Dr Willie has advised us that Morgan Stanley appears to be on the ropes. I’ll weigh in with my observations and some ‘on the ground’ suggestions.
MS failure? That would explain the 600 CPAs hired at $500 an hour to dive into an unnamed bank on Wall Street. No one has named the bank or banks that received a hypo from the Fed in the last month. It was $800 million and this is the first time since 2008 that the Fed has done a hypo. Someone was real short on liquidity.
If you are in the umbra of MS your money will be gone ala MFG, protected by the 7th Circuit court ruling
that your money used as collateral is now the property of the creditor.
IF YOU ARE THE FIRST OUT YOU GET THE BEST DEAL.
If you are in the penumbra your money is at complete risk given the new rules in the MMA market that are designed to prevent bank runs. The southern Euro tier countries have limits that range from $400 to $1,500 max withdrawals a day coupled with draconian currency and PM border controls. If your money is in the bank you will not be able to get to in.
Spain has seen 5% of its bank deposits flee in July. The bank run is a full blown race to exits. Remember this one fact. IF YOU ARE THE FIRST OUT YOU GET THE BEST DEAL. Game over in Spain folks.
People are trading their skills through time banks in Spain. Did you see the movie ‘In Time” It’s real in Spain. Bank holidays are real and coming to a town near you. Credit Agricole reported a 63% drop in earnings due to losses in their Spanish bank subsidiaries. No comment was made about the capital and equity losses suffered by CA due to these Spanish banks in the tank. Dexia Bank is about to hand the Waffle Countries a $125 billion haircut. It’s Dexia’s third run to the well in 2 years.
Some say the US is worse off than the Euro zone Could be given the 50 states are all pretty much bankrupt. At least some of the Euro zone like Belgium, Finland and Germany are still sort of ok but going into recession.
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