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Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else
Reposting by popular demand, and because everyone has to understand the embedded risks in this market, courtesy of the shadow banking system.
In an oddly prescient turn of events, yesterday we penned a post titled "Has The Imploding European Shadow Banking System Forced The Bundesbank To Prepare For Plan B?" in which we explained how it was not only the repo market, but the far broader and massively unregulated shadow banking system in Europe that was becoming thoroughly unhinged, and was manifesting itself in a complete "lock up in interbank liquidity" and which, we speculated, is pressuring the Bundesbank, which is well aware of what is going on behind the scenes, to slowly back away from what will soon be an "apocalyptic" event (not our words... read on). Why was this prescient? Because today, Reuters' Christopher Elias has written the logical follow up analysis to our post, in which he explains in layman's terms not only how but why the lock up has occurred and will get far more acute, but also why the MF Global bankruptcy, much more than merely a one-off instance of "repo-to-maturity" of sovereign bonds gone horribly wrong is a symptom of two things: i) the lax London-based unregulated and unsupervised system which has allowed such unprecedented, leveraged monsters as AIG, Lehman and now as it turns out MF Global, to flourish until they end up imploding and threatening the world's entire financial system, and ii) an implicit construct embedded within the shadow banking model which permitted the heaping of leverage upon leverage upon leverage, probably more so than any structured finance product in the past (up to and including synthetic CDO cubeds), and certainly on par with the AIG cataclysm which saw $2.7 trillion of CDS notional sold with virtually zero margin. Simply said: when one truly digs in, MF Global exposes the 2011 equivalent of the 2008 AIG: virtually unlimited leverage via the shadow banking system, in which there are practically no hard assets backing the infinite layers of debt created above, and which when finally unwound, will create a cataclysmic collapse of all financial institutions, where every bank is daisy-chained to each other courtesy of multiple layers of "hypothecation, and re-hypothecation." In fact, it is a link so sinister it touches every corner of modern finance up to and including such supposedly "stable" institutions as Jefferies, which as it turns out has spent weeks defending itself, however against all the wrong things, and Canadian banks, which as it also turns out, defended themselves against Zero Hedge allegations they may well be the next shoes to drop, as being strong and vibrant (and in fact just announced soaring profits and bonuses), yet which have all the same if not far greater risk factors as MF Global. Yet nobody has called them out on it. Until now.
But first, a detour to London...
As readers will recall, the actual office that blew up the world the first time around, was not even based in the US. It was a small office located on the top floor of 1 Curzon Street in London's Mayfair district, run by one Joe Cassano: the head of AIG Financial Products. The reason why this office of US-based AIG was in London, is so that Cassano could sell CDS as far away from the eye of Federal regulators as possible. Which he did. In fact he sold an unprecedented $2.7 trillion worth of CDS just before the firm collapsed due to one small glitch in the system - the assumption that home prices could go down as well as up. Yet the real question is why he sold so much CDS? The answer is simple - in a world of limited real assets, the only way to generate a practically limitless cash flow annuity would be to sell synthetic insurance on a virtually infinite amount of synthetic underlying. Which he did. Only when it came time to pay the claims, AIG blew up, forcing the government to bail it out, and set off the chain of events where we find ourselves now, where every day could be the developed world's last if not for the ongoing backstops, guarantees and bailouts of the central banking regime.
What is greatly ironic is that in the aftermath of the AIG collapse, the UK was shamed into admitting that it was its own loose, lax and unregulated system that allowed such unsupervised insanity to continue for as long as it did. As the Telegraph reminds us, "Conservative Party Treasury spokesman Philip Hammond called for a public inquiry into the FSA's oversight of AIG Financial Products in Mayfair. "We must not allow London to become a bolthole for companies looking for a place to conduct questionable activities," he said. "This sounds like a monumental cock-up by the FSA," said Lib Dem shadow chancellor Vince Cable. "It is deeply ironic," he added, that Brown was in Brussels last week calling for tougher global financial regulation just as the scandal over the FSA's role in one of the key regulatory failures at the root of the global panic emerged as an international issue." It is ironic because the trail in the MF Global collapse, where it is yet another infinitely leveragable product that once again comes to the fore, once again goes straight to that hub for "questionable activities" - London.
But before we explain why London is once again to blame for what was not only the immediate reason of the MF Global collapse, but could well precipitate the next global collapse, a quick look at rehypothecation.
As Reuters points out, it was not so much the act of creating "repos-to-maturity" that imperiled MF Global, but what is a secret gold mine for those privy to it - the process of re-hypothecation of collateral.
[h]ypothecation is when a borrower pledges collateral to secure a debt. The borrower retains ownership of the collateral but is "hypothetically" controlled by the creditor, who has a right to seize possession if the borrower defaults.
In the U.S., this legal right takes the form of a lien and in the UK generally in the form of a legal charge. A simple example of a hypothecation is a mortgage, in which a borrower legally owns the home, but the bank holds a right to take possession of the property if the borrower should default.
In investment banking, assets deposited with a broker will be hypothecated such that a broker may sell securities if an investor fails to keep up credit payments or if the securities drop in value and the investor fails to respond to a margin call (a request for more capital).
Re-hypothecation occurs when a bank or broker re-uses collateral posted by clients, such as hedge funds, to back the broker's own trades and borrowings. The practice of re-hypothecation runs into the trillions of dollars and is perfectly legal. It is justified by brokers on the basis that it is a capital efficient way of financing their operations much to the chagrin of hedge funds.
So far so good, assuming there was regulation, and assuming if regulation failed, that the firms that blew up as a result of their greed would truly blow up, instead of being resurrected as TBTF zombies by a government in dire need of rent collection and lobby cash (because with or without regulation, if those who fail are not allowed to fail, then the whole point of capitalism is moot). But... there is always a snag.
Under the U.S. Federal Reserve Board's Regulation T and SEC Rule 15c3-3, a prime broker may re-hypothecate assets to the value of 140% of the client's liability to the prime broker. For example, assume a customer has deposited $500 in securities and has a debt deficit of $200, resulting in net equity of $300. The broker-dealer can re-hypothecate up to $280 (140 per cent. x $200) of these assets.
But in the UK, there is absolutely no statutory limit on the amount that can be re-hypothecated. In fact, brokers are free to re-hypothecate all and even more than the assets deposited by clients. Instead it is up to clients to negotiate a limit or prohibition on re-hypothecation. On the above example a UK broker could, and frequently would, re-hypothecate 100% of the pledged securities ($500).
This asymmetry of rules makes exploiting the more lax UK regime incredibly attractive to international brokerage firms such as MF Global or Lehman Brothers which can use European subsidiaries to create pools of funding for their U.S. operations, without the bother of complying with U.S. restrictions.
In fact, by 2007, re-hypothecation had grown so large that it accounted for half of the activity of the shadow banking system. Prior to Lehman Brothers collapse, the International Monetary Fund (IMF) calculated that U.S. banks were receiving $4 trillion worth of funding by re-hypothecation, much of which was sourced from the UK. With assets being re-hypothecated many times over (known as "churn"), the original collateral being used may have been as little as $1 trillion – a quarter of the financial footprint created through re-hypothecation.
So let's see: a Prime Broker taking posted collateral, then using the same collateral as an instrument for hypothecation with a net haircut, then repeating the process again, and again... Ring a bell? If you said "fractional reserve lending" - ding ding ding. In essence what re-hypothecation, and subsequent levels thereof, especially once in the shadow banking realm, allows Prime Brokers is to become de facto banks only completely unregulated and using synthetic assets as collateral. Curiously enough it was earlier today that we also penned "ECB Confirms Shadow Banking System In Europe In Tatters" in which we explained that since ECB has to expand the eligible collateral it will accept, there is no real collateral left, meaning the re-hypothecation process in Europe has experienced terminal failure. Yet the kicker is that the "safety haircut" only occurs in the US. Not in the UK. And therein lies the rub. In the UK, the epic failure of supervision has allowed banks to become de facto monsters of infinite shadow banking fractional reserve leverage - every bank's wet dream! Naturally, Prime Brokers have known all about this which explains the quiet desire to conduct re-hypothecation out of London-based offices for every US-based (and Canadian) bank. Reuters explains:
Keen to get in on the action, U.S. prime brokers have been making judicious use of European subsidiaries. Because re-hypothecation is so profitable for prime brokers, many prime brokerage agreements provide for a U.S. client's assets to be transferred to the prime broker's UK subsidiary to circumvent U.S. rehypothecation rules.
Under subtle brokerage contractual provisions, U.S. investors can find that their assets vanish from the U.S. and appear instead in the UK, despite contact with an ostensibly American organisation.
Potentially as simple as having MF Global UK Limited, an English subsidiary, enter into a prime brokerage agreement with a customer, a U.S. based prime broker can immediately take advantage of the UK's unrestricted re-hypothecation rules.
While we already mentioned AIG as an example of the lax UK-based regulatory regime, it is another failed bank that is perhaps the best example of levered failure but in the specific re-hypothecation context: Lehman Brothers itself.
This is exactly what Lehman Brothers did through Lehman Brothers International (Europe) (LBIE), an English subsidiary to which most U.S. hedge fund assets were transferred. Once transferred to the UK based company, assets were re-hypothecated many times over, meaning that when the debt carousel stopped, and Lehman Brothers collapsed, many U.S. funds found that their assets had simply vanished.
