So we got a giant French and a Godzilla-like Dutch
bank reporting today.
But the best story
I read relates to ex-SocGen trader Jerome Kerviel. Mr. Kerviel was sentenced to
three years in jail and ordered to pay SocGen 4.9 billion euro in damages. Yes,
that’s right, 4.9 billion euro. That’s going to mean shopping at discounters for
Mr. Kerviel, at least for a few years. Remember, he’s the guy who got fingered as a rogue
trader, and one that happened to lose almost 5 billion euro. Oops.
succeeds because we are narcissistic monkeys, but how can anyone buy shares of
That criminal organization posing as a bank should be torn apart. The Libor-rigging
rip-off, as Scott put it, is just the latest in a long list of crimes against
humanity. Yes, that’s right, crimes against humanity. The number of people Barclays
has sent to an early grave is incalculable—it’s such a sticky web of deceit and
greed—but rest assured that the figure, whatever it may be, will grow
exponentially in the years ahead. I’ll take mascara-wearing monkeys any day
over Mr. Jenkins and his gang of banksters. And gold is just above $1,650, so maybe my massive
position in Agnico-Eagle Mines (NYSE: AEM) will
be okay. I’m a bit nervous here. And what the heck, did you use a different setting
on the camera, Scott, or did you shrink?
whatever hair product Scott’s using, it’s working, let me tell you. I wish I
was in Cologne but I’m stuck in Frankfurt today. And hey, a little criticism:
Bankia’s a penny stock, so why even bother talking about it?
Maybe the pullback Yves talked about has started. I
don’t see the DAX dropping all the way to 6,000, but I could see it going to
6,500. Around that level I’d double down on my Commerzbank AG (CBK.DE) position.
All-time new highs for US and many of the European
indices are coming and they’ll be made in the next couple of years. I’m going
to bank on that. Give us some more Yves, Scott. Nice vid.