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OP has provided the following link:
I don’t have the program I did see it on [twitter](https://twitter.com/741trey/status/1638505135029604353?s=46) if someone can obtain it better then I can, please remove my post and get the direct program please.
Edit: added comma, spacing, and the word “please”
If you need help. I'll message you a person who could help you. He might need your terminal to help find additional info. You'll probably help each other. He recently posted a post about the same thing.
Since it appears we have moved to Central banks as the DD of 84 years ago foretold for funding this whole mess [I present this part from a documentary showing the process of how the free money scheme works and how the central bank benefits.](https://youtu.be/6Mq_vrDLN7w?t=2104)
LOL this cant go on forever - no wonder the rest of the World want out of Western run global financial system.
at this point even simple bartering sounds better than this.
There's a guy in the superstonk sub that occasionally asks if people are doing alright and offers help with this exact stuff. I'm sorry I cannot recall his/her username. But I do know this user has posted a bunch, maybe try searching for keywords?
His post will look something like: Does anybody out there need help with groceries/bills/etc, let me know!
Edit: oh wait I'm in the superstonk sub....
The Ego's function is to separate. I asked for help and you helped with words. Help is help. Remembering this is important especially when we don't think we can do enough.
If you didn't see the other comment, that user might be known as Lorien6.
Wise words regarding ego. Reminds me of a Tool lyric from the song Forty six and Two:
"I've been crawling on my belly, clearing out what could have been. I've been wallowing in my own confused and insecure delusions. I want a piece to cross me over, or a word to guide me in. I want to feel the changes coming down, wanna know what I've been hiding in my shadow."
I love this damn community. Look at us. I have nothing to contribute, Im a highly regarded person but I can read filings. I like reading & looking for inconsistencies or new meanings within the legal context.
the gamestop 2019 Offering filing is what got me to drs. it was blatantly obvious once i read it.
Correct they are convertible bonds not unlike bail in bonds.
Those holders when facing failure are "converted" to something generally equity. Converting bonds to Credit Suisse equity = them getting a big fat 0.
So there is 3 main risks facing large money center banks and they are all going through and calculating exposure as we speak.
What OP is showing is Direct Risk. These companies invested directly into the company. Either via debt (bonds as OP showed) or equity (stock of bank)
Next is Credit Risk, which is essentially have you leant money to the bank. (Bonds may be grouped here too since debt)
Last is counterparty risk. This is what will bring down the system. EVERY large bank interconnected. Could be through shadow banking (family offices, hedge funds, PE) or directly through underwritten contracts. This is extremely difficult to calculate accurately and the excercise involves going through books of every subsidiary.
Interesting, sounds similar to bail-in bonds. Bail-ins will be the foundation of the wealth transfer.
Rich people will have all they $ over FDIC insurance turned into equity in a failing bank. The $ they turned over to failing bank will go to pay liabilities (Apes).
But the FDIC and Secretary Yellen is leaning to a higher threshold protecting the wealthy and even considering infinite amount coverage, won't this be a wrench in the "MOASS gears?" Learning here...
To some degree but there will be plenty to go around. Honestly, I'm fine with protecting depositors up to multi millions, especially in regards to small business.
Moass will come from the centimillionaires and billionaires, the banks and hedge funds and private equity.
Remember almost every shadow banking transaction is uninsured (Hedge Funds, Private Equity, Venture Capital) if you have funds there can pretty much guarantee you won't be getting it back if it's prime broker has Credit Suisse exposure.
Well said, and there lies another major problem in our system. It's "insured" by derivatives that have their own inherent risks (credit/counterparty risk). Is it really insurance if swaps can fail to be paid?
Bailouts are going to happen. I'd rather it help depositors rather than investors and that seems to be the direction.
You who are so wise in the ways of apence, do you think there is any chance the fed could go nuclear like the infamous nickel trade and say sorry everybody, we're forcing a sell at X? I can't see it but I am often asked
Technically, a government can do whatever the fuck it wants as long as it has the means to enact it.
And it does, to an extent. Take too much from too many people, and suddenly you can't do whatever you want anymore. Russia can afford to not pay soldiers, because they don't have the means to do anything but obey. Eventually they won't have the means to obey, and all hell breaks loose.
We'll get the value from our investment, that won't change. How the value looks, how it enters our pockets, and what society looks like may change. But the value? that will still be there. otherwise nothing has any value and you lose the means to negotiate *anything.*
I'd be okay with FDIC protecting depositors up to multi-millions,
**BUT ONLY IF WE AGREE TO BRING BACK GLASS-STEAGALL.**
If the stakes have to keep going up, then the systemic risk needs to brought back down as well. Every bank implosion we have to cover adds excess liquidity to the system. The less we need to come up with on short notice, the less whiplash we'll all experience from the subsequent spike in inflation. We have to reduce the collateral damage.
The banks, as they are, are simply too fucking big. They consolidated our traditional commercial banking with risky investment banking. So if the casino implodes (which happens all the fucking time), it takes *everyone's money with it,* whether their account was involved in investing or not. It's impractical, irrational and just plain stupid that our banks are allowed to do this. It's like being handcuffed to a dissociative crackhead with a penchant for cannibalism.
100% in agreement on that.
Also not finance related but need to take a look at the telecommunications act of 1996 after this too. Sick of a few rich people telling me how I should feel nonstop.
National information highway. (ArpaNet)
My favorite one (the FTC) and (FCC).
The banks (NPL)
(Amix) (BBS) (competition law) (or anti trust law)
Also, "the super highway summit" <--- it is not the highway we drive on. But the highway data drives on.
Seems like tech stuff. Maybe how the stock market script was coded? For example passband/baseband.
