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    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

MF Bankruptcy Causes Biggest Foreign Bank Liquidity Scramble To 'Fed Safety' Ever, Harbinger Of Major Eurobank Stress

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Thu, 11/03/2011 - 22:26 | 1843773 Careless Whisper
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Which means that, all else equal, the pain for European banks, courtesy of the allegedly criminal management of the company of one Jon Corzine, is about to hit previously unseen levels.

perhaps alot sooner than you think.

J. Corzine, MFCEO, Getting Slapped With A Subpoena




Thu, 11/03/2011 - 23:23 | 1843888 paarsons
paarsons's picture

So when does it all fall apart.

Probably never.  These evil assholes are actually quite adept at keeping the ball in the air for a long long time.


Thu, 11/03/2011 - 23:31 | 1843903 CrazyCooter
CrazyCooter's picture

Presented without comment ...


... if you can't figure this math out ... or which side you are on ... well ... <insert some crap about history you won't read here> ...



Fri, 11/04/2011 - 00:15 | 1843999 Hohum
Hohum's picture

When does it fall apart?  When oil (WTI) is a little over $100.  Give the DOW another 15% at most.  When it's that much higher, WTI will be knocking on $110.

Fri, 11/04/2011 - 00:35 | 1844050 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All of this has to do with oil.  From the Fall of '08, to the Wars around the globe, to the current collapse of the Fiat Ponzi, it all comes back to oil.

Fri, 11/04/2011 - 01:49 | 1844134 Richard Chesler
Richard Chesler's picture

Cockroach banksters will surive holocousts and nuclear attacks.

Live with it bitchez!

Fri, 11/04/2011 - 00:23 | 1844023 piceridu
piceridu's picture

I agree, I'm beginning to think that after what happened in 08 with the Lehman crash, and Paulson scaring the shit out of the dumbfucks in the House and Senate, that this will never end because nobody's watching the store. I wonder if they can just splash as many digits around the world as they want with impunity. 

Fri, 11/04/2011 - 00:44 | 1844058 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They can; until gold is worth how much though?  $100k per?  LOL!

Fri, 11/04/2011 - 06:51 | 1844260 spankfish
spankfish's picture

Like all good shoplifters, the one's on Wall St. are watching the store.  Loot and pillage my friend.

Fri, 11/04/2011 - 05:52 | 1844234 CPL
CPL's picture

It took 20 years for the Savings and Loans to finish in court, WorldCom is still going, BreX I don't think has ever been closed.


Courts for baby lawyers to get their teeth cut and endless legal fees, what could be more kenysian.


Frankly I'm bullish about the whole thing...lol

Fri, 11/04/2011 - 02:24 | 1844156 Buck Johnson
Buck Johnson's picture

What was truly funny today was when a they thought Jeffries was another MF.  Whitney had to come out and essentialy defend them saying they weren't risk takers.  People where saying they where the same size and same rating and where investing like MF.  I think that there are alot of bodies that are about to float to the surface and MF was the first.


And as of right now this minute, go to CNBC and Commerzbank is the next body.  This is getting crazier and crazier.

Fri, 11/04/2011 - 05:54 | 1844235 CPL
CPL's picture

Well of course they are, CNBC can't justify it's 24 hour infomercial channel without defending it's sponsor.

Fri, 11/04/2011 - 06:19 | 1844247 Miss Expectations
Miss Expectations's picture

J. Corzine, MFCEO, Getting Slapped With A Subpoena


J. Corzine, MFCEO, Getting Beaten Senseless with an Arrest Warrant.

Fri, 11/04/2011 - 07:25 | 1844300 max2205
max2205's picture

Bernie Ebers comes to mind. When does he get out?

Thu, 11/03/2011 - 22:26 | 1843774 spdrdr
spdrdr's picture

This is bullish, right?

Thu, 11/03/2011 - 22:42 | 1843813 navy62802
navy62802's picture

Definitely bullish ... extra bullish with some bullishness on the side. Hell, with all this extra bullish news coming out over the past few days, I don't know why we're not at Dow 14,000.

Thu, 11/03/2011 - 23:03 | 1843863 FranSix
FranSix's picture

This is black swannish of the soft variety, like a felt swan swimming down a river of ashes.


Pancho Neruda Six

Fri, 11/04/2011 - 00:06 | 1843981 John_Coltrane
John_Coltrane's picture

In the language of "1984", its double plus bullish!

Fri, 11/04/2011 - 02:02 | 1844143 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

To the printing presses!  Damn the inflation, full speed ahead!

Thu, 11/03/2011 - 22:27 | 1843776 Mutatto
Mutatto's picture

So how fast can the money parked at the fed be recalled to the banks?


Thu, 11/03/2011 - 22:30 | 1843784 Tyler Durden
Tyler Durden's picture

It's not a question of speed. It's a question of confidence (ref: Jefferies). With the SEC's perpetual inability to enforce anything, and with moral hazard every place you look, confidence is gone.

Thu, 11/03/2011 - 22:32 | 1843792 Terminus C
Terminus C's picture

The question is, how many more primary dealers are going to drop off in the next week or so?

Thu, 11/03/2011 - 22:47 | 1843829 seek
seek's picture

That's a good question. I think the other good question is how many go away before we hit a confidence breaking point. I think maybe two more is the limit, and they better be small.

Thu, 11/03/2011 - 23:15 | 1843880 Spitzer
Spitzer's picture

I would guess some Euro land primary dealers are hurting.

Thu, 11/03/2011 - 23:51 | 1843937 CrazyCooter
CrazyCooter's picture

TD, I must dissent. All global markets needs is ... well ... more cowbell. If the 'Nank had three neurons touching in his skull, he'd have Christopher Walken on the white courtesy phone stat. I mean, he puts his pants on and knocks out GOLD!