A prime broker need not even require that an investor (eg hedge fund) sign all agreements with a European subsidiary to take advantage of the loophole. In fact, in Lehman's case many funds signed a prime brokerage agreement with Lehman Brothers Inc (a U.S. company) but margin-lending agreements and securities-lending agreements with LBIE in the UK (normally conducted under a Global Master Securities Lending Agreement).
These agreements permitted Lehman to transfer client assets between various affiliates without the fund's express consent, despite the fact that the main agreement had been under U.S. law. As a result of these peripheral agreements, all or most of its clients' assets found their way down to LBIE.
And now we get back to the topic at hand: MF Global, why and how it did precisely what Lehman did back then, why it did this in London, and why its failure is a symptom of something far more terrifying than merely investing money in collapsing PIIGS bonds.
MF Global's Customer Agreement for trading in cash commodities, commodity futures, security futures, options, and forward contracts, securities, foreign futures and options and currencies includes the following clause:
"7. Consent To Loan Or Pledge You hereby grant us the right, in accordance with Applicable Law, to borrow, pledge, repledge, transfer, hypothecate, rehypothecate, loan, or invest any of the Collateral, including, without limitation, utilizing the Collateral to purchase or sell securities pursuant to repurchase agreements [repos] or reverse repurchase agreements with any party, in each case without notice to you, and we shall have no obligation to retain a like amount of similar Collateral in our possession and control."
In its quarterly report, MF Global disclosed that by June 2011 it had repledged (re-hypothecated) $70 million, including securities received under resale agreements. With these transactions taking place off-balance sheet it is difficult to pin down the exact entity which was used to re-hypothecate such large sums of money but regulatory filings and letters from MF Global's administrators contain some clues.
According to a letter from KPMG to MF Global clients, when MF Global collapsed, its UK subsidiary MF Global UK Limited had over 10,000 accounts. MF Global disclosed in March 2011 that it had significant credit risk from its European subsidiary from "counterparties with whom we place both our own funds or securities and those of our clients".
It gets even worse when one considers that over the years the actual quality of good collateral declined, meaning worse and worse collateral was to be pledged in these potentially infinite recursive loops of shadow banking fractional reserve lending:
Despite the fact that there may only be a quarter of the collateral in the world to back these transactions, successive U.S. governments have softened the requirements for what can back a re-hypothecation transaction.
Beginning with Clinton-era liberalisation, rules were eased that had until 2000 limited the use of re-hypothecated funds to U.S. Treasury, state and municipal obligations. These rules were slowly cut away (from 2000-2005) so that customer money could be used to enter into repurchase agreements (repos), buy foreign bonds, money market funds and other assorted securities.
Hence, when MF Global conceived of its Eurozone repo ruse, client funds were waiting to be plundered for investment in AA rated European sovereign debt, despite the fact that many of its hedge fund clients may have been betting against the performance of those very same bonds.
At this point flashing red lights should be going though the head of anyone who lived through the AIG cataclysm: in effect the rehypothecation scenario affords the same amount of leverage, and potentially even less supervision that the CDS market. Said otherwise, the counteparty risk of daisy chaining defaults is on par with that in the case of AIG.
As well as collateral risk, re-hypothecation creates significant counterparty risk and its off-balance sheet treatment contains many hidden nasties. Even without circumventing U.S. limits on re-hypothecation, the off-balance sheet treatment means that the amount of leverage (gearing) and systemic risk created in the system by re-hypothecation is staggering.
Re-hypothecation transactions are off-balance sheet and are therefore unrestricted by balance sheet controls. Whereas on balance sheet transactions necessitate only appearing as an asset/liability on one bank's balance sheet and not another, off-balance sheet transactions can, and frequently do, appear on multiple banks' financial statements. What this creates is chains of counterparty risk, where multiple re-hypothecation borrowers use the same collateral over and over again. Essentially, it is a chain of debt obligations that is only as strong as its weakest link.
And the kicker:
With collateral being re-hypothecated to a factor of four (according to IMF estimates), the actual capital backing banks re-hypothecation transactions may be as little as 25%. This churning of collateral means that re-hypothecation transactions have been creating enormous amounts of liquidity, much of which has no real asset backing.
It turns out the next AIG was among us all along, only because it was hidden deep in the bowels of the unmentionable shadow banking system, out of sight (by definition) meant out of mind. Only it was not: and at last check there was $15 trillion in the shadow banking system in the US alone, where the daisy chaining of counteparty risk meant that any liquidity risk flare up would mean the AIG bankruptcy was not even a dress rehearsal for the grand finale.
But where does one look for the next AIG? Who would be stupid enough to disclose the fact that they have essentially the same risk on their off-balance sheet books as AIG had on its normal books? Once again, we turn to Reuters:
The lack of balance sheet recognition of re-hypothecation was noted in Jefferies' recent 10Q (emphasis added):
"Note 7. Collateralized Transactions
We pledge securities in connection with repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. The pledge of our securities is in connection with our mortgage?backed securities, corporate bond, government and agency securities and equities businesses. Counterparties generally have the right to sell or repledge the collateral.Pledged securities that can be sold or repledged by the counterparty are included within Financial instruments owned and noted as Securities pledged on our Consolidated Statements of Financial Condition. We receive securities as collateral in connection with resale agreements, securities borrowings and customer margin loans. In many instances, we are permitted by contract or custom to rehypothecate securities received as collateral. These securities maybe used to secure repurchase agreements, enter into security lending or derivative transactions or cover short positions. At August 31, 2011 and November 30, 2010, the approximate fair value of securities received as collateral by us that may be sold or repledged was approximately $25.9 billion and $22.3 billion, respectively. At August 31, 2011 and November 30, 2010, a substantial portion of the securities received by us had been sold or repledged.
We engage in securities for securities transactions in which we are the borrower of securities and provide other securities as collateral rather than cash. As no cash is provided under these types of transactions, we, as borrower, treat these as noncash transactions and do not recognize assets or liabilities on the Consolidated Statements of Financial Condition. The securities pledged as collateral under these transactions are included within the total amount of Financial instruments owned and noted as Securities pledged on our Consolidated Statements of Financial Condition.
According to Jefferies' most recent Annual Report it had re-hypothecated $22.3 billion (in fair value) of assets in 2011 including government debt, asset backed securities, derivatives and corporate equity- that's just $15 billion shy of Jefferies total on balance sheet assets of $37 billion.
Oh Jefferies, Jefferies, Jefferies. Barely did you manage to escape the gauntlet of accusation of untenable gross (if not net) sovereign exposure, that you will soon, potentially as early as tomorrow, have to defend your zany rehypothecation practices. One wonders: will Sean Egan downgrade you for this latest transgression as well? All the better for Leucadia though: one more million shares that Dick Handler can sell to Ian Cumming.
Yet Jefferies is just the beginning. It gets much, much worse.
With weak collateral rules and a level of leverage that would make Archimedes tremble, firms have been piling into re-hypothecation activity with startling abandon. A review of filings reveals a staggering level of activity in what may be the world's largest ever credit bubble.
Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion).
And people were wondering why looking through the balance sheet of Canadian banks revealed no alert signals. It is because all the exposure was off the books! Hundreds of billions of dollars worth. As for JPM and MS amounting to nearly a trillion in rehypothecation... well, we are confident the market will be delighted to start pricing that particular fat-tail risk as soon as tomorrow.
Yet it is Reuters' conclusion that strikes home, and is identical to what we said last night about the liquidity lock up in Europe and what it means for the shadow banking system, although from the perspective of an inverted cause and effect:
The volume and level of re-hypothecation suggests a frightening alternative hypothesis for the current liquidity crisis being experienced by banks and for why regulators around the world decided to step in to prop up the markets recently.
That's precisely right: the shadow banking system, so aptly named because its death rattle can never be seen out in the open, is slowly dying. As noted yesterday. But lest we be accused of hyperventilating, this time we will leave a respected, non-fringe media to bring out the big adjective guns:
To date, reports have been focused on how Eurozone default concerns were provoking fear in the markets and causing liquidity to dry up....Most have been focused on how a Eurozone default would result in huge losses in Eurozone bonds being felt across the world's banks. However, re-hypothecation suggests an even greater fear. Considering that re-hypothecation may have increased the financial footprint of Eurozone bonds by at least four fold then a Eurozone sovereign default could be apocalyptic.
U.S. banks direct holding of sovereign debt is hardly negligible. According to the Bank for International Settlements (BIS), U.S. banks hold $181 billion in the sovereign debt of Greece, Ireland, Italy, Portugal and Spain. If we factor in off-balance sheet transactions such as re-hypothecations and repos, then the picture becomes frightening.
And there you have it: in this world where distraction and diversion often times is the only name of the game, while banks were pretending to have issues with their traditional liabilities, it was really the shadow liabilities where the true terrors were accumulating. Because in what has become a veritable daisy chain of linked shadow exposure, we are now back where we started with the AIG collapse, only this time the regime is decentralized, without the need for a focal, AIG-type center. What this means is that the collapse of the weakest link in the daisy-chain sets off a house of cards that eventually will crash even the biggest entity due to exponentially soaring counterparty risk: an escalation best comparable to an avalanche - where one simple snowflake can result in a deadly tsunami of snow that wipes out everything in its path. Only this time it is not something as innocuous as snow: it is the compounded effect of trillions and trillions of insolvent banks all collapsing at the same time, and wiping out the developed world and the associated 150 years of the welfare state as we know it.
