How’s the stock market?

hammies

Duke status
Apr 8, 2006
15,834
14,653
113
UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal.

-Reuters
I'll take misleading headlines for $500, Alex.
(Reuters) - UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's investment bank, the Financial Times reported on Tuesday.

UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York.

UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.
UBS isn't terminating its purchase of Credit Suisse, they want to terminate Klein's prior deal with CS to merge his company with them.
 
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PJ

Gerry Lopez status
Jan 27, 2002
1,041
753
113
Shrub Oak,N.Y.,USA
I don't understand the bit out vetting their depositor's sources of income. Wouldn't they want to vet their debtor's sources of income? I mean if you already have the money and you're just depositing it, who gives a fook?
I never thought about vetting depositors until SVB and Signature. I was thinking that with big Crypto depositors - Crypto is such a new game that no one really knows what their behavior might be - like would they suddenly need to take out the lions share of their deposits? Which made me think that a bank needs to be able to predict that their depositors won't try to take out too much too quickly due to the nature of their businesses or that could be just like a bank run. So the strength of depositors and having depositors from different industries is probably just as important as having good borrowers from different industries, maybe more so since a loss of deposits can happen so quickly. The failure of a borrower does at least leave behind an asset which, if the bank did its homework, should be worth more than what's owed to the point that the bank can eventually get its money back and there's time to work it out or extend and pretend. .
 
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casa_mugrienta

Duke status
Apr 13, 2008
44,291
19,056
113
Petak Island
I never thought about vetting depositors until SVB and Signature. I was thinking that with big Crypto depositors - Crypto is such a new game that no one really knows what their behavior might be - like would they suddenly need to take out the lions share of their deposits? Which made me think that a bank needs to be able to predict that their depositors won't try to take out too much too quickly due to the nature of their businesses or that could be just like a bank run. So the strength of depositors and having depositors from different industries is probably just as important as having good borrowers from different industries, maybe more so since a loss of deposits can happen so quickly. The failure of a borrower does at least leave behind an asset which, if the bank did its homework, should be worth more than what's owed to the point that the bank can eventually get its money back and there's time to work it out or extend and pretend. .
this
 
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r32

Administrator
Staff member
Apr 1, 2005
18,278
10,307
113
Cambria
Some people accusing CEO of ARK Invest, Cathie Woods of insider trading after selling 160,887 COIN shares the day before Coinbase announced they got a Wells letter from SEC. Price dropped 27% on the Wells news.
 
Sep 13, 2019
88
29
18
Record money market funds , 5 trillion . Covid peak was 4.7 in 2020 .
what's the over under on money markets? I'm looking to move $100K elsewhere than a bank account. how liquid are they if I need to grab some cash out for a major purchase?
 

INDTUBE

Legend (inyourownmind)
Nov 6, 2019
365
575
93
what's the over under on money markets? I'm looking to move $100K elsewhere than a bank account. how liquid are they if I need to grab some cash out for a major purchase?
As long as you have more than one person on your account - you can keep $250k x 2 people on account and its fully insured up to $500k
 

Sharkbiscuit

Duke status
Aug 6, 2003
27,038
20,065
113
Jacksonville Beach
Some people accusing CEO of ARK Invest, Cathie Woods of insider trading after selling 160,887 COIN shares the day before Coinbase announced they got a Wells letter from SEC. Price dropped 27% on the Wells news.
I'm not sure which one is Casa Moogsies, but I don't think it's the one that undermined their own argument by admitting they did do the nose.

 

lruc

OTF status
Nov 10, 2016
239
281
63
what's the over under on money markets? I'm looking to move $100K elsewhere than a bank account. how liquid are they if I need to grab some cash out for a major purchase?
Liquid , but they buy short term commercial which is possible to have some issues . I am bullish fyi , 75 percent long the spx and a growth fund , 25 percent in energy .
 

r32

Administrator
Staff member
Apr 1, 2005
18,278
10,307
113
Cambria
TESLA files paperwork to make electric motors for airplanes, boats and more.

CEO of TikTok getting drilled in Congressional hearing today on ties to CCP.

I wasn't alive in the 50s or 60s but is this what the McCarthyism stuff felt like? Trying to think how this might affect stocks moving forward. Lot of major Chinese owned companies out there.
 
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