SoftBank as Systemic Event; Update: Charles Schwab & Co
The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Sep 21
- 6 min
FSOC Frets About Nonbank Risk; Goldman Sachs Stepping Back?
GS has the weakest position in terms of funding of the top-ten banks and no real narrative for the business post-Marcus.
531 views
R. Christopher Whalen
- Sep 11
- 3 min
Bank Industry Review & Survey Q3 2023
The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations
778 views
R. Christopher Whalen
- Jul 25
- 5 min
Losses Mount Due to FOMC Policy "Tax"
Inflation is called a “hidden tax,” but lately the tax is not even barely concealed.
1,269 views
R. Christopher Whalen
- Jul 11
- 4 min
Michael Barr's Capital Proposal Deliberately Misses the Point
The sad fact is that even with another 2% capital, most US banks are arguably insolvent thanks to the Fed “going big.”
1,148 views
R. Christopher Whalen
- Jun 1
- 4 min
First Take on FDIC Bank Data
If we assume that asset returns will continue to rise, but that bank funding costs will rise 5x asset returns, then US banks have a problem
1,052 views
R. Christopher Whalen
- May 29
- 7 min
Calculate the WAC of Bank of America
If you believe that the Fed is going to keep interest rates at or above current levels through to 2024, then we have a problem....
2,718 views
R. Christopher Whalen
- May 23
- 7 min
PacWest Bancorp & Fed Hawks
To survive long-term, both WAL and PACW need to get that beta back down below 2 and closer to 1, but the hawks on the FOMC may not cooperate
2,410 views
R. Christopher Whalen
- Apr 3
- 6 min
Update: Charles Schwab (SCHW); Sagent Presentation
Most major banks grew larger during quantitative easing. Now many of these banks will shrink in terms of assets and also earnings in Q1 2023
4,263 views
R. Christopher Whalen
- Mar 30
- 6 min
QT, Interest Rates & Bank Solvency
At the Fed, because “confidence” is considered a factor in “policy,” it is OK to fib and obfuscate about the true cost of monetary policy.
2,244 views
R. Christopher Whalen
- Mar 26
- 10 min
Update: New York Community Bank
We liked the NYCB + Flagstar story prior to the transaction with the FDIC for the assets and deposits of Signature Bank.
1,130 views
R. Christopher Whalen
- Mar 23
- 6 min
FOMC Doubles Down on Market Risk
Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell are another bank failure or two away from returning to the private sector.
2,898 views
R. Christopher Whalen
- Mar 17
- 8 min
Mark-to-Market on Bank America; Update on Credit Suisse & Guild Holdings
We recently added Western Alliance (WAL) and GHLD to our portfolio
2,663 views
R. Christopher Whalen
- Mar 14
- 8 min
QE & the Yellen Banking Crisis
By any reasonable standard, Janet Yellen should have already resigned, but not in the strange world of Washington.
3,143 views
R. Christopher Whalen
- Mar 11
- 6 min
Who Killed Silicon Valley Bank?; The IRA Bank Book Q1 2023
Last week not a single member of the Big Media managed to ask Fed Chairman Jerome Powell about the state of the US banking system
8,917 views
R. Christopher Whalen
- Mar 6
- 8 min
Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)
Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?
1,738 views
R. Christopher Whalen
- Feb 27
- 6 min
QT & Powell's Liquidity Trap
The Federal Open Market Committee has arguably lost control of monetary policy and has placed America's banks in grave risk.
8,599 views
R. Christopher Whalen
- Feb 21
- 6 min
Is Stripe Worth $55 Billion? Really?
CEO Patrick Collison is guiding investors and the media to a $200 million profit in 2023. Selective disclosure??
552 views
R. Christopher Whalen
- Feb 16
- 5 min
Will We See Double-Digit Residential Mortgage Rates -- Again?
As the FOMC moves short-term rates towards 6%, we expect to take another run at double-digit rates for prime residential mortgage loans.
1,394 views
R. Christopher Whalen
- Feb 3
- 9 min
Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs
The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
812 views
Christopher Whalen
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