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So...Blackrock?

Tyler Durden's picture




 

We repost this Monday article simply because it is now more topical than ever following today's 10-sigma cataclysm in Italian bonds, and again we ask: when will the market ask what Blackrock's gross or net Italian exposure is?

While Banks Are Being Shorted With Impunity On Euro Sovereign Debt Panic, Did Someone Forget About BlackRock?

Why? Primarily because of this innocent statement by former R3 scion and former Lehmanite Rick Rieder, currently employed by the firm that ostensibly has more clout than even Goldman Sachs: BlackRock. From October 21 "BlackRock Inc. Chief Investment Officer Rick Rieder said the world’s biggest money manager remains a buyer of Italian government debt as European policy makers gather to address the region’s sovereign debt crisis. "Italy is attractive,” Rieder said during an interview on “InBusiness With Margaret Brennan” on Bloomberg Television. “As long as we are moving toward solutions, we think Italy is very reasonable at these levels. BlackRock, which manages about $3.66 trillion in assets, has also been buying debt issued by financial firms and high- yield bonds, Rieder said. As with the Italian bonds BlackRock has bought, the financial debt will benefit “as soon as you see stability,” Rieder said." Uh, Rick, you are marking to market right? Because Your P&L would be a 100% correlation to the following chart, which shows BTP prices since October 21.

 

 

Of course, BlackRock will find Italian bonds even more reasonable at the current levels...


 

Well, here is the chart updated since Monday

 

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Wed, 11/09/2011 - 10:53 | 1860702 SGS
SGS's picture

BlackCock down.

Wed, 11/09/2011 - 11:01 | 1860734 Robot Traders Mom
Robot Traders Mom's picture

Or what Bob Doll probably has in his mouth right now...

Wed, 11/09/2011 - 11:01 | 1860736 Unprepared
Unprepared's picture

How the fuck can you have $3.6T in assets to manage?

Wed, 11/09/2011 - 11:04 | 1860741 fuu
fuu's picture

Inflation?

Wed, 11/09/2011 - 11:48 | 1860766 Hephasteus
Hephasteus's picture

Jewish accounting rules.

Haha 7 junks that's all you got. Blackstone blackrock blackstone blackrock.

http://www.politickerny.com/2011/10/21/blackstone-group-billionaire-stev...

Wed, 11/09/2011 - 13:58 | 1861510 JW n FL
JW n FL's picture

 

 

The Archdiocese of New York runs the event which raises millions for needy children. (that is the purpose of the Dinner, Thank God the Big Name Jews showed up to support the Catholics)

Black Rock is not the same as Blackstone and Steven sold out of Blackstone / cashed out.. years ago. not to say he doesn't play banker in some of the sweeter deals that are beyond the reach of mere mortals.

it is amazing to me (and many others) how the children and grand children of the accounts to the very wealthy.. have far more money that the children and grand children of their former employers. It is almost as if they switched rungs on the economic ladder.

"O" Well! who said hard work or marriage were the quickest ways into money.. I am a firm believer that an accountant and esquire could reach well beyond what even a gold digger without a pre-nuptial agreement could muster.

Consider this a peak into how and why.. as a Country we went from profitable Titans.. to over leveraged trash in the span of 2 Generations.

 

Wed, 11/09/2011 - 14:54 | 1862050 Hephasteus
Hephasteus's picture

Hmmm. You think blackstone and blackrock still aren't joined at the hip. Took a lot of work trying to "spinoff"

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

Blackrock is tied to apple and even uses apple names ishares. LOL

Credit Suisse has a guy on the board of Linux.

Wed, 11/09/2011 - 11:17 | 1860781 css1971
css1971's picture

Well you write the number down on a bit of paper, then when you put it into a computer that makes it official.

 

 

Wed, 11/09/2011 - 11:19 | 1860790 Crash N. Burn
Crash N. Burn's picture

Limited liabilty and (almost) free money? It helped governments create too big to fail.

http://worldwideponzicollapse.blogspot.com/2011/11/your-government-creat...

Wed, 11/09/2011 - 15:59 | 1862609 I did it by Occident
I did it by Occident's picture

you don't "manage" $3.6T, it manages you.  :)

 

Wed, 11/09/2011 - 11:06 | 1860748 redpill
redpill's picture

Dick Handler's next employment opportunity?

