jeudi 15 avril 2010


Jim Chanos chez Charlie Rose. Il avait prédit la chute d'Enron, il nous promet la chute de la Chine (pour fin 2010).

Au passage, "stating the obvious":

The hole at Enron, Charlie, when the bust settled was about $65

billion. Lehman was twice Enron. We haven’t even gotten to AIG yet.
So the magnitude o of the holes in these balance sheets -- and
Secretary Paulson eluded to it in his account when he said the banks look
at Legman’s books in the last fateful weekend, they realized that the stuff
was overvalued by 100 percent still.
So as I pointed out, you can be --

CHARLIE ROSE: That’s why they couldn’t get anybody to buy it.

JAMES CHANOS: Exactly. You can be off by a billion here and a

billion there, maybe. But when you’re off by a $150 billion on a $600
billion balance sheet, there’s fraud involved. There’s fraud.
And someone knowingly signed those financial statements, which is a
violation under Sarbanes-Oxley, and signed financial statements they knew
not to be fair and accurate.

CHARLIE ROSE: So you think there ought to be more criminal


JAMES CHANOS: I think there ought to be a lot of criminal indictments

in what we saw, because you have to understand that the -- what John
Kenneth Galbraith called the nub of the crime -- was simply taking
aggressive marks on illiquid derivatives and hard-to-value securities,
calling it profit, and paying yourself 50

Commentaire du Blogo: Dont' hold your breath...

Aussi: Sur la Chine, la boîte noire qui rend nos "happy meals possible" selon Steven Colbert, Gary Shilling nous promet également l'explosion aka "Game Over". (Gary Shilling avait vu la "lost decade" du Japon)

Aussi: Les régulateurs et les instituions financières savaient. Of course. keywords: Greenspan, Regulators and Industry Insiders KNEW We Were in a Housing Bubble

Qui a autorisé ça?

Un goldmanite arrivé à la direction de la FED of NY en remplacement de Timmy s'est vu délivré une dérogation pour pouvoir acheter des actions GS à l'automne 2008. Des dents ont grincé à la FED à l'époque. Qui a autorisé l'achat pourquoi? ZH pose la question. Keywords: Friedman. Edolphus Towns. FRBNY. Bernanke.

Et qui laisse passer ça? Repo 105.