Silver as an investment

Category Archives: Net Notional

Move Over FX And Libor, As Manipulation And “Banging The Close” Comes To Commodities And Interest Rate Swaps

While the public’s attention has been focused recently on revelations involving currency manipulation by all the same banks best known until recently for dispensing Bollinger when they got a Libor end of day print from their criminal cartel precisely where they wanted it (for an amusing take, read Matt Taibbi’s latest), the truth is that […]

BofA Sees Fed Assets Surpassing $5 Trillion By End Of 2014… Leading To $3350 Gold And $190 Crude

Yesterday, when we first presented our calculation of what the Fed’s balance sheet would look like through the end of 2013, some were confused why we assumed that the Fed would continue monetizing the long-end beyond the end of 2012. Simple: in its statement, the FOMC said that “If the outlook for the labor market […]

Key JPMorgan Charts

For those strapped for time, here are the key charts from the numerous JPM slidepacks just released. CIO/Treasury snapshot. Note the ridiculous move in VaR which as everyone knows has about the same credibility as a JPM CDS blotter. JPM Syntetic Credit Portfolio update aka CDS exposure which as we now know is all a […]

Germany Cries: "Europe Is Coming For Our Money", Greece Promptly Obliges

“Greece is an exception in the Euro Zone” – Angela Merkel, December 9, 2011 “Exception from ESM Seniority only applies to Spanish aid” – Angela Merkel, June 29, 2012   It took about a year, but finally Germany, with a little assistance from Merkel on Friday morning, has figured it out. And is now blasting […]

An $8bn Loss Or Was JPMorgan ‘Unhedged, Long-And-Wrong’ Post-LTRO2?

The full set of DTCC data is in (that is the repository for reporting CDS data) and reading between the lines provides us with some significant color on what was occurring at JPM’s CIO office. For the Cliff Notes’ version – see the summary at the bottom…   First things first, the position does not […]

Listen Carefully and You Can Hear the Crumbling Of The Sovereign Nation Formerly Known As JP Morgan

First, pardon my tardy response to this JP Morgan news. I’m currently in Europe and was jet-lagged asleep when this popped. Of course, BoomBustBloggers know that I will be on the case. To begin with, a summary as pulled from ZeroHedge:  In Corporate, within the Corporate/Private Equity segment, net income (excluding Private Equity results and litigation […]

Is JPM Staring At Another $3 Billion Loss?

“[The trading loss] plays right into the hands of a whole bunch of pundits….”                                                            – Jamie Dimon There are a lot of moving parts in the Dismal tale of Dimon’s demise. The starting point is that Bruno Iksil in the JPMorgan CIO Office, under the premise of hedging the bank’s credit portfolio’s tail […]

JPM Crashing After It Convenes Emergency Call To Advise Of "Significant Mark-To-Market" Losses In Bruno Iksil/CIO Group

Out of nowehere, JPM announced 40 minutes ago that it would hold an unscheduled 5pm call to coincide with the release of its 10-Q. Rumors were swirling as to why. The reason is as follows: JPMORGAN SAYS CIO UNIT HAS SIGNIFICANT MARK-TO-MARKET LOSSES – “Fortress balance sheet” at least until Bruno Iskil gets done with […]

Is JPMorgan’s Whale Responsible For The Rising Equity Tide?

Presented with little comment but given the seemingly unlimited balance sheet of the JPMorgan CIO office and the ability to sell as much protection (implicitly bullish) and gather premium as credit derivative index notionals soared at an incredible rate, are we stretching the point a little too far to claim that perhaps, just perhaps, one […]

Is JPMorgan’s Whale Responsible For The Rising Equity Tide?

Presented with little comment but given the seemingly unlimited balance sheet of the JPMorgan CIO office and the ability to sell as much protection (implicitly bullish) and gather premium as credit derivative index notionals soared at an incredible rate, are we stretching the point a little too far to claim that perhaps, just perhaps, one […]