BLOG.JMHAMILTONPUBLISHING.COM: Category Archive for Finance

Beware Accountants Bearing Financial Gifts...

Posted by J.M. Hamilton Blog at 2/11/2012 9:31 AM | Add Comment

"Meanwhile, Laurence Fink, chief executive of BlackRock (BLK), last week told Bloomberg television that investors should have 100% of their holdings in equities..."

Posted by J.M. Hamilton Blog at 2/11/2012 8:44 AM | Add Comment

And Beware Bank Stocks, Too!

Posted by J.M. Hamilton Blog at 2/11/2012 8:40 AM | Add Comment

“Clearly Greece can’t and shouldn’t do without the European Union but it could do without the German boot.”

Posted by J.M. Hamilton Blog at 2/11/2012 7:59 AM | Add Comment

"But the problems will fester and the housing market will continue to suffer."

Posted by J.M. Hamilton Blog at 2/10/2012 7:26 PM | Add Comment

Rally Halted

Posted by J.M. Hamilton Blog at 2/10/2012 7:16 PM | Add Comment

‘Crony Capitalism’

Posted by J.M. Hamilton Blog at 2/10/2012 7:13 PM | Add Comment

“Property rights and contract law once again take a beating,” Simon said

Posted by J.M. Hamilton Blog at 2/10/2012 7:07 PM | Add Comment

“State revenues are to be used first and foremost for debt service.”

Posted by J.M. Hamilton Blog at 2/10/2012 7:03 PM | Add Comment

The path to Facebook’s $5 billion offering involves months of negotiations with the SEC and presentations to investors.

Posted by J.M. Hamilton Blog at 2/10/2012 6:59 PM | Add Comment

Hedge funds profited from a 10 percent rise in the European banking sector in January, after the European Central Bank provided banks with 489 billion euros ($648 billion) of ultra-cheap, long-term cash, with more expected at the end of this month.

Posted by J.M. Hamilton Blog at 2/10/2012 6:57 PM | Add Comment

Goldman Sachs, the most profitable securities firm in Wall Street history before converting to a bank in 2008, won an auction of bonds assumed in the U.S. central bank’s rescue of American International Group Inc. (AIG)

Posted by J.M. Hamilton Blog at 2/10/2012 6:49 PM | Add Comment

"After having just 'lost' a year on the [Deutsche Börse] deal, we believe management is now under pressure to deliver something for investors," said Alex Kramm, an analyst at UBS AG.

Posted by J.M. Hamilton Blog at 2/10/2012 6:46 PM | Add Comment

Aluminum prices, just under $3,000 a ton in 2007, were expected to continue their rise. Instead, the prices fell to under $1,500 a ton during 2009 before settling to around $2,200 today.

Posted by J.M. Hamilton Blog at 2/10/2012 6:42 PM | Add Comment

“I’m giving him credit for being an incredibly sharp steak knife.”

Posted by J.M. Hamilton Blog at 2/10/2012 6:40 PM | Add Comment

“There is no stigma whatsoever on these facilities,” Draghi said

Posted by J.M. Hamilton Blog at 2/10/2012 6:35 PM | Add Comment

Bear’s hedge funds were among the first prominent collapses related to the bursting of the housing bubble

Posted by J.M. Hamilton Blog at 2/10/2012 6:32 PM | Add Comment

Gross, based in Newport Beach, California, has also addressed negative real yields, calling them a form of “financial repression” in his investment outlook released last month.

Posted by J.M. Hamilton Blog at 2/10/2012 6:22 AM | Add Comment

Putin’s challengers in the March 4 presidential election have pledged to hold a new parliamentary vote in December.

Posted by J.M. Hamilton Blog at 2/10/2012 6:21 AM | Add Comment

While Citi may be the first company to stumble with the iPad, it is far from the only bank to encounter electronic hiccups.

Posted by J.M. Hamilton Blog at 2/10/2012 6:07 AM | Add Comment

For instance, HCA (HCA) this week engaged in financial engineering by issuing $750 million of junk bonds in order to help fund an $875 million special dividend to common holders.