Wed, 11/09/2011 - 10:53 | 1860703 AngryGerman
AngryGerman's picture

Blackrock or Blackhole? Well they have enough client money to cover this temporary imbalance...

Wed, 11/09/2011 - 10:53 | 1860705 GeneMarchbanks
GeneMarchbanks's picture

Don't they manage pension funds?

Wed, 11/09/2011 - 10:55 | 1860719 PolishHammer
PolishHammer's picture

Pension funds are the next target to shake down.  Did you see TIAA CREF share of MF Global?

 

Not a coincidence.

Wed, 11/09/2011 - 13:07 | 1861286 defn8Dog
defn8Dog's picture

You think they make bets with their own money???   They run a little etf thingy called ishares.  Take a look at the holdings of IGOV for example.  http://us.ishares.com/product_info/fund/overview/IGOV.htm   Brimming with Greek, Italian, Belgian, Spanish, Portuguese debt.  Chart of the fund looks pretty good, trading around $103.  But take a look at the BTPs of '20 in there... market price, effective yield.    My guess is Blackrock may be averaging down. 

Wed, 11/09/2011 - 10:54 | 1860709 Dr. Engali
Dr. Engali's picture

If they liked them at par they will love them at 50% off.

Wed, 11/09/2011 - 11:21 | 1860710 TruthInSunshine
TruthInSunshine's picture

Maybe we now get to see who's too big to fail, but as The Bernank (with an assist from Hank 'Tanks in the Streets' Paulson & Timmay 'I Want to Sit @ The Adults Table' Geithner) prematurely shot the big taxpayer funded wad - to save the VIPs & Friends of the New York Branch of the Federal Reserve 'Bank' - we finally see who might be too costly to save (lest the term 'haircuts' be applicable towards central bankers and definitely below the neckline).

Long live Fractional Reserve Fraud, Kleptocraticism & Crony Capitalism! It's all good.

But not to worry, see, because The Bernank & The Trichet will just conjure some more fiat (I would have said toilet paper, but tp has practical and inherent value - fiat is too rough to wipe one's ass with) from thin air, loan it out with high levels of leverage and encourage risk on bets, and all will be well again. /s

In somewhat related news, the devil's goin' down to Texas:

Bernanke shows Fed's independence with Texas trip
Wed, 11/09/2011 - 10:55 | 1860713 Zola
Zola's picture

Blackrock= puppetmaster. Since when does the puppetmster answer the puppets ?

Wed, 11/09/2011 - 11:19 | 1860789 Dr Hackenbush
Dr Hackenbush's picture

as we are seeing, the 'puppet masters' are over-leveraged and their shadow system is unsustainable

Wed, 11/09/2011 - 11:21 | 1860797 Cdad
Cdad's picture

VERY telling...dead cat bounce in the ETFs...but financials do not respond at all.

This is where the broader market starts to get truly ugly.

Wed, 11/09/2011 - 11:37 | 1860843 TruthInSunshine
TruthInSunshine's picture

Blackrock manages a massive amount of assets (via its Crony Capital Contracts).

But we don't really know if even it is a member of the Big Club.

The Big Club is actually really quite small, as former popularly perceived members can attest to (see Lehman & Bear, circa 2008-2009).

For there is absolutely not a shred of honor amongst thieves.

Wed, 11/09/2011 - 12:00 | 1860975 Cdad
Cdad's picture

The upticks in the Russell [IWM] have officially hit PATHETIC.  There is nowhere to go but down today.

Wed, 11/09/2011 - 12:25 | 1861111 Bartanist
Bartanist's picture

In 2009 when Goldman was taking all of the "squid" heat, I mentioned that it seemed likely that the flag would be transferred to Blackrock where it could manipulate the world without attracting so much attention.

Wed, 11/09/2011 - 10:56 | 1860722 r101958
r101958's picture

"when will the market ask what Blackrock's gross or net Italian exposure is?"

-AFTER they get downgraded.

Wed, 11/09/2011 - 10:58 | 1860725 knight99
knight99's picture

When they file for bk?? juust like MF

Wed, 11/09/2011 - 11:05 | 1860746 r101958
r101958's picture

"When they file for bk??"