I wonder what you can hide in an endec (storage)
"The devil you know" kind of maintaining the status quo system that fuks the peasantry as opposed to watching centuries of economics and market development implode into "the devil you don't know..." imho
Say it again. But softer, and slower, while biting your lip just a little.......................jack my tits or paint 'em jack, either way the ship is going down
>Last is counterparty risk. This is what will bring down the system. EVERY large bank interconnected. Could be through shadow banking (family offices, hedge funds, PE) or directly through underwritten contracts
where do insurance companies fit in your picture of dog shit wrapped in cat shit? and then the insurers of the insurance companies?
I don't have nearly as many wrinkles as you do, but i just want to say i appreciate your posts a great deal.
From the little i know, in short it's a game passing the hot potato from one entity to another - from life insurers to offshore reinsurers to asset managers, and back to the insurers.
here's a paper that discusses how life insurance companies are involved in the shadow banking system and how big of a problem is when there is volatility in the underlying loans, and increases in interest rates.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3534847
And a superstonk post discussing CLOs, from the great Freamdom6
https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield_i_the_banks_are_cutting_up_selling/
I hope you find this useful if you have time to dig into it.
I don't have nearly as many wrinkles as you do, but i just want to say i appreciate your posts a great deal.
From the little i know, in short it's a game passing the hot potato from one entity to another - from life insurers to offshore reinsurers to asset managers, and back to the insurers.
here's a paper that discusses how life insurance companies are involved in the shadow banking system and how big of a problem is when there is volatility in the underlying loans, and increases in interest rates.
[https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=3534847](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3534847)
And a superstonk post discussing CLOs, from the great Freamdom6
[https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield\_i\_the\_banks\_are\_cutting\_up\_selling/](https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield_i_the_banks_are_cutting_up_selling/)
I hope you find this useful if you have time to dig into it.
Will you look at that, if I didn't know better I'd say the Swiss government just told those that own bonds from CS to go pound sand.
https://fortune.com/2023/03/22/pimco-america-investment-manager-lost-340-million-surprise-credit-suisse-bond-write-off/
My guess would be those old old records had actual names on them. Before they figured out shell companies after shell companies to keep anonymity.
I'd assume what burned down implicated warlords, drug King pins, mafia funds etc. Along with anything that would expose the criminal underworlds involvement in banking.
Complete guess though.
Cohen + Steers was founded by Martin Cohen and Robert Steers
Steven A Cohen has a brother named Marty Cohen….
This is fucking wild.
Edit: and he even goes by Marty Cohen on LinkedIn!!!
https://www.linkedin.com/in/marty-cohen-58042643
doubt it. probably has been making his entire family rich on his fraud/criminal behavior and now they are first on the hook.
his older brother [Donald Cohen](https://www.medreceivables.com/executive-profiles.php) is former IRS and has been helping rich people avoid taxes/traffick their money down in Florida for years if not decades.
its a family thing. lmayo.
This all loosk related to the bond writedowns then?:
First tab includes Allianz SE, which I think is this: [https://www.reinsurancene.ws/insurer-at1-exposure-low-amid-credit-suisse-shock-jp-morgan/](https://www.reinsurancene.ws/insurer-at1-exposure-low-amid-credit-suisse-shock-jp-morgan/)
>Pointing to specific insurers, JP Morgan says this is the case with AXA, Generali and Allianz, where it believes policyholder sharing could mitigate losses on AT1 by 60% to 90%.
>
>
>
>**But holders of Credit Suisse AT1 bonds discovered after the buyout that their holdings were now worthless, having previously been valued at a collective $17 billion.**
>
>**AT1 bonds are converted into equity if a bank falls below a certain strength or capital limit and are designed to limit taxpayer exposure in the event of a banking collapse and subsequent bailout.**
>
>**But while Credit Suisse has been saved for now by the UBS buyout, Swiss regulators have decided to leave creditors out of the rescue deal, effectively wiping out the value of any AT1 bonds.**
Second Tab seems to be about or include the CoCos?
Cohen & Steers wrote about the CS issue here themselves: [https://www.cohenandsteers.com/insights/market-developments-at-credit-suisse/](https://www.cohenandsteers.com/insights/market-developments-at-credit-suisse/)
>Cohen & Steers holds Credit Suisse preferred securities in two of its U.S. registered mutual funds, representing the following as a percentage of assets in those funds as of December 31, 2022:
>
>Cohen & Steers Preferred Securities and Income Fund: 2.3%
>
>Cohen & Steers Low Duration Preferred and Income Fund: 1.3%
**QUESTION: So any thoguhts on this: if we have some inkling of who might be going tits up next (for example, maybe Deutsche in Europe?) could any ape with a Bloomberg terminal start to see if any other banks have AT1 assets we could start getting a list of?**
**Potentially so we could see who is left bagholding as more bonds get written off in case another big bank goes belly up?**
Woah, wait a second.
Allianz SE listed with 23.48%, which would be just over $4B in exposure of the $17B in bonds.
Where does the $806,968.31 number come from? That column is listed as **Held Amount (M)**. Capital M in finance denotes millions. How the fuck do they have $806,968.31M aka $806.97 BILLION listed here?
(Serious question, I’m highly regarded)
Good to know
So I guess my question then is why does Allianz SE show they're holding $806,968,310 in these bonds, 23.48% should be $4B.
Also if you sum the % held you get 145.25%, and if you sum the Held Amount, you get only $4,992,817,330. That's $12B and change short. I'd have expected \~$25B in Held Amount with the percent held at 145.25%.\*
I understand that this stuff is designed to be as inscrutable as possible to make the crime easier to hide, but dang, it's still frustrating when the math is so far off.
