Posts Tagged ‘George Soros’
Posted by Larry Doyle on June 24th, 2010 11:07 AM |
“People in glass houses should not throw stones.”
On the outset of the G-20 to be held in Toronto, Tim Geithner and Larry Summers served up a pile of platitudes yesterday by writing in The Wall Street Journal, Our Agenda for the G-20. Meanwhile, they have their henchman George Soros pull out the bazooka and take direct aim at Germany today in writing in the Financial Times, Germany Must Reflect on the Unthinkable.
In reviewing Soros’ commentary, it is plainly evident that my Irish Catholic heritage does not hold the patent on laying the heavy guilt trip. Soros writes: (more…)
Tags: America's short term mentality, Euro crisis, fall of the Berlin Wall, G-20 in Toronto, George Soros, German Finance Minister Wolfgang Schauble, German reunification, Germany Must Reflect on the Unthinkable by George Soros in Financial Times, hyperinflation in Germany, Larry Summers, Maastricht Treaty, Maligned Germany is Right to Cut Spending, Our Agenda for the G-20, people in glass houses, Tim Geithner, Wolfgang Schauble
Posted in General, George Soros | 7 Comments »
Posted by Larry Doyle on May 5th, 2010 8:20 AM |
With social unrest increasing in Greece, anxieties skyrocketing across the EU, and the Euro making new 12 month lows, the question begs as to whether this crisis within the EU can be contained. Is the EU, with the support of the IMF, willing to collectively underwrite the fiscal disaster currently focused within Greece? The German citizenry is showing very little appetite to subsidize this Greek tragedy.
While the EU’s political fortitude is a critical question, ultimately the reality of the mountainous debt levels must be faced. Global government stimulus has been able to mask, if not outright disguise, these debts for a period, but the debts themselves are not going away. How will the EU address this debt?
1. Devalue. That’s a given. It’s only a question of how and when.
2. Restructure. Look for more on this.
3. Default. Do not discount this reality. (more…)
Tags: A Tale of Three Cities, Athens today London tomorrow? Washington next week?, Country Vulnerability Scorecard, debt crisis, devalue restructure or default, Eastern Europe, EU crisis, Europe on the Ropes, European crisis, George Soros, Germany, global economic meltdown, global government stimulus masking debt, Greece, Greece fiscal crisis, Greek debt crisis, IMF, IMF and EU bailout of Greece, John Mauldin, leverage in Europe
Posted in Eastern Europe, Euro, European Union, General, Greece | 4 Comments »
Posted by Larry Doyle on March 25th, 2010 9:38 AM |
The Euro is plummeting in value because of the ongoing fiscal problems in Greece and the recent downgrade of Portugal’s sovereign credit, correct? Well, these are the most recent developments, but the problems go much deeper than that.
Although the very nature of short term mentality in a heavily dominated short term trading environment would point to these problems within Greece and Portugal as the primary reasons for the problems with the Euro, let’s work a little harder and navigate a little deeper.
First off, we need to accept the premise that we are experiencing structural changes in the context of a secular market. Our friends in Washington and on Wall Street (as well as other global financial centers) work very hard to present our current economy and market as possessing merely cyclical risk. Don’t buy it. (more…)
Tags: BCA Research, cyclical risks, debt-GDP ratios, Euro, Euro vs dollar, Europe's debt problems, fiscal problems in Europe, George Soros, global fiscal stimulus, John Mauldin, Niels Jensen, Portugal's sovereign credit, public debt, secular markets, structural changes, the value of the Euro, UK debt, why is the Euro plummeting
Posted in Euro, European Union, General | No Comments »
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 31 Comments »
Posted by Larry Doyle on October 30th, 2009 3:25 PM |
Why is the market breaking down today?
A number of analysts are pointing to comments by corporate titans, Wilbur Ross, George Soros, and bank analyst Mike Mayo.
What did Ross, Soros, and Mayo have to say? With all due respect, these corporate titans do not offer any new news. That said, let’s navigate.
1. Wilbur Ross sees a pending crash in commercial real estate.
Really? Is this news? This story has been touted for the last 6 months. The banking system has well over a hundred billion in impending losses on commercial real estate.
In a Bloomberg interview as I write, Carl Icahn concurs with Ross’ assessment. Icahn can’t understand why REITS are currently as highly valued as they are.