-AFTER they plunder their clients money.

Wed, 11/09/2011 - 11:01 | 1860735 GeneMarchbanks
GeneMarchbanks's picture

Fink & Kapito need to load up on new shares to let us know: "We care"

Get the confidence going again...

Wed, 11/09/2011 - 10:58 | 1860727 I am a Man I am...
I am a Man I am Forty's picture

i thought BlackRock just managed other people's assets, that's what Fink said on TV anyway

Wed, 11/09/2011 - 11:00 | 1860730 AngryGerman
AngryGerman's picture

and how do you think managing other assets works like?

Wed, 11/09/2011 - 11:00 | 1860732 Bob the Horse
Bob the Horse's picture

Zerohedge have had some great scoops but whoever wrote this piece needs to get a new job.  This is so ludicrously misinformed, it's embarrassing.  Blackrock are buying these bonds with OTHER PEOPLE'S MONEY you idiots.  The company itself has zero exposure.  If you need to be told the difference between a money manager and a bank, you are in big trouble.

Wed, 11/09/2011 - 11:03 | 1860740 achmachat
achmachat's picture

we might need full disclosure... do you work at blackrock?

Wed, 11/09/2011 - 11:43 | 1860909 Hephasteus
Hephasteus's picture

Does he know what blackstone means to blackrock.

Wed, 11/09/2011 - 11:10 | 1860743 Global Hunter
Global Hunter's picture

does the term leverage mean any thing to you?

 

Wed, 11/09/2011 - 11:06 | 1860749 jdelano
jdelano's picture

and just how, exactly do you think Blackrock stays in business?  

 

We have a weiner! All time dumbest comment on ZH.  

Wed, 11/09/2011 - 11:08 | 1860757 CrashisOptimistic
CrashisOptimistic's picture

You do realize they can buy on margin with other people's money?

And they can buy swaps they write themselves with other people's money?

 

Wed, 11/09/2011 - 11:09 | 1860759 Raynja
Raynja's picture

And how long can they lose money before people transfer their significantly diminished accounts elsewhere.

Wed, 11/09/2011 - 11:18 | 1860784 AngryGerman
AngryGerman's picture

but...but..but.. they are money managers. they don't trade..."OTHER PEOPLE'S MONEY"??? MF Global also was a "BROKER/DEALER", you f**k! d**ba*s b**ch m****rf***er!!

Wed, 11/09/2011 - 11:31 | 1860852 Black Forest
Black Forest's picture

Hi Angie!

Wed, 11/09/2011 - 11:34 | 1860865 AngryGerman
AngryGerman's picture

Hello my darling? you want me? i'll give you my gold!!

(i hope you that cutie draghi. or lagarde, the little cunt)

Wed, 11/09/2011 - 13:59 | 1861534 Grinder74
Grinder74's picture

Was that a Cain-style job offer?

Wed, 11/09/2011 - 12:52 | 1861227 hkfundie
hkfundie's picture

 

AngryGerman, you're a f***ing idiot. MF Global may be a broker/dealer but they traded principal positions alongside client positions. BLK does not trade as principal, only as an agent. This is one of the many differences you'll find between a broker/dealer & an asset manager in your finance textbook 101... when you read it

and no I do not work at BLK

Wed, 11/09/2011 - 11:23 | 1860810 tmosley
tmosley's picture

If you had said the same of MF Global, you would be quite red in the face now.

Wed, 11/09/2011 - 11:29 | 1860840 Manthong
Manthong's picture

Louis XVI had zero exposure, until he didn't.

Wed, 11/09/2011 - 11:33 | 1860860 knight99
knight99's picture

MF Global was just making money on comissions asshole. It comes down to using your clients money to bet on the koolaid you been drinking

Wed, 11/09/2011 - 11:04 | 1860742 1000pips
1000pips's picture

Soon we will see that no one, no corporation, no country is To Big To Fail. When any organism lowers their standards low enough--that organism will FAIL. Thus is the global financial system, built on a Fiat Fantasy. Yet, like all Volcanic eruptions, the Earth will be well fertilized from this cataclysmic event, and, 10,000 years from now, none of this ponzi economics will have mattered. Blackrock, Itally, Russia, USA- all just experiments in cheating a system governed by the universal law of physics- a futile attempt to cheat the universe-which never works. Prepare for chaos, poverty and war. Back to the dark ages, where Man really functions best anyway.

