By Pam and Russ Martens
Wall Street on Parade
Thursday, July 11, 2019
Shhh! Don't wake the Wall Street bank regulators from their decade-long slumber to whisper in their ear that the same critical signs they ignored in 2007 and early 2008 are rearing their ugly heads again.
Let's take a look at the clear warning signs that began in July 2007 and then contrast them against what is happening today.
... Dispatch continues below ...
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On July 17, 2007, Bear Stearns announced that two of its hedge funds, which had held about $1.5 billion in investor capital in the first quarter of the year, were now mostly worthless. On August 9, 2007, BNP Paribas, France's largest publicly traded bank, announced it was freezing customer withdrawals from three of its funds, effectively preventing customers from accessing $2.2 billion. It cited "evaporation of liquidity" and the inability "to value certain assets." Fast forward to today: On June 3, 2019, one of Britain's highest-profile money managers, Neil Woodford, stunned global markets by announcing that his firm's flagship fund, the $4.7 billion Woodford Equity Income Fund, would freeze customer withdrawals. The decision resulted from heavy outflows and a large stake in illiquid stocks. The U.K. securities regulator, the Financial Conduct Authority, has opened an investigation into the matter. ... ... For the remainder of the commentary: http://wallstreetonparade.com/2019/07/is-there-a-stealth-financial-crisi...
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