bail-ins" if/when it becomes necessary.
Edit: UK Telegraph article quoting BoE Mark Carney:
http://pistolero.aracari.swift-mail.com/Misc/DT-Carney-says-bail-ins-to-...
BONUS TIME!!
I lol'ed
Time for a list on this site Tyler - could call it, "Zero Remains" - to list all the defaults - would make a nice reference.
COMPUTER RECYCLING - "How it Works"
Pure profit to manipulate the market.
MOAR COWBELL!
chump change compared with JPM and the other dreamers. Hello JPM/BofA/Citi derivatives!!!!
I'm curious about all the regional banks around the shale regions starting to fold because oil rig workers just dump the keys on their desk because they just can't make the payments anymore. These regional banks borrowed money from bigger regional banks, which in turn did this then the bigger ones probably borrowed from bigger, non regional, banks.
I'm gonna channel Breitbart here, alangreedspank.
So.
It's happened already 3 times in my short lifetime.
Those that survive with resources, will pick up the pieces, at bargin prices, and engage in the next boom.
That's how it rolls in the oil bidness.
Paper capers. Brent takin out WTI on the downside as I mentioned when pricing was in the 80's. The west is all in on energy so their plan is successful. WTI 75, Brent 35 is my guess.
"Gambling only pays when you're winning" - Genesis
Russia news:
Seperatist comander confirms: Luhansk & Dontesk regions doesn't recieve Putin regime "humatarian aid". He says: "10 convoyes came in, 10 convoyes went out - you know what that means." Putin is not sending humatarian aid... but something else... you know what. Ammo, weapons, soldiers, etc.
http://youtu.be/GAMYmy3sHjw
This so called "russian world" culture:
http://youtu.be/f6TknvqRLR8
Russian Army BPM-97 “Vystrel” and GAZ-39371 “Vodnik” in Krasnodon Ukraine -
See more at: http://lugansk-news.com/russian-army-bpm-97-vystrel-and-gaz-39371-vodnik...
Russian Army BPM-97 “Vystrel” and GAZ-39371 “Vodnik” in Krasnodon Ukraine - See more at: http://lugansk-news.com/russian-army-bpm-97-vystrel-and-gaz-39371-vodnik... Russian Army BPM-97 “Vystrel” and GAZ-39371 “Vodnik” in Krasnodon Ukraine - See more at: http://lugansk-news.com/russian-army-bpm-97-vystrel-and-gaz-39371-vodnik... Russian Army BPM-97 “Vystrel” and GAZ-39371 “Vodnik” in Krasnodon Ukraine - See more at: http://lugansk-news.com/russian-army-bpm-97-vystrel-and-gaz-39371-vodnik...My local paper reported that 10 Ukraine citizens were killed today by pro-Russian rebels shelling them.
Unfortunatly that is true. Russian rebels fired GRAD & it hit a civilian bus leaving 10 people dead and 13 injured.
18+ video: http://youtu.be/lpyXf9MKxp0
It's not the first time russian rebels fired GRAD to civilians. Mostly they are placing them among residents in order to use civilians as human shields:
http://youtu.be/JomXgUQi738
http://youtu.be/xaA0I6l9cY8
Average people doesn't know who hit them who is responsible - so than ruskie propoganda tells those people that it was done by Ukranian army and these lies are spread by ruskie trolls. I think you will see them here.
Putin stopped paying me. But he still pays others.
...and viedoklis_lv, I mean freedom123, still earns a daily potato for spreading the drivel lies of the Kiev Yatzi Junta.
How the US Propaganda System Works
https://consortiumnews.com/2014/05/09/how-the-us-propaganda-system-works/
US Propaganda: How Corporate America Manipulates the American PUblic Into Unwitting Support for Corporate Fascism
http://www.globalresearch.ca/us-propaganda-how-corporate-america-manipul...
The Worst Cases Of Government Propaganda
https://www.youtube.com/watch?v=loVqqfJgGh4
Government Propaganda Then & Now
http://www.theburningplatform.com/2014/12/06/government-propaganda-then-...
Government propaganda and the enslavement of humanity
http://rinf.com/alt-news/editorials/government-propaganda-enslavement-hu...
It it now legal to manufacture lies by the government to the public
http://debateneutral.com/now-legal-manufacture-lies-government-public/
NDAA Allows US Government to Use Propaganda Against Americans
http://beforeitsnews.com/terrorism/2014/06/ndaa-allows-us-government-to-...
LongofTooth; Good Links.
http://investfts.blogspot.co.uk/2015/01/dont-be-bag-holder.html
There's a way to handle the volatile markets. The banks and oil companies are guilty of gross negligence in their analysis. The U.S. ramped up production to match Saudi and they expect to hold above $100? History repeats because people stay dumb.
do i care about a quasi UK bank based in HK with a history of rogue trading? no.
