• Tim Knight from...
    09/19/2014 - 20:15
    I was originally going to title this post "Jackie DeAngelis Must Die", but I thought she might take it the wrong way.

Chris Whalen

Tyler Durden's picture

"Are The Bubbles Back?" - Live Feed





"Either way you look at it, it's time for the Fed to stop inflating housing assets, and stop buying mortgages" is how Alex Pollock introduces the following live streamed event by AEI. With speakers such as Chris Whalen we suspect, as the moderator explains, they will explain why "financial markets never seem to grow smarter when it comes to real estate."

 
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How The Government Will Eliminate Fannie & Freddie (In One Simple Chart)





On Sunday, Senate lawmakers unveiled the 442-page plan that will eliminate the mortgage-finance giants; replacing them with a new system in which the government would continue to play a potentially significant role insuring U.S. home loans. The Johnson-Crapo bill would, as WSJ reports, construct an elaborate new platform by which a number of private-sector entities, together with a privately held but federally regulated utility, would replace key roles long played by Fannie and Freddie.

 
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Guest Post: Zombies Make Dangerous Neighbors





A zombie government armed with accounting tricks has bailed out a zombie banking industry using even more financial phoniness. A few numbers pushed here and there, and the industry is earning record profits. But out in the real world where people live and work, things aren't so rosy. Zombies make negligent landlords and dangerous neighbors.

 
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David Kotok: Report from Leen’s Lodge





In the real economy on Main Street, the circumstances are different. If you want to buy a house in the US and you need a conventional mortgage, and if you are not a speculator and want to live in dwelling, your costs have now risen substantially.

 
Tyler Durden's picture

2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends





Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).

 
rcwhalen's picture

FNB + ANNB = Value Creation at a Full Price





Overall, the acquisition of ANNB by FNB looks like a transaction that will create value for the acquirer’s shareholders, but it comes at a full price.

 
EB's picture

On Jamie Dimon's "Favor" to the Fed: Bear Stearns Shenanigans Revisited





Dimon: "So, we were asked to buy Bear Stearns.  Some said the Fed did us a favor...No, no, we did them a favor.  Let's get this one exactly right.  We were asked to do it."

 
George Washington's picture

Must See Film: Michael Moore Meets Hunter S. Thompson





ZH Regular William Banzai Had a Hand in Making the Film ... and ZH Regular Chris Whalen Gave An Amazing Interview

 
George Washington's picture

Debate: Do We Need More Regulation … Or Less?





The Issue Is Not Really Regulation ... It is a Malignant, Symbiotic Relationship Between Government and Wall Street

 
Tyler Durden's picture

"There Is No Chinese Wall. Please. Come On. This Is Wall Street"





Remember the look on one's face when one hears there is no Santa Claus, or tooth fairy? That, more or less, is what the visage on everyone's favorite CNBC anchors Becky Quick, Joe Kernen and Andrew Ross Sorkin was, when Chris Whalen matter of fact (because it is a fact) let a rare glimpse of reality on the NBC Universal distraction and entertainment show, when he said "There is no Chinese Wall. Please. Come on. This is Wall Street." Awkward silence follows. And why not: if the banks officially call frontrunning an "Asymmetric Information Initiative" to mask the simple illegality from the idiot regulators, why not call a spade a spade, and expose one more aspect of the lies and crime that is shoved down investors' throats every single day.

 
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David Faber, Chris Whalen and Euro Banks





The question is, "Will we make it till friday before a Euro bailout?'

 
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Chris Whalen: "Why The Fed Must Let Rates Rise"





This week all eyes are on the Federal Open Market Committee (FOMC) and Federal Reserve Chairman Ben Bernanke. The FOMC must decide whether to stop monetizing the federal debt issued by the Treasury, which is what the U.S. central bank calls “quantitative easing.” Americans continue to believe — and hope — that the Fed can save us from our collective idiocy when it comes to debt, both public and private. While there are growing signs that the Fed’s zero interest rate policy, or “ZIRP,” is greatly damaging individuals and financial institutions alike, we also need to question whether the Fed can let rates rise without provoking another financial assets collapse. In effect, the Fed and other global central banks are all caught in a “Catch-22? situation, to borrow the phrase from the 1961 novel by Joseph Heller. The Fed’s aggressive easing of interest rates and purchases of trillions of dollars in Treasury debt and other assets has stabilized and even raised the price of financial assets, but in other respects the Fed’s policy of reflation has failed — especially compared with past interest rate cycles.

 
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Per Chris Whalen, Wells Fargo's CFO Quit Due To An Internal Dispute Over Financial Disclosures





Last week, the CFO of Wells Fargo suddenly resigned for "personal reasons"  and was immediately replaced by CAO Tim Sloan. The departure was promptly buried, and everyone moved on. Not so fast, says Institutional Risk Analytics' Chris Whalen, who speculated that there is much more here than meets the eye. In a report released yesterday, Institutional Risk Analytics notes that "The departure of Atkins, we are led to believe, was not merely the result of personal issues, but reflects an ongoing internal dispute within WFC’s executive suite regarding the bank’s disclosure." As a result of this action, IRR went ahead with the following rating action: "We are downgrading from “Neutral” to “Negative” the outlook for the forward operating results for Wells Fargo & Co. (“WFC”/Q3 2010 Stress Rating: “B”/Outlook: “Negative”). Recent management changes, the poor quality of WFC disclosure and unresolved issues regarding on and off balance sheet exposures to the GSEs and private investors and/or insurers led to this downgrade, as discussed below."

 
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