In this light, it makes far more sense why, as we suggested yesterday, the sanest central bank in Europe, the German Bundesbank, is quietly making stealthy preparations to get the hell out of Dodge, as it realizes all too well, that the snowflake has arrived: MF Global's bankruptcy has already set off a chain of events which not even all the world's central banks can halt. Which is ironic for the Buba - what it is doing is "too little too late." But at least it is taking proactive steps. For all the other central banks in the Eurozone, and soon the world, unfortunately the deer in headlights image is the only applicable one. And all because of unbridled greed, bribed and corrupt regulators sleeping at their job, and governments which encourage the TBTF modus operandi as the only fall back one, which in turn gave banks a carte blanche to take essentially unlimited risk.
We are all about to suffer the consequences of all three.
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Hmmm...time to build up a few more ARs and load some more cartridges. It's gonna get interesting real soon. God help us all
Damn it I just drank the last of my beer.
Canadian Real Estate is FUCKED, let me be the first to say "I TOLD YOU SO BITCHEZZ"
but but but............you still have sprott..........
Yes, some of us knew a while back Canadian real estate was a ticking time bomb.
Yet idiots like the archduke kept trolling about BC as the the place to buy land.
Haven't heard from his trolling in a while.
I hope you're not refering to me, cause if so you're a libelous lying fucktard.
I've said no such thing. here have a look: http://www.zerohedge.com/users/archduke/track
oh if it was as easy as a mere default.........but they can't do it and there is a good reason for that........i wonder if the europeans understand what is going on there and here etc. sounds to me like the 2 month vacation yearly thingy is about over for one thing, not to mention the comfy retirement packages.......etc.....
10,000 tickets have been sold - for a flight with just 100 seats.
ah, so when there is a hiccup in the mailout of government checks, do you think all of those north africans and turks , libyans and arabs ,etc are going to be happy sitting in their government controlled section 8 housing , with nothing to do or eat?
Do bags fly free?
And no refunds, in fact, they've already allocated your fare into the bonus pool. Thank you for frequenting Banksta Air.
"Cataclysmic collapse" Bithcez...!!! Allright...
They all be needing some liqsqiddity,
will that mean that nato runs out of money?
One of the more awe inspiring posts I've read on ZH in almost two years. There's strange solace in the enlightenment.
yes , it was . very enligtening and everyone in amerika should read it and ponder what it means...
Hahahaha, 95% of America (or any 'developed' nation for that matter) would not understand anything past the first sentence.
omfg.. I just puked.. If rehypothecation allows primary dealers, and large institutions to effectively create 'synthetic' liquidity, we are soooooooooooooooooooooooo fucked.
Since it's 'synthetic liqudity' a collapse to real valuation would most likely be in a discrete gap. Re-pricing could wipe hundreds of trillions of notional value in seconds.
Bahahahah.. how the fuck do you money managers sleep at night.
in cramerica there always is a market somewhere , so no, they don't sleep much........
Re-hypothecation...it's the new thermite!
How has that fucking parasite Jon Corzine not been beaten in public over the past month? US citizens should be given a Free Corzine pass, which allows citizens to have one free punch, whack with a bat, or kick in the nuts at Jon Corzine himself, if you happen to see him anywhere in
did you read the regs? he technically did nothing wrong. when he took money out of individual accounts.
I like that revolver idea, Tyler. I'll catch ya in late Europe.
Articles should proof read before posting, not after. Too often I read an article on here and don't forward it because of spelling mistakes.
Then don't forward it. Or perhaps you are one of those people who unfollows someone on Twitter but not before telling everyone you are unfollowing them?
The truth is nobody cares. Feel free to forward... or don't.
If you think grammar in this case is more important than the message then by all means go read a dictionary before bedtime.
Without exaggeration, this is the most eye-opening article I've read in my life.
Looking forward to reading all the ass-covering 'we're ultra-conservative' statements by the banks, brokers, etc. - looks like IB got an early start. Liquidity my ass, I'm more concerned with return-OF-capital than a bit of extra market liquidity. Anyway, liquidity is just broker-speak for 'bigger bonus for me'.
I'm transferring all my positions to a non-margin 'cash' account but I'm sure my broker will find a loophole and rehypothecate them from there, even though they pinky-swear they won't.
This is the closest I've been to saying fuck it and piling everything into land and gold.
He fancies himself as 'Doc Holliday'...
I don't follow anyone on twitter. I've followed this blog for ages and am truly amazed you are defending sloppiness and basic spelling mistakes.
I point it out because I want to be proud of you, not read "unchanied" and grimace.
Thanks, you wretched bag-licker. Sheep converted to bag-lickers... Interesting.
Frank has a fair point. It doesn't take much to spell check. A top site like this should do it as a matter of course.
FO, is frustrated because he still can't figure out how to tie his dick into a knot.
all the cooel guys an jels mispelting is cultural ant to be encuoraged
Good, sub-mitt an article. It will probably be axecepted.
Frank...yur 350 pound sweaty fatt disgusting wife wuz gang banged by a donkey, a horse and a goat in a treveling circus before she met ur pathetic self! Can u make sure to proof read this for me?
Good job Tyler, your followers have come full circle.
I can't believe grammar ticks you so much when the message itself bears a death sentense for so many.
I wish you lots of good grammar to eat in the coming years.
Like, umm, you know what I'm saying, right?
You left out the word "be" before "proof read".
Maybe Zero Hedge should hire some copy readers so dipshits like you feel better about forwarding. Are your friends linguists? How many phenomes are in the phrase "lick the interior of my penis"? White people....
WTF is a phenome?
Closed my IRA brokerage account yesterday. Paid the 10% premature distribution penalty and will have to pay the ordinary income taxes. Whatever.
Hope the check gets here soon so I can cash the sucker and put the proceeds into something productive or at least tangible before this thing blows. If there is no dramatic event, at least I have more IRA and Roth IRA money at the credit union. As is, I am out of the market and this small aliquot of capital will be beyond any IRA rules. Thank God (with a capital "G").
What if Ben prints and the stock market goes up?
Check Zimbabwe stock market.
What if the brokerage blows?
The way I see it, there are asset-strippers milling about. So far, they have met little resistance from the regulators or from law enforcement. I'll just leave the sandbox, thank you, and take my toys with me.
Surely there is some productive use for my piddly little bit of moron retail cash.
When the president rode into the white house promising change, he meant all the people would be left with was "change". As in a few coins jangling around.
Let them be future coin of the realm: Silver Eagles. What every gun-toting farmer is going to want for some grocs.
when we use silver coins to buy stuff from farmers do you think they would get pissed off if we checked the farm area for radioactive fallout? just sayin........
Ann Coulter sez radiation (in moderate amounts) is good for U, and I believe it. We won't need to buy any more light bulbs. In any case, we won't have much choice. Just getting from the house to the "store" is going to be an adventure, and will best be done in well-armed groups. It is interesting, and I think just, that the people who come out on top after all this are going to be the - endlessly screwed 'til now - individual farmers.
If it gets bad enough, glow in the dark food will become a favorite for good eatin'.
i am looking forward to tomorrow and seeing Corzine in public
As of 12/07/2011 23:0 (plus the time needed to read ths post), I have lost all confidence in the safety of our financial institutions. Also now understand the "take physical possession" recommendations.
It would appear that the time is now. The instability presented in the shadow banking system is mindblowing.
The masses will ignore. Markets will surge on rumors that Germany will save the world... Just follow the script people.
Wow, Tyler, that was an incredible read! Thanks for the lesson. I really appreciate your analogies and explanations.
Tyler - Exceptional analysis. Thank you for the heads up. Your post on hypothecation is one of the all-time classics on Zero Hedge.
Horror movie: "Honey, we've been re-hypothecated!"
When I left another spot to head over here I posted that I was off to see if I should short the planet when the market opens in the morning.
"Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion)....And people were wondering why looking through the balance sheet of Canadian banks revealed no alert signals. It is because all the exposure was off the books! Hundreds of billions of dollars worth."
In and of themselves, the numbers seem shocking but not apocalyptic. But then, these are only ESTIMATES, and we still don't know how deep the hole goes...
It seems that Canucks will not be spared the task of bending over and picking up the Austerity soap...
You don't get it. Every time a Trillion blows up the real cost is the follow-on damage to the real economy. First through the anti-competitive process of propping up and rewarding failure. THen through transference of the bill for that failure to the public (taxpayer). Finally through incipient monetary expansion required to cover it which creates inflation. The ultimate expression of all of that is in biflation, where you have debt-deflation and inflationary forces working synergistically to erode the real economy
The Black Swan has arrived and it is far larger than anyone ever imagined.
No wonder Bernanke's lip quivers. And to think I was worried about CDSs.
I'm taking all my $ out of the bank tomorrow. Next week, I cash out my
retirement fund at Merrill Lynch. January 2, I start looking seriously for a
nice, secluded house in the mountains. The time to act has come and those
who dally may not survive.
Wait a month to cash out your retirement fund and you won't have to pay tax until April 2013. By then the dollar will be worthless and the whole country will be in flames.