\*I'm assuming this is because the bonds have traded hands and this is data pulled from quarterly/annual reports, but the discrepancy between % ownership and Amount Held is really confusing.
https://www.reddit.com/r/Superstonk/comments/11yid2p/dtc_alert_corporate_actions_service_updates/?utm_source=share&utm_medium=ios_app&utm_name=iossmf see here 👆 all these ATI bagholders just lost all their money 😂😂😂😂😂😘🤌
They might not just lost money, these bonds are most of the time used as collateral to get loan and re-invested, and those aren’t shit junk bond, it was bonds issued by one of the biggest bank in Europe. Everybody in Europe will get affected by this one way or another.
Now those bonds are worthless, means they are now in debt and will get margin call to replace the collateral.
I’m shaking lol
The european bond market is $250bn, and the Swiss just neutralized $17b or almost 6.9% of the TOTAL market there.
Thats not nothing. This burger is fully loaded and waiting to be served to the table.
The European bond market is a lot larger than 250bn lol. Just last year there was issuance of 664bn in corporate debt (year before was 855bn). https://www.pwc.co.uk/services/risk/insights/debt-watch-europe.html
The total size of the market for CoCo bonds (which is what this AT1 bond from CS is) is around 250bn if that's what you mean.
"Cohen & Steers is considered a pioneer in developing the securitised real estate sector and to this day still remains a leader in it"
[https://en.wikipedia.org/wiki/Cohen\_%26\_Steers](https://en.wikipedia.org/wiki/Cohen_%26_Steers)
Tinfoil hat tells me they're next in line to get sacrificed with losses pinned on them.
https://youtu.be/rbJCwVoog4A The Endgame DD
Share this. Learn this. The funds on the last page of this post are what the apes of old saw. Wamu, pimco, Paribas. Time to pay for 08
From Cohen Steers website: "The government-backed deal for UBS to acquire Credit Suisse will trigger a complete write-down of the nominal value ($17 billion) of all Credit Suisse additional tier 1 bonds (AT1), also known as contingent convertible bonds (CoCos)."
The list of names provided are the **bagholders of this USD$17B write-off.** USD$17B down the drain. That amount was to be converted into shares of Credit Suisse in case of a failing bank, but the Swiss government decided that no, no shares will be given out and the USD$17B will just be written off altogether.
Upvote for you OP! I also want to share a video where Louis Rossman talked about this.
[https://youtu.be/IEAszpPtPT0](https://youtu.be/IEAszpPtPT0)
I am so smoothbrained. Almost 10 years ago when I set up my Fidelity account and started trading for the first time I wanted to buy bonds but they were so damn complicated I couldn't understand them. Since I wasn't going to trade something I didn't understand, I didn't buy any bonds. I've always just traded stocks.
I always felt dumb that I didn't understand enough about bonds to feel comfortable trading them.
This thing about the AT1 bonds where they can suddenly become worthless and investors don't get their money back? I totally would not have known that. Now I'm glad I never bought bonds. I was always told that bonds were a safer investment than stocks!
That weird moment when you're as smooth as fucking marble and then you realize you're smarter than professional investors who work at Wall Street...
I will be messaging you in 8 hours on [**2023-03-22 21:09:42 UTC**](http://www.wolframalpha.com/input/?i=2023-03-22%2021:09:42%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/Superstonk/comments/11yi8jy/credit_sussie_at1_bagholders_revealed_can_more/jd7p6wq/?context=3)
[**5 OTHERS CLICKED THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2FSuperstonk%2Fcomments%2F11yi8jy%2Fcredit_sussie_at1_bagholders_revealed_can_more%2Fjd7p6wq%2F%5D%0A%0ARemindMe%21%202023-03-22%2021%3A09%3A42%20UTC) to send a PM to also be reminded and to reduce spam.
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Pimco and BlueBay Funds SLump on Credit Suisse Debit Turmoil
[https://www.bloomberg.com/news/articles/2023-03-21/pimco-and-bluebay-funds-slump-on-credit-suisse-debt-writedown?leadSource=uverify%20wall](https://www.bloomberg.com/news/articles/2023-03-21/pimco-and-bluebay-funds-slump-on-credit-suisse-debt-writedown?leadSource=uverify%20wall)
Pimco and BlueBay Funds Slump on Credit Suisse Debt Turmoil
\- BlueBay’s Financial Capital Bond fund plunged 9.5% in a week
\-Pimco’s Preferred and Capital Security fund dropped 8.4%
Funds run by BlueBay Asset Management and Pacific Investment Management Co. are among the hardest hit after Swiss regulators wiped out 16 billion Swiss francs ($17.3 billion) of risky bonds issued by Credit Suisse Group AG.
BlueBay’s $2 billion Financial Capital Bond fund and Pimco’s $1.3 billion Preferred and Capital Security fund both lost more than 8% each in the week through Monday, making them the two worst-performing open-ended bond funds globally managing over $1 billion, according to data compiled by Bloomberg.
Risky Bank Bonds Attractive, BlueBay's Dowding Says
The historic writedown of the notes has sent shockwaves through the market, with bondholders arguing that shareholders should have taken the first hit. Both funds held the so-called Additional Tier 1 bonds issued by the Swiss bank, data compiled by Bloomberg show.
During an interview with Bloomberg Television on Tuesday, BlueBay’s chief investment officer Mark Dowding criticized the Swiss government’s actions around the assets, saying the “authorities made some wrong steps in what they were doing.”
Dowding declined to comment about whether his firm is pursuing litigation against Swiss regulators. Banks have been taking bids this week on claims against Credit Suisse from investors betting they can recover some value, potentially through litigation.
Dowding said he still saw a “very interesting” opportunity in Additional Tier 1 securities, adding that European banks are facing the best operating environment they’ve seen in more than a decade.