Posted by J.M. Hamilton Blog at 2/9/2012 8:42 PM | Add Comment

GREECE: “State revenues are to be used first and foremost for debt service.” Whatever money was left over could be used for other purposes, such as paying police salaries or purchasing hospital supplies.

Posted by J.M. Hamilton Blog at 2/9/2012 6:52 PM | Add Comment

Sounds Like Messrs. Buffett and Fink are recommending their Portfolio, I wouldn't want to hold anything but Dollars or Gold, when Greece or the PIIGS Default - J.M.H.

Posted by J.M. Hamilton Blog at 2/9/2012 6:51 PM | Add Comment

Mitt Romney began Thursday with a new offensive to link Newt Gingrich and a resurgent Rick Santorum to the Washington establishment.

Posted by J.M. Hamilton Blog at 2/9/2012 6:48 PM | Add Comment

Gross bristles at talk among some competitors, financial columnists and bloggers that PIMCO is too close to U.S. monetary policy makers.

Posted by J.M. Hamilton Blog at 2/9/2012 6:45 PM | Add Comment

As for getting his money back, Rhea said: “I don’t think I’m going to hold my breath.”

Posted by J.M. Hamilton Blog at 2/9/2012 6:32 PM | Add Comment

"Ultimately, it could lead to lower dealer inventory levels and could be ROE-enhancing as we adapt to a less capital intensive business model," he said.

Posted by J.M. Hamilton Blog at 2/9/2012 6:31 PM | Add Comment

This is the first time the board has used its forfeiture power under the new rules.

Posted by J.M. Hamilton Blog at 2/9/2012 6:28 PM | Add Comment

Metaphorically, these commercial "cows" will live for centuries and give ever greater quantities of "milk" to boot.

Posted by J.M. Hamilton Blog at 2/9/2012 6:25 PM | Add Comment

Trillions for Banks... $25 Billion for Homeowners

Posted by J.M. Hamilton Blog at 2/9/2012 7:07 AM | Add Comment

The passage of the Dodd-Frank reforms seeks to reestablish some of the disciplines that were imposed on the financial years ago.

Posted by J.M. Hamilton Blog at 2/8/2012 8:00 PM | Add Comment

Is there a lesson to draw here for the prospects of Dodd-Frank?

Posted by J.M. Hamilton Blog at 2/8/2012 7:56 PM | Add Comment

Goldman Sachs is picking up the pieces from the wreckage of the American International Group.

Posted by J.M. Hamilton Blog at 2/8/2012 7:55 PM | Add Comment

Deutsche Bank AG won dismissal of two lawsuits in which investors in residential mortgage-backed securities accused the bank of selling them securitized loans it internally disparaged as “crap.”

Posted by J.M. Hamilton Blog at 2/8/2012 7:53 PM | Add Comment

The auction will be the second major sale of the year of assets held by the New York Fed in a vehicle known as Maiden Lane II

Posted by J.M. Hamilton Blog at 2/8/2012 7:47 PM | Add Comment

Goldman Sachs and Morgan Stanley declined to comment.

Posted by J.M. Hamilton Blog at 2/8/2012 7:46 PM | Add Comment

“The MERS- related litigation could run into the billions.”

Posted by J.M. Hamilton Blog at 2/8/2012 7:44 PM | Add Comment

For now, the deal’s fate rests with the Federal Reserve Board governors, who will meet in Washington on Wednesday afternoon.

Posted by J.M. Hamilton Blog at 2/8/2012 7:36 PM | Add Comment

In New York especially, it’s the regular people, he argues, who benefitted from all that crazy leverage.

Posted by J.M. Hamilton Blog at 2/8/2012 7:33 PM | Add Comment

“I’m very bullish on the market,” Laurence D. Fink, chief executive officer of BlackRock Inc., the world’s largest money manager

Posted by J.M. Hamilton Blog at 2/8/2012 7:19 AM | Add Comment

As we have previously argued, stabilizing the housing market will probably require reductions in mortgage principal as well as access to lower interest rates.

