Washington Mutual
The Big Short is a Great Movie, But...
Submitted by rcwhalen on 01/05/2016 11:00 -0500- Alan Greenspan
- Apple
- Arthur Levitt
- Bear Stearns
- Bond
- CDS
- Commodity Futures Trading Commission
- Corruption
- Countrywide
- Credit Default Swaps
- default
- Federal Reserve
- Gretchen Morgenson
- Housing Market
- Institutional Investors
- Lehman
- Lehman Brothers
- Market Share
- Meltdown
- Michael Lewis
- Morgan Stanley
- Mortgage Loans
- NASDAQ
- New Century
- New York Stock Exchange
- None
- OTC
- OTC Derivatives
- program trading
- Program Trading
- Subprime Mortgages
- Wachovia
- Washington Mutual
Derivatives like credit default swaps turned a mere bubble in the US housing market into a global financial catastrophe...
Frontrunning: June 1
Submitted by Tyler Durden on 06/01/2015 06:27 -0500- Barack Obama
- Barclays
- China
- Citigroup
- Corruption
- Creditors
- Crude
- Crude Oil
- Department of Justice
- Global Warming
- Greece
- International Monetary Fund
- Motorola
- National Health Service
- national security
- Newspaper
- OPEC
- Reality
- Recession
- Redstone
- Reuters
- Saudi Arabia
- SPY
- Standard Chartered
- Volatility
- Washington Mutual
- Yuan
- Senate lets NSA spy program lapse, at least for now (Reuters)
- Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
- Tepid factory data add to Asian gloom (FT)
- Citigroup Likely to Close Banamex USA (WSJ)
- Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
- Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
- Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
- Romário leads drive for Brazilian probe into Fifa (FT)
- Faster than China? India's road, rail drive could lay doubts to rest (Reuters)
Largest Bank In America Joins War On Cash
Submitted by Tyler Durden on 04/23/2015 22:44 -0500The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises' Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of "any cash or coins" in safe deposit boxes.
Frontrunning: December 24
Submitted by Tyler Durden on 12/24/2014 07:41 -0500- Apple
- Barclays
- British Bankers' Association
- China
- Citigroup
- Corruption
- Creditors
- Daimler
- Deutsche Bank
- Eurozone
- Fitch
- Greece
- Housing Market
- Iraq
- Japan
- JPMorgan Chase
- Meredith Whitney
- Natural Gas
- ratings
- RBS
- recovery
- Reuters
- Royal Bank of Scotland
- Sears
- Shadow Chancellor
- Tender Offer
- Ukraine
- Volvo
- Washington Mutual
- Wells Fargo
- Yuan
- Russia says NATO turning Ukraine into 'frontline of confrontation' (Reuters)
- Oil Drillers Under Pressure to Scrap Rigs to Cope With Downturn (BBG)
- Demonstrators Defy NYC Mayor's Call to Suspend Police Protests (BBG)
- U.S. to send more private contractors to Iraq (Reuters)
- ISIS Shoots Down Jet From U.S.-Led Coalition, Syrian Monitors Say (NYT)
- Russians Race to Secure Mortgages Before Costs Spiral (BBG)
- Abe Brings in Former Soldier Nakatani as Defense Minister (BBG)
- At Coke, Newest Flavor Is Austerity (WSJ)
- Fear and retribution in Xi's corruption purge (Reuters)
- UBS Raises Flag on China’s $1 Trillion Overseas Debt Pile (BBG)
"We Are In Uncharted Waters" Singapore Central Bank Warns Of "Uneasy Calm"
Submitted by Tyler Durden on 06/25/2014 12:45 -0500Well, at least someone gets it. While just about every other central bank on the planet is giving everyone two thumbs up on the economy, the deputy chair of the Monetary Authority of Singapore (Lim Hng Kiang) said last night at a dinner that “an uneasy calm seems to have settled in markets” and that “we remain in uncharted waters.” It was quite surprising to see such pointed language from a central banking official. Mr. Lim jabbed at the “obvious” risks and said there would be “bumps on the road” ahead.
