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Playing Bluffmaster with the U.S. banks

Posted August 29, 2008

"I can see Morgan Stanley on one side… Citigroup, and Lehman are there too. And they are all bluffing about what they’re holding, and everyone playing knows it." — Charles Delvalle

by Charles Delvalle

Baltimore — (TFN):  Every time I think about the world financial system, I keep coming back to the same image…

Everybody’s around the poker table… trying to call each other’s bluff.

I can see Morgan Stanley on one side… Citigroup, and Lehman are there too. And they are all bluffing about what they’re holding, and everyone playing knows it.

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Banks don’t trust each other right now. Just look at the London Interbank Offered rate (LIBOR). This is the rate banks charge to lend to each other. Typically, this rate is only slightly higher than the Fed’s target rate. Right now, it’s about 75 basis points above it – approaching a record spread.

Banks are afraid to lend because they could be lending to another ‘Bear Stearns’.

Can you blame them? Read on to learn more.

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