Posted by J.M. Hamilton Blog at 2/7/2012 8:08 PM | Add Comment

Coakley separately sued the same banks in December and accused them of deceptive foreclosure practices, but she has not ruled out joining the multi-state settlement.

Posted by J.M. Hamilton Blog at 2/7/2012 7:56 PM | Add Comment

"Money-market funds remain susceptible to runs and to a sudden deterioration in quality of holdings, and we need to move forward with some concrete ideas for proposals to address these structural risks."

Posted by J.M. Hamilton Blog at 2/7/2012 7:55 PM | Add Comment

Youth does bring its challenges.

Posted by J.M. Hamilton Blog at 2/7/2012 7:49 PM | Add Comment

When VIX is low, it's time to go. When VIX is high, it's time to buy.

Posted by J.M. Hamilton Blog at 2/7/2012 7:47 PM | Add Comment

"After each book, I felt like I knew less," he told me. "For an academic, that's a pretty frustrating feeling."

Posted by J.M. Hamilton Blog at 2/7/2012 7:41 PM | Add Comment

“He’s brash and young, and he thinks he knows better than people who have been in business for years. Even if he’s absolutely right, it’s somewhat annoying.”

Posted by J.M. Hamilton Blog at 2/7/2012 7:39 PM | Add Comment

A “hard landing” for China is a key risk for the global economy, Andrew Colquhoun, the Hong Kong-based head of Asia-Pacific ratings for Fitch Ratings

Posted by J.M. Hamilton Blog at 2/7/2012 6:59 AM | Add Comment

That, however, doesn't mean investors should dump all their equities. Montgomery recommends a lower-than-normal allocation to stocks and other financial assets and a higher ones to gold and other real assets.

Posted by J.M. Hamilton Blog at 2/7/2012 6:56 AM | Add Comment

BofA Investor Suit Granted Class Action Status

Posted by J.M. Hamilton Blog at 2/6/2012 7:59 PM | Add Comment

“The mortgage mess is the biggest financial mess we’ll see in our lifetime,” Jamie Dimon told me.

Posted by J.M. Hamilton Blog at 2/6/2012 7:52 PM | Add Comment

Credit Suisse was not named as a defendant, and has been portrayed as the victim.

Posted by J.M. Hamilton Blog at 2/6/2012 7:49 PM | Add Comment

What happened to the $600 Billion in Liquidity the E.U.'s Central Bank Pumped into the Banks?

Posted by J.M. Hamilton Blog at 2/6/2012 7:47 PM | Add Comment

The task of divvying up the accounts fell to the CME Group, the world's biggest futures bourse and MF Global's first-level regulator.

Posted by J.M. Hamilton Blog at 2/6/2012 4:38 PM | Add Comment

Many of Klarman’s investments seek out distressed securities and bankruptcy work-outs.

Posted by J.M. Hamilton Blog at 2/6/2012 4:32 PM | Add Comment

“We can no longer completely exclude extreme scenarios such as a disorderly default or -- a bit further down the line -- an exit from the euro area."

Posted by J.M. Hamilton Blog at 2/6/2012 8:36 AM | Add Comment

The message from the lobby group, which represents 100 of the largest U.S. financial companies, is clear: When it comes to the risks posed by big banks, don’t worry, be happy.

Posted by J.M. Hamilton Blog at 2/6/2012 8:34 AM | Add Comment

The banks — led by the five biggest mortgage servicers, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — want to settle an investigation into abuses set

Posted by J.M. Hamilton Blog at 2/6/2012 8:30 AM | Add Comment

“I’m Lloyd Blankfein, chairman and C.E.O. of Goldman Sachs, and I support marriage equality.”

Posted by J.M. Hamilton Blog at 2/6/2012 8:14 AM | Add Comment

The Treasury begins the first of three refundings, which could see some pressure in light of the upbeat employment report and heavy supply.

Posted by J.M. Hamilton Blog at 2/5/2012 8:27 AM | Add Comment

No.

Posted by J.M. Hamilton Blog at 2/5/2012 8:20 AM | Add Comment

Yields on 10-year munis are now down to 90.77% of comparable Treasury yields, according to Thomson Reuters MMD.