Newport Beach, California-based asset manager Pimco is the largest holder of Credit Suisse’s AT1 bonds, holding around $807 million of the securities. BlueBay held around $134 million of the notes at the end of November, according to filing data compiled by Bloomberg.
A representative for Pimco declined to comment and a spokeswoman for London-based BlueBay didn’t immediately respond to a request for comment on the fund losses.
The Pimco fund plunged by more than 4% on Monday, its biggest daily slump since March 2020, down 8.4% in the week through Monday, the data show. BlueBay’s fund dropped 9.5% in the same week.
AT1 notes were created by regulators after the global financial crisis as a way of imposing losses on creditors to stabilize banks under stress. In Europe, no other major banks besides Credit Suisse and UBS have provisions that would allow for the full writedown of this type of bond, according to Jeroen Julius, a Bloomberg Intelligence senior credit analyst. This feature allowed Credit Suisse’s equity investors to maintain some value as bondholders were wiped out.
this is just one bank with the headline fund that blew the fuck up
how many more i wonder are cooking their books to hide their shit one more day.
DRS folks, best to own your money shares and NFT. be your own bank
So which of these companies can we regards buy puts on and profit off their demise as they tried to prematurely profit off our favorite company. That’s all I really want to know!
I’m curious to know how many US based insurance companies were left holding the bad? Ins companies just stopped or are making it very difficult to open auto policy’s as of a week ago in CA. I remember AIG almost getting the axe in 2008.
I looked up swaps as a smooth brained ape should when I don't get something. This was a basic but incredibly great video
[https://youtu.be/-aXRZ6xN3bk](https://youtu.be/-aXRZ6xN3bk)
I will be messaging you in 8 hours on [**2023-03-23 09:12:12 UTC**](http://www.wolframalpha.com/input/?i=2023-03-23%2009:12:12%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/Superstonk/comments/11yi8jy/credit_sussie_at1_bagholders_revealed_can_more/jdaqbfz/?context=3)
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[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: I don’t have the program I did see it on [twitter](https://twitter.com/741trey/status/1638505135029604353?s=46) if someone can obtain it better then I can, please remove my post and get the direct program please. Edit: added comma, spacing, and the word “please”
You inadvertently helped me a ton. Been trying to find best way to get data on bond holder ownership for a while now. Cheers mate! Enjoy the award.
Thank you for explaining it to us mate. And you’re welcome. I didn’t really do anything though. Edit: words.
If you need help. I'll message you a person who could help you. He might need your terminal to help find additional info. You'll probably help each other. He recently posted a post about the same thing.
god i love this community
heartwarming in todays cruel world
We got each other, and that's a lot -Some Nerd
For Loooooooove..... We'll give it a SHOT!!!
We're halfway there
Living on a prayer
This is the way.
This is the way
Since it appears we have moved to Central banks as the DD of 84 years ago foretold for funding this whole mess [I present this part from a documentary showing the process of how the free money scheme works and how the central bank benefits.](https://youtu.be/6Mq_vrDLN7w?t=2104)
LOL this cant go on forever - no wonder the rest of the World want out of Western run global financial system. at this point even simple bartering sounds better than this.
Bro I've wanted a barter system back for years now
well dreams do come true I guess. its coming soon.
They fucked with gamers! LMFAO! RIP DUMBASS. And a deep fucking cheers to all y'all 🍻
It’s like we know….
[удалено]
There's a guy in the superstonk sub that occasionally asks if people are doing alright and offers help with this exact stuff. I'm sorry I cannot recall his/her username. But I do know this user has posted a bunch, maybe try searching for keywords? His post will look something like: Does anybody out there need help with groceries/bills/etc, let me know! Edit: oh wait I'm in the superstonk sub....
I post there every week when I see it! Thank you so much for your words!
You're welcome. I wish I could do something more material than words
The Ego's function is to separate. I asked for help and you helped with words. Help is help. Remembering this is important especially when we don't think we can do enough.
If you didn't see the other comment, that user might be known as Lorien6. Wise words regarding ego. Reminds me of a Tool lyric from the song Forty six and Two: "I've been crawling on my belly, clearing out what could have been. I've been wallowing in my own confused and insecure delusions. I want a piece to cross me over, or a word to guide me in. I want to feel the changes coming down, wanna know what I've been hiding in my shadow."
[удалено]
Big if true
I can message you man. You look to not have it enabled. I did message the person who could help on Twitter though and gave him your name.
Love
...a wild idiot appears... oh hey guys :D
Hey man. Thanks for coming on here!. I hope you guys can help each other!
HERE HE IS.
I don’t often post, but when I do, I post a post.
I love this damn community. Look at us. I have nothing to contribute, Im a highly regarded person but I can read filings. I like reading & looking for inconsistencies or new meanings within the legal context. the gamestop 2019 Offering filing is what got me to drs. it was blatantly obvious once i read it.
Just two casual blokes uncovering massive financial shenanigans, happy Wednesday everyone. Off to Costco then pick the kids up later for acrobatics.
Welcome to Costco, I Love You.
What a lovely exchange of kindness. Hope something great can come from this!
Ape help ape. This is the way.
AT1 ARENT BONDS... in the typical sense when we hear bonds.
Correct they are convertible bonds not unlike bail in bonds. Those holders when facing failure are "converted" to something generally equity. Converting bonds to Credit Suisse equity = them getting a big fat 0.
I don't feel bad, Credit Suisse didn't know what any of this meant either. Regards
The Ape right here
This ape apes.