Wed, 11/09/2011 - 11:06 | 1860752 Paul Thomason
Paul Thomason's picture

Good, I will carry club and wear a condom (so I don't get extradited to the US and exterminated).

Wed, 11/09/2011 - 11:18 | 1860786 Socratic Dog
Socratic Dog's picture

Ehhh???

Wed, 11/09/2011 - 11:38 | 1860808 Monedas
Monedas's picture

90% of the World's peepers....never got out of the Dark Ages ! Communism, National Socialism, Muslimania, Tribalism, "Benevolent" Dictatorships etc. ! Monedas 2011 Comedy Jihad Beware the Billion Man Socialist Bureaucrat March

Wed, 11/09/2011 - 11:05 | 1860745 BlueStreet
BlueStreet's picture

Reading this reminds me of Bob Doll on CNBS in May saying they hadn't (and weren't planning) to sell one stock just before market fell off a cliff.  Way to go Bob.  

 

 

Wed, 11/09/2011 - 11:06 | 1860751 RobotTrader
RobotTrader's picture

Once this "mini-panic" is over

Blackrock and other money "mangler" firms will bounce back stronger than ever

Wed, 11/09/2011 - 11:36 | 1860880 1000pips
1000pips's picture

Just like MF Global has done? No my idiot, optimus, simple friend. The End is now here, the illusions of 'wisdom' these asswipe 'money managers' have conned everyone with for the last 60 years is over. Prepare for chaos, famine and War.

Wed, 11/09/2011 - 11:07 | 1860753 disabledvet
disabledvet's picture

Setting themselves up as "post euro financier of Italy." probably what MF Global had in mind...but it all went to Corzine's head...which has now PRECIPITATED a crisis. Europe must come to New York...either to finance the trading bloc or as we are now seeing to REfinance what it has collapsed. EXPENSIVE!

Wed, 11/09/2011 - 11:07 | 1860754 bill1102inf
bill1102inf's picture

REUTERS SAY GOOD_BYE $1800 GOLD

Wed, 11/09/2011 - 11:27 | 1860827 fuu
fuu's picture

OMGZ PANIC GOLD AT $1787.10!!

SELL SELL SELL SELL SELL SELL

derp

Wed, 11/09/2011 - 12:51 | 1861204 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

And hello to $2,000...

 

REUTERS SAY GOOD_BUY $1800 GOLD...fixed it for ya.

Wed, 11/09/2011 - 11:07 | 1860755 FranSix
FranSix's picture

No worries.  Client accounts are meant to be raided.  They'll take full responsibility and not accept a severance, while assets 'just happen to show up' at other firms.  And glory be, a market meltdown will have been avoided.

Wed, 11/09/2011 - 11:12 | 1860762 CrashisOptimistic
CrashisOptimistic's picture

Bottom line here is the ECB will have to decide to print or die.

It's against the treaty so Germany will have to decide to print or let the EU die.

The party is over and there will be no more bullshit about "gradual return to responsible government spending through austerity" or "temporary ejection of member countries".

Print or die.  Choose.

Wed, 11/09/2011 - 11:20 | 1860795 unky
unky's picture

How can there be a 100% correlation with this chart? Even if blackrock owned all italian bonds, which I doubt, it would just be $1.8 trillion (50% of their assets).

Wed, 11/09/2011 - 11:22 | 1860806 colonial
colonial's picture

Hey Tyler?  what's their VAR?  How much leverage are they using?  And isn't Blackrock's exposure mostly OPM?  Don't know...just asking.  I'm sure my fellow ZH readers will quickly beat me down if i'm wrong

Wed, 11/09/2011 - 11:24 | 1860816 Hephasteus
Hephasteus's picture

As near as I can tell they own mostly japan. And are getting the fuck beat out of them for having everything irradiated.

Wed, 11/09/2011 - 11:23 | 1860807 riley martini
riley martini's picture

 When Blackrock starts giving early bonuses like MF Global and Madoff thats the signal mark to market  has started.

