I didn't expect a leopard to eat my face.
A revision of belief.
“The hope in the market is that this is the last problem.”
- Dave Faber on the UBS/Credit Suisse thing.
“Maybe you could tell me what is going on. And please, speak as you might to a young child. Or a golden retriever. It wasn't brains that brought me here; I assure you that.”
Thank you, Pam Martens and Russ Martens: UBS Was Quietly Bailed Out in 2008; Now It’s Getting a $173 Billion Backstop to Buy Credit Suisse at 82 Cents a Share
shareholders were not wiped out as part of the Credit Suisse sale to UBS. This, in the words of some investors, appeared to be an “obvious breach of the hierarchy of claims”
There is no rule of law anymore. Thanks, Obama.
The FT headline writers are drunk:
Someone keeps sayin' I'm insane to complain
About a shotgun wedding and a stain on my shirt
Don't believe everything that you read
Meanwhile, at Credit Suisse Headquarters:
Attention young people: Today I made my own avocado toast, saving $5. If I did this every day for 2,920,548 years, I'd have as much money as Citigroup's 2008 bonus pool.
Someone pointed out that $100 Billion is about 1/8th of Switzerland’s GDP.
“The SNB creates Swiss francs out of thin Alpine air...they go and call their broker and go on a tour of the US stock exchange, They get involved in important companies from the S&P which create real profits, and they do that with money which has been created out of nothing.” - Jim Grant, 2016
Credit Suisse bondholders in uproar over $17bn debt wipeout
What happened to No Bondholder Left Behind?
Meanwhile…
Nobody expects the leopards to eat their faces.
Or the Spanish Inquisition.
Important reminder that - even if you’re down over 95% - you can still fall 53%.
Apes have been steps ahead this whole time. Everything we have talked about for the last two years has come to pass or is in motion. All it took was a few dedicated investors to look, pay attention and put their money where their mouths were.
I’ve thought for years that Credit Suisse had failed - we just hadn’t acknowledged it yet. During the last bubble before this one (and the one before), the best analysis was often found on little blogs. Lots of chaff, but some good wheat.
Is Credit Suisse’s demise a harbinger of doom for Europe’s banks? It may have been the region’s problem child but other institutions are not necessarily immune to the turmoil
HARBINGER OF DOOM!
SVB trusted Goldman Sachs, and ended up as wrecked as Flounder’s brother’s car.1 Shocking!
US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs
The current banking wobbles are making a mockery of the claims that the huge regulatory changes that were imposed post-2008 have made government-funded rescues a thing of the past. - Blake Masters
Taleb’s Turkey Bank:
Consider a turkey that is fed every day. Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race “looking out for its best interests,” as a politician would say. On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.
Nassim Taleb, The Black Swan
Central banks announce new liquidity measures to ease banking crisis
What has been will be again,
what has been done will be done again;
there is nothing new under the sun.
- Solomon
Shout out to a winner of the "Eric Holder Revolving Door Award for Blatant Corruption": Jay Clayton.
I guess now I’m a conspiracy theorist for simply pointing out (using Federal Reserve data) who owns stocks:
Hey Miguel -
just signed up as paid member Rudy, keep doing your thing, love the music refs too!
true to form my bank flagged my subscription as "fraud" lol
I had to double confirm my loyalty to the transaction
Twitter schmitter, do you have a Nostr presence yet?
Every post gets better, this is the only substack I pay for. Take no prisoners!