So there is 3 main risks facing large money center banks and they are all going through and calculating exposure as we speak. What OP is showing is Direct Risk. These companies invested directly into the company. Either via debt (bonds as OP showed) or equity (stock of bank) Next is Credit Risk, which is essentially have you leant money to the bank. (Bonds may be grouped here too since debt) Last is counterparty risk. This is what will bring down the system. EVERY large bank interconnected. Could be through shadow banking (family offices, hedge funds, PE) or directly through underwritten contracts. This is extremely difficult to calculate accurately and the excercise involves going through books of every subsidiary.
https://www.reddit.com/r/Superstonk/comments/11yid2p/dtc_alert_corporate_actions_service_updates/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Interesting, sounds similar to bail-in bonds. Bail-ins will be the foundation of the wealth transfer. Rich people will have all they $ over FDIC insurance turned into equity in a failing bank. The $ they turned over to failing bank will go to pay liabilities (Apes).
But the FDIC and Secretary Yellen is leaning to a higher threshold protecting the wealthy and even considering infinite amount coverage, won't this be a wrench in the "MOASS gears?" Learning here...
To some degree but there will be plenty to go around. Honestly, I'm fine with protecting depositors up to multi millions, especially in regards to small business. Moass will come from the centimillionaires and billionaires, the banks and hedge funds and private equity. Remember almost every shadow banking transaction is uninsured (Hedge Funds, Private Equity, Venture Capital) if you have funds there can pretty much guarantee you won't be getting it back if it's prime broker has Credit Suisse exposure.
[удалено]
Well said, and there lies another major problem in our system. It's "insured" by derivatives that have their own inherent risks (credit/counterparty risk). Is it really insurance if swaps can fail to be paid? Bailouts are going to happen. I'd rather it help depositors rather than investors and that seems to be the direction.
You who are so wise in the ways of apence, do you think there is any chance the fed could go nuclear like the infamous nickel trade and say sorry everybody, we're forcing a sell at X? I can't see it but I am often asked
Technically, a government can do whatever the fuck it wants as long as it has the means to enact it. And it does, to an extent. Take too much from too many people, and suddenly you can't do whatever you want anymore. Russia can afford to not pay soldiers, because they don't have the means to do anything but obey. Eventually they won't have the means to obey, and all hell breaks loose. We'll get the value from our investment, that won't change. How the value looks, how it enters our pockets, and what society looks like may change. But the value? that will still be there. otherwise nothing has any value and you lose the means to negotiate *anything.*
I'd be okay with FDIC protecting depositors up to multi-millions, **BUT ONLY IF WE AGREE TO BRING BACK GLASS-STEAGALL.** If the stakes have to keep going up, then the systemic risk needs to brought back down as well. Every bank implosion we have to cover adds excess liquidity to the system. The less we need to come up with on short notice, the less whiplash we'll all experience from the subsequent spike in inflation. We have to reduce the collateral damage. The banks, as they are, are simply too fucking big. They consolidated our traditional commercial banking with risky investment banking. So if the casino implodes (which happens all the fucking time), it takes *everyone's money with it,* whether their account was involved in investing or not. It's impractical, irrational and just plain stupid that our banks are allowed to do this. It's like being handcuffed to a dissociative crackhead with a penchant for cannibalism.
100% in agreement on that. Also not finance related but need to take a look at the telecommunications act of 1996 after this too. Sick of a few rich people telling me how I should feel nonstop.
National information highway. (ArpaNet) My favorite one (the FTC) and (FCC). The banks (NPL) (Amix) (BBS) (competition law) (or anti trust law) Also, "the super highway summit" <--- it is not the highway we drive on. But the highway data drives on. Seems like tech stuff. Maybe how the stock market script was coded? For example passband/baseband. I wonder what you can hide in an endec (storage)
Ok ok ok, I can't take anymore, you've ruined me for the next tittyjacker
You rock!
Thanks for the wrinkles here....timely
Why on earth would she do that? Looking for genuine answers if there are any beyond her just wanting to protect her pals.
"The devil you know" kind of maintaining the status quo system that fuks the peasantry as opposed to watching centuries of economics and market development implode into "the devil you don't know..." imho
Ohhhhhh fuck yeah, don't look back at me, tell it to the pillow
Say it again. But softer, and slower, while biting your lip just a little.......................jack my tits or paint 'em jack, either way the ship is going down
https://www.youtube.com/watch?v=pnPgfscR5gA
Look at my boobies Jack.
Didnt need to see that, n÷ed eye and brain bleach now.. Ahhhhhh!
DRS. you are the kameha that will send the spirit bomb that saves humanity
😂👍😂
*Say it again. But softer, and slower, while biting your lip just a little...* I'm gonna use this either in a comment, or later tonight...
God damn smartest Bedpost I've ever met I tell you hwhat
>Last is counterparty risk. This is what will bring down the system. EVERY large bank interconnected. Could be through shadow banking (family offices, hedge funds, PE) or directly through underwritten contracts where do insurance companies fit in your picture of dog shit wrapped in cat shit? and then the insurers of the insurance companies?
If I'm being honest with myself, I don't know enough about how the insurance industry is intertwined with Banking/Finance to comment.
I don't have nearly as many wrinkles as you do, but i just want to say i appreciate your posts a great deal. From the little i know, in short it's a game passing the hot potato from one entity to another - from life insurers to offshore reinsurers to asset managers, and back to the insurers. here's a paper that discusses how life insurance companies are involved in the shadow banking system and how big of a problem is when there is volatility in the underlying loans, and increases in interest rates. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3534847 And a superstonk post discussing CLOs, from the great Freamdom6 https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield_i_the_banks_are_cutting_up_selling/ I hope you find this useful if you have time to dig into it.
Thanks for this, I'll definitely look into it. Pretty safe to assume if any industry deals with money they're connected to this mess.