Sure beats working at a job to produce something worthwhile & consumable.
Ho. Ly. Shit.
Tour de force on that one, Tyler.
Interesting. But I still believe that, so long as the dollar remains (more or less) the Reserve Currency, Shalom Ben will cleverly manuver us between Scylla and Charbydis (sp.)....until the Iran War begins. Then: put your head between your legs, and kiss your ass goodbye.
Did CME just raise margins on Crude? http://www.cmegroup.com/tools-information/advisorySearch.html#
And the additional thought occurs: this TD is a profound subversive. Too many people are reading ZH. Power has gone to his head, the uncertainty principle is at work, and he is trying to CRASH THE SYSTEM RIGHT NOW. Please. Don't. I am not ready.
Heaven forbid that someone should be upset by current events.
BAN any article that interferes with sleep!
So I assume all who red-flagged me are "ready". Do you have any idea what is coming, given the seismic fractures - racial, economic, political, sectional - that lie just below the surface in the US? This is what's coming: @http://youtube.com/watch?v=bu_pkBamDMs. Duck, you suckers.
Not everybody lives in cities. Some live on arable farmland, 4 hours from an Interstate, have stored food, PMs, and plenty of weapons and ammunition and neighbors to protect it.
If you're in a city, good luck.
Do I dare to eat a peach?
we have lingered in the chambers of the sea
by sea-girls wreathed with seaweed red and brown
till human voices wake us, and we drown.
I should have been a pair of ragged claws
Scuttling across the floors of silent seas.
and wiping out the developed world and the associated 150 years of the welfare state as we know it
I say "Bring it on". I hate our current society and system. Bring it down. Bring it down.
This answers a fundamental question for me: just how will the world end? Now I know. If this article is as much as 1/10th correct in the analysis, the best advise is to fasten your seat belts, it's gonna be a wild ride.
You're feeling kind of cryptic tonight, eh, Caerus? Can't blame you, after reading that post. Shit will be getting very real, very soon, I'm afraid.
Holy shit!
Now it explains as to why Geithner shitted his pants in Europe after Merkel told him "Nein Nein Nein" (and she was not talking about Herman Cain).
Tyler-you've done it again.This piece more depthful then any in darkest days of 2007-2010.
Thank you.Even if you're a pod Tyler.Where's Marla?I miss her music casts.
This piece is shaking Lonon,NY and DC tonight.
All we can hope for now is Jubilee.
Be careful.
Snooki is on in 12 hours
Stop bitchin. You're like my GF always worried about somthing.
The entire world is based on a fantasy, and pretty soon this is going to become obvious. The elite are out to force everyone into debt by taking their real assets and replacing them with nothing but worthless paper.
Soon, they are going to crash the whole thing, and the world will never be the same again.
does'nt anyone use lawyer's any more? Or more precisely,read the part of the contract when opening an acct with these guy's mean's that your money can be sent oversea's to a subsidiary never to be seen again? I mean,really, if you can't accept that risk,go somewhere else. Or conversly, if you DID'NT read the contract, or know the rule's,whose the dummy? You wanna play these game's, fine,but when it goes to shit bail your own ass out.
Just remember that things did not have to turn out this way.
Congress, regulators, and the Fed all had enough information to kill Gramm Leach Bliley and reinsert Glass-Steagall. Before Lehman, they could have done it.
They didn't. After LTCM, everyone knew what could happen if just one firm got ahead of the curve.
Not only did the TPTB not do anything, they doubled down, hit the accelerator and lied with every breath all these years.
I'm embarrassed to say I was once a banker.
You are going to have to make a choice when you meet these assholes in the future.
Are you going to stay quiet like a good sheep, or are you going to use their guts to grease the treads of our tanks?
that's quite a pontification on hypothecation!
(i couldn't resist)
Would someone kindly help me here with a question? What was the original reason that they created this re-hypothecation procedure in the first place? Please don't tell me it's to steal, because I have a bad right shoulder and I am a 57 year old not yet retired tradesman. Just when I think that I am beginning to understand one of these articles it seems like there is a blank spot that I am unable to fill in. Why do they have to employ so much leverage? I hope that doesn't sound stupid. Oh well. Thank you P.S. I have logged a minimum of 4 hours a day on this site for the last 19 months. I registered as a member about 14 months ago
someone can feel free to correct me if i err, but according to this article (within this piece) that TD posted above, it appears that MF global was able to leverage their clients funds using this legal? work-around.
from that article:
Under the U.S. Federal Reserve Board's Regulation T and SEC Rule 15c3-3, a prime broker may re-hypothecate assets to the value of 140% of the client's liability to the prime broker. For example, assume a customer has deposited $500 in securities and has a debt deficit of $200, resulting in net equity of $300. The broker-dealer can re-hypothecate up to $280 (140 per cent. x $200) of these assets.
But in the UK, there is absolutely no statutory limit on the amount that can be re-hypothecated. In fact, brokers are free to re-hypothecate all and even more than the assets deposited by clients. Instead it is up to clients to negotiate a limit or prohibition on re-hypothecation. On the above example a UK broker could, and frequently would, re-hypothecate 100% of the pledged securities ($500).
This asymmetry of rules makes exploiting the more lax UK regime incredibly attractive to international brokerage firms such as MF Global or Lehman Brothers which can use European subsidiaries to create pools of funding for their U.S. operations, without the bother of complying with U.S. restrictions.
If a customer deposits $500 in securities why does he have a debt deficit of $200?
It's a hypothetical example, but your question is good. They could have said it better: if a customer buys securities with a $500 deposit and a $200 maintenance margin, then the broker could lever the $200 through hypothecation (as if this were a collateralized "loan")
Thank you for your reply. I will look up the definition of maintenance margin myself, because I like to read. I hope it is not anything like the definition of MBS; that one took an hour and a half to read and reread and I was still confused. I'm grateful that I learned and sustained a long career in carpentry. I can always find a cash job when I want. The only stock I own is 33 shares of Prudential I got from a lawsuit settlement in the 90's from their variable appreciable life insurance business. Thanks again, sir
sir: i admire your spunk. i was once a capenter myself and can think of nothing more depressing than reading the definition of mbs. don't let all of the doubletalk confuse you. it is there for exactly that pupose, to turn you away before you have found the answer. continue to search and seek and the truth shall be made known to you.....god bless.................
Yeah. You have $100 and put it with your broker and alls good in your life and how you invest. Yet broker puts it with another and they lever it say 4x to create $400 to invest with. Then that broker daisy chains it up, puting $400 with another broker to create $1600 all off your $100 that may be doing good but also, may be losing heavily if you're a bad investor. Or what if you cash out? How does the rest unwind? And what about bonuses? The guy at broker $1600 will make 2% fees at least, meaning $32 with only your $100 in back. (You've already lost 1/3 of your money then) So yeah, it's greed buddy. On a collective level so large and so disconnected that it feeds and grows off itself. The originators who bent the rules to favor such behavior I'm sure would care less of the greed bleeding downstream to favor others yet, by the time something gets so large and so many are eating at the trough and you're still making money, how's one to stop it? Accept maybe clean the slate and start it again. When the scheme dries up it's the bottom 80% left shirtless.
"What was the original reason that they created this re-hypothecation procedure in the first place? "
As a registered rep for a retail brokerage I was often asked that question. I liked the way you phrased it because the original reason, as I understood it and explained it my clients, was so that the company could use the securities to borrow themselves, and to lend other companies for selling the same positions short. Firms who lent the securities to others were paid for these lent securities.
However, it has evolved and become more complex, and more digitized. I quit trading about the same time I began to be unable to get physical certificates. Everything is controlled by DTCC. Another can of worms indeed.
if I had a nickel for every time I heard the word
If I had a nickel for every time I heard the word hypothecation before today.....
I'd not have a nickel.
I was wondering how and why the "missing" Mother Fucking Global moola ended up in England. Thank you Tyler(s) for the explanation.
Now that I have been given a shocking glimpse into the Darkness of the Shadow Banking butcher shop, I suddenly wonder - truly, no trading or brokerage facility is safe since the majority are tied in with a variety of banks and exchanges knee deep in this wanton blood drenched river of corrupt rotting meat.
How many accounts will go "missing" in the near future?
Edit: Nevermind, nothing is safe afterall...
MF Global's bankruptcy has already set off a chain of events which not even all the world's central banks can halt. Which is ironic for the Buba - what it is doing is "too little too late." But at least it is taking proactive steps. For all the other central banks in the Eurozone, and soon the world, unfortunately the deer in headlights image is the only applicable one. And all because of unbridled greed, bribed and corrupt regulators sleeping at their job, and governments which encourage the TBTF modus operandi as the only fall back one, which in turn gave banks a carte blanche to take essentially unlimited risk.
We are all about to suffer the consequences of all three.
While the 1st paragraph was most eloquent and succinct in describing what's to blame, I would most humbly disagree with the 2nd paragraph because the more people that are aware of this, the more we can control who suffers the consequences i.e. justice being served and reforming a broken economy. The financial system is insolvent, the central banks are aiding and abetting, the politicians are paid to distract, the media seeks to lock in that distraction, and in the end the ponzi will fail regardless of how many 'bazookas' and 'nuc's' they come up, it will never free them from the event horizon.
Great and timely article ZH! Spread the word bitchez!
