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…
Category:Macro
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…
WHEN THE #SEC (CAT) IS AWAY, THE MICE DANCE
When I woke up this morning, I couldn’t believe my eyes. I had finished drafting this post before going to sleep, and the first thing I see on @X after waking up is Gary Gensler’s post claiming that the @SECGov account was hacked and that the #Bitcoin ETF wasn’t actually…
$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…
WHY IS THE FED PREPARING TO BAIL OUT A JAPANESE BANK? BECAUSE OF THE “NORINCHUKIN” DANGER
First of all, who the hell is the latest counterpart added to the #FED Standing Repo Facility: “Norinchukin Bank”? “Officially,” it is a Cooperative Bank owned by Japanese agricultural, fishery, forestry cooperatives in #Japan. Yes, that’s right, an “agricultural” bank from Japan got a seat at the #FED big boys…
WHICH BANKS ARE AT RISK OF GOING BUST IN A LIQUIDITY CRISIS BECAUSE ALREADY (RIDICULOUSLY) INSOLVENT?
Thank you for waiting, but I assure you what follows isn’t going to disappoint you! Two months ago in “This time is NOT different – Part 2,” I flagged how my analysis at that time flashed (big) red warnings on several US banks (TwitterX). My analysis today will expand on…
PANIC BEHIND CLOSED DOORS
So, as I wrote 24h ago, it was clear to anyone paying attention that the Bank Of Japan put itself in a very dangerous spot (TwitterX). Back in 1992, when the Bank Of England was in danger, the Bundesbank cut rates 25bp even if it didn’t make any sense for…
NOW THE HEDGE FUNDS (HYENAS) KNOW THE #BOJ (LION) IS VULNERABLE!
A big powerful “Minsky Moment” struck many investors, including me, around 10am EST on Monday when the last #BOJ intervention barely moved the needle in the FX market. If you think the BOJ can simply hike rates to strengthen the $JPY, then you don’t realize that when a central bank…