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Posted by: Grot Sep 16 2008, 12:09 AM

Paulson: Americans Should Remain Confident in U.S. Financial System

Posted by: N. Ron Shrubbard Sep 16 2008, 12:18 AM

* Japan's central bank on Tuesday injected 2.5 trillion yen ($24 billion) into money markets.

* Cabinet ministers, along with the central bank chief, were also holding an emergency meeting.

* Chairman Shearacowa: "The Bank of Japan will carefully monitor recent situations surrounding the U.S. financial institutions and their influences, and will continue to strive to ensure smooth settlement of funds and maintain stability in financial markets through measures such as appropriate money market operations."




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Posted by: N. Ron Shrubbard Sep 16 2008, 12:24 AM

Posted by: leonardo Sep 16 2008, 01:00 AM

Could this be the reason Barclays decided to make a last minute offer for some parts of Lehman?

From Roubini:

Bankruptcy Of A Major Counterparty: A Systemic Event in the OTC Derivatives Markets?

"Lehman is one of the major counterparties in the highly concentrated credit derivative swaps (CDS) market. A LEH bankruptcy filing requires an assignment of its dealbook to other counterparties. The ISDA has started a 'netting' process where any offsetting contracts are canceled out and where it is established if Lehman is a net debtor or net creditor when all contracts are marked to market (-->end result is a single net payment from or to Lehman's trustee.) Derivatives contracts enjoy special seniority rights ('close-out' see Bliss/Kaufman): their claims are not 'stayed' in a bankruptcy as is the case for other creditors. In either Chapter 7 or 11, derivatives counterparties seize and liquidate positions and collateral immediately which could lead to potential asset market disruptions--> Authorities announce expanded emergency liquidity plans"

Just five months ago, Lehman Brothers CEO Richard Fuld, was telling shareholders that ``the worst is behind us'' in the credit contraction

Posted by: Lock Limit Down Sep 16 2008, 04:27 AM

text one get´s to at Kitco´s page for buying physical:

"Kitco is working diligently to fulfill all existing client orders. We apologize for any delays in order fulfillment which are a result of production and delivery delays imposed by certain mints and by our suppliers.

The following products have been temporarily removed from our Precious Metal Store until further notice due to production and delivery delays that retailers are currently facing; 1 oz Gold bars, 1 oz Kitco Gold bars, 10 oz Gold bars, 1 oz Silver Eagles, 1 oz Silver Maples, 1 oz Silver Philharmonic coins, 1 oz Olympic Silver Maples, 100 oz Silver bars and 1 oz Palladium Maples.

These products will be relisted and available for order as soon as fresh inventory is readily available. In the interim, we will focus on completing pending orders as our top priority. "

https://online.kitco.com/bullion/

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