I got word the spent fuel pool in rx#4 collapsed.
enenews.com is also down
Is there anyone that can confirm/deny?
If true, we're all getting cancer soon.
links to cameras at least... http://www.tepco.co.jp/nu/f1-np/camera/index-j.html
Those have been proven to be looped.
Why is enenews.com down?
I got a really strange email from someone working there saying something happened.
What?...Hope not. if true, that is where the "Where science has never been before" scenario comes into play....and it's when Dr. Helen Caldicott purchases one way tickets for all her family members in Boston to fly into Sydney.
I hope it's not true but I can't get back with my contact.
I noticed Enews down most all day.
If this is true. Wer're all dead quicker than we thought.
This is terrible. The worst thing is that our children will feel it the hardest.
Could this be related?
I agree with populist. This article cemented it for me.
Gold, Ground, Guns, Grub and God.
rehypothecation: infinite recursive loops of shadow banking fractional reserve lending. :)
& the "assets" being rehypothecated = ? Money from nothing (fiat), fractional reserve lent, valuation of something, entered on a ledger as investment collateral, etc.,. I'm seeing an equation here: 0x still equals 0, right? (just exponentially more entertaining!)
Well, I can't blame them. The envy must be unbearable. They not being able to will "money" into existence like the Federal Reserve, etc.,. What a frigg'n awesome gig! I'm going to start writing myself IOUs and rehypotheticate my way to a lovely estate. :-)
I just finally finished reading the. Wow a great read. The sheep will never know what happened. Even with all that has been written , it is beyond their ability to comprehend.
But this doesn't just end! And this be not the last story. And a found shadow only exposes the shadow of it's shadow. Clearly assets be gone and synthetics feed the machines. However, does anyone see it truly stopping on a dime in some sort of organized chaos? This isn't playing Monopoly with your cute sister. This is having attempted to play with the retarded brut who's twice as large as everyone else and has no problem flipping the board in rage upon his exit. There is no replay. It's destruction upon a scapegoat. Love, American Style.
No, this is't playing monopoly with your cute sister. This is raping her then sharing her with all your buddies. Unbelievable. No wonder Corzine has dropped out of sight.
This article makes me think that physical gold in hand and real estate (in spite of its loss in value) in South America might be the safest investments!
This is astonishing while unfortunately not unexpected. If one takes a step back and sees the wider picture he would only wonder how mankind was able to reach a point, where some people managed to create such vast wealth for such a long time, by using a specific process, and now a zenith has been reached where the complexities of said process have reached their own end point, and pose a grave threat for the system which allowed its existence in the first place.
The problem is, that because of the continuous political administrations who accommodated the banking industry's interest throughout the years, this collapse will of course impact the broad society, yet will leave the same people, who profited by the process which broke it, completely unscathed.
At this point I'm assuming that everyone reading this article has realized that everything we live and have lived is nothing but a farce, as I'm sure sager people have for quite some time now.
Again, prior to the inception of capitalism, who would have thought that its apex and tipping point would be caused by the creation of such copious wealth, backed by nothing but a Hamletian clusterfuck of a pledge, to a pledge, to a pledge, and which would eventually demand its, inexistent, dues.
As for MF Global, if one never read ZeroHedge, he would have no idea about the severity of the situation, which was the first and only place, which heralded said collapse as the "canary in the coal-mine" event. Of course now everyone here knows that things not only never changed since AIG's collapse in 2008, but have actually gotten much worse, as we can observe by the timelines of political events and their impact on people's life.
Since it is becoming obvious that the same people knew about this ship's direction, I can only speculate whether at this point they will do everything to save and perhaps prolong its demise to a latter time, by using all unconventional methods possible. And since its rule-breaking times, I'm assuming that the global population will be promptly pooled and herded, for the appropriate placement of the chess set, in order to be prepared for the upcoming "tectonic shifting" events.
So if the outcome of Friday's EU summit isn't drafted already, people can already see the "safeguards" that Mr Cameron will be supposedly asking -nay- demanding, by the Germans, in order to ensure City's criminal reign, as a playground for bank's rampant and careless behaviour.
Thanks again to ZeroHedge and I hope that your servers are placed in international waters, because I'm sure that some future clause will magically appear within the "Patriot Act", which will render "fringe" blogging as terrorist action.
I have a question to ask this group of distinguished contributors here:
If you had the power to do so, how would you crash the banks?
i wish i knew. however as Wall St. and the City of London have turned into a menace for the whole planet i think Russia, China and now possibly Germany may be working on it.
For all gen x: http://www.youtube.com/watch?v=Z0GFRcFm-aY
And for that millinieum kid - sorry but you are not first the wave of children that have faced somewhat dire economic condition: http://www.youtube.com/watch?v=UOGBTFFxOp
Graaduated in the early 80s - sucked.
Being somewhat resourceful moved to the States (2000 - 2008). Two Bush presidents a few wars and hopium.
And not the best move
Bravo Tyler, BRAVO!
Plan B :Lebensraum, has always been there. Germany will walk away from the current financial system if the cost is too high. This has always been there. Merkel is Bismarck's daughter, or at least will be tempted to be if the GS cabal tries to railroad her to becoming a fiat pawn in the porn printing to infinity game of monetary debasement of USD/EUR; the globalist strategy of US/FED/WS.
We could see a two tier monetary system in Eurozone, or a rapid meltdown to individual currencies which will spell mayhem for Club Med Europe.
The new Berlin-Moscow-Peking axis is a real possibility.It will include Ankara and Tehran.
PS : A lot of people here at ZH, not TD of course, nor RM, have scoffed at the assertion made by posters like myself that the heart of the financial ponzi, POST 2008, remains the ANGLOSAXON BANKING SYSTEM as it won't admit its past sins; on the contrary. NOT THE continental EUROPEAN SYSTEM, surrogate victim, WHICH IS CURRENTLY GETTING HAMMERED. This brilliant demonstration here just goes to prove that assertion even more so in chilling detail; layers upon layers of synthetic debt mountain. 2009 saw this financial strategy baloon, and Brown the poacher pretended he was Brown the gamekeeper; now the chickens are flying out of the hen pen.
PPS : The current discussions TODAY between Merkozy and Cameron may be impacted by the relevance of findings in this thread; as Cameron WANTS Eurozone to TRANSFER to the City ALL financial supervision and intendant financial service activities, to Bolster City's dominance of Eurozone...
This rehypo scam is just another fraud. Legal loophole or not, one gets the feeling that one of these banker / broker types is eventually going to lose the wrong person's money. I don't think it will go over very well.
I don't agree that the failure is with us. The banks have bought the government and they have bought the media and now they have bought the police and military. It has been an insidious rise to power by evil. Most people lead simple lives and do not think for a minute or understand the minutia of what goes on, they are so busy with family/friends, in other words THE THINGS THAT MATTER! It is wrong to just simply say it's us, we are not the greedy flithy scum who only care for bonuses and new porsches and private jets, it is the top .1% and the people who work in finance that are to blame. Whilst I'm here you can add in politicians and the military who will shortly be doing the bankers bidding by launching attacks on Iran/Syria.
And now, they are preparing to staff the camps:
Here is how it works......I have a company with assets in country A which I lever to the gills with idiotic bets reccomended by my "analysts" (monkeys who like beer, sports, and do what the fuck they are told so long as they are paid just enough to have a nice car having been slightly rewarded they are then loyal to the fraudulent system). Before these bets go belly up, I incorporate this levered shit tent in another country whereupon I say look at my ASSets, can you please give me some motherfucking additional leverage? I don't have time to wait either. With that leverage I go back to my original country and get a huge overpriced office in midtown manhatten, hire a bunch of useless people that went to good schools (so they can ask their rich ceo family friends for tips or to invest) to enter fake trades and give prime brokers business (so their ponzi scheme can perpetuate symbiotically), and have investors greeted by attractive secretaries. You have a really nice office. You must know what the fuck you are doing. How the fuck are you going to give someone even a million dollars and not know exactly what the fuck they do??? That's what I didn't get about Madoff? If I'm giving you a billion dollars then you are gonna tell me exactly what you do with that money and the fact that that degree of opacity is business as usual shows the high degree of smoke and mirrors needed for the assholes to get on CNBC each day. Trust combined with laziness is a hallmark of the modern financial world(free/easymoney people). I take new investors money and start over. All I really need to do is safely provide 3% returns but I need to ball/mistresses/ducati time and to send my legitimate kids to really nice schools so I'm going to get a little riskier. Das ist Kapitalismus.
Fun explanation laden with scotch, but chill the reverse-blame tactic regarding people who don't know what there brokers due with money. You also don't know what: Cooks do with your food, surgeons do with your abdomen, butlers do with your tooth brush, maids with your linen, dentists with your teeth, lawyers with your hours.... The list goes on and you well know trusted advisors established and backed by supposed regulations and consistent returns makes for an easy risk-off attitude regarding legal documentation that's no different than a pharma script that pretty much spells out the liability of how you'll die if you take the medicine to save you... All just for legal purposes of course...
