- The Newest Dominoes to Fall from the Swiss Franc Revaluation!
The “Body Count” is Piling Up
My friends, it hasn’t even been a week since the Swiss National Bank(SNB) dropped their monetary nuke on Europe, and already, we’ve seen multiple casualties across the board. Of course, the first ones we heard of, were the smallest and most obvious: the large banks and FX brokerages, who were almost all short the Swiss Franc.
A short list of just a few of those FX players(that we know of) are:
Interactive Brokers- Loss: $120 million
Alpari UK- Loss: $225 million
Barclays- Loss: “tens of millions” of dollars
Citigroup Inc.- Loss: $150 to 200 million
Deutsche Bank AG- Loss: $150 million
FXCM Inc.- Loss: (at least $300 million: the size of the bailout they received)
Comac Capital LLP- Loss:(unknown but severe)
Discover Capital Management LLC- Loss:(unknown but severe)
Credit Suisse Group AG- Loss:(unknown but severe)
Saxo Bank- Loss:(unknown but severe)
Everest Capital’s Global Fund- Loss: (“almost all” of its $830 million in assets)
That’s nearly a cool 2 billion buckaroos, just right there, from those who admit the extent of their losses! Rest assured, this isn’t an exhaustive or extensive list, either! This is just a short list of a few parties who lost, but you get the idea: from TBTF banks, to currency brokerages, to hedge funds…that red that you see flowing isn’t just from their balance sheets!