Financial Fiasco: Even the sharks are hiding......
… And this was just an opening salvo of what’s to come, and come very soon.
The following two articles give an excellent rundown of some of fall out, and give a peak of what’s to come.
Remember: it’s not about Fear- it’s about BEING PREPARED.
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There’s blood on the Street.
In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up.
And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history.
But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and commodities revenues to currency risks and long-term interest rates that have trended lower.
The fourth quarter saw thousands more workers fired. Total reductions for 2014 were about 20,000 at Brian Moynihan’s Bank of America; 10,000 at Citigroup led by Michael Corbat; and 10,000 at Jaime Dimon’s JP Morgan. Morgan Stanley reports on Tuesday.
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By Mayo’s calculations, bank revenues are the weakest in eight decades, a shocking throwback to the Great Depression.
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MORE:http://nypost.com/2015/01/17/50000-wall-street-jobs-cut/?utm_campaign=SocialFlow&utm_source=NYPTwitter&utm_medium=SocialFlow
- Wall Street’s biggest banks have slashed nearly 50,000 jobs and bonuses
- Include Bank of America, Citigroup, JPMorgan and even Goldman Sachs
- Cuts, announced last week, come as profits opportunities have dried up
Bank Of America: Revenue Miss Leads To More Uncertainty http://seekingalpha.com/article/2823886-bank-of-america-revenue-miss-leads-to-more-uncertainty
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Near Billion Dollar Loss After Swiss Bank Change in Policy Blows Up Hedge Fund……
Everest Capital’s Global Fund has lost almost all its money after the Swiss National Bank scrapped its three-year-old cap on the franc against the euro, Bloomberg news reports.
The fund, like many others, had a major “carry trade” position on that worked only if the Swiss central bank continued to prop up the euro.
When SNB pulled the plug on support, carry traders experienced massive losses. (SEE:Understanding the Swiss Central Bank Move and Its Implications for the Rest of 2015: A Guide for Dummies) Everest had about $830 million in assets at the end of 2014, according to a client report cited by Bloomberg. That is now all gone, The fund is dead.
I expect more hedge fund bodies to float to the surface in coming days.http://www.economicpolicyjournal.com/2015/01/near-billion-dollar-loss-after-swiss.html
NESARA- Restore America – Galactic News
Source: http://nesaranews.blogspot.com/2015/01/financial-fiasco-even-sharks-are-hiding.html
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