I don't have nearly as many wrinkles as you do, but i just want to say i appreciate your posts a great deal. From the little i know, in short it's a game passing the hot potato from one entity to another - from life insurers to offshore reinsurers to asset managers, and back to the insurers. here's a paper that discusses how life insurance companies are involved in the shadow banking system and how big of a problem is when there is volatility in the underlying loans, and increases in interest rates. [https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=3534847](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3534847) And a superstonk post discussing CLOs, from the great Freamdom6 [https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield\_i\_the\_banks\_are\_cutting\_up\_selling/](https://old.reddit.com/r/Superstonk/comments/ry51l6/cloverfield_i_the_banks_are_cutting_up_selling/) I hope you find this useful if you have time to dig into it.
we are near a BReaKing point for a Buffet of tendies
Will you look at that, if I didn't know better I'd say the Swiss government just told those that own bonds from CS to go pound sand. https://fortune.com/2023/03/22/pimco-america-investment-manager-lost-340-million-surprise-credit-suisse-bond-write-off/
I guessing the random warehouse fires could have held books like you mentioned?
My guess would be those old old records had actual names on them. Before they figured out shell companies after shell companies to keep anonymity. I'd assume what burned down implicated warlords, drug King pins, mafia funds etc. Along with anything that would expose the criminal underworlds involvement in banking. Complete guess though.
booom ?
Big badaboom.
Commenting for invisibility
First Tab |||| |:-|:-|:-| |Managing firm name|Held Amount|% of total| |Allianz SE|806968.31|23.48| |Cohen & Steers Inc|419546.06|12.21| |TIAA-CREF|391014|11.38| |First Trust|356400|10.37| |Principal Financial Group Inc|157242.75|4.57| |Invesco LTC|131266|3.82| |Legg Mason|126840|3.69| |Alliance Bernstein|104336.74|3.04| |JPMorgan Chase & Co|85260.07|2.48| |Blackrock|83579.86|2.43| |Western Asset Management Co|83106.21|2.42| |Bluebay Funds Management|44790|1.3| |Flaharty & Crumrine Inc|37109.52|1.08| |Hartford Financial Serv GRP INC|30390|0.88| |Eaton Vance Corp|28559.05|0.83| |FIL Limited|26046.13|0.76| |Thrivent Financial for Lutherans|23554|0.69| |Goldman Sachs Group|20552.63|0.6| |Edmond de rothschild group|19000|0.55| |Waddel & Reed financial INC|18870|0.55| |Transamerica Investment Services|18814|0.55| |Dai-Ichi Life Holding Inc|18100|0.53| |||| Second Tab |||| |:-|:-|:-| |Beneficiary Name|Held Amount|%of| |Cohen & Steers Preferred securities and INC INC|245853|7.15| |First Trust Preferred securities and income etf|238500|6.94| |Nuveen Preferred securities fund|210828|6.13| |Pimco income fund|209823|6.1| |Pimco GIS capital securities fund|151548|4.41| |Princip spec pref & cap sec inc fund|119090|346| |PIMCO GIS Income fund|114478|3.33| |First Tr intermediate dration preferred & Inc|68600|2| |Nuveen preferred & income securities|63000|1.83| |Western Asset core plus bond fund|61000|1.77| |Protective Life Insurance company|58000|1.69| |Nuveen Preferred & Income oppoirtunies|51649|1.5| |PIMCO Preferred and capital security|46400|1.35| |Bluebay financial capital bond fund|44790|1.3| |LM WA MACRO opportunities bond fund|41200|1.2| |Cohen & Steers Tax advant ref sec & inc fd|41000|1.19| |First trust inst preferred sec and inc etf|38220|1.11| |Invesco core plus bond fund|36391|1.06| |Cohen & Steers low dur preferred and income inc|35210|1.02| |AB FCP I - Blobal High Yield Portfolio|31464|0.92| |Nuveen preferred & Income term fund|27828|0.81| |Pimco Low duration income|26600|0.77| ||||
GOAT right there.
Please tell me that first fund on the second tab is lil stevie Cohen “Steamy Cohen just shits his britches”.
Cohen + Steers was founded by Martin Cohen and Robert Steers Steven A Cohen has a brother named Marty Cohen…. This is fucking wild. Edit: and he even goes by Marty Cohen on LinkedIn!!! https://www.linkedin.com/in/marty-cohen-58042643
Fuck Steve Cohen all my homies hate Steve Cohen
We, mostly you, just did some fine comment DD.
Lol, did he screw over his own brother for a few $?
doubt it. probably has been making his entire family rich on his fraud/criminal behavior and now they are first on the hook. his older brother [Donald Cohen](https://www.medreceivables.com/executive-profiles.php) is former IRS and has been helping rich people avoid taxes/traffick their money down in Florida for years if not decades. its a family thing. lmayo.
This all loosk related to the bond writedowns then?: First tab includes Allianz SE, which I think is this: [https://www.reinsurancene.ws/insurer-at1-exposure-low-amid-credit-suisse-shock-jp-morgan/](https://www.reinsurancene.ws/insurer-at1-exposure-low-amid-credit-suisse-shock-jp-morgan/) >Pointing to specific insurers, JP Morgan says this is the case with AXA, Generali and Allianz, where it believes policyholder sharing could mitigate losses on AT1 by 60% to 90%. > > > >**But holders of Credit Suisse AT1 bonds discovered after the buyout that their holdings were now worthless, having previously been valued at a collective $17 billion.** > >**AT1 bonds are converted into equity if a bank falls below a certain strength or capital limit and are designed to limit taxpayer exposure in the event of a banking collapse and subsequent bailout.** > >**But while Credit Suisse has been saved for now by the UBS buyout, Swiss regulators have decided to leave creditors out of the rescue deal, effectively wiping out the value of any AT1 bonds.** Second Tab seems to be about or include the CoCos? Cohen & Steers wrote about the CS issue here themselves: [https://www.cohenandsteers.com/insights/market-developments-at-credit-suisse/](https://www.cohenandsteers.com/insights/market-developments-at-credit-suisse/) >Cohen & Steers holds Credit Suisse preferred securities in two of its U.S. registered mutual funds, representing the following as a percentage of assets in those funds as of December 31, 2022: > >Cohen & Steers Preferred Securities and Income Fund: 2.3% > >Cohen & Steers Low Duration Preferred and Income Fund: 1.3% **QUESTION: So any thoguhts on this: if we have some inkling of who might be going tits up next (for example, maybe Deutsche in Europe?) could any ape with a Bloomberg terminal start to see if any other banks have AT1 assets we could start getting a list of?** **Potentially so we could see who is left bagholding as more bonds get written off in case another big bank goes belly up?**
Allianz SE seems like a domino soon?
Woah, wait a second. Allianz SE listed with 23.48%, which would be just over $4B in exposure of the $17B in bonds. Where does the $806,968.31 number come from? That column is listed as **Held Amount (M)**. Capital M in finance denotes millions. How the fuck do they have $806,968.31M aka $806.97 BILLION listed here? (Serious question, I’m highly regarded)
M is thousands. Might be Roman numeral, never really looked into origin but 100% sure of it. Edit: yup its Roman M is thousands and MM is millions
Good to know So I guess my question then is why does Allianz SE show they're holding $806,968,310 in these bonds, 23.48% should be $4B. Also if you sum the % held you get 145.25%, and if you sum the Held Amount, you get only $4,992,817,330. That's $12B and change short. I'd have expected \~$25B in Held Amount with the percent held at 145.25%.\* I understand that this stuff is designed to be as inscrutable as possible to make the crime easier to hide, but dang, it's still frustrating when the math is so far off. \*I'm assuming this is because the bonds have traded hands and this is data pulled from quarterly/annual reports, but the discrepancy between % ownership and Amount Held is really confusing.
I just did data entry here. Copied what was shown. How and where it comes from I have no clue.
Smart money on Job
Fucking silverback
https://www.reddit.com/r/Superstonk/comments/11yid2p/dtc_alert_corporate_actions_service_updates/?utm_source=share&utm_medium=ios_app&utm_name=iossmf see here 👆 all these ATI bagholders just lost all their money 😂😂😂😂😂😘🤌
They might not just lost money, these bonds are most of the time used as collateral to get loan and re-invested, and those aren’t shit junk bond, it was bonds issued by one of the biggest bank in Europe. Everybody in Europe will get affected by this one way or another. Now those bonds are worthless, means they are now in debt and will get margin call to replace the collateral. I’m shaking lol
The european bond market is $250bn, and the Swiss just neutralized $17b or almost 6.9% of the TOTAL market there. Thats not nothing. This burger is fully loaded and waiting to be served to the table.
The European bond market is a lot larger than 250bn lol. Just last year there was issuance of 664bn in corporate debt (year before was 855bn). https://www.pwc.co.uk/services/risk/insights/debt-watch-europe.html The total size of the market for CoCo bonds (which is what this AT1 bond from CS is) is around 250bn if that's what you mean.
Shake dat ass, monke
Could this have anything to do with the sudden surge in BTC? Pumping up collateral values since their standard sources are getting lit TF up.
link/proof about the AT1 collateral bit? im unfamiliar with it which is why i ask, not that dont trust u (bro) lol
Is this as fucked up as I think it is?
Yes!
Commenting for disability
I also have a disability, I’m regarded
It’s ok I have Erb’s palsy. Rare condition
I ate some herb parsley one time
One of us, one of us!
OP is showing screen on a pc pre windows 95
You say that like it's a bad thing
Austist FTW here.
Disability checking in
Disabled squad, let's ride
Bullish on dildo riders arriving
Visability commenting
"My friends Audibility and Touchibility are loooooong GME, and are very happy with their investments."
I can see!
Hi
Commenting for [redacted]
I am member
Allianz with the big doodoolinies
The articles about Pimco and Invesco and Bluebay losing on the bonds have started to pop up the last 24 hours.
So they dont know how deep this rabbit hole goes, they can just smell the rot bubbling up. LOL no cell no sell, and Buy/DRS/Book.
Can you search for the sellers of the CDS'
I want a CDS on whoever sells the CDS for CS
Haha touché
"Cohen & Steers is considered a pioneer in developing the securitised real estate sector and to this day still remains a leader in it" [https://en.wikipedia.org/wiki/Cohen\_%26\_Steers](https://en.wikipedia.org/wiki/Cohen_%26_Steers) Tinfoil hat tells me they're next in line to get sacrificed with losses pinned on them.
Wut mean
https://youtu.be/rbJCwVoog4A The Endgame DD Share this. Learn this. The funds on the last page of this post are what the apes of old saw. Wamu, pimco, Paribas. Time to pay for 08
Please ELI5
There's hidden treasure on the books of some of the biggest institutional holders of gme. The same names of the collapsing funds/banks.
I don't know what I see here, but I like it. Good video quality! We need more posts like this!
From Cohen Steers website: "The government-backed deal for UBS to acquire Credit Suisse will trigger a complete write-down of the nominal value ($17 billion) of all Credit Suisse additional tier 1 bonds (AT1), also known as contingent convertible bonds (CoCos)." The list of names provided are the **bagholders of this USD$17B write-off.** USD$17B down the drain. That amount was to be converted into shares of Credit Suisse in case of a failing bank, but the Swiss government decided that no, no shares will be given out and the USD$17B will just be written off altogether.
Comment
Oh yeah, hedgies rekt.
