I read with interest in the Financial Times today about “Morgan Stanley’s plan to shift a large chunk of its $57 trillion derivatives portfolio into the part of the group backed by customer deposits…” In the same article, a “looming Moody’s cut could cost Morgan Stanley $9.6 billion…” J.P. Morgan must be restive in his [...]
I read today in the New York Times that between 2008 and 2012 government (taxpayer) subsidies to the banks equaled $1.3 trillion. As those of you who read my missives know, my estimate was considerably lower. At the same time, we are informed that the Fed has expanded its balance sheet by $4 trillion in [...]
The May auction performances gleaned countless viewers, gawkers, critics and some buyers; indeed a sufficient number of buyers to drive the prices of a small number of pictures to new records. The rotation within the small pyramid at the top continued. Munch entered, a Viking. Prince exited, a bad joke too many. Basquiat trumped Hirst. [...]
All the talk about Jamie and J.P. Morgan’s strength. One wonders about the relative strength of JP CHASE in the last crises and since. Has Jamie used the flexible accounting regulations to avoid mark-to-market and, perhaps, look better than the other banks? One wonders, what does tomorrow bring for Jamie’s bank? Will the losses become so large that [...]
Despite our suffering during the last four years with your most supreme arrogance and hubris we applaud you as the king of a corrupt system, a system where: 1) Derivatives outstanding in “bank” proprietary hands are at the highest level in history. Why not? Financed by taxpayers and depositors at 0% interest, a great opportunity to [...]
by Asher B. Edelman An interesting fight looms in Congress. The Tea Party lead Republicans are fighting to double the interest rates on student loans to 6.8%. The Treasury (U.S. Government) borrows from and through the banks at a rate of 1% to 3%. The Fed (U.S. Government) then loans money borrowed by the Treasury [...]
by Asher B. Edelman April 8, 2008 I said the financial system would need at least 100 times the $30 billion advertised by the Fed as the ultimate need to save the system. I was wrong. Three trillion dollars was not sufficient to save the banks; it took somewhere between $13 trillion (AE estimate) and [...]
Unwrapping the paintings for our “Abstraction” exhibition, I had a shock or at least a wonderful surprise. I called to my associates and said, “Wow, who of you managed to get this de Kooning ‘Landscape’ painting?” The answer: “We have no de Kooning ‘Landscape’ painting for the show. That is a Mary Abbott.” Circa 1950-1951, [...]
by Asher B. Edelman In April of 2010 I wrote my first note about Greece in which I suggested that €30 billion would not solve or even impact the Greek problems. In that same letter I suggested three possible courses Europe, the IMF and the rest of the world might take, the third being the [...]
by Asher B. Edelman – I don’t think so! In the last one hundred years Germany has made two attempts to own, control and dominate Europe. Each has been repulsed. Can this third attempt succeed? I don’t think so! France, as has always been the case, is the weak sister concealing its own financial disaster; [...]