2. George Soros also harps on the pending doom on the commercial real estate market. Additionally, he highlighted the fact that the American consumer can not and will not be the engine for global growth. Soros offered that the economy may slip back into recession.
Really? Is this news? George, please tell us something we don’t know.
3. Mike Mayo, highly regarded banking analyst, highlights that Citigroup may very well have $10 billion in unrealized losses yet to take.
That’s all? Really? I think Mayo is likely low by a significant margin.
Recall that the IMF projects global banking losses to total $3.4 trillion and that approximately just slightly more than half of those have been taken to date. Another $1.7 trillion in losses and Citigroup has only got $10 billion to recognize?
The fact is the overall economy remains mired somewhere between intensive care and critical condition despite what the wizards in Washington would have us believe.
Today’s pullback in the market is not an indication of any real change in the economy. The economy is still quite ill. Today’s pullback is an indication that the speculative money in a highly speculative market is sending a signal for “everybody out of the pool.”
LD
Tags: Carl Icahn, Economy, George Soros, markets, Mike Mayo, Wilbur Ross
Posted in General | 1 Comment »
Posted by Larry Doyle on April 7th, 2009 5:45 AM |
I am no fan of George Soros. I often believe he does not draw a hard line between his political interests and his business interests. His active support with MoveOn.org has made a mockery of any attempt to achieve campaign finance reform.
That said, for those involved in global finance, whether you like George Soros or not, you need to know what he is thinking. Why? George Soros can move markets via his own investment strategies. Additionally, there is little doubt that George is the epicenter in a massive flow of market sensitive information.
To that end, Soros gave a stinging indictment of the change in the FASB’s mark-to-market by stating in a Bloomberg interview,
the change to fair-value accounting rules will keep troubled banks in business, stalling a recovery of the U.S. economy.
“This is part of the muddling through scenario where we are going to keep zombie banks alive,” Soros, 78, said today in an interview with Bloomberg Television. “It’s going to sap the energies of the economy.”
Is this statement a self-serving offering by Soros? Who knows? Is it an attempt to further promote the U.S. as a lessened power? Perhaps. That said, there are others, myself included, who believe the relaxation of the mark-to-market, especially for outfits like Freddie Mac, Fannie Mae, and the 12 regional Federal Home Loan Banks (FHLBs) is nothing short of a charade.
Did Soros’ statement have an impact on the market? Not today. The dollar has been improving of late. However, over the longer haul, the cost of having a number of zombie-like banking institutions will be pressure on the dollar along with increased borrowing costs for the zombie institutions or Uncle Sam who will be backing them.
From a personal perspective, would you lend money to a zombie?
And now, here’s a must-watch little treat. Crank up your speakers . . .
LD
Tags: Fannie Mae, Federal Home Loan Banks, Freddie Mac, George Soros, relaxation of the mark to market, Zombie like banks
Posted in Bank Failure, FASB, Mark-to-Market | No Comments »
Posted by Larry Doyle on March 3rd, 2009 6:10 AM |
In very short order, I have gained a deep respect and regard for our Economic All-Star, John Mauldin. I have come to appreciate that Mauldin and I view the market through the same lens focused on the global economy. While many media outlets focus on the day to day, if not hour to hour trading activity, I believe they are truly missing the forest for the trees.
While I have written twice over the last week about eastern Europe being the weakest link in the world of global finance, Mauldin and his colleague Niels Jensen of Absolute Return Partners provided insights and analysis that is numbing.
Why is George Soros short the euro? Let me provide a synopsis of Mauldin’s and Jensen’s “Europe On the Ropes.” Assuming those visiting Sense on Cents have an interest in the markets and economy, this piece is somewhat lengthy, but a MUST READ!! A link is provided at the end of my review. (more…)
Tags: banking, CLOs, corporate loans, credit cards, Employment, Euro, Europe, European banks, George Soros, Global Finance, Housing Crisis, Hungary, John Mauldin, leverage, market, U.K.
Posted in Banking Institutions, Commerce, Credit Card companies, Credit Risk, Eastern Europe, Economy, Employment, Equity Markets, Euro, European Union, Global Finance, Government funds, Housing Crisis, Hungary, Wall Street | 4 Comments »
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