ΝΕΑ ΧΩΡΙΣ ΦΙΛΤΡΟ ΦΕΛΛΟΥ

Νέα και Παράξενα-Σελίδες εναλλακτικής πληροφόρησης και ειδήσεων-alternative informations

Posts Tagged ‘JPMorgan Chase’

Η ΟΜΑΔΑ ΤΩΝ ΤΡΙΑΚΟΝΤΑ ΠΑΓΚΟΣΜΙΩΝ ΤΥΡΑΝΝΩΝ(THE GROUP OF THIRTY)-Η ΣΚΙΩΔΗΣ ΠΑΓΚΟΣΜΙΑ ΚΥΒΕΡΝΗΣΗ

Posted by satyrikon στο 14 Αυγούστου, 2012

Ο ΘΑΝΑΤΟΣ ΤΩΝ ΑΓΟΡΩΝ

Institutions Scream Ahead Of Imminent Death Of Money Markets

Previously we explained on at least two occasions (here and here) why the upcoming death of the US money market industry is not greatly exaggerated: quite simply, as we wrote back in 2010, the Group of 30, or the shadow group that truly runs the world (see latest members) decided some time ago that it would rather take the «inert» $2.6 trillion held in money markets, and not used to boost the fractional reserve multiplier, and instead have it allocated to such more interesting markets as bonds and stocks. As a reminder, Europe already achieved this last month when it cut its deposit rate to zero leading to a sequential shuttering of money market funds.

The Fed, however, has to be far more careful to not impair the overnight General Collateral repo market which as everyone who understands the nuances of Shadow Banking knows is where all the bodies are buried, and as such has been far more careful in implementing such a shotgun approach.

Instead, Ben, the SEC, and the Group of 30 have adopted a far more surgical approach to destroying money markets: they want investors themselves to pull their money by implementing such terminally destructive measures as floating NAV, redemption restrictions and capital requirements, which will achieve one thing – get the end user to pull their money from MM and put the cash either into either deposits, where it can then proceed to be «fractionally reserved» into the banking system, or to boost AMZN’s 250+ P/E.

After all the number under observation is not modest: at $2.6 trillion, this is almost 20% of the market cap of the US stock market. So it was only a matter of time before major money market institutions, in this case Federated first, but soon everyone else, starts screaming and warning that money markets are about to die (which they are).

Of course, at the end of the day, whatever the Group of 30 wants, the Group of 30 gets: goodbye money market funds (more here). It was nice knowing you.

ΤΙ ΛΕΜΕ ΓΙΑ ΤΗΝ ΛΕΣΧΗ ΜΠΙΛΝΤΕΡΜΠΕΡΓΚ ΟΤΙ ΚΑΘΟΡΙΖΕΙ ΤΙΣ ΤΥΧΕΣ ΤΟΥ ΚΟΣΜΟΥ

ΚΑΙ ΠΡΑΣΙΝΑ ΑΛΟΓΑ.

ΦΑΙΝΕΤΑΙ ΟΤΙ ΕΧΕΙ ΞΕΘΩΡΙΑΣΕΙ ΑΠΟ

ΤΗΝ ΤΕΛΕΥΤΑΙΑ ΣΥΝΑΝΤΗΣΗ ΣΤΗΝ ΒΟΥΛΙΑΓΜΕΝΗ

ΚΑΙ ΟΤΙ ΑΥΤΟΙ ΠΟΥ ΚΑΝΟΥΝ ΚΟΥΜΑΝΤΟ ΕΙΝΑΙ

Η

ΟΜΑΔΑ ΤΩΝ  ΤΡΙΑΚΟΝΤΑ ΤΥΡΑΝΝΩΝ

(ΨΑΧΤΕ ΤΟ ΣΑΙΤ ΤΟΥΣ ΕΧΕΙ ΕΝΔΙΑΦΕΡΟΝ)

ΑΥΤΟΙ ΑΠΟΤΕΛΟΥΝ ΤΑ ΜΕΛΗ ΤΗΣ ΟΜΑΔΑΣ ΤΩΝ ΤΡΙΑΚΟΝΤΑ

Current Members

Posted in Bilderberg, ΕΠΙΚΑΙΡΟΤΗΤΑ, Μπιλντερμπέργκ, ΠΛΗΡΟΦΟΡΙΕΣ, ΤΡΑΠΕΖΙΚΟ ΚΑΡΤΕΛ, ΤΡΑΠΕΖΙΤΗΣ, ΧΡΕΗ, επικαιρότητα, NWO, one world government | Με ετικέτα: , , , , , , , , , | Leave a Comment »

European Money Market Industry Shutting Down As Goldman Closes MM Fund, Says In «Unchartered Territory» | ZeroHedge

Posted by satyrikon στο 6 Ιουλίου, 2012

JPMorgan Chase Tower (Dallas)
JPMorgan Chase Tower (Dallas) (Photo credit: Wikipedia)
Goldman Sachs Headquarters, New York City
Goldman Sachs Headquarters, New York City (Photo credit: Wikipedia)