The (Other) Truth About The Financial Crisis: 10 "Geithner-Sized" Myths Exposed
Submitted by Tyler Durden on 05/25/2014 13:22 -0500- Alan Greenspan
- Bank of America
- Bank of America
- Bear Stearns
- Ben Bernanke
- Ben Bernanke
- Bloomberg News
- Countrywide
- CRA
- Credit Rating Agencies
- default
- Fail
- Fannie Mae
- FBI
- Federal Reserve
- Financial Crisis Inquiry Commission
- Foreclosures
- Freddie Mac
- goldman sachs
- Goldman Sachs
- Housing Bubble
- Housing Market
- Housing Prices
- Hyman Minsky
- Institutional Investors
- Jamie Dimon
- JPMorgan Chase
- Lehman
- Lehman Brothers
- Main Street
- Market Share
- Meltdown
- Merrill
- Merrill Lynch
- Morgan Stanley
- Mortgage Loans
- Paul Volcker
- President Obama
- Private Equity
- Rating Agencies
- recovery
- Risk Management
- Shadow Banking
- Subprime Mortgages
- The Economist
- Too Big To Fail
- Unemployment
- Wachovia
- Washington Mutual
After the crisis, many expected that the blameworthy would be punished or at the least be required to return their ill-gotten gains—but they weren’t, and they didn’t. Many thought that those who were injured would be made whole, but most weren’t. And many hoped that there would be a restoration of the financial safety rules to ensure that industry leaders could no longer gamble the equity of their firms to the point of ruin. This didn’t happen, but it’s not too late. It is useful, then, to identify the persistent myths about the causes of the financial crisis and the resulting Dodd-Frank reform legislation and related implementation...."Plenty of people saw it coming, and said so. The problem wasn’t seeing, it was listening."
Large Cap Financials: Q1 2014 Earnings Update
Submitted by rcwhalen on 04/08/2014 14:37 -0500- BAC
- Bank of America
- Bank of America
- Bear Stearns
- Book Value
- Capital One
- Citigroup
- Countrywide
- Fannie Mae
- Federal Reserve
- Freddie Mac
- Global Economy
- Jamie Dimon
- Lehman
- Lehman Brothers
- Meltdown
- Merrill
- Merrill Lynch
- New Century
- OTC
- OTC Derivatives
- Prudential
- Real estate
- Reality
- Stress Test
- Wachovia
- Wall Street Journal
- WaMu
- Washington Mutual
- Wells Fargo
Most Buy Side managers have no idea about the disparate business models of the four largest US banks by assets.
A Political History of “Too Big to Fail”
Submitted by rcwhalen on 03/26/2014 08:18 -0500- Bank of New York
- Barry Ritholtz
- Bear Stearns
- Bond
- Citigroup
- Corruption
- Countrywide
- Fail
- Fannie Mae
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Freddie Mac
- General Motors
- Global Economy
- goldman sachs
- Goldman Sachs
- Great Depression
- Gretchen Morgenson
- Housing Market
- Lehman
- Lehman Brothers
- Robert Rubin
- Sheila Bair
- Timothy Geithner
- Wachovia
- Washington Mutual
To really appreciate “too big to fail,” you must first and foremost understand that it is a political concept that springs from a sense of liberal privilege and entitlement.
Six Questions for Federal Reserve "Chair" Janet Yellen
Submitted by rcwhalen on 02/11/2014 00:27 -0500- AIG
- Bank of America
- Bank of America
- Bank of New York
- Bear Stearns
- Ben Bernanke
- Ben Bernanke
- Bond
- Countrywide
- Daniel Tarullo
- Debt Ceiling
- default
- Discount Window
- ETC
- Fail
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Florida
- Housing Market
- Janet Yellen
- Monetary Policy
- Money Supply
- NASDAQ
- Neo-Keynesian
- None
- Quantitative Easing
- Real estate
- Reality
- recovery
- Repo Market
- WaMu
- Washington Mutual
- White House
We at the Fed are the platonic guardians of the global financial system. And our logic is undeniable….
To This Day, No One Knows What Financial Firms Are Sitting on
Submitted by Phoenix Capital Research on 01/13/2014 20:12 -0500As a result of this, the financial sector remains rife with fraud and impossible to accurately value (how can you value a business that is lying about its balance sheet?).
