Friday, 14 Jan 2011 | 3:42 PM ET

PIIGS, Banking, Multi-Axial Chaos

Posted By: Ash Bennington

Plot sovereign creditworthiness on the X-Axis—and aggregate bank credit worthiness on the Y-Axis—and what do you get?

Image Source: ft.com

Well, you get a slope you could ski down . Just check out this chart from the Financial Times. (Click here or on image for full size)

From beggared Greece to boring Sweden.

(I mean that as a compliment to Sweden. Banking is supposed to be boring. Sorry Greece)

Lately, banking has been very exciting.

Exciting like a twelve car pileup on the interstate.

Banking used to be boring.

» Read More
  Friday, 14 Jan 2011 | 3:30 PM ET

Uncle Ben & Uncle Tim Hold A Lot of Paper

Posted By: Ash Bennington
The US Treasury now directly holds a mind scrambling $1.07 trillion in securities—including yesterday's Permanent Open Market Operations. » Read More
  Friday, 14 Jan 2011 | 1:36 PM ET

Vincent McCrudden's List of "Corrupt" Regulators

Posted By: John Carney

McCrudden's website appears to have been scrubbed recently. But Google's archives captured a few revealing pages.

One is a list of people who McCrudden says should be "exposed for corruption and fired." Some are well known, such as Mary Schaprio. Others are new names to me.

"There are no good ways to execute this plan, but these people have to be exposed and held accountable," McCrudden wrote.

Here's his list:

» Read More
  Friday, 14 Jan 2011 | 12:42 PM ET

Arrested Asset Manager Was a 9/11 Truther

Posted By: John Carney
Vincent McCrudden
Source: alnbri.com
Vincent McCrudden

The asset manager arrested last night for threatening SEC and CFTC officials seems to have slipped off the rails of reality quite some time ago.

First, a bit of background, courtesy of NBC's Jonathan Dienst:

» Read More
  Friday, 14 Jan 2011 | 11:42 AM ET

JPMorgan: Bonus Numbers Look Good But Bankers Are Wary

Posted By: John Carney
JP Morgan Chase
JP Morgan Chase

JPMorgan revealed this morning that it has set aside $9.7 billion for compensation in 2010, an increase over last year's $9.3 billion.

But internally, managers have been working to manage bonus expectations. Employees in several areas of the bank have been told that they should expect bonuses to be modest.

» Read More
  Friday, 14 Jan 2011 | 11:25 AM ET

A Wall Street Mystery: Where Was Goldman's CEO?

Posted By: John Carney
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill in Washington, DC, April 27, 2010.
Jim Watson | AFP | Getty Images
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill in Washington, DC, April 27, 2010.

Some of the most powerful people on Wall Street passed through the offices of the law firm Davis Polk & Wardell yesterday. JPMorgan Chase’s Jamie Dimon was seen pacing around the lobby. Bank of America’s Brian Moynihan was there. Morgan Stanley’s James Gorman made an appearance. But...

Notably absent: Goldman Sachs’s Lloyd Blankfein.

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  Friday, 14 Jan 2011 | 10:47 AM ET

Nicole Lapin's Short & Long List

Posted By: Nicole Lapin

Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.

» Read More
  Friday, 14 Jan 2011 | 9:36 AM ET

US & China: The Greatest Hits Edition (The Cavalcade of Contentious Topics Likely to Arise Between Presidents)

Posted By: Ash Bennington
Flag of the People's Republic of China
Kick Images | Photodisc | Getty Images
Flag of the People's Republic of China

Listening to China and the United States hash through the same talking points is like listening to your parents have the same fight throughout the course of your childhood: The issues remain the same—and the pain never quite subsides.

This week, ahead of President Hu Jintao's visit to the United States on Wednesday, we continue to hear the same issues reverberate in the media echo chamber.

Agustino Fontevecchia, writing for Forbes.com , picks up on the dysfunctional marriage metaphor as well: "While their realities couldn't be more distant, their destinies are tied to the point where it is absolutely necessary for the world economy, and for their respective economies, that the U.S. and China figure out how to keep their unwanted marriage healthy. The problem, as in many fights between couples, is that neither party is willing to both accept its share of the blame and give creed to the other's valid arguments."

And so, within that context, I present a list of greatest hits: A sampling of the principle contentions that will likely be probed when president Obama meets with Mr. Hu:

» Read More
  Friday, 14 Jan 2011 | 9:25 AM ET

Signs of a Coming Apocalypse in Muni Land?

Posted By: Ash Bennington

JPMorgan beats the Street [Reuters & CNBC] "JPMorgan reported higher-than-expected quarterly earnings, helped by narrowing losses on bad loans that allowed it to release $2 billion in reserves. JPMorgan, the first of the major U.S. banks to report earnings for the fourth quarter, said profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. 'This was a pretty good number and… the indication for other investment banks is rather positive,' Jeff Hart, Principal at Sandler O'Neill, told CNBC."

Goldman Reveals New Crisis Funding [CNBC via The Financial Times] "Goldman Sachs has revealed details of about $5 billion in investment losses suffered during the crisis for the first time this week, in a move that will deepen the debate over companies’ financial disclosures. The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC. The figures, issued as part of internal reforms aimed at silencing Goldman’s critics, show that the bank suffered $13.5 billion in losses from 'investing and lending' with its own funds in 2008."

» Read More
  Friday, 14 Jan 2011 | 7:51 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

I don't care if you're in love, but it's Friday. Here's what you may have missed overnight and what you need to know today while you head to work and try to get The Cure outta your head:

» Read More

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