Posted by J.M. Hamilton Blog at 2/5/2012 8:12 AM | Add Comment

“Any attorney general, lawyer, bank director, judge, regulator or member of Congress who does not open their eyes to the abuse, ask pertinent questions and allow proper investigation and discovery,” he said, “is only assisting in the concealment..."

Posted by J.M. Hamilton Blog at 2/5/2012 8:10 AM | Add Comment

IN ESSENCE, AMAZON IS THROWING OFF "low-quality" cash flow, which makes it difficult to justify the high price of the shares

Posted by J.M. Hamilton Blog at 2/5/2012 8:09 AM | Add Comment

“Two major, interrelated issues remain unresolved — labor relations and wages in the private sector, and the fiscal measures that must be taken to ensure we are within the target for 2012.”

Posted by J.M. Hamilton Blog at 2/5/2012 8:01 AM | Add Comment

"Right now we're stuck in the middle -- with a functional regulatory system that leaves no one with ultimate responsibility."

Posted by J.M. Hamilton Blog at 2/4/2012 8:59 AM | Add Comment

Fire sale!

Posted by J.M. Hamilton Blog at 2/4/2012 8:53 AM | Add Comment

The good folks at Bespoke Investment Group kindly generated a list of Standard & Poor's 500 stocks ranked in order of nonvolatility.

Posted by J.M. Hamilton Blog at 2/4/2012 8:52 AM | Add Comment

The bill also banned bonuses for Fannie Mae and Freddie Mac officials and required registration of the growing “political intelligence” industry

Posted by J.M. Hamilton Blog at 2/4/2012 8:32 AM | Add Comment

"The F.D.I.C. is moving in the right direction, although there is much to do before big banks can be treated like MF Global."

Posted by J.M. Hamilton Blog at 2/3/2012 7:34 PM | Add Comment

Goldman Sachs’s 2011 earnings dropped 47 percent to the lowest level since 2008 on a second consecutive annual decline in fixed-income trading revenue.

Posted by J.M. Hamilton Blog at 2/3/2012 7:34 PM | Add Comment

While today's report implies 98 new units instead of 122, it also suggests V-22 will survive for this second production run, a far better outcome than outright termination.

Posted by J.M. Hamilton Blog at 2/3/2012 7:30 PM | Add Comment

It told everyone that civil disobedience is still as American as apple pie. Which is far more important than anything else they were trying to accomplish.

Posted by J.M. Hamilton Blog at 2/3/2012 7:22 PM | Add Comment

“Many have been hurt by MF Global’s bankruptcy,” the CME executive chairman, Terrence A. Duffy, said in a statement.

Posted by J.M. Hamilton Blog at 2/3/2012 7:15 PM | Add Comment

The Yes Men...

Posted by J.M. Hamilton Blog at 2/3/2012 7:12 PM | Add Comment

The Sychophants!

Posted by J.M. Hamilton Blog at 2/3/2012 7:11 PM | Add Comment

“The banks are going to argue that they don’t have enough time but the government is right to force them because there are some zombies out there,” Inigo Lecubarri

Posted by J.M. Hamilton Blog at 2/3/2012 7:08 PM | Add Comment

“I’m normally not a friend of carry trades, and I don’t think that we would borrow money to buy sovereign risks even if there is an attractive spread,” Ackermann told analysts.

Posted by J.M. Hamilton Blog at 2/3/2012 7:06 PM | Add Comment

“Somewhere in the next year or two or three, I don’t know how long it’s going to take, the stock price will become sufficiently attractive that the U.S. Treasury will monetize its interest and the taxpayers will be out and done.”

Posted by J.M. Hamilton Blog at 2/3/2012 7:04 PM | Add Comment

“As long as trading activity remains weak, the marginal firms will be in trouble,” Angel said

Posted by J.M. Hamilton Blog at 2/3/2012 7:02 PM | Add Comment

The top 10 U.S.-owned commercial banks released $4.3 billion in reserves in the fourth quarter, according to an analysis by The Wall Street Journal, boosting after-tax earnings by $3.5 billion.

