Business

While the ongoing slaughter in European bank credit, and mostly counterparty risk, is troubling, it is nothing new: we have been showing it for over a month, most recently on Friday in "European Bank Risk Soars To 3 Year Highs, US Risk Rising."

Privatization Is the Atlanticist Strategy to Attack Russia

For the first time since 2012, Bafin - Germany’s banking regulator, which for a minute looked like it might actually accuse Anshu Jain of lying about LIBOR - has closed a bank.

All financial transactions by Maple Bank of Canada’s German subsidiary have been halted on the grounds the operation has too much debt or, as BaFin put it, there’s “a prohibition on transfer of ownership and payment, due to imminent over indebtedness.”

• European stocks plunge as Lunar New Year offers no cheer (Reuters)
• European Stocks Fall, Credit Weakens as Signs of Distress Abound (BBG)
• Management trouble at world's biggest hedge fund: Bridgewater succession plan in flux as heir Greg Jensen steps back (FT)
• U.S. athletes should consider not attending Olympics if fear Zika - officials (Reuters)
• Geithner Gets JPMorgan Credit Line to Invest With Warburg Pincus (BBG)
• Top Clinton Donor Wants a Law Against $1 Million Gifts Like His (BBG)

The biggest event of the weekend, if not the month, was China's FX reserve outflow update, which at $100BN was slightly better than the $120BN expected (it pushed China's reserves to the lowest in nearly 4 years) but it was in the "no man's land" between the BofA best case scenario ($37.5BN), and the GS worst case ($197BN).