The IRA Bank Book | Q3 2021
In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Sep 13, 2021
- 7 min
Debt Ceilings & Interest Rate Floors
When Treasury market yields trade and stay negative, look for the Federal Reserve Board to come to the rescue of MM funds and banks.
819 views
R. Christopher Whalen
- Jul 23, 2021
- 5 min
Profile: Bank of America (BAC)
BAC is the worst performing bank in the top-five US commercial banks and often underperforms the average for Peer Group 1.
268 views
R. Christopher Whalen
- Jun 30, 2021
- 7 min
Profile: Blend Labs, Inc ("BLND")
Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?
859 views
R. Christopher Whalen
- Jun 17, 2021
- 9 min
Upstart Holdings: Victory for AI? Or Not...
While the progress in machine learning is impressive, horsepower in terms of computational capacity does not translate into intelligence.
534 views
R. Christopher Whalen
- Jun 8, 2021
- 7 min
Icons of Meme Investing
Fed Chairman Jay Powell effectively is short an equity put option to the world...
566 views
R. Christopher Whalen
- Jun 1, 2021
- 4 min
Lee Adler: Banks Are As Fragile As Ever
Every time there’s a critical problem in the banking system due to banker malfeasance, the Fed steps in to paper it over....
908 views
R. Christopher Whalen
- Apr 27, 2021
- 5 min
Chairman Powell: Fine Tuning and Price Stability
Each burst of liquidity provided by the FOMC in response to a major externality creates the conditions for the next financial crisis
895 views
R. Christopher Whalen
- Apr 22, 2021
- 6 min
Citigroup: Breaking Up is Hard to Do
Citi has drifted through years of government ownership and weak leadership by the board of directors
321 views
R. Christopher Whalen
- Apr 5, 2021
- 13 min
Update: Commercial, Residential Loans & MSRs
We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...
412 views
R. Christopher Whalen
- Mar 25, 2021
- 7 min
Update: Q1 2021 Bank Earnings
US banks are running at income levels that are less than half of a year ago...
309 views
R. Christopher Whalen
- Mar 15, 2021
- 5 min
Greensill, Wirecard, Deutsche Bank & the Rising Tide of Financial Fraud
“Time to turn on the lights and find the rest of the cockroaches”
768 views
R. Christopher Whalen
- Mar 4, 2021
- 4 min
Twisting the Night Away Towards a Debt Crisis
Think of the Federal Reserve Bank of New York as a giant sump pump, sucking the available duration out of the bond market...
1,842 views
R. Christopher Whalen
- Feb 25, 2021
- 10 min
Interview: Ed Kane on Inflation & Disruption
This is a really bad time to be focused on macroeconomic data....
822 views
R. Christopher Whalen
- Feb 16, 2021
- 4 min
The Great Correction of 2025
And after the great correction, the dollar will still be the global means of exchange, but Americans will have lost a huge amount of income
1,412 views
R. Christopher Whalen
- Feb 11, 2021
- 8 min
Update: Ocwen & New Residential
In this issue of The Institutional Risk Analyst, we compare two major players in the residential mortgage servicing space, New...
343 views
R. Christopher Whalen
- Feb 9, 2021
- 4 min
Don't Fight the Fed -- Yet
Remember when Fed Chair Yellen expressed surprise that more young people were not buying homes?
1,977 views
R. Christopher Whalen
- Feb 3, 2021
- 6 min
Profile: Bank OZK -- It's All About the NIM
Significantly, OZK predicts shrinking CRE loan volumes in 2021....
346 views
R. Christopher Whalen
- Feb 1, 2021
- 9 min
Interview: Chris Abate, CEO of Redwood Trust
magine if the Fed started margin calling the big banks in response to the April market selloff rather than supporting the system!
1,112 views
R. Christopher Whalen
- Jan 29, 2021
- 8 min
Update: Commercial & Residential Real Estate, MSRs
Most of midtown Manhattan’s offices and other structures are unused. Commuter volumes are 10% of pre-COVID levels.
718 views
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