TraderMark

A Look at George Soros's Recent Trades

I believe they are now being forced to disclose in the UK

Not sure how it works in other major exchanges/ countries.

I dont see what the issue would be to disclose shorts but I'm one for relative transparency. I am sure the argument would be it would ruin their strategy but somehow they are able to run a business disclosing the long side and not ruin their strategy.

For a long time I think this had to do with rampant naked short selling, but thankfully the 1 good thing that came out in 2008 was an actual crackdown on naked shorting. Unfortunately it took the near death of the entire Western financial system to stop a tiny sliver of speculators from mocking the system.


On Nov 19 02:04 PM dividend_growth wrote:

> Hedge funds are currently only required to disclose their long positions.
> We don't know what short positions they are holding.
>
> They should be disclosed as well. If the government wants to expose
> potential pumpers, then why should potential bashers be exempted
> from the rule?

Mervyn King: Break Up the Big Banks

I like Peabody but how did a coal stock get mentioned in this thread? Did I miss something? lol.


On Oct 21 03:51 PM bassmaster17 wrote:

> Peabody is doing great...nice we both got it cheap!!! It may selloff,
> but I have longer term plans for that position. Just a question
> about Dick Bove. I know he's CNBC's show pony, but didn't he get
> the whole credit crisis wrong and told people to buy Citi at $20?
> Just checking to see if there's any legitimacy to his call on Wells
> given his track record.

Mervyn King: Break Up the Big Banks

I am not saying the securtization problems were only in the US, UK

the compensation and "don't you dare regulate us or we'll move operations to London, or NYC" shouts are in these 2 countries.

You don't hear that yelling in French, German, Canadian, Australian banks.


On Oct 21 03:48 PM a fat panda wrote:

> "The UK and US are peas in a pod. We don't see this extreme anywhere
> else on the globe. There must be a reason."
>
> I largely agree with you up to the last point. Banks all over Europe
> have been hit with this financial crisis. And I think the reason
> that you didn't see the ripple go further was the US taxpayer back-stopped
> the US banks and the GSEs.

When Things Got Tough, Hank Paulson Went Skiing

When you put it that way...


On Jul 20 12:16 PM ain't no fortunate son wrote:

> Now now, let's not forget that Paulson was simply taking a much needed
> rest - after all, he had accomplished much in the prior year, and
> he's not a young man anymore.
>
> He had overseen the total destruction of two of Goldman's biggest
> competitors.
>
> He was in the process of assuring the total emasculation of MER,
> another of Goldman's biggest competitors.
>
> He had placed AIG firmly on the government tit, assuring that when
> the time was right Goldman would receive its $13 Billion CDS payout
> from the US taxpayer.
>
> He had enabled Goldman to become a bank holding company, thereby
> allowing the world's largest hedge fund to receive TARP bailout $$
> as well as many billions of dollars of "walking around" money from
> the FED discount window.
>
> All in all, he had put in place all the mechanisms that Goldman would
> need to achieve hegemony over the US and, arguably, world financial
> markets for as far into the future as anyone can see.
>
> Give the guy a break - that's a lot of work. The stress must have
> been terrible - no wonder the man needed a short respite.
>
> All work and no play...

When Things Got Tough, Hank Paulson Went Skiing

Where was Jimmy Cayne?

Nevermind - I think I know.

Banks, Oligopolies and Ever-Rising Fees

I had that same comment on my blog. As a credit union user of 20 years I've never understood why people stick in hostage situations with the big banks but it must be the $50 to open a new account or whatnot. People get that giddy $50 and then don't realize it will be sucked away by fees over the coming years.


On May 31 03:28 PM notsosmart wrote:

> just go & support your local small bank. i left the big banks
> years ago.i have had free checking,free overdraft protection,im known
> personally & can do phone transactions(dont trust net banking)
> & am very happy with the financial soundness.

Banks, Oligopolies and Ever-Rising Fees

I had that same comment on my blog. As a credit union user of 20 years I've never understood why people stick in hostage situations with the big banks but it must be the $50 to open a new account or whatnot. People get that giddy $50 and then don't realize it will be sucked away by fees over the coming years.


On May 31 03:28 PM notsosmart wrote:

> just go & support your local small bank. i left the big banks
> years ago.i have had free checking,free overdraft protection,im known
> personally & can do phone transactions(dont trust net banking)
> & am very happy with the financial soundness.

FDIC Troubled Bank List Now Hits 305

Citi and BAC would of failed if not for intervention. Would make for much better comparisons to reality. We did not have that level of internvention in early 90s or 30s.


On May 28 03:06 AM Donald Ingram wrote:

> Hmmm? Only 48 bank failures since January 01, 2008. Hey! That's not
> too bad! Hold on there pilgrim. Those are 48 failed INSTITUTIONS.
>
>
> Just 'Washington Mutual' alone comprised many, many banks that were
> closed. The statistics from the Great Depression are much more complete.
> There were no big banking conglomerates with many small branches
> everywhere. One little town bank that failed got counted as one "institution".
>
>
> So the number "48" is misleading. since many, many, many individual
> banks are comprised in that number. I suppose they keep this information
> away from us so we don't become frightened!

