Title: Mcgowanjm Wire 2012 Source:
[None] URL Source:[None] Published:Feb 26, 2012 Author:Various Post Date:2012-02-26 09:15:13 by A K A Stone Keywords:None Views:1402349 Comments:2390
Here is the good news: we are 100.4% certain JPM was the ONLY prop trading bank to be massively, massively short IG9-18 into this epic blow out. Because if other had suffered billion dollar losses, they would all pull a Jamie Dimon and fess up. Right?
Warning: This commentary is not for the faint of heart.
I thought I'd start this particular Monday morning, May the 14th, with a little rant. Sometimes it helps to ditch the uber-rational, cool-headed analysis and remind people just how screwed up things are on this third toxic landfill from the Sun.
So what happens when a major retailer hires a CEO away from a personal electronic conglomerate who has no experience in retail? This, as reported by Market Watch: J.C. Penney Co. said on Tuesday that it swung to a first-quarter loss of $163 million, or 75 cents a share, from a profit of $64 million, or 28 cents, a year earlier. Sales fell 20% to $3.15 billion. On an adjusted basis, the company said it lost 25 cents a share. Analysts surveyed by FactSet estimated the Plano, Texas-based company to lose 1 cent a share on sales of $3.45 billion. Comparable store sales tumbled 19%, also missing estimates.
(Reuters) - A spreading bank run could hasten Greece's exit from the euro zone but it certainly doesn't have to end that way.
It is far less clear what the impact would be should the wave of withdrawals accelerate in other peripheral states such as Spain or Portugal, which are further from outright revolt over German-led austerity, and which, due to their sheer size, will enjoy a vastly improved negotiating position.
Reuters/Washington Post: Who came up with the Orwellian term:
'accelerated withdrawal' to describe a bank run...LMFAO
He's not dead, little girl, he's just sleeping for a long time.....8D