So you are intimating that it's customary for evolved primates to fuck each other over?? Wall St. is a special hyperbolic case. Must be the human condition.....or not. If a doctor makes even a small mistake, shows up drunk, steals, etc. he or she gets into big trouble (look at malpractice premiums) but as we've seen that brand of justice is not oft applied in the world of finance. I generally do know what cooks are doing with food. They cook it, not inject it with feces/AIDS semen and let the government reimburse them for spoilage. Are butlers costing this country billions? Trillions? Is the person handling your linen getting over on you? Let's say hypothetically that there is a spectrum of evil, deceit, and negligence. Wall St. is much higher on that aforementioned spectrum than the professions you name. I get your point but there are different degrees to being an asshole. I'm not going to concern myself with a drunk kid pissing in an elevator, but debasing my contry's currency is worth noting and exploring. Get it?
This sounds like the Federal Reserve note, itself. I wonder if Ben Bernanke doodles scams like this on his napkin, at lunch.
The rest of the media seems oblivious to what's going on. MF Global barely registers, likewise for the Euro crisis. Someone forwarded this to me, guess they think I talk about things that can't possibilly be true... ZH at 7.27


text:
Respond to Review of CLOSED: Juicy Jones - Hospital
by Happyheffer
Review: Location; easy to find Just popped in for quick juice but it took a while. Staff very chilled and slow. Looks better than it counterapart in Cardenal
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subset: commoncrawl


text:
- 89Promote
Art Print
The best is yet to comeby Iris Lehnhardt
Collect your choice of gallery quality Giclée, or fine art prints custom trimmed by hand in a variety of sizes with a white border for framing.
Sublime and poetic, as the eternal sea. ♥
Thank you for your lovely thoughts, Magdalla :) ♥
wonderful work
It sure is!
Many thanks Carina, Tex and Katy!! xx
This is Beautiful!
Thanks so much, Rachel!
Great sense of space and love those tones Iris!
Thanks so muc, John! xx
Gosh Iris would this look simply sensational on the largest canvas , Stunning atmosphere and a awesome piece of photography xx
Thanks so much for your heartwarming words, dear Paul! xx
beautiful,iris,lovely colours
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text: > Squirting Porn by John Stagliano | Adult DVD Talk You are not logged inLog in | Join for Free MOVIES New Releases Coming Soon New Reviews Write a Review Top Rated Movies XXX Movie Trailers Must Have Movies Top 50 Movies Porn Studios PORNSTARS Pornstar Interviews Pornstar Galleries Official Websites Top Porn Stars TALK Porn Forum Pornstar Members Chat Room Email !Alerts SHOP Where to Shop Porn Bargains XXX Coupons Advanced Search Search: Actor Director Movie Forum Reviews Review text Go Porn Movie Categories > Squirting > John Stagliano Squirting Movies by John Stagliano MOVIESShowing 1 - 1 of 1 MoviesShe Squirts 9Starring: Andras, Kate Frost, Crisbel, Carol Dias, Marcella Duarte, Gabriella FerrasStudio: Digital SinDirected by: John StaglianoRelease date: 4/29/2002Formats: DVD, Rental, Video Stream/DownloadCheck PricesWatch it NowPage 1 of 1 Current FiltersJohn Stagliano XAvailable FiltersCategoryMasturbation (1)StudioDigital Sin (1) AdultDVDTalk.com is not a store. Please see Where to Shop for adult movie shops and porn download sites.More Porn Resources: Sex Toy Talk . IAFD . Eurobabe Index . Gay DVD Review 18 U.S.C. 2257 | Site Map | Email Us | Follow Us on Twitter | Terms of Use © 1999 - 2016 AdultDVDTalk.com


text:
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text:
Assertive base earth pony by MokrosuhibrijacWatch
©2012-2016 Mokrosuhibrijac
An earth pony base for MLP:FIM
never mind
can i use it!
oh goooood, yes!!! YES, YOU CAN!!!! XD
credit me when you're done and link me so that i can see your work
credit me when you're done and link me so that i can see your work
Can I make this a MS Paint friendly base? I'll credit you
using and i will link back
Has anybody made a MS Paint friendly base?
some people do, I guess
I never bothered to
I never bothered to
Can you give me one of the the links please?
i am going to change it to a pegasus if that is okay with you :3
ugh...I have a pegasus version in the exact same pose
I will be using this for a double base pic i will send link when done :3
Can I use this in my database you will be credited in the meta data but I cant say when or if I will use it in a picture so I cant promise to link it back
Thank you for you consideration
Thank you for you consideration
Using! BTW I have paint. I know what I should do to make it MS Paint friendly, because I'm sure I seen this before.
sure, as long as you don't demand me to pixelate, I once even wrote an entire journal on that XD
I saw some of your comments. All bases are MS. Paint friendly as long as you download the image.
not all bases are MS. Paint friendly even if you download them
i guess so
people complained about using it a lot
people complained about using it a lot
would this work on Pixia as well?
i don't know what that is
can i use this
Nice. I'm going to use the MS paint version, MS paint bases work well with pant.net.
Is this MS Paint-compatible, given its size?
If not, shrinking it should adequately pixelate it.
If not, shrinking it should adequately pixelate it.


text:
Deffskull-Shoota by MasterAlighieriWatch
©2011-2016 MasterAlighieri
The upgraded version of an ork shoota I did a long time ago.
can you make more ork drawings, they rock!
blood axe?
Oh yeah
The best orc in internet!
daka daka daka
Props on the drawing!!!
Awesome. I'm painting my Orks as Deffskulls BTW
GW are currently looking for new illustrators, if you don't work for them yet please try
Oh and awesome art as per usual
Oh and awesome art as per usual
This looks great! And that hat is a nice touch
love it.
Why aren't you working for GW anyway?
Why aren't you working for GW anyway?


text:
Kwansei Gakuin University
|Latin: Universitas Collegii Kwanseiensis[1]
|Mastery for Service (奉仕のための練達 Hōshi no Tame no Rentatsu?)
|Founded Sep. 28, 1889,
Chartered March 1912[2]
Chartered Mar. 7, 1932[3]
|United Church of Christ in Japan[4]
|US$847.8 million
(JP¥96.5 billion)
|Ruth M. Grubel, Ph.D.
|Osamu Murata
Academic staff
|475 full-time,
1,045 part-time[5]
Administrative staff
|279 full-time
|Nishinomiya, Hyōgo, Japan
34°46′09″N 135°20′50″E / 34.769187°N 135.347174°ECoordinates: 34°46′09″N 135°20′50″E / 34.769187°N 135.347174°E
|Suburban / Urban,
148 acres (0.6 km²)
|Blue, white, and yellow
|34 varsity teams
|Fighters, Saints, Jayhawks
|8th Man (unofficial and historical)
|Kansai Big 6, ACUCA
Kwansei Gakuin University (関西学院大学 Kansei Gakuin Daigaku?), colloquially abbreviated to Kangaku (関学?), is a non-denominational Christian private and coeducational university in Nishinomiya, Sanda, Osaka City, and Tokyo, Japan. Chartered in 1932, it is the 13th institution with university status in Kansai region, the 23rd oldest outside of Greater Tokyo, and the 46th oldest in the country. Kwansei Gakuin University is one of the leading private universities in Japan. It has a relatively strong network of alumni in Kansai region and has produced a number of CEOs of Japanese companies and politicians.
- 1 Overview
- 2 Academics and organization
- 3 Faculty and students
- 4 Campus
- 5 Student Life
- 6 Noted faculty and alumni
- 7 References
- 8 External links
Kwansei Gakuin was founded in 1889 in Kobe, Japan by Dr. Walter Russell Lambuth (later Bishop), a missionary of the Methodist Episcopal Church, South (MEC-S), USA, with the aim of training missionaries and educating young people based on the principles of Christianity. It was intended to be a small private institution with two departments, a theological school and a middle school. In 1910 the Canadian Methodist Church and the Japanese Methodist Church joined the operation, and Kwansei Gakuin opened a college with literary and commercial courses in 1912. The same year, Kwansei Gakuin moved to the rural farmland which is the site of the present campus in Nishinomiya Uegahara near Mount Kabuto. Three years later, it acquired the status of a full degree-granting university and continued as one of 54 such institutions in Japan until the end of World War II. The school, formerly all-male, opened its doors to women in 1943. In 1948, the university embraced the new 6-3-3-4 school system (6 years in elementary school, 3 in junior high, 3 in senior high, and 4 in college), based upon the American education framework.
Kwansei Gakuin University is now an independent co-educational institution offering Bachelor's, Master's, and Doctoral degrees in almost 40 disciplines to around 20,000 students. There are 11 undergraduate and 13 graduate schools as well as an attached Kindergarten, Elementary School, Junior and Senior High School, Seiwa College and Seiwa Junior College. The university consistently achieves the highest academic standards among Japanese private universities and colleges.
School name[edit]
The name Kwansei (関西 Kansei?) came from its founder Walter Russell Lambuth's desire to serve citizens of Kansai (関西?), the western part of Japan, while the word gakuin (学院?) was translated from "college" at that time. Thus, Kwansei gakuin literally means West Japan College. The name was romanized according to the vogue pronunciation among progressive students in the late 19th century. The "official" pronunciation of kwan can be heard in performances of the school song, but the modern pronunciation of kan is usual in other contexts. Thus, the abbreviated name Kwangaku is usually pronounced as kangaku, though Kwangaku would be correct in theory.