Credit Card Losses Are the New Bad Mortgages

Perhaps the print is not large enough of a font?


On May 12 08:49 AM Arroway wrote:

> Isn't part of the problem inherent in the fact that Eddie Ward, 32,
> from Arkansas, doesn't even know his balance to the nearest $5,000?

Credit Card Losses Are the New Bad Mortgages

lol.
Maybe they do!
didnt everyone have a credit card division in 06?


On May 11 09:16 PM J Moayyad wrote:

> Change your ticker of Capital One to COP from COF. You've got it
> listen wrong, unless Conoco has a credit division I don't know about
> ;)

Credit Card Losses Are the New Bad Mortgages

Anthony - if we were not the reserve currency of the world we would not get away with what we are doing. In about 10-15 years the Chinese yuan should be free floating and China should have a mature bond market. Until then we are the only game in town and hence can seemingly issue as much debt as we wish and the world still runs into our debt and currency as a safe haven. If Europe were in better shape or "more unified" or Japan was not a 20 year basket case we would not get away with this.

So my expectation is we continue these policies until there is a deep seated and valid competitor. That will be China. But they have a mostly closed system for now but are quietly doing a lot of things to change this - i.e. 1:1 currency swap situations with certain countries.

Look for the Simon Johnson posts on my blog or here on Seeking Alpha - it explains how we have the exact same situation as a 3rd world country. In fact that is how Nouriel Roubini caught what was to happen in US - he said he saw all the same signs as destabilized 3rd world countries before they fell off cliff.

The only difference is when those countries went off cliff, US clucked about how they were bad actors and needed to fix their budget, and cut back, and do all the "right things". But when it came to us... we didn't follow our own advice. Two faced.

But again, we have the ball and can do whatever we wish since there are no real alternatives - hence unlike those 3rd world countries who had to make hard decisions because the world turned off their spigot we've had the exact opposite situation. Remarkably - the first country to set off a world financial crisis that all the world ran TO them rather than AWAY from them.

Just keep an eye on what Chinese officials are saying and doing - many interesting develops each month. They will the the axis on the other side of the world but its going to take time. For now its a co-dependent situation between us.


On May 11 06:12 PM Anthony B wrote:

> So, assuming the 'limitless' quantitative easing to keep mortgage
> rates low and housing prices up. It'd be deciding to keep housing
> prices up in exchange for $4+ gas. That went really well last time.
>
>
> The difference is this time with unemployment at 10% plus, and wage
> freezes for everyone who still has a job... no one will be able to
> afford the gas. I'm still hoping for 'limited' QE.
>
> On May 11 05:22 PM TraderMark wrote:

Credit Card Losses Are the New Bad Mortgages

AMEX used to cater just to upper X% crowd. But when you are a public company and you see easy money being made by competitors you get pressure from shareholders. So to maintain your CEO package you must get that stock price up one way or the other. So AMEX moved downstream in a big way in 2006-2007. Now they are paying for it. If they had stuck to policies 2004 or earlier they would be in much better shape.

Now as a solution they are literally paying people $300 to close accounts (carrots) and other tactics of much more hardball tactic (stick) - I am not sure if Seeking Alpha has my post on AXP recent tactics but you can search here or my blog on what they are doing now.

They made an error basically chasing for riches. Sort of like what the investment banks and indeed money center banks (the huge ones) did - many of these businesses are now simply run to scalp as much short term gains as possible and if you leave a smoking hulk behind so be it, you still get your massive compensation. And if you are a bank you get the US taxpayer to save you in 99% of cases... as long as you are big enough to matter.


On May 11 05:31 PM PastTense wrote:

> I used to be under the impression that AMEX had higher standards
> than the Visa/MC crowd, so the data about similar charge-off rates
> is surprising. Was I wrong about this, or did AMEX adopt lower standards
> in the last few years....?

Credit Card Losses Are the New Bad Mortgages

If China says no, Ben says yes... $300B will just be the start for their quantitative easing. Their balance sheet is theoretically limitless - see Zimbabwe currency for "limitless" applications


On May 11 04:53 PM Anthony B wrote:

> I think I need a post from Cetin to try to cheer me up after that
> one. What if China says no to us refinancing mortgages at 1%, how
> many mortgages will be underwater if rates go up to 6-7%?!

Credit Card Losses Are the New Bad Mortgages

Paging Celtin, Paging Celtin.

Bank of America Punishes Customers Who Dare to Have a Balance

Exactly. In the end "costs" are passed on to the end user... in this case, the consumer. Always will...


On Apr 13 11:01 AM user 385544 wrote:

> I think you missed the point (and the sarcasm), your agreeing with
> me and don't even realize it. What you are essentially saying is
> business costs and in this case RISK are always passed back to the
> consumer.
>
> So, who again is paying back TARP? The banks or the consumer? *wink*.
> I don't think its right, quiet frankly it SUCKS!
>
> I believe what the banks are doing now is an inflationary signal...its
> hanging out there, people see it.