Wed, 11/09/2011 - 11:26 | 1860820 jdelano
jdelano's picture

 Three theories:

1.) This is a coordinated bit of theater just to get Berlusconi out.  After he's out of the way spreads will tighten up.

2.) This was supposed to be a bit of theater to get Berlusconi out but the gamble is going to go bad and have the unintended consequence of sending Italian yields irreversably past the point of no return.

3.) This has never had much to do with Berlusconi though the MSM would like us to believe that and what's really happening is the S is HTF.  

 

Tough read.  

Wed, 11/09/2011 - 12:06 | 1861013 moncon
moncon's picture

Berlusconi's going nowhere until he's got immunity

Wed, 11/09/2011 - 11:26 | 1860822 undercover brother
undercover brother's picture

c'mon man, btp has rallied 2 points since that chart. 

Wed, 11/09/2011 - 11:30 | 1860845 Cthonic
Cthonic's picture

So is this the point where, à la GS, they request a commercial bank license in order to directly access the Fed window?

Wed, 11/09/2011 - 11:32 | 1860858 Orpheus
Orpheus's picture

So who's crazy enough to buy puts on BLK?

Wed, 11/09/2011 - 11:34 | 1860866 Moocao
Moocao's picture

I have a riddle I cannot solve, and ask for fellows, of higher nature, to query the answer for all.

 

We start first from the beginning, as the story is told, through the bubble years of housing loans (end attempt rhyme).

1. Home prices kept rising, with more people borrowing money to buy homes

2. Banks were slacking on their requirements for % downpayments.

3. Financialization of 2. allowed proliferation of MBS with homeowners only putting down < 10% and also allowing ARM 3/5 years to be sold to people of untrustworthy credit

4. Rising home prices allowed a bubble to form, based on cheap credit from 2, 3, and continued frenzy in the housing market.

5. From 4, MBS continued to be sold, but risks of default remain. CDS and CDO shifted risks from MBS holders to insurers, but insurers believe that home prices will keep rising, and therefore contiue to issue paper guarantee

6. Investment banks and retail banks, sans Glass Steagall, initiate leverage risks based on MBS returns, chasing higher and higher risks with more and more leverage, all with good result in boom years. Bonuses flowed, Wall Street made billions.

7. 2008. Foreclosure proceedings unexpectedly rose, jeopardising 5 of MBS and CDS/CDO of MBS, initiating a cascade of events with the result of Lehman failure, Bear Stearns, Morgan Stanley, etc. This created a credit crisis, forcing the passage of TARP and Fed Reserve Window. The Era of Too Big To Fail has started

7. End of bubble spelled disaster in the housing market. Home price asset deflation (ongoing), MBS failures, foreclosures, bankruptcy proceeding killed bank earning potentials. Fed Reserve Window was tapped repeatedly. Fed Trillion Dollar Balance sheet era starts now

8. On the backs of US TARP, China TARP, misc. EuroTARP, TBTF was bailed out. Taxpayers are now on the hook of bank losses. Based on 6, potential Mark to Market losses can be in the trillions of dollars worldwide, however staunched for some time by TARP as well as Fed QE1 + QE2

9. Credit crunches continues to apply to small retailers, starving Real Economy of growth. TBTF continues to draw Fed Window, but unable to provide meaningful loans to Main Street due to inherent insolvency started on 6, only propped up by 8. Continued foreclosures, falsified vs real, continues to eat into Bank true earnings, while fake earnings are paraded in Wall Street based on sales of performing assets. TBTF are now Zombies, propped up by Fed Window 0% vs loans of > 0%, however still insolvent due to ongoing losses.

10. Banks to make up losses in 9, start loading up on Sovereign Bonds. Crisis Country Yields were premium, however the risk of default is possible. Iceland has shown that Banks can incur losses if the countries do not play ball. CDS and CDO on Sovereigns are issued to hedge risks. However based on S&P, Moody, etc ratings most Sovereigns are AAA, AA+ or AA-, even if debt/GDP ratio is > 100% and risk of default is possible. Banks load up on Sovereign Bonds. Dumb money chases high yields, such as Greece 125% coupons. CDS hedges away. Leverage 20-40x. Remarkably similar to 5.