School motto[edit]
Kwansei Gakuin's school motto, "Mastery for Service", was proposed by the fourth Chancellor, Dr. C.J.L. Bates. This motto reflects the ideal for all its members to master their abundant God-given gifts to serve their neighbors, society and the world. A "master" usually means someone who directs or commands others, but in Kwansei Gakuin, it means a person who, in terms of humanity, learning, and daily life, has an accomplished character, or as Dr. Bates said, is a "Self-Master." From that base, "service" is understood as "service to God," the starting point for a life dedicated to serving neighbors, society and others.
On the basis of the school motto, Kwansei Gakuin holds up the mission statement: "Kansei Gakuin, as a learning community based on the principles of Christianity, inspires its members to seek their life missions, and cultivates them to be creative and capable world citizens who embody its motto, 'Mastery for Service,' by transforming society with compassion and integrity."
School symbol[edit]
Kwansei Gakuin's symbol, the crescent moon, represents its purpose of education, growth to fullness in knowledge and wisdom.
International relations[edit]
Kwansei Gakuin University has several agreements with the United Nations subordinates. The university and United Nations Volunteers (UNV) reached an agreement establishing the university as the first institution of higher education in Asia to form a volunteer-sending partnership with the United Nations Information Technology Service (UNITeS) in 2003.
KGU and the United Nations High Commissioner for Refugees (UNHCR) representation in Japan concluded an agreement to establish a special university scholarship system for refugees in Japan in May 2006. Under this agreement, Kwansei Gakuin started the UNHCR-KGU Higher Education Program for Refugees in Japan in April 2007, and two refugees were enrolled.
Academics and organization[edit]
Undergraduate units[edit]
- School of Theology (1952)
- School of Humanities (1934)
- Department of Culture and History
- Department of Integrated Psychological Sciences
- Department of Literature and Linguistics
- School of Sociology (1960)
- School of Law and Politics (1948)
- Department of Law
- Department of Political Science
- School of Economics (1934)
- School of Business Administration (1951)
- School of Science and Technology (1961-2000 Nishinomiya Uegahara, 2001–present Kobe-Sanda Campus)
In 1961 in commemoration of its 70th anniversary, Kwansei Gakuin established the School of Science which was composed of the departments of Physics and Chemistry. Prof. Isamu Nitta played the central role to design the department plan and recruit the new faculty members. In 2001 the School of Science moved from the Uegahara Campus to the Kobe-Sanda Campus in search for a more conducive environment for education and research. In 2002, the school was reformed when it added two new departments, the Departments of Bioscience and Informatics, along with the Division of Mathematics in the existing Department of Physics, and renamed itself the School of Science and Technology. The Department of Mathematical Sciences, which is derived from the sub-department of Mathematics in the Department of Physics, and the Department of Human System Interaction, which has expanded the field of interaction between human and machines or materials, were newly established in 2009. The school divided the Department of Bioscience into the courses of Molecular Bioscience and Biomedical Chemistry to enrich the research related with Medical Science and Pharmacology.
- Department of Mathematical Sciences
- Department of Physics
- Department of Chemistry
- Department of Biosciences
- Department of Informatics
- Department of Human System Interaction
- School of Policy Studies (1995, Kobe-Sanda)
- Department of Urban Studies
- Department of Applied Informatics
- Department of International Policy Studies
- School of Human Welfare Studies (2008)
- Department of Social Work
- Department of Social Organization Development
- Department of Holistic Human Sciences
- School of Education (2009)
- Department of Early Childhood and Elementary Education
- Department of Applied Education
- School of International Studies (2010)
Postgraduate units[edit]
Graduate schools[edit]
- Graduate School of Theology (1952)
- Graduate School of Humanities (1950)
- Department of Culture and History
- Department of Integrated Psychological Sciences
- Department of Literature and Linguistics
- Graduate School of Sociology (1961)
- Graduate School of Law and Politics (1950)
- Department of Law
- Department of Political Science
- Graduate School of Economics (1950)
- Graduate School of Business Administration (1953)
- Graduate School of Science and Technology (1965, Kobe-Sanda)
- Department of Mathematical Sciences
- Department of Physics
- Department of Chemistry
- Department of Biosciences
- Department of Informatics
- Department of Human System Interaction
- Graduate School of Policy Studies (2001, Kobe-Sanda)
- Department of Urban Studies
- Department of Applied Informatics
- Department of International Policy Studies
- Graduate School of Language, Communication, and Culture (2001)
- Graduate School of Human Welfare Studies (2010)
- Department of Social Work
- Department of Social Organization Development
- Department of Holistic Human Sciences
- School of Education (2009)
- Department of Early Childhood and Elementary Education
- Department of Applied Education
Professional schools (KGPS)[edit]
- Law School (2004)
- Institute of Business and Accounting [1] (2005, Osaka-Umeda)
Centers and institutes[edit]
- Division of Research Development and Outreach[6]
- Institute for Industrial Research
- It was created in 1934 to carry out economics and industrial research, and also functions as the administrative office of EUIJ Kansai, which carries out research and teaching about the European Union. It collects and provides basic economic and industrial statistical materials, along with related journals, OECD materials, and Nikke NEES data.
- Institute for Integrated Communication Research and Development
- Center for Information and Media Studies
- Language Center
- Research Center for Teacher Development
- A center for students who want to be qualified as teachers, school librarians or museum curators. It holds briefings, one-on-one meetings, training, and guidance for hands-on training in areas such as nursing. It also carries out research on practical school education.
- Institute for Sports and Health Sciences
- Institute for Human Rights Research and Education
- It carries out human rights education and research activities that deal with a wide range of discrimination issues from the perspective of human rights. It holds research seminars, and publishes a research journal and educational pamphlets.
- Research Center for Christianity and Culture
- High-Tech Research Center
- Center for International Education and Cooperation
- Institute for Research on Disaster Reconstruction System (ja)
- Research Centers for Specific Projects (ja)
- Research Center for Thanatology & Spirituality
- Research Center for Urban Innovation
- Research Center for Musical and Revue
- Research Center for Economies with Low Fertility
- Research Center for Friendly Polymers
- Research Center for Human Media
- Research Center for Universal Design in Education
- Research Center for Entertainment Computing
- Research Center for International Human Development
- Research Center for Policy Studies on Region, Community and Environment
- Center for Research into and Promotion of Higher Education
- The center was created in April 2010 to improve faculty teaching skills and student learning skills. It covers education development/support using faculty development (FD) and information communication technology (ICT) and creation and augmentation of educational environments. It promotes the LMS (Learning Management System).
- Christian Center
- It offers several Christian education programs in line with the school's mission. The Center's Chapel Hour program offers practical Christian education. Its other programs include the Early Morning Prayer Meeting, United University Worship, concerts and Christmas Chapel.
- Kwansei Gakuin Archives
- This office hold the records that document the history of Kwansei Gakuin and its management, staff, and students from its foundation in 1889. It publishes the Journal of Kwansei Gakuin History annually and the Archives Newsletter semiannually.
University libraries[edit]
- University Library (Nishinomiya Uegahara Campus) (1932–present)[7]
- It has a collection of about 1.6 million volumes, 1790 seats and 120 PCs. In addition to books, periodicals and audio-visual materials, the library provides access to web databases and electronic journals.
- University Library and Media Center (Kobe-Sanda Campus) (1995–present)[8]
- It has a collection of about 200,000 books and over 1,900 different academic journals, mainly related to the School of Policy Studies and School of Science and Technology. The Media Forum has about 110 PCs and assists the education and research activities of the Kobe Sanda Campus.
- Nishinomiya Seiwa Campus Library
- The more than 200,000-volume collection of the library supports self-directed research activities. In addition to books specific to the field of education, it houses valuable works and a large number of journals in related areas.
University press[edit]
Educational facilities[edit]
Extramural study[edit]
Credit courses[edit]
Non-credit courses[edit]
Faculty and students[edit]
Kwansei Gakuin University hosts more than 300 international students from other nations.
Judith May Newton (born March 23, 1939, died May 21, 2011) a Methodist missionary and published writer of songs and books[9] taught at Kwansei Gakuin University from 1988 to 2005 in the fields of English and American Literature to undergraduates and graduate students.[10] She was commissioned a missionary in 1976 and was assigned to Sendai, Japan where she taught full-time at Tohoku Gakuin University for 10 years.
|This section requires expansion. (September 2015)
Kwansei Gakuin has six campuses: Nishinomiya Uegahara, Nishinomiya Seiwa, Kobe Sanda, Osaka-Umeda, Tokyo Marunouchi and Takarazuka.
Since 1929, the flagship campus has been in Nishinomiya, Hyōgo. In 1995, the university opened a larger campus in Sanda, Hyōgo.
There are two satellite campuses in downtown Osaka City (Umeda) and Marunouchi, Tokyo. Lectures are mainly conducted at the Nishinomiya Uegahara, Nishinomiya Seiwa and Kobe Sanda campus.
Nishinomiya Uegahara Campus (1929–present)[edit]
The Nishinomiya Uegahara Campus is about halfway between Kobe and Osaka in the city of Nishinomiya. In 1929, Kwansei Gakuin moved to this campus, which is designed in a "Spanish mission style" by William Merrell Vories (1880-1964), a missionary, architect, educator, and entrepreneur born in the United States, who worked mainly in the Kansai area in Japan. The total area is 195,637m2.
