Tuesday, December 8, 2009
The US Treasury needs to follow the lead of Her Majesty’s Treasury when they detailed the “toxic assets of Royal Bank of Scotland and make the assets of Citigroup which we have guaranteed public… especially if Citigroup “buys” it’s way out of TARP…
Bloomberg reports… ~~~”Citigroup Inc. Chief Executive Officer Vikram Pandit is pressing the U.S. Treasury Department and [...]
Jacques Polak Research Conference at the IMF
Financial Frictions and Macroeconomic Adjustment
Washington DC, November 5—6, 2009
Session 4: Asset Prices and Crises
Chair: Jan Brockmeijer (Deputy Director, Monetary and Capital Markets Department, IMF)
Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007–09
Viral Acharya (New York University, NBER and [...]
Filed in Creativity, Liquidity, Open engines, Regulatory, Restructuring, Transparency
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Also tagged ABS, accounting, BofA, credit ratings, regulatory abritrage, Regulatory capture, SIVs
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Tuesday, October 27, 2009
An excellent opinion piece by John Kay, an economist, in the Financial Times … he begins by naming the litany of institutions that were brought down in the “Credit Crisis of 2007-2009″…
He then describes the difficulty of regulating large, complex institutions with these words… “The variety of institutions is matched by the variety of regulators. [...]
Analysis and discussion with Niall Ferguson of Harvard University; Banks still too big to fall and free borrowing helps banks. (Bloomberg News video - running time 8:00)
Excellent analysis…
Thursday, September 17, 2009
And the “too big to fail” banks get bigger… and the instability of our financial system will increase again…
Interview and discussion with the Chairman and C.E.O. of KBW, John Duffy giving his thoughts about the economy and the market. Bloomberg News, (running time - 9:20 minutes)
The aftermath of the Credit Panic of 2007-2009 includes the destruction of large swaths of the global financial system.
Good riddance to excessive leverage, the structured finance market and the shadow banking system… you brought us nothing and left us with an expensive pile of too-big-too-fail wreckage…
A war to establish the contours of the financial system [...]
Filed in Open engines, Regulatory, Restructuring, Transparency
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Also tagged AIG, bailout, Bear, CDS, CFTC, Congress, Federal Reserve, Lehman, OTC, SEC
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Wednesday, April 29, 2009
~~~~”McDaniel this month defended the credit raters’ issuer-pay model at an SEC roundtable in Washington, saying that investors can pressure ratings companies just as easily as underwriters….”*~~~~
This will become the central argument in defense of the “issuer pay” model for credit ratings agencies….
The SEC receives information from credit rating agencies as part of its Form [...]
Filed in Launching..., Open engines, Regulatory, Restructuring, Transparency
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Also tagged ABS, Bear, BofA, CDO, Congress, dealers, Fitch, Goldman Sachs, JP Morgan, Lehman, MBS, Merrill, Moodys, Morgan Stanley, NRSRO, ratings, S&P, SEC
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An interview with Sen. Richard Shelby of Alabama with his analysis and reaction to BofA and Citigroup’s needing more capital. Shelby says Americans must know stress test results. (Bloomberg News — running time ~ 4:25 minutes)
The FDIC as Systemic Resolution Authority
Joseph R. Mason
There has been much discussion lately regarding the appropriate source resolution authority for [...]
Analysis and report by Mark Pittman of Bloomberg News regarding another $1 trillion writedown for banks. (Bloomberg News) (Running time 4:00 minutes)///
Writedowns and asset sales…. how will these assets be purchased? Will it be an open and transparent process or a “rigged game”?
From FT.com
~~~~ “US banks that have received government aid, including Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase, [...]
Filed in Liquidity, Open engines, Pricing, