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Warning: Financial comet spotted
Posted by Neil Hume on Nov 30 16:45.
There’s talking one’s book and then there’s setting it alight and throwing it in a vat of petrol.
And Forbes contributor Nigam Arora appears to have taken the latter approach with this post.
Arora discloses that he runs a hedge fund (of sorts) that “may be following this plan and have long positions in the stocks mentioned.”
Nevertheless, he might be on to something. In which case, we challenge Arora to man up and reveal which bank “appears” to have gotten close to failure. If it’s true he won’t be worried about any legal repercussions.
So come Arora, what about an update?
We are waiting.
Warning: Financial comet spotted
Posted by Neil Hume on Nov 30 16:45.
There’s talking one’s book and then there’s setting it alight and throwing it in a vat of petrol.
And Forbes contributor Nigam Arora appears to have taken the latter approach with this post.
It appears that a big European bank got close to failure last night.
European banks, especially French banks, rely heavily on funding in the wholesale money markets. It appears that a major bank was having difficulty funding its immediate liquidity needs.
The cavalry was called in and has come to the successful rescue.
The Federal Reserve, the Bank of England, European Central Bank, the Bank of Japan, the Swiss National Bank, and the Bank of Canada in a coordinated action moved to provide liquidity to the global financial system.
European banks, especially French banks, rely heavily on funding in the wholesale money markets. It appears that a major bank was having difficulty funding its immediate liquidity needs.
The cavalry was called in and has come to the successful rescue.
The Federal Reserve, the Bank of England, European Central Bank, the Bank of Japan, the Swiss National Bank, and the Bank of Canada in a coordinated action moved to provide liquidity to the global financial system.
Nevertheless, he might be on to something. In which case, we challenge Arora to man up and reveal which bank “appears” to have gotten close to failure. If it’s true he won’t be worried about any legal repercussions.
So come Arora, what about an update?
We are waiting.