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Tuesday, August 23

23rd Aug EARLY: GS slapped, eurobank funding


Summary: Bank stocks hit in U.S., GS’s CEO Blankgein hires an attorney while stock and CDS react. Bank funding in euroland still the main talking point. 

EURO CRISIS
Roundups:

short post, one chart of selected CDS prices

Expect USD swap lines from the FED to be used in Europe

“The interbank deposit rates that are the basis of the quoted pricing may well be the rate that a Citi does business with a Chase. But these quotes have nothing to with the rates that a Banca Nazionale del Lavoro is currently paying for cash money.”
 

FINANCIAL CRISIS





BofA’s report has a nice table of credit spreads

Marcel Fratzscher, Head of ECB’s International Policy Analysis Division classifies drivers to global push (risk off) and local pull, pre- and post-crisis.

Lots of charts, main point: all charts are above long-term averages, mean reversion coming


OTHER
Summary of the above report: Not All Children Are Above Average – allaboutalpha.com

Nice charts on how the market cap weights have changed.
Percentage of World Market Cap – Bespoke Investment Group


DIVERSION
Animated pie chart of how music formats changed over the years. For old timers!

Why you haven’t heard of WikiLeaks for a while – breakup, document destroying: Bank of America leaks, U.S. no-fly list