Frontrunning: December 23
Submitted by Tyler Durden on 12/23/2013 07:48 -0500- Apple
- BBY
- Bitcoin
- Boeing
- China
- Chrysler
- CIT Group
- Citigroup
- Credit Suisse
- Crude
- Federal Reserve
- Ford
- Institutional Investors
- John Paulson
- JPMorgan Chase
- Market Manipulation
- Merrill
- NASDAQ
- Newspaper
- Private Equity
- Raymond James
- Reuters
- Sheldon Adelson
- Time Warner
- Tribune
- Ukraine
- Wall Street Journal
- Washington Mutual
- YRC
- Apple, China Mobile sign long-awaited deal to sell iPhones (Reuters)
- U.S. growth hopes help shares shrug off China money market jitters (Reuters)
- Rule Change on Health Insurance Rattles Industry (WSJ), Obamacare's signup deadline on Monday has its exceptions (Reuters)
- Tale of Two Polish Mines Shows Biggest EU Producer’s Woes (BBG)
- Probes See U.K. Market Manipulation Reports Rise 43% (BBG)
- Shoppers Grab Sweeter Deals in Last-Minute Holiday Dash (BBG)
- Banks Mostly Avoid Providing Bitcoin Services (WSJ)
- Secret Handshakes Greet Frat Brothers on Wall Street (BBG)
Biting The Hand That Bails You Out: JPM Sues FDIC
Submitted by Tyler Durden on 12/18/2013 08:15 -0500There is a saying: "don't buy the hand that feeds you" but there is nothing in popular aphorism literature about suing the hand that bails you out. Which is precisely what JPM did overnight when it sued the Federal Deposit Insurance Company, claiming the agency was responsible for over $1 billion in liabilities assumed by the bank as part of its takeover of Washington Mutual in 2008. Of course, having been the subject of a relentless battery of lawsuits by every US agency imaginable, many were wondering when JPM would strike back, or rather if it would have the temerity to sue the same government that bailed it out with billions of direct injections and even more billions in FDIC-subsidized bond issuance. The answer is yes, and as JPMorgan alleged in the complaint, the FDIC agreed to shield it from liability from lawsuits claiming failures by Washington Mutual. JPMorgan said it took on only limited liabilities in its purchase of the Seattle-based bank’s assets. What next: Jamie Dimon sues the Fed for forcing it to acquire Bear Stearns' assets at the firesale price of $2 $10 per share, in which the bank assumed Bear's assets if not so much its liabilities - after all there was a government to bail it out for that.
Frontrunning: December 18
Submitted by Tyler Durden on 12/18/2013 07:33 -0500- B+
- Baidu
- Bank of England
- Barclays
- Barrick Gold
- Bob Diamond
- Bond
- Centerbridge
- Central Banks
- China
- Citigroup
- Copper
- Davos
- DVA
- Eurozone
- Fannie Mae
- Federal Deposit Insurance Corporation
- Federal Reserve
- fixed
- Ford
- Freddie Mac
- India
- JPMorgan Chase
- Kraft
- LatAm
- Lennar
- LIBOR
- Meltdown
- Merrill
- President Obama
- Private Equity
- RBS
- Real estate
- recovery
- Reuters
- Royal Bank of Scotland
- SAC
- Ukraine
- Unemployment
- University of California
- Wall Street Journal
- Washington Mutual
- Yuan
- MOAR: BOJ Said to See Significant Room for More Bond Purchases (BBG)
- Meltdown Averted, Bernanke Struggled to Stoke Growth (Hilsenrath)
- New Mortgages to Get Pricier Next Year (WSJ)
- Republicans to Seek Concessions From Obama on Debt Limit (BBG)
- Hunting for U.S. arms technology, China enlists a legion of amateurs (Reuters)
- Jury Begins Deliberating in Case of SAC Portfolio Manager (WSJ)
- BP to Write Off $1 Billion on Failed Well (WSJ)
- Rajan Unexpectedly Keeps India Rates Unchanged to Support Growth (BBG)
- Thai protesters say they will rally to hound PM from office (Reuters)
- SEC Brings Fewer Enforcement Actions, Slows Early-Stage Probes (WSJ)
Paul Volcker, Dodd-Frank and the Cult of Personality
Submitted by rcwhalen on 12/10/2013 09:14 -0500- Ben Bernanke
- Ben Bernanke
- Bond
- Charles Bowsher
- Citigroup
- Cohen
- Commercial Paper
- Countrywide
- Enron
- Fail
- Federal Reserve
- Financial Regulation
- Glass Steagall
- Great Depression
- Lehman
- Lehman Brothers
- Milton Friedman
- New York Times
- Paul Volcker
- recovery
- Reuters
- Sears
- Securities Fraud
- Volatility
- Washington Mutual
- WorldCom
“The only thing we have to fear is fear itself.”
DOJ Announces $13 Billion "Largest Ever" Settlement With JP Morgan
Submitted by Tyler Durden on 11/19/2013 15:19 -0500- Bear Stearns
- credit union
- Creditors
- Department of Justice
- Excess Reserves
- Fannie Mae
- FBI
- Federal Deposit Insurance Corporation
- Federal Reserve
- Freddie Mac
- Housing Market
- Illinois
- Meltdown
- Mortgage Industry
- Mortgage Loans
- National Credit Union Administration
- recovery
- Securities and Exchange Commission
- Transparency
- Underwater Homeowners
- Washington Mutual
To the DOJ, a $13 billion receipt is the "largest ever settlement with a single entity." To #AskJPM, a $13 billion outlay is a 100%+ IRR. And perhaps more relevant, let's recall that JPM holds $550 billion in Fed excess reserves, on which it is paid 0.25% interest, or $1.4 billion annually. In other words, out of the Fed's pocket, through JPM, and back into the government. Luckily, this is not considered outright government financing.




