Quick take on stability aspects: well trailed moderation (or pusillanimity) in that it preempts radical breakup; tougher capital requirements than Basel III, plus CoCos; leaves liquidity regulation to Basel, and shadow banking regulation to the Financial Stability Board.
Read more...Cross post of an INET conference session on Large Financial Institutions that Paul Volcker described as a “Revival Meeting”…
Read more...9:00 Two hours after publication time, the Commission web site is still down. UK web site capacity planning! I’ll report, umm, later.
Read more...The IBC, or ICB report is to be published at 7:00 on Monday morning, UK time.
Read more...Contingent Convertible bonds (“CoCos”) are supposed to address this nonsensical phenomenon: During the financial crisis a number of distressed banks were rescued by the public sector injecting funds in the form of common equity and other forms of Tier 1 capital. While this had the effect of supporting depositors it also meant that Tier 2 capital […]
Read more...WI Supreme Court incumbent loses by a narrow margin; recount to come
Read more...All the banks are fed up with regulation and they’re all going somewhere else.
Read more...Credit booms sow the seeds of subsequent credit crunches. This column argues that these have their source in cross-bank externalities. To internalise these cross-sectional spillovers, policy should operate “across the system”. It adds that this is the essence of macro-prudential policy, which, for the first time is about to be undertaken internationally.
Read more...We will probably see in the next few days whether the newspapers manage to get the super-injunction by Sir Fred Goodwin, the CEO of failed bank RBS, lifted. Since the facts of the matter, or “speculation” if you will, are now all over the Internet, keeping the super-injunction in place seems pretty pointless, as the Telegraph confirms in Sunday’s Links.
So what’s the real point of this circus? A demonstration of the superiority of the Web over the tabloid press as a mechanism for transmitting salacious tittle-tattle? A grandstanding MP working parliamentary privilege to get a bit of banker-bashing publicity? Naked Capitalism getting into the regulatory arbitrage game and thumbing its nose at the UK court order from the relative safety of its NYC-hosted web server? Or perhaps it is blogger Guido Fawkes sarcastically pointing out that the law is now officially an ass:
So there was this ****** bloke who worked closely with another ****** colleague, they apparently began an adulterous affair not long after the ****ing crisis of 2008. He went to Court to stop it getting out that he had been banging her. Because he is the most notorious ****** of his generation he also banned references to his profession lest he be identified. Guido would be in contempt of Court if he told you his name or profession…
Indeed, the law should not be mocked; but who’s mocking it? The UK certainly needs major overhauls of its privacy (and libel) laws, rather than the current abusive shambles, but in this particular case, one might contend that it’s Sir Fred who’s doing the mocking.
Read more...…So the UK press aren’t allowed to call him a banker (!), or mention his infidelity with a married colleague.
However, since MP John Hemming mentioned the case under parliamentary privilege, you can get part of the story from the Telegraph:
He said: “In a secret hearing this week Fred Goodwin has obtained a super-injunction preventing him being identified as a banker.
Read more...There are several factors that are influencing the markets today. Yes, there is still a great deal of worry about the upcoming “Day of Rage” that will be occurring tomorrow. But beyond this, the media has been making it a point lately to state that the current markets are under pressure due to the high price of crude (now trading at $102).
Yet, with Crude down by more than 2%, why are sellers stepping in (with big volume) and taking down markets?
Read more...From the morning links
Explosive growth of unemployment recorded in Greece, with a total number of unemployed is at 733,645, according to data from the Greek Statistical Authority (ELSTAT) that were released Wednesday.
The percentage of registered unemployed reached 14.8% in December 2010 an increase of one percentage point compared with November.
Read more...By Richard Smith, a recovering capital markets IT specialist Housing Wire’s Paul Jackson has another post up continuing his row with Yves over securitization chain of title issues. It presents itself as a rebuttal of her previous post, about an Alabama trial court decision that Jackson deems to be a significant defeat, but which Yves […]
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