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Daily Dispatches
Hedge funds seen targeting Deutsche Bank amid 'irrational' slide
Submitted by admin on Sat, 2023-03-25 11:02 Section: Daily DispatchesBy Giulia Morpurgo and Laura Benitez
Bloomberg News
Friday, March 24, 2023
Deutsche Bank AG shares fell and the cost of insuring its debt against default rose in sudden moves that some attributed to hedge funds seeking to profit from the broader turmoil roiling the financial industry.
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.
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Swiss franc fades leaving gold as haven currency
Submitted by admin on Fri, 2023-03-24 14:07 Section: Daily DispatchesSwiss Franc Grapples With Safe-Haven Identity Crisis After Credit Suisse
By Samuel Indyk
Reuters
Friday, March 24, 2023
LONDON -- The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency.
Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS.
Yellen calls stability council meeting amid banking-sector turmoil
Submitted by admin on Fri, 2023-03-24 12:27 Section: Daily DispatchesBut wasn't the banking system strong just the other day?
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By Christopher Condon
Bloomberg News
Friday, March 24, 2023
Treasury Secretary Janet Yellen was to convene the heads of top US financial regulators this morning for a previously unscheduled meeting of the Financial Stability Oversight Council.
Alasdair Macleod: The great credit unwind and the Fed's hidden pivot
Submitted by admin on Fri, 2023-03-24 12:14 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, March 24, 2023
We are all now aware that the global banking system is extremely fragile. Driving bank failures is contracting credit, which in turn drives interest rates higher. Though it is not generally appreciated, central banks have failed to suppress them.
Some regional banks have failed in the US and the run on Credit Suisse’s deposits has forced the Swiss authorities into forcing a reluctant rescue by UBS. Undoubtedly, as the great credit unwind plays out, there will be more rescues to come.
Powell and Yellen say banking system is sound as another big bank teeters
Submitted by admin on Fri, 2023-03-24 11:42 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Friday, March 24, 2023
The reassurances of Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen that the U.S. banking system is sound, stand in sharp contrast to what is happening in markets.
This week the shorts have found another easy new global bank target to try to take down after making a bundle of money betting against Credit Suisse, which was taken over for 82 cents a share on Sunday by its Swiss competitor, UBS.
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New York Sun: Mike Lee's moment to curb the Fed
Submitted by admin on Thu, 2023-03-23 20:05 Section: Daily DispatchesFrom the New York Sun
Wednesday, March 23, 2023
https://www.nysun.com/article/the-federal-reserve-mike-lees-moment
Craig Hemke at Sprott Money: Monetary madness endgame
Submitted by admin on Wed, 2023-03-22 14:57 Section: Daily Dispatches2:52p ET Wednesday, March 22, 2023
Dear Friend of GATA and Gold:
As the Federal Reserve slowly backs away from raising interest rates, the TF Metals Report's Craig Hemke writes at Sprott Money today that the Keynesian era of monetary management is coming to an end in the long-expected uncontrolled inflation.
Hemke's analysis is headlined "Monetary Madness Endgame" and it's posted at Sprott Money here:
https://www.sprottmoney.com/blog/Monetary-Madness-Endgame-2023-03-22
New York Sun: Louisiana congressman turns out to have been a prophet about the Fed
Submitted by admin on Wed, 2023-03-22 13:38 Section: Daily DispatchesFrom the New York Sun
Tuesday, March 21, 2023
https://www.nysun.com/article/the-federal-reserve-a-prophet-arises-from-louisiana
Former JPMorgan traders should get prison for spoofing, prosecution says
Submitted by admin on Wed, 2023-03-22 13:13 Section: Daily DispatchesBy Steve Smith
Bloomberg News
Tuesday, March 21, 2023
The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader should get multiyear prison terms after they were convicted of spoofing the market for years, the U.S. government said in a court filing.
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PacWest Bank borrows billions as depositors scatter
Submitted by admin on Wed, 2023-03-22 12:12 Section: Daily DispatchesPacWest Secures $1.4 Billion Lifeline
By Sridhar Natarajan and Max Reyes
Bloomberg News
Wednesday, March 22, 2023
PacWest Bancorp is moving to shore up liquidity to protect itself after customers pulled 20% of their deposits since the start of the year.
The regional bank, whose shares have tumbled 58% this month, secured $1.4 billion from a financing facility from Atlas SP Partners and abandoned a separate push to raise capital because of market volatility, it said in a statement today.
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