"Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
Your guide:
Gregory Mannarino, AM 3/30/21:
"Markets, A Look Ahead: Must Know Now Updates"
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Related:
"Shades of 2008: Derivative Bets Blow Up Archegos
Hedge Fund; Inflict Billions in Losses on Global Banks"
By Pam Martens and Russ Martens
3/30/21 "The Archegos Capital Management hedge fund implosion has, thus far, delivered billions of dollars in losses to the shareholders of global banks Credit Suisse and Nomura, whose market values have plummeted; done serious reputational damage to Goldman Sachs and Morgan Stanley, both of whom are allowed to own federally-insured banks even after they came close to blowing themselves up in 2008 and surely would have without gargantuan secret bailouts from the Federal Reserve; cut the market value of ViacomCBS in half; dropped the market value of Discovery by 40 percent; shaved billions of dollars off the market value of major Wall Street banks yesterday as rumors ran wild about who is hiding losses; and raised critical questions, once again, about the competency of the Federal Reserve to supervise these federally-insured trading casinos.
The Archegos meltdown has done one more thing. It has reminded the readers of Wall Street On Parade that our decade of hand-wringing over the dangerous brew of allowing federally-insured, deposit-taking banks to own tens of trillions of dollars in opaque, over-the-counter derivatives remains the biggest threat to the financial stability of the United States."
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