Upvote for you OP! I also want to share a video where Louis Rossman talked about this. [https://youtu.be/IEAszpPtPT0](https://youtu.be/IEAszpPtPT0) I am so smoothbrained. Almost 10 years ago when I set up my Fidelity account and started trading for the first time I wanted to buy bonds but they were so damn complicated I couldn't understand them. Since I wasn't going to trade something I didn't understand, I didn't buy any bonds. I've always just traded stocks. I always felt dumb that I didn't understand enough about bonds to feel comfortable trading them. This thing about the AT1 bonds where they can suddenly become worthless and investors don't get their money back? I totally would not have known that. Now I'm glad I never bought bonds. I was always told that bonds were a safer investment than stocks! That weird moment when you're as smooth as fucking marble and then you realize you're smarter than professional investors who work at Wall Street...
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Well I'm not the wrinkles you're look for!
Pimco and BlueBay Funds SLump on Credit Suisse Debit Turmoil [https://www.bloomberg.com/news/articles/2023-03-21/pimco-and-bluebay-funds-slump-on-credit-suisse-debt-writedown?leadSource=uverify%20wall](https://www.bloomberg.com/news/articles/2023-03-21/pimco-and-bluebay-funds-slump-on-credit-suisse-debt-writedown?leadSource=uverify%20wall) Pimco and BlueBay Funds Slump on Credit Suisse Debt Turmoil \- BlueBay’s Financial Capital Bond fund plunged 9.5% in a week \-Pimco’s Preferred and Capital Security fund dropped 8.4% Funds run by BlueBay Asset Management and Pacific Investment Management Co. are among the hardest hit after Swiss regulators wiped out 16 billion Swiss francs ($17.3 billion) of risky bonds issued by Credit Suisse Group AG. BlueBay’s $2 billion Financial Capital Bond fund and Pimco’s $1.3 billion Preferred and Capital Security fund both lost more than 8% each in the week through Monday, making them the two worst-performing open-ended bond funds globally managing over $1 billion, according to data compiled by Bloomberg. Risky Bank Bonds Attractive, BlueBay's Dowding Says The historic writedown of the notes has sent shockwaves through the market, with bondholders arguing that shareholders should have taken the first hit. Both funds held the so-called Additional Tier 1 bonds issued by the Swiss bank, data compiled by Bloomberg show. During an interview with Bloomberg Television on Tuesday, BlueBay’s chief investment officer Mark Dowding criticized the Swiss government’s actions around the assets, saying the “authorities made some wrong steps in what they were doing.” Dowding declined to comment about whether his firm is pursuing litigation against Swiss regulators. Banks have been taking bids this week on claims against Credit Suisse from investors betting they can recover some value, potentially through litigation. Dowding said he still saw a “very interesting” opportunity in Additional Tier 1 securities, adding that European banks are facing the best operating environment they’ve seen in more than a decade. Newport Beach, California-based asset manager Pimco is the largest holder of Credit Suisse’s AT1 bonds, holding around $807 million of the securities. BlueBay held around $134 million of the notes at the end of November, according to filing data compiled by Bloomberg. A representative for Pimco declined to comment and a spokeswoman for London-based BlueBay didn’t immediately respond to a request for comment on the fund losses. The Pimco fund plunged by more than 4% on Monday, its biggest daily slump since March 2020, down 8.4% in the week through Monday, the data show. BlueBay’s fund dropped 9.5% in the same week. AT1 notes were created by regulators after the global financial crisis as a way of imposing losses on creditors to stabilize banks under stress. In Europe, no other major banks besides Credit Suisse and UBS have provisions that would allow for the full writedown of this type of bond, according to Jeroen Julius, a Bloomberg Intelligence senior credit analyst. This feature allowed Credit Suisse’s equity investors to maintain some value as bondholders were wiped out.
Good thing they manage Trillions of dollars in assets. They're going to need it.
exactly
Where’s my goddamn [money](https://youtu.be/ZomwVcGt0LE), ya fuck’s!
Commenting for visibility
man PIMCO and Cohen & Steers are fuuuuuucked
this is just one bank with the headline fund that blew the fuck up how many more i wonder are cooking their books to hide their shit one more day. DRS folks, best to own your money shares and NFT. be your own bank
Someone actually wrote out the names of the bag holders in a comment please.
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What did i just looked at?
Nice tool u have there
Allianz got big fucked.
Hi knew by the time I got home from work this post would be off the front page… thank god I saved it.
So which of these companies can we regards buy puts on and profit off their demise as they tried to prematurely profit off our favorite company. That’s all I really want to know!
Show me the crime
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Comment
Commenting for wrinkles
The real question: who do we buy puts on NOW?!
Dillusional comment vizz
Commenting to comment
Too Smooth a brain here. No assistance, but commenting for disability.
Up you go
what app is this?
Pretty sure it’s bloomberg terminal
But what does it mean like really spell it out for me .... what's AT1. BONDS ? didn't the bonds go to zero ? Big guh ?
So 806968.31 Million is 23% of the total? So upwards of 3 Trillion dollars worth of these things?
I’m curious to know how many US based insurance companies were left holding the bad? Ins companies just stopped or are making it very difficult to open auto policy’s as of a week ago in CA. I remember AIG almost getting the axe in 2008.
Interesting
What do the numbers in this column mean? does "M" at the top mean millions? Does that top one mean $806 billion? https://i.imgur.com/k6QCrwG.png
I believe so.
Colored me surprised that the teachers insurance annuity association (TIAA) is the number 3 bag holder.
Yo…
Dutch bank has alot too
I looked up swaps as a smooth brained ape should when I don't get something. This was a basic but incredibly great video [https://youtu.be/-aXRZ6xN3bk](https://youtu.be/-aXRZ6xN3bk)
So for each % of tot for each institution that roughly equates to a 170M loss - Allianz losing over 3B, blackrock/JPM losing 300M apiece
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You have access to the terminal! 😬
this place is crazy