Baby, don't fear the reaper.



Thu, 11/03/2011 - 22:40 | 1843804 Mutatto
Mutatto's picture

Thanks.  So it's not really an issue for the bank making the deposit so much as it is for the OTHER banks that might have wanted to use the funds?

Thu, 11/03/2011 - 22:44 | 1843821 navy62802
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To me it doesn't look like "perpetual inability" to enforce anything. It looks more like corrupt refusal to enforce their own regulatory laws. I can only buy the ignorance cop-out so many times before it just looks like blatant corruption.

Thu, 11/03/2011 - 22:51 | 1843839 WonderDawg
WonderDawg's picture

It is, without question, blatant corruption.

Thu, 11/03/2011 - 23:01 | 1843860 DaveyJones
DaveyJones's picture

you got it

Fri, 11/04/2011 - 05:10 | 1844225 deKevelioc
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If all the bastards go to jail, who will replace the useful idiots?

Fri, 11/04/2011 - 07:49 | 1844321 i-dog
i-dog's picture

a) They're not idiots. They are very deliberately complicit and corrupt!

b) There are plenty of reserves all warmed up and waiting on the benches for an opportunity to take to the field!

For every politician who "won" a chance to dip their snout in the swill trough, there are 6 more who lost and will be trying again.

For every bank executive who got promoted to a "bonus" slice of the swag, there are a dozen more jostling for position to take their place.

For every career regulator who has turned the other way and pocketed a bribe, there are a dozen more waiting to take their place as they exit through the revolving door to a cushy position with a "benefactor".

It's the system that is corrupt, not just the individuals who are "following the rules", "following orders" and/or "following the money".

As a corrupt senior cop once confided in me when I asked him why he did it: "You either get on the bus or get run over by it!"

Government is the problem, not the solution ... and the biggest problem of all is a remote central government!


Thu, 11/03/2011 - 23:06 | 1843867 DeadFred
DeadFred's picture

What are the remaining factors between the present situation and a cascade of liquidity withdrawal like the one that made the Fed and Treasury say we were hours from collapse in '08? Just time, or were there other critical factors which have yet to rear their heads?

Thu, 11/03/2011 - 23:26 | 1843893 Mactheknife
Mactheknife's picture

When the sharks smell this much blood in the water....could be just one more little moronic keystroke away that causes some great white to take a big ole bite and take this corpse down.  Happy hunting.

Thu, 11/03/2011 - 23:40 | 1843920 westboundnup
westboundnup's picture

Oh that shark bites . . . with its teeth babe.

Fri, 11/04/2011 - 00:07 | 1843948 Arkadaba
Arkadaba's picture

There is no shark in the water. Have been looking to see one since 2007 but none sighted yet.

Fri, 11/04/2011 - 00:12 | 1843949 Arkadaba
Arkadaba's picture


Fri, 11/04/2011 - 00:13 | 1843950 Arkadaba
Arkadaba's picture


Fri, 11/04/2011 - 00:15 | 1843951 Arkadaba
Arkadaba's picture

Multiple connent - sorry all

Thu, 11/03/2011 - 23:12 | 1843876 holdbuysell
holdbuysell's picture


Why are many here at ZH pulling cash out of the financial system and parking it in hard assets, e.g. precious metals?

Fri, 11/04/2011 - 00:05 | 1843896 DeadFred
DeadFred's picture

Maybe in part, but grab a gold coin, heft it in your hand as you gaze at the pretty color. To get that feeling from looking at a paper account I think you'd need a 7 or 8 digit number on the bottom line.

Fri, 11/04/2011 - 00:17 | 1844007 Hohum
Hohum's picture

Maybe because precious metals have outperformed most stocks since the beginning of the year (and before, too).

Sun, 11/06/2011 - 18:55 | 1851383 css1971
css1971's picture

How is this taking cash out of the financial system?

You pay money to someone, what do they do with it?

Sun, 11/06/2011 - 19:49 | 1851528 LongBallsShortBrains
LongBallsShortBrains's picture

It goes to all the employees of the mint and the mine and all they consume, it goes to taxes on the mine and the employees and all they consume. It goes to the driver who delivered the fuel to the mine, to his boss, and the trucking company itself, and to taxes on the drivers income, all he consumes, taxes on the trucking company, taxes on the fuel .....................etcetera etcetera

In the end,
It mostly goes to taxes.

Thu, 11/03/2011 - 23:22 | 1843886 scatterbrains
scatterbrains's picture

btw as I understand it looting, pilaging or outright theft of account funds, should it cause a default/bankruptcy does not technicaly trigger a cds payout just so you know.

Fri, 11/04/2011 - 00:27 | 1844031 aus_punter
aus_punter's picture

you are wrong

Thu, 11/03/2011 - 23:49 | 1843932 Treason Season
Treason Season's picture

...confidence is gone = lose your counterparty = buy gold

Fri, 11/04/2011 - 00:52 | 1844070 HAL 9000
HAL 9000's picture

Has the mission been completed? You know that I have the greatest enthusiasm for it.

Thu, 11/03/2011 - 22:28 | 1843777 NotApplicable
NotApplicable's picture


Thu, 11/03/2011 - 22:29 | 1843779 Terminus C
Terminus C's picture

Boom! Bitchez...

Thu, 11/03/2011 - 22:29 | 1843780 PicassoInActions
PicassoInActions's picture

lets get it clear.. will the eruo go down or up?

i am interesting in currencies only.

Any sugestions?

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