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American taxpayers get Raped... AGAIN...

Fed Gives Bank Dividend Green Light - Full Release

Submitted by Tyler Durden on 03/18/2011 11:11

Following the clusterflock of black swans that has hit world markets in the past month, the Fed has realized it needs to act quick to distribute money to undercapitalized bank shareholders ahead of the upcoming bank sector bail out, which will naturally be funded by taxpayers all over again. According to the Fed, the 19 worst banks in America (in other words those that are allowed to issue dividends) are: Ally Financial Inc. (no, really, f/k/a GMAC is healthy), American Express Company, Bank of America Corporation, The Bank of New York Mellon Corporation, BB&T Corporation, Capital One Financial Corporation, Citigroup Inc., Fifth Third Bancorp, The Goldman Sachs Group, Inc., JPMorgan Chase & Co., Keycorp, MetLife, Inc., Morgan Stanley, The PNC Financial Services Group, Inc., Regions Financial Corporation, State Street Corporation, SunTrust Banks, Inc., U.S. Bancorp, and Wells Fargo & Company. The surge in share prices of the mentioned banks confirms that this is nothing but the latest round of Fed-endorsed taxpayer rape, which nobody can do anything against as the Fed is an "unsupervised" entity, DC is owned by Wall Street, and the peasantry is downloading porn on their iPad.



Gold vs. Badges and Guns

Fed Confirms First FX Market Intervention In 11 Years As Effects Start To Fizzle

Submitted by Tyler Durden on 03/18/2011 09:57 -0400

And just as the Fed confirms its first direct currency intervention since 2000 (who knew NYU interns could multi-task so well between stocks, bonds and FX, incidentally today's POMO is a lethargic $1-2 billoin monetization of TIPS), the USDJPY takes its first dip below 81 since the "Honda" Accord announcement last night. According to several sources the Fed spent 50 million in USDJPY purchases. Alas that will not be enough. And with the USDJPY continuing to leak lower, take back what we said about the multi-tasking efficiency of 25 year old FRBNY interns-cum-world tyrants in waiting. The attached charts shows why the Honda Accord (as it has now been tentatively named) will need many more steroid injections, which according to Nomura have already cost the ECB at least $5 billion. 

 

 

 

Japanese Production Halts To Cause Parts Scramble, iSuppli Warns Of iPad, iPhone Delays

Submitted by Tyler Durden on 03/18/2011 10:15 -0400

The one aspect of the Japanese crisis that has so far received little attention is the component parts crunch that is starting to create its own earthquake through the supply chain. From Kyodo: "Concern over a shortage of components for manufacturers is spreading globally as many Japanese companies have been forced to suspend production in the aftermath of last week's devastating earthquake. Some of the effects have already surfaced, with U.S. automaker General Motors Co. suspending operations at a plant in Louisiana, while Chinese companies that rely on Japan-made parts are rushing to buy semiconductors." And while none of this matters to markets still basking in the radioactive warmth of the Bernanke Put, some are already sensing the impact on everyone's darling stock - Apple. iSuppli reports that the Japan quake could create iPad and iPhone shortages, a meme that is already pushing AAPL stock down. "The aftermath of the Japanese earthquake may cause logistical disruptions and supply shortages in Apple Inc.’s iPad 2, which employs several components manufactured in the disaster-stricken country—including a hard-to-replace electronic compass, the battery and possibly the advanced technology glass in the display, IHS iSuppli research indicates. The IHS iSuppli teardown analysis of the iPad 2 so far has been able to identify five parts sourced from Japanese suppliers: NAND flash from Toshiba Corp., dynamic random access memory (DRAM) made by Elpida Memory Inc., an electronic compass from AKM Semiconductor, the touch screen overlay glass likely from Asahi Glass Co. and the system battery from Apple Japan Inc." And the last nail is that as more production scrambles to be pushed to other locations, margins will plunge for all tech companies, forcing a wave of preannouncements within 2-4 weeks and crushing bottom lines. Welcome to the re-depression.

Radiation Reaches California

Submitted by Tyler Durden on 03/18/2011 10:23 -0400

After travelling in the first class confines of the Gulf/Jetstream for the past 3 days, the Fukushima radiation has finally reached California. This happens just as The Hill reports Obama has oredered a full review of all US nuclear power plants. Look for the nuclear pair trade to become all the rage in the next week. From AP: "Very low concentrations of radioactive particles believed to have come from Japan's Fukushima nuclear power plant have been detected on the U.S. west coast, diplomatic sources said on Friday." 

 

 

 

910,000 Mizuho Transactions, Including Salary Payments, Remain Unprocessed

Submitted by Tyler Durden on 03/18/2011 10:51 -0400

From Kyodo: "Mizuho Bank said Friday the number of unprocessed transactions as a result of its computer system malfunction since Tuesday stands at 910,000. The unprocessed transactions include salary transfers to customers of both Mizuho and other banks, according to the key arm of Mizuho Financial Group Inc. Mizuho is aiming to fix the system malfunction by the end of the three-day weekend on Monday, it said." It seems reasonable to suppose that Japanese financial workers will be happier once they get their money, considering the prevailing mood in the country (incidentally we are confident a UMichigan confidence read in Tokyo would come at an all time high right about now). And don't fotget - sellside analysts were expecting an unpaid salaries number of 910,200, so the beat is decisively bullish.