Music Quotes

The beat goes on

When the Fed now writes $85 billion of checks to buy Treasuries and mortgages every month, they really have nothing in the “bank” to back them. Supposedly they own a few billion dollars of “gold certificates” that represent a fairy-tale claim on Ft. Knox’s secret stash, but there’s essentially nothing there but trust. When a primary dealer such as J.P. Morgan or Bank of America sells its Treasuries to the Fed, it gets a “credit” in its account with the Fed, known as “reserves.” It can spend those reserves for something else, but then another bank gets a credit for its reserves and so on and so on. The Fed has told its member banks “Trust me, we will always honor your reserves,” and so the banks do, and corporations and ordinary citizens trust the banks, and “the beat goes on,” as Sonny and Cher sang. $54 trillion of credit in the U.S. financial system based upon trusting a central bank with nothing in the vault to back it up. Amazing!-from Bill Gross


Portfolio of Bonanza

This post is in continuation of my coat tailing series (see here).

Bonanza is a well known capital markets intermediary in India.

The portfolio of Bonanza Portfolio Ltd as on Sept 2012 as per stock exchanges sites is shown below:

Company # of Shares %
Ferro Alloys Corp. 2022153 1.09
WPIL 152182 1.91
Mahesh Agri Implem. 27816 4.28
Bhandari Hosiery Exp 173483 1.18
Plusline Industries 45463 1.43
SP Capital Financing 64183 1.07
Marvel Capital & Fin 58700 1.17
Bisil Plast Ltd 835632 1.55
KCL Infra Projects 542166 2.06
Shree Ashtavinayak 9722755 1.18
Excel Infoways 346048 1.1
Provestment Services 65952 1.29

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Linkfest:Jan 04, 2013

Some stuff I am reading today morning:

SEBI rejects RIL consent plea (Mint)

Infosys may fire upto 5000 employees (ET)

IT Dept looking into Barclay’s link with TN broker (BS)

Share buybacks (CapitalMind)

Best 80 C tax saving fixed deposits (OneMint)

Retirement planner’s confessions (Subramoney)

Media loves criminals, makes crime attractive (Mediacrooks)

Money for Nothin,writing checks for free (Pimco)

4 Business Gangs that run the US (SMH)

Will Intel destroy the cable industry? (BusinessInsider)

What’s inside America’s banks? (Atlantic)