11. Sovereign failures 2011-2012. Greece is currently in "voluntary haircut", 120% Debt/GDP ratio, unchanged from initially. Iceland provides parallel example of the banks being told to "shove it", currently GDP rising. Contagion has spread to Italy, next stop Paris. CDS issuers on alert as risks of default is possible. Leveraged banks now also on alert, losses likely. Based on leverage of 20-40x and Basel III capital requirements, most current banks on globalization scale will fail within 1-2 years, if Mark to Market.

Prediction:

12. Fed Reserve, based on 7, has acquired almost north of 3 trillion dollars in failed assets. "Black Hole". Event Horizon shall be Sovereign Defaults. Losses will be passed onto taxpayers. Current US Debt/GDP ratio approaching 100%, with Fed Reserve Losses will reach north of 200%. US may default.

 

So I come to the first part which I wanted to ask: WHO OWES WHO MONEY? Based on 3, money was created out of thin air with MBS and CDS/CDO on MBS. Then banks who fail wanted to chase high yields to become profitable again, only to fail in risk assessment in Sovereigns. WHO LENT TO WHOM, WHY WAS THE MONEY LENT OUT, AND IF THE MORONS LENT BAD MONEY, WHY WAS THE TAXPAYER ON THE LINE?

IF YOU CREATE MONEY THAT YOU DO NOT HAVE, AND YOU SOLD FINANCIAL PRODUCTS THAT ARE NOT BACKED, AND YOU INCUR LOSSES ON LEVERAGE 40/1, ARE NOT THE BANKS ALLOWED TO FAIL? WHY IS DEMOCRACY SACRIFICED (Greece, Ireland, soon Italy) FOR THE FAILURES OF FEW? WHY IS THE POPULATION PUNISHED FOR THE MISTAKES OF THESE GAMBLERS??

Wed, 11/09/2011 - 12:00 | 1860969 Cthonic
Cthonic's picture

You're missing some big picture points.  China was granted permanent Most Favored Nation status by the U.S. in 2000-- we already needed someone new to offload our debt onto, in bulk. The economy (in real terms) was already stalling in 1999-- we've since been in a twelve year creeping depression.  The (nominal) housing bubble was the easiest way to distract the civilian populace from the Iraq and Afghan ventures.  The securitizers and primary dealers (the gamblers, as you call them) won't be punished by their masters for doing their bidding-- it was god's work, after all.

Wed, 11/09/2011 - 12:15 | 1861060 blunderdog
blunderdog's picture

No one has any idea how to manage the problem.  The taxpayer, being unrepresented in any negotiation, is the only guy to stick with the bag.

Wed, 11/09/2011 - 13:16 | 1861298 undercover brother
undercover brother's picture

You also missed the pre amble part 1 to your sequence, which was when gov't tried to micro manage the housing market and make it more equal opportunity (ie buy votes) with their community reinvestment act.   For with this act, in the name of fairness, mandated that banks must lend to minorities or lower income families despite their ability to pay, and with that hundreds of years of smart lending practices went out the window.  Often if banks failed to make these loans, the local rabble rousers/community organizers (ie obama types) would brand them as racist.  Additionally, politicians threatened their lines of credit and access to the feds discount.  

Then came preamble part 2, where those same politicians (ie barney frank) forced out right thinking folks at Freddie Mac and Fannie Mae and installed their own puppets at the helm.  The puppets were then instructed to buy those junk mortgages from participating banks and the whole mess then escalates exponentially with wall street repackaging....

.....Now your part 1 begins. .......

Wed, 11/09/2011 - 11:41 | 1860903 Dick Darlington
Dick Darlington's picture

Schaeuble Said to Say Italy Should Seek EFSF Aid If Needed (BBG)

Lol, someone get the pea shooter CDO ready, we have an elephant in the room.

Priceless!

Wed, 11/09/2011 - 11:42 | 1860905 Dick Darlington
Dick Darlington's picture

Here's more:

 Nov. 9 (Bloomberg) -- Schaeuble told German budget cmte
lawmakers he’s not yet concerned about Italian yield spread over
bunds, according to two people present at the meeting in Berlin.
• Told committee Italy spread similar to pre-Euro period
• Said political certainty would help Italy spread

Yeah, nothing to worry abt.