It is just Asymmetric Warfare on all your US Assets & Commodities. You know housing, Medical, Credit, Energy.
- Your local corporations take their company public, IPO, Stock, they are now subject to Financial Warfare
- You local City & County issue Bonds, they are no subject to Financial Warfare
- Got Medical Debts for Over Priced Servers, uncollected, you are now subject to Financial Warfare
- Don't like Gasoline & Diesel Prices, you are subject to Financial Warfare
- Got an Open Border, mass Influx of Cheap Labor, Outsourced Local Jobs, you are in Financial Warfare
- No Controls over Ebola Exposure, or $500K in Ebola Treatment Cost, You are in Warfare
- Educational Costs got you down, didn't learn to run a business in College, you are in warfare
Want to hedge your savings, but you got ZIRP/LIRP, have Fraud on Wall Street, Corruption of Financial Ratings, US Corporations don't USE GAAP Accounting Rules... You are in Warfare
Government says Jobs are doing Great & There is no Sign of Inflation, but all of your costs have gone up, heating, property tax, sales tax, housing costs... and record numbers of people are not working or looking for work since the effective weekly wage Indexed to 1982-1984 Dollars is the same today as in 1979. You are in WAR. It is a WAR Against you. The Government doesn't help, the courts don't help, Debt & Bankruptcy Laws are against you, no limit to Interest Rate charged on your Debt or Credit.
War on the Middle Class, our Cities, our Counties, our Energy, our Credit, Our US Dollar, our Food since it is also a commodity.
But LOL Phil Gramm has your Bank, not from the Senate, but from his Bank Job. Robert Rubin, Larry Summers, Ben Bernanke, Alan Greenspan, Janet Yellen, Jon Corzine, Kenneth Lay, Eric Holder, Barack Obama & Bill Clinton have your back too. S/
Weekly and hourly earnings data from the Current Population Survey
Series Id: LEU0252881600
Series title: (unadj)- Constant (1982-84) dollar adjusted to CPI-U- Median usual weekly earnings, Employed full time, Wage and salary workers
Year Qtr1 Qtr2 Qtr3 Qtr4 Annual
1979 339 334 325 328 332
1980 324 314 315 317 318
1981 317 311 304 314 312
2012 337 335 329 336 335
2013 334 333 330 337 333
2014 339 328 332
Constant Dollars, Weekly Earning same in 1979 as 2014.
- Our Leaders are Right!! Lets Outsource more Jobs!!
Matter of fact we need a new Trade Treaty... since we are not living in the Streets in great enough numbers yet...
At issue is Obama’s support for the proposed Trans-Pacific Partnership (TPP), which would establish the world’s largest free-trade zone. The administration has touted the deal as a way to boost U.S. exports to Asia at a time when the United States faces increasing competition from China.
http://www.washingtonpost.com/politics/obama-hopes-to-enlist-gop-in-push...
The dynamic, as the White House plots strategy for the new year when the GOP has full control of Congress, has scrambled traditional political alliances. In recent weeks, Obama has rallied the business community behind his trade agenda, while leading Capitol Hill progressives, including Sen. Elizabeth Warren (D-Mass.), have raised objections and labor and environmental groups have mounted a public relations campaign against it.
The administration is moving aggressively in hopes of wrapping up negotiations by the middle of next year on a 12-nation free-trade pact in the Asia-Pacific region before the politics become even more daunting ahead of the 2016 presidential campaign.
1999 - Gramm–Leach–Bliley Act (Phil Gramm, W. Clinton, followed by 2008 Financial Crisis)
Thanks Teeth.
I thought I was the only one that blamed the whore Gramm for the financial chaos we are experiencing today.
RICO all banksters, their political whores, and 39,000 of their lawyers, of the last 30 or 40 years.
Thanks in return Tortuga. RICO & Treason.
The only way it seems to get rid of Politicians is to Prosecute them. Except Phil Gramm was so smart he got out, got a job at a Bank to take advantage of his legislation, probably is near 1/2 Billionaire by now.
Top heavy with the Satanic Tribe are they?!?
http://www.globaldeflationnews.com/bank-failures-beginning-to-ramp-up-st...
http://www.globaldeflationnews.com/expect-to-hear-the-word-unexpected-al...
This oil drop will be worth it if the Canadian banks go down in flames. They are arrogant assholes.
Let the equity recapitalizations begin...!!
Saw this with SWN in the equity space (mandatory convertible preferred). We'll see a lot more of these in energy and banking institutions with balance sheets tilted towards energy.
As the article alluded, the real question is how many of these deals will the market buy before there are no more bids....??
this has got to be one of the dirtiest banks around. next to ncci
do some research on ncci. i think between 1990 and present every bank in the world has been taken over by the intelligence community.
"Asia-focused bank Standard Chartered is the first (of many) bank facing billions in losses resulting from the crude crash."
Breitbart said it best.
So.