http://www.bloomberg.com/news/2011-08-05/gross-says-u-s-banks-charging-fees-to-hold-cash-unheard-of-tom-keene.html
BNY Mellon said yesterday it will charge clients with more than $50 million 13 basis points, or 0.13 percentage point, for “excess amounts” of cash they deposit with the bank. Custody banks like BNY Mellon have been flooded with cash as the European debt crisis, the debate over the U.S. debt ceiling and the stock market selloff prompted institutions to seek the safety of insured bank accounts.
SAMEER SAYS
PEOPLE ARE PAYING BNY TO HOLD THEIR CASH
THIS MEANS THEY ARE SHOT SCARED OF LOSING MONEY
THEY WANT CAPITAL PRESERVATION
WOW!!!!!
HOW CAN ANYBODY NOT SEE THE DEFLATIONARY IMPACT OF THIS MOVE
THIS IS A CLEAR SIGN TO ME - THAT WE ARE ABOUT TO WITNESS A LOT OF STRESS IN THE MKTS GOING FWD
I THINK MKTS HAVE MORE OF LESS PEAKED
WE WILL SEE ALL MKTS FALL IN SYNC
THAT INCLUDES EQTY - CMDTY - METALS - ALL OF THEM INLCDUING NON USD FX
THE ONLY THINNG THAT WILL UP IS
US DOLLAR
VIX
BNY Mellon said yesterday it will charge clients with more than $50 million 13 basis points, or 0.13 percentage point, for “excess amounts” of cash they deposit with the bank. Custody banks like BNY Mellon have been flooded with cash as the European debt crisis, the debate over the U.S. debt ceiling and the stock market selloff prompted institutions to seek the safety of insured bank accounts.
SAMEER SAYS
PEOPLE ARE PAYING BNY TO HOLD THEIR CASH
THIS MEANS THEY ARE SHOT SCARED OF LOSING MONEY
THEY WANT CAPITAL PRESERVATION
WOW!!!!!
HOW CAN ANYBODY NOT SEE THE DEFLATIONARY IMPACT OF THIS MOVE
THIS IS A CLEAR SIGN TO ME - THAT WE ARE ABOUT TO WITNESS A LOT OF STRESS IN THE MKTS GOING FWD
I THINK MKTS HAVE MORE OF LESS PEAKED
WE WILL SEE ALL MKTS FALL IN SYNC
THAT INCLUDES EQTY - CMDTY - METALS - ALL OF THEM INLCDUING NON USD FX
THE ONLY THINNG THAT WILL UP IS
US DOLLAR
VIX
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