Credit Suisse has been accused of helping ultra-wealthy Americans evade taxes and concealing more than $700 million from tax authorities, including one unidentified family with $100 million stashed in secret offshore accounts…
Casino Aficionados Will Have a Busy Day…
Bank moves made to stave off financial crisis…
UBS Agrees to Buy Rival Credit Suisse…
Switzerland’s largest bank, UBS, agreed on Sunday to buy its beleaguered and longtime rival Credit Suisse for about $3.2 billion, the most drastic bid yet to arrest the financial panic that has swept the globe over the past week…
Here’s the Chart of the Global Bank Causing Panic in Markets…
The Swiss global bank, Credit Suisse, which is a derivatives counterparty to major Wall Street banks and U.S. insurers, raised alarm bells in markets on Friday and is raising more anxiety this morning. Its 5-year credit default swap (CDS), a measurement of its risk of defaulting on its debt, jumped to 250 basis points on Friday and traded as high as 350 basis points in early morning trade today…
Banks Sink – Throwing More Cold Water on All That Talk that Megabanks Are a Great Investment…
There are apparently stock-picking analysts across Wall Street pumping out buy recommendations on stocks to the public who have never cast their eyes on those chilling derivative charts published quarterly by the Office of the Comptroller of the Currency…
Morgan Stanley Sold $5B in Archegos Shares Night Before News Hit That the Private Investment Firm Was About to Collapse…
Morgan Stanley sold roughly $5 billion in shares from Archegos late on Thursday March 25 before news of the doomed private investment firm was made public…Archegos, run by former Tiger Management analyst Bill Hwang, was fully aware that Morgan Stanley was looking to unload its stock along with Goldman Sachs…
Rehypothecated Leverage: How Archegos Built a $100 Billion Portfolio Out of Thin Air… And Then Blew Up…
One week after the biggest, and most spectacular hedge fund collapse since LTCM, we now have an (almost) clear picture of how Bill Hwang’s Archegos family office managed to single-handedly make a boring media stock the best performing company of 2021, but then when its luck suddenly ended it was margin called into extinction, leading to billions in losses for the banks that enabled what Bloomberg has dubbed its “leveraged blowout.”…
Morgan Stanley Has Been Strangely Quiet On Its Exposure to Archegos Capital, the Hedge Fund That Blew Up Last Week. Here’s Why….
On March 9 Morgan Stanley announced that it had been “recognized for industry-leading risk management technology.” Three weeks later it has landed in the middle of one of the biggest hedge fund blowups since the financial crisis of 2008, raising serious questions about how it manages risk…
Report Claims CIA Controlled Second Swiss Encryption Firm…
Swiss politicians have voiced outrage and demanded an investigation after revelations that a second Swiss encryption company was allegedly used by the CIA and its German counterpart to spy on governments worldwide…
The Fed Announces New Bank Stress Tests: Will Look at What Would Happen if a Major Counterparty Defaulted…
Back in the days when we actually had an Office of Financial Research (OFR) (before its funding and staff were gutted) we learned that the Fed was actually conducting its stress tests all wrong…