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18 Apr 2010, 4:52 am
The SEC alleges that undisclosed in the marketing materials and unbeknownst to investors, the Paulson & Co. hedge fund, which was poised to benefit if the RMBS defaulted, played a significant role in selecting which RMBS should make up the portfolio. ...after participating in the portfolio selection, Paulson & Co. effectively shorted the RMBS portfolio it helped select by entering into credit default swaps (CDS) with Goldman Sachs to buy protection on specific… [read post]
17 Apr 2010, 12:32 pm
But the CDO buyers did know that they were buying subprime RMBS in a real-estate bubble. [read post]
16 Apr 2010, 1:58 pm
In a complaint filed in the Southern District of New York, the SEC has filed civil charges against Goldman Sachs, alleging that it structured and marketed a synthetic collateralized debt obligation (CDO) that hinged on the performance of subprime residential mortgage-backed securities (RMBS). [read post]
16 Apr 2010, 1:06 pm
ABACUS was linked to the performance of subprime residential mortgage-backed securities (RMBS). [read post]
16 Apr 2010, 12:02 pm
Given its financial short interest, Paulson had an economic incentive to choose RMBS that it expected to experience credit events in the near future. [read post]
16 Apr 2010, 11:42 am
Amazingly, Paulson paid Goldman $15 million to allow it to help pick the RMBS for ABACUS. [read post]
16 Apr 2010, 10:59 am
Unbeknownst to ACA at the time, Paulson intended to effectively short the RMBS portfolio it helped select by entering into CDS with GS&Co to buy protection on specific layers of the synthetic CDO’s capital structure. [read post]
16 Apr 2010, 9:38 am
The SEC's civil fraud complaint alleges that Goldman allowed the multi billion dollar hedge fund Paulson & Co. to help select RMBS (residential mortgage backed securities) for the Abacus CDO, knew that Paulson was concurrently shorting specific tranches of the CDO but did not disclose anything about Paulson to investors in the CDO offering documents or marketing materials. [read post]
15 Apr 2010, 4:34 pm
., hoarding USD to maintain the RMB's relative value) and what the US is doing (flooding the mkt with dollars at almost 0% interest and constantly signaling a desire for a weaker Dollar). [read post]
15 Apr 2010, 1:50 pm
No less important to the United States and other countries is the valuation of the RMB. [read post]
8 Apr 2010, 4:37 am
Retailers are sure to offer RMB revaluation discounts. 2) US consumer – lose. [read post]
7 Apr 2010, 3:27 pm
As a result, pension funds, insurance companies, labor unions and foreign financial institutions that bought those RMBS have suffered large losses. [read post]
7 Apr 2010, 12:45 am
” The report comes at an interesting time to say the least as you have Senators’ Schumer and Graham pairing up to try and once again push forward a bill that will realign the RMB, you have the soon to be released reports that will address the level by which China manipulates its currency, and then you have a whole host of reports on the various industries that have seemingly tightened up. [read post]
5 Apr 2010, 8:05 am
That's certainly a positive thing, as any aggressive unilateral response would probably (a) cause China to stubbornly delay RMB appreciation due to the government's paramount need to appear "strong" on the global stage; and/or (b) end up hurting American consumers and exporters.On the other hand, I'm concerned that Geithner's move might be too clever by half. [read post]
24 Mar 2010, 9:04 am
The WTO under its rules would ask the IMF whether the RMB is undervalued, another reason why it is essential to engage the IMF centrally in the new initiative from the outset. [read post]
22 Mar 2010, 11:27 am
Senators on a variety of trade related issues, the RMB, and protectionism in general. [read post]
19 Mar 2010, 6:56 am
Thus, not only would the RMB's appreciation not shrink the US-China trade deficit, but it also would cripple America's once-unmatched ability to attract domestic and foreign capital. [read post]
18 Mar 2010, 6:58 am
For instance, a 900 gm can of Wyeth Gold S26 infant formula costs as much as $27 (RMB 160-200) in China compared to $22 in the United States; a tall Starbucks latte sells for $4.50 (RMB 30) versus $3.50 in the United States; and a pint of Haagen Dazs ice cream retails for a whopping $11 (RMB 75) in a Chinese supermarket as against $4 in a U.S. supermarket. [read post]
15 Mar 2010, 7:04 am
To be fair, it is a Monday, which has never made the lives of news-seeking reporters easy, but the A1 story about China, suggesting that it uses WTO discipline to prevent other countries from excluding its exports, but gooses those exports by keeping the value of the RMB low - there is no international strength-of-currency discipline - is both wrong and trite, a rare accomplishment. [read post]
12 Mar 2010, 2:28 am
According to the Statistics on China Insurance Business for 2009 recently published by the China Insurance Regulatory Commission (CIRC), total insurance premiums in China received in 2009 amounted to RMB 1.11 trillion, up 13.8% from 2008.In particular, statistics show that property insurance premiums increased by 23.1% to RMB 287.58 billion and life insurance premiums increased by 12% to RMB 745.74 billion, compared with 2008. [read post]