This campus houses the Schools of Theology; Humanities; Sociology; Law and Politics; Economics; Business Administration; Human Welfare Studies; and Language, Communication, and Culture. It houses the Law School, Institute of Business and Accounting (Business School, Accounting School), and most of the administrative offices of Kwansei Gakuin.
Nishinomiya Seiwa Campus (2009–present)[edit]
This campus houses the Schools of Education, the Junior College, and Kindergarten. It is 10 minutes from the Nishinomiya Uegahara Campus on foot.
Kobe Sanda Campus (1995–present)[edit]
This campus houses the School of Policy Studies and School of Science and Technology. It has the same architectural style as its Nishinomiya-Uegahara predecessor. This campus is in the city of Sanda, about an hour to 70 minutes from Nishinomiya by shuttle bus. The total area is 280,000m2.
Sanda Campus Life[edit]
Research Fair
A Research Fair was established in 1998 and takes place every autumn. It includes presentations, poster sessions, a business plan contest and debating. Some parts are done in English. Students in all Policy Studies undergraduate and graduate majors are encouraged to participate. It aims to help students clarify their thinking through research and discussions with the audience.[11]
Students' clubs and activities
About 24 registered activities are organized on Kobe Sanda Campus. These include tennis, soft tennis, soccer, volleyball, basketball, dance, orchestra, and Gospel.
School festival
The school festival is known as Singetsu Sai (新月祭) and is held at Kobe Sanda Campus on the last weekend in October each year. Activities include food and drink stands, dances, concerts, and plays, which may be performed by individual volunteers or by clubs such as the dance, the orchestra, the band, and the drama clubs. This event is managed by the KGU school festival executive committee.
The English Language Program (ELP) started in 1995, the same year the KGU School of Policy Studies (SPS) was established. The purpose of this program is to provide exceptional English language instruction to SPS students so that the students can be successful in their careers.[12]
Today, the ELP has over 40 English instructors who teach in the ELP,[13] which includes 10 full-time instructors and 25 part-time instructors.[14] They are from many countries, including the UK, Canada, Japan, Australia, New Zealand, and USA.
The ELP is divided into six English Course (EC) levels. Students mainly start from either EC1 or from EC3, depending on the TOFEL-ITP score they achieve before the program starts. After each semester, they go on to the next level. Students spend two years studying reading, writing, speaking, listening, and presentating. Students starting from EC1 usually end at EC4 and those starting from EC3 typically end at EC6.[15]
There are two exceptional activities which EC students can complete. The first is the poster presentation, where students taking the EC5 presentation class do a presentation based on a topic relevant to policy studies. The other one is the Research Fair. The best presenters chosen from the EC5 presentation class do a 20-minute presentation, using powerpoint slides and a topic based on policy studies. This presentation will be seen their classmates, and students from other classes, other grades, and even those from outside of the school.[16]
Living and learning
There is no residential accommodation on campus. In Sanda City a facility provides share housing for KGU students. KGU has four residences in Nishinomiya City that are available for use by students studying at Kobe Sanda campus.[17]
Access It takes about 15 minutes to drive from Shinsanda Station to the Sanda Campus. At peak times, there are usually about 10 buses per hour. At other times, the service is infrequent. It takes about 47 minutes from Sannomiya Station to Sanda Campus by bus. At peak times, there are usually about 4 buses per hour. At other times, service is infrequent.[18]
Unlike other campuses, student access by car is permitted. Parking is regulated.
Facilities The campus has sporting facilities. There is a sports gym, an athletic track, playing field, tennis courts, and a small golf driving range.
The University Library and Media Center at KSC is open from 8:50am to 10:00pm.[19]
There is a large cafeteria, housed in several buildings with indoor and outdoor eating areas. The cafeteria serves Japanese and international food. There is a convenience store and a stationery store selling student supplies.
The new Academic Commons building opened in 2013. It houses many meeting rooms, a cafe with all-you-can-drink coffee and a variety of cakes, and a reading room featuring a wide selection of books and manga, some of which are in English.
There are three ATMs on campus: Japan Post, SMBC and SIHD.
Osaka Umeda Campus (2004–present)[edit]
The Osaka Umeda Campus is in the Applause Tower, a short walk from central stations of Osaka city, such as Hankyu Umeda Station, Osaka City Subway Umeda Station, and JR Osaka Station. Besides holding graduate school classes for working people, the campus offers support for lifelong learning and student job placement. It is a base for industry-academia linking and PR activities.
Tokyo Marunouchi Campus (2007–present)[edit]
The Tokyo Marunouchi Campus is on the 10th floor of the Sapia Tower, next to Tokyo Station. This campus is a base for information gathering and provision, the furthering of lifelong learning, and job placement support in the Tokyo metropolitan area. It is also the base of the Tokyo Alumni Association. Alumni give courses like the Crescent Moon Class and the New Moon Class for KGU students. Also popular is the Marunouchi Course of lectures by prominent figures working on the front lines of the business world. The Tokyo Marunouchi Campus staff help KGU students find work in Tokyo. KGU graduates living in Tokyo are there to support current students.
Takarazuka Campus[edit]
- This campus houses the Elementary School. The site of this campus was former Takarazuka Family Land amusement park.
Student Life[edit]
Kwansei Gakuin holds a school festivals every autumn in each campus, called "Shingetsu Sai."
Kwansei Gakuin has one of the most diverse varsity athletic programs in Japan, with 34 varsity teams that compete in regional collegiate leagues. Although the school, unlike other private universities in the country, does not offer specific scholarships for student-athletes, it is still competitive with the top echelon of Japanese collegiate teams in the sports of American football, basketball, lacrosse and soccer.
Kwansei Gakuin University is a member of Kansai Big 6 Baseball League (関西学生野球連盟 Kansai gakusei yakyū renmei?), which was restructured in 1982. The school was recognized as one of Kansai Big 6 schools (関西六大学 Kansai roku-daigaku?) for about three decades, until KG was often excluded from the League, then Kansai Region's premium collegiate baseball league, in the 1970s.
KG is currently best known for its American football team, the Fighters, dominating the Division I League of Kansai Collegiate American Football League with 46 league titles, 22 national collegiate titles, and one national title from the 1948–2005 seasons. Kwansei Gakuin, Kyoto and Ritsumeikan have battled for American football dominance in the league for the last 15 years.
The school's traditional athletic rivalry with Kansai University is intense in every sport since the two institutions started All Kan-Kwan Games (総合関関戦 Sogo kankan sen?), in 1978. (It is less known than the Keio–Waseda rivalry in college athletics.) Kwansei Gakuin has tied the series, 14–14, for the past three years running.
Kwansei Gakuin has several athletic facilities including the 3rd Field, one of the first American football fields in the country, the Soccer Field, and the General Gymnasium.
KG athletics are supported by the Traditional Cheerleading Team, the Brass Band, and the Cheerleading Team of Kwansei Gakuin University Cheerleading Division. The division's three teams attend every American football game throughout the fall, as well as most baseball games throughout the spring.
The school's unofficial mascot used to be Kwangaku eitoman, the popular cartoon/animation character 8th Man in the 1960s.
Kwansei Gakuin has several fight songs, the most played of which, especially at American football games, are "Shingetsu-ki no moto ni", "Fight on Kwansei", and "I'm Popeye the Sailor Man".
In addition to KG's varsity athletics, a wide variety of clubs and intramural sports teams have been organized as student organizations under the auspices of the Division of Students. Most of the clubs and intramural sports are coed.
Noted faculty and alumni[edit]
- ^ Universitas Collegii Japonicum Occidens in literal
- ^ as West Japan College, a non-degree granting professional school
- ^ as Kwansei Gakuin University
- ^ historical ties to the Methodist Episcopal Church, South and the Canadian Methodist Church, but independent in its governance since 1941
- ^ As of May 1, 2007
- ^ http://www.kwansei.ac.jp/kenkyu/ Division of Research Development and Outreach (ja)
- ^ Kwansei Gakuin University Library
- ^ Kwansei Gakuin University Library (Kobe-Sanda Campus)
- ^ Newton, Judith May; Tabuchi, Mayumi (1991). Haiku, origami, and more : worship and study resources from Japan. New York: Friendship Press. ISBN 0-377-00217-8.
- ^ "Judith May Newton".
- ^ http://www.r-fair.info/rf2103
- ^ SPS school information handbook
- ^ SPS school information handbook
- ^ http://sps-elp.com/instructors/
- ^ http://sps-elp.com/goals-objectives/
- ^ http://sps-elp.com/activities/
- ^ http://global.kwansei.ac.jp/students/students_m_000575.html
- ^ http://www.shinkibus.co.jp/
- ^ http://library.kwansei.ac.jp/ksc/stop.cgi
External links[edit]
- Official site (English)
- Kwansei Gakuin University
- Educational institutions established in 1889
- Kansai Big Six
- Kansai Six (original)
- Universities and colleges in Hyōgo Prefecture
- Education in Osaka
- Universities and colleges in Tokyo
- Private universities and colleges in Japan
- Universities and colleges affiliated with the United Methodist Church
- Universities and colleges in Osaka Prefecture
- Registered Monuments of Japan
- Association of Christian Universities and Colleges in Asia


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Broders' Pasta Bar
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A Spring Selection. G15
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