Posted by J.M. Hamilton Blog at 2/3/2012 6:59 PM | Add Comment

"Money can become less liquid and frozen by 'price' in addition to the classic liquidity trap explained by 'risk.'"

Posted by J.M. Hamilton Blog at 2/3/2012 6:30 AM | Add Comment

The cost of bigger capital buffers may not be zero, but it is surely less than the cost of another meltdown.

Posted by J.M. Hamilton Blog at 2/3/2012 6:29 AM | Add Comment

‘Bottomless Pit’

Posted by J.M. Hamilton Blog at 2/3/2012 6:26 AM | Add Comment

“They’re still charging a forbearance fee, which they don’t for federal loans. I’m glad they’re not pocketing the fee, but they’re still charging it. And I still can’t pay it.”

Posted by J.M. Hamilton Blog at 2/3/2012 6:22 AM | Add Comment

“It (the SEC) makes already weak punishment even weaker by waiving the regulations that impose significant consequences on the companies that settle fraud charges. No wonder recidivism is such a problem.” - Charles Grassley - Republican

Posted by J.M. Hamilton Blog at 2/3/2012 6:20 AM | Add Comment

After the Super Bowl, the social media outreach will continue, she added, with make-believe outtakes from the commercial uploaded to YouTube.

Posted by J.M. Hamilton Blog at 2/3/2012 6:14 AM | Add Comment

"We can’t put $100 trillion of credit in a system-wide mattress, but we can move in that direction by delevering and refusing to extend maturities and duration."

Posted by J.M. Hamilton Blog at 2/2/2012 7:24 PM | Add Comment

‘Yes Man’

Posted by J.M. Hamilton Blog at 2/2/2012 7:19 PM | Add Comment

Allowing the merger would have eliminated this global competition and would have created a “quasi-monopoly in a number of asset classes, leading to significant harm to derivative users and the European economy as a whole”.

Posted by J.M. Hamilton Blog at 2/2/2012 7:08 PM | Add Comment

Both Dimon and Lee saw Facebook as one of the next "Blue Chips," and JPMorgan stepped in early to build a commercial relationship

Posted by J.M. Hamilton Blog at 2/2/2012 6:48 PM | Add Comment

“A credit crunch would tip the euro zone back into a severe recession,” Marie Diron

Posted by J.M. Hamilton Blog at 2/2/2012 6:46 PM | Add Comment

NYSE Chief Executive Duncan Niederauer, in an interview last week in Davos, said the company had another strategy it had been pursuing even as it tried to close on the Deutsche Boerse deal.

Posted by J.M. Hamilton Blog at 2/2/2012 6:44 PM | Add Comment

Here, Mitt Romney demonstrates his capacity for empathy.

Posted by J.M. Hamilton Blog at 2/2/2012 6:06 AM | Add Comment

"While the housing market was collapsing, the defendants profited, not by correctly predicting the trend, but by cooking the books."

Posted by J.M. Hamilton Blog at 2/2/2012 6:03 AM | Add Comment

“But look, the possibility of a tail event continues to hang over us.” Until that changes, “high volatility is the new norm, and one we’ll all need to just live with.”

Posted by J.M. Hamilton Blog at 2/2/2012 5:51 AM | Add Comment

If the 2012 contest were between Obama and former Massachusetts Governor Mitt Romney, Soros said that “there isn’t that much difference..."

Posted by J.M. Hamilton Blog at 2/1/2012 7:18 PM | Add Comment

MF Global’s chief risk officer is set to tell Congress on Thursday that he did not sound the alarms about the firm’s risky wagers on European sovereign debt

Posted by J.M. Hamilton Blog at 2/1/2012 7:14 PM | Add Comment

Mr. Obama’s proposal is intended to force the mortgage giants to inject more competition into the refinancing market

Posted by J.M. Hamilton Blog at 2/1/2012 7:11 PM | Add Comment

And who was it who argued that the government ought to let the carmakers fail? Mitt Romney.

Posted by J.M. Hamilton Blog at 2/1/2012 7:05 PM | Add Comment

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