Sorry, folks, but after our beloved Jerome Burns’s performance at the last #FOMC, 2 things are clear: 🚩 The #FED knows they’ve screwed up the fight against #inflation and it’s going to flare back up to a point where (political) adjustment won’t be able to hide what’s obvious in the…
Category:Banks
DEAR JEROME BURNS, TODAY YOU MUST TELL THE WORLD WHAT COMES AFTER THE #BTFP…
During the last session, investors piled into financial #stocks with $XLF up 1.26%, and several major banks had a good green day ahead of the next #FOMC. Since October, $XLF is up 24% despite banks’ books starting to have more holes than Emmental cheese 🧀 (and some even starting to…
WITHOUT THE FED BTFP, BANKS WILL NOW HAVE A HARDER TIME TO “HIDE TILL MATURITY” THEIR LOSSES
I started the year writing about how in 2024 the practice used by banks of hiding their losses in Hold to Maturity books (hence “hide till maturity”) would have come to an end [Post Below]. However, I was wrong there, because I wrote this: “As I explained in a post…
TRUIST BANK Q4-23 (INSOLVENCY) SCHIZOPHRENIA?
When was the last time you remember a bank losing $5bn in a quarter, after making $1-1.5bn on average in all recent ones, and jumping almost 5% in price as soon as its #stocks start trading? That’s what happened with $TFC yesterday and in case you haven’t figured it out…
GOLDMAN SACHS – A BIG EPS BEAT ENGINEERED TO HIDE LIQUIDITY STRUGGLES AND A QUESTIONABLE LOAN BOOK?
#GS Q4-23 was quite a spectacular game of smoke and mirrors that, of course, fooled the mainstream media. CNBC – “Goldman Sachs tops revenue estimates on better-than-expected asset management results” WSJ – “Goldman Scores a Win With Sharply Higher Earnings” Let me show you one of the “tricks” they used….
WELLS FARGO – A CASE OF TOO MUCH WINDOW DRESSING AND TOO LITTLE COLLATERAL?
Honestly, at first glance, what #WFC reported for Q4-23 didn’t seem great, but not particularly bad either. Overall, their Q4 seemed quite dull. I was tempted to move on, but as an old habit, I had to read the footnotes first and here we go, I finally came across something…
BANK OF AMERICA WENT “CRAZY” IN Q4 (LITERALLY)
While digging into #BAC‘s Q4-23 financial statements, I couldn’t help but wonder if they had lost their minds during the last three months of 2023. No, I am not referring to the “press release” or the “presentation,” which are usually prepared to “feed” the media rather than provide transparency to…
$HSBC – A TURNAROUND STORY, A SECRET TAKEOVER OR A PUMP & DUMP?”
On October 30 2023, after the latest $HSBC financial report release, I took a deep dive into their numbers, highlighting how the bank was still “walking on waters” (Post below). Prior to that, I highlighted many things within their balance sheet that simply didn’t add up (TwitterX). Nevertheless, the stock…
IS THE 2024 EDITION OF US REGIONAL BANKS (NOW JOINED BY PENSION FUNDS) “HUNGER GAMES” ABOUT TO BEGIN?
Last week I wrote about the end of the “hide till maturity” trick (post in quote below) that helped banks hide their growing mountain of troubled assets. A few days later, the news reporting CalSTRS pension fund, the second largest in the US, is considering borrowing $30bn becomes public. The…
2024 THE YEAR WHEN “HIDE TILL MATURITY” ENDS
During 2023, we have discussed so often how (ridiculously insolvent) banks have made extensive use of “Hold To Maturity” accounting to the point that it is now more appropriate to rename it “Hide Till Maturity” (TwitterX). Dump any asset with a market value implying a steep loss in the HTM…