Wed, 11/09/2011 - 11:58 | 1860966 Black Forest
Black Forest's picture

Indeed, 25 per cent are also OK.

Wed, 11/09/2011 - 11:46 | 1860914 mwarangethe
mwarangethe's picture

WHY IS DEMOCRACY SACRIFICED (Greece, Ireland, soon Italy) FOR THE FAILURES OF FEW? WHY IS THE POPULATION PUNISHED FOR THE MISTAKES OF THESE GAMBLERS??

xxxxxx

The OLIGARCHY is joining ranks for final assault.

Remember the Super Committe, i.e. the 12 tyrants in the USA? Remember national unity government in Greece? And, now, soon Italy?

In other words, national unity government is equal to Fascim. 

Wed, 11/09/2011 - 11:49 | 1860916 Monedas
Monedas's picture

We could have used your perceptive analysis back when the Federal Reserve Bank and the Income Tax were invented: "The Financial Big Bang" ! Monedas 2011 Comedy Jihad Monetary Expansion Doppler Effect (The Fed giveth Fiat and the IRS taxeth Fiat away !)

Wed, 11/09/2011 - 11:51 | 1860939 Moocao
Moocao's picture

If you lent to a Gambler, and the Gambler lost your money, you can beat the Gambler to death all you want to try to get some money out of him, but you still lent a Gambler money and lost. Moral Hazard should be inherent with every transaction, and as a lot of ZHer says "Bitchez"

Wed, 11/09/2011 - 12:10 | 1861039 integrale
integrale's picture

What about the insurance companies who are even LESS adept at managing money and even MORE exposed to sovereign credit? This is going to be ugly for them...

Wed, 11/09/2011 - 12:29 | 1861130 azusgm
azusgm's picture

Of course we all remember that BlackRock manages all three of the Maiden Lanes for the FRBNY.

Wed, 11/09/2011 - 12:55 | 1861239 ACP
ACP's picture

Dollar cost average?

Wed, 11/09/2011 - 12:57 | 1861246 Tense INDIAN
Tense INDIAN's picture

I dont understand ...how could these ELITE INSIDERS be exposed so hugely to European debt

Wed, 11/09/2011 - 13:57 | 1861459 honestann
honestann's picture

Simple.  He was paid a fortune to make these statements.  And to avoid being locked up for fraud, he had his company buy the minimum possible positions in those assets he claimed to favor, or perhaps just sold them soon thereafter.  Whatever these big-shots say, it is always 100% calculated fraud.

Wed, 11/09/2011 - 13:09 | 1861296 Marigold
Marigold's picture

Wow, its begining to get really scary now. Time to dump those Blackrock Gold Investment funds. I exited the banks four years ago into the PM;s and have since only bought physical. Also now trying to disinvest from a 28 year pension. I really feel sorry for those people who only listen to the MSM as the destruction of paper assets is going to litter the western world with untold misery. I know several people in Ireland who have been completly wiped out by property and bank share investments as the farce in that country continues with a new set of actors. This Greek and Italian tragedy just gets worse and the Greeks now put an ex banker in charge while Tiberius in Italy needs to be thrown from the cliff in Capri.Its time to let the banks fail and stop the casino financial system which benifits a fraction of humanity.

Wed, 11/09/2011 - 14:07 | 1861610 undercover brother
undercover brother's picture

one by one each countries president or PM will be replaced by an insider willing to do the bidding of the EU banking cabal.  there will be no dissenters and the new world order will begin with organized indentured servitude.  

Wed, 11/09/2011 - 14:39 | 1861903 Grand Supercycle
Grand Supercycle's picture

DOW chart reveals very overextended price action and another Wile E Coyote scenario...

http://stockmarket618.files.wordpress.com/2011/11/2011-11-09_dow_4_zb.png

Wed, 11/09/2011 - 15:03 | 1862134 catch edge ghost
catch edge ghost's picture

They have super powers.  There can be no Bad Day at Black Rock.

Clean Slow Burning BlackRock - Fuel of The Future.

Wed, 11/09/2011 - 16:08 | 1862649 I did it by Occident
I did it by Occident's picture

BlackROCK, soon to meet BlackPAPER.

Then BlackSCISSORS will be needed. 

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