Update: BlackRock to restrict subscriptions into 2 Euro money funds

We were the first to bring news that overnight JPMorgan has halted investment in its European money market funds following the ECB’s decision to cut the deposit rate to 0%. Now, it is Goldman’s turn:

GOLDMAN HALTS INVESTMENTS IN EURO GOV MONEY FUND AFTER ECB CUT

GOLDMAN SAYS MARKET CONDITIONS WILL DETERMINE WHEN FUND REOPENS

GOLDMAN DECISION AFFECTS EURO GOVERNMENT LIQUID RESERVES FUND

And finally the conclusion, which is rather obvious:

  • GOLDMAN FUND MEMO: EUROPEAN MARKET IN `UNCHARTERED TERRITORY’ (Er, sic?)

More from Bloomberg:

JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and

BlackRock Inc. (BLK) closed European money market funds to new

investments after the European Central Bank lowered deposit rates to

zero.

 

JPMorgan, the world’s biggest provider of money-market funds, won’t

accept new cash in five euro-denominated money- market and liquidity

funds because the rate cut may result in losses for investors, the

company said in a notice to shareholders. Goldman Sachs won’t accept new

money in its GS Euro Government Liquid Reserves Fund, and BlackRock,

the world’s largest asset manager, is restricting deposits in two

European funds.

 

JPMorgan’s five closed funds had 23.7 billion euros ($29.2 billion)

in assets as of July 5, the bank said in an e-mail, about 22 percent of

all euro-denominated money funds. The funds are JPMorgan’s Euro

Liquidity Fund, Euro Government Liquidity Fund, Euro Money Market Fund,

Euro Liquid Market Fund and JPMorgan Series II Funds — EUR.

 

The deposit rate cut “will almost certainly move cash bids in

short-dated instruments into negative territory, and so we have taken

the step to restrict subscriptions and switches into the funds in order

to protect existing shareholders from yield dilution,” JPMorgan said on

its website.

 

The company had $417 billion in money fund assets as of May 31,

making it the world leader, according to Crane Data LLC, a research firm

based in Westborough, Massachusetts. The entire euro-denominated money

fund industry has about 108 billion euros, Crane Data’s statistics show.

Effectively, the European money market industry is now closed and

only redemptions will be allowed as nobody can make «money» in money

markets in a Zero deposit rate environment. As another reminder, there

are hundreds of billions in residual cash in various European money

markets which is no longer welcome. Which then begs the question: as the

cash is unwound will it go into:

i) stocks
ii) bonds
iii) mattresses
iv) breaking the Swiss National Bank as everyone buys CHF and send the nominal yield on the 2 Year Swissie to -#Ref!
v) gold

We will find out soon enough.

μέσω European Money Market Industry Shutting Down As Goldman Closes MM Fund, Says In «Unchartered Territory» | ZeroHedge.

Enhanced by Zemanta

Posted in ΕΠΙΚΑΙΡΟΤΗΤΑ | Με ετικέτα: , , , , , , | 1 Comment »

Goldman Downgrades Morgan Stanley From Conviction Buy To Netural, Warns On Counterparty Risk | ZeroHedge

Posted by satyrikon στο 26 Ιουνίου, 2012

GS just did what it does best: pulled the rug from under its most troubled peer: «We are downgrading MS to Neutral and removing shares from the America’s Conviction List. Since being added to the Americas Conviction List on January 29, 2012, MS shares are down 27% vs. flat for the S&P 500. Over the past 12 months, MS shares are down 39% vs. the S&P 500 up 4%. When we added shares to the Conviction List, we noted that MS had addressed a number of legacy issues including (1) the conversion of the MUFG preferred stock to common to bolster common equity capital ratios, (2) elimination of the CIC preferred dividend, (3) removal of the MBIA relationship//hedge overhang, (4) write-down of legacy real estate assets, (5) elimination of non-core asset management businesses, and (6) near-completion of the  integration of Smith Barney and Morgan Stanley Wealth Management. While that all still holds true today and should be beneficial towards long-term “normalized” returns, we believe several capital market overhangs will reduce out-year earnings visibility and cap near-term outperformance. While too soon to tell how counterparties will react to a new capital market ratings distribution post-Moody’s, this cycle has proven that banks with the largest increase in funding spreads have generally lost fixed income trading market share. In addition, with a number of global macro uncertainties likely to weigh on capital markets activity for the foreseeable future, MS has outsized exposure here as well.» Capitalism at its best: kick ’em while they’re down.

Goldman summary:

Goldman Downgrades Morgan Stanley From Conviction Buy To Netural, Warns On Counterparty Risk | ZeroHedge.

Enhanced by Zemanta

Posted in ΕΠΙΚΑΙΡΟΤΗΤΑ | Με ετικέτα: , , , , , , , | Leave a Comment »

 
Αρέσει σε %d bloggers: