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JPMorgan And Markit’s London Whale Scam: Part 2

Since I published “JPMorgan, Jamie Dimon, Markit, and The Whale-Sized Scam of The Year“, I’ve received a few e-mails on the piece raising some questions that I feel are well worth answering. In the...

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Why The Market Is Even More Dangerous Than It Seems

It is important for investors to understand why bad things happen. The decline in U.S. equities over the past two days has demonstrated, beyond a shadow of a doubt, the interconnectedness of the...

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ECB Bond Buying Could Exacerbate Problem: Remember, Subordination Is Key

Leaving aside the absurdity of attempting to fight-off a protracted debt crisis with harsh language, investors should be aware that the theoretical resurrection of the ECB’s SMP will likely not save...

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Complete Breakdown: Retail Interest Rates In Spain And Italy Now Dictated By...

On Thursday, amid the EUphoria occasioned by Mario Draghi’s promise to keep the eurozone whole, I opined that contrary to popular opinion, the SMP (the ECB’s bond buying program) was not the answer to...

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Last Week’s Rally Shot Down By Germany: No Truth To ECB Bond Buying

In case it is in any way unclear at this point, European policymakers are in the business of talking up the market and talking down yields. This is because they have literally run out of good options....

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Europe’s Rescue Funds Need A Half Trillion More Euros

There is quite a bit of discussion these days about the proper way to deploy the cash in the European Stability Mechanism (ESM). Recall that one of the ‘breakthroughs’ at the last EU Summit was a...

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Herd Behavior Is Typically A Contrarian Indicator…No Matter How Smart The...

It really doesn’t seem to matter how smart ‘the herd’ is, they seem, more often than not, to serve as a contrarian indicator. Of course depending on what type of aggregate data you’re looking at, the...

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Markit Group To Create Indices Based In Part On Make Believe CDS

Remember the London Whale? In case you need a refresher, Bruno Iksil (the Whale) worked for JPMorgan’s CIO unit in London and sometime in late 2011/early 2012 he began selling protection on the Markit...

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Firebombs In Greece, Rubber Bullets In Spain, And A Faltering Rally In U.S....

In case anyone hasn’t noticed, the ‘protests’ in Greece and Spain aren’t protests anymore, they are riots. In Athens on Wednesday, angry Greeks were dispersed with tear gas after police were hit with...

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Hey Markit, Time To Get Creative: Sovereign CDS Market Collapses Under New Law

A few weeks ago I wrote a piece outlining Markit Group’s plan to include make believe CDS in one of its CDS indices. Essentially, a sharp downturn in CDS volume has made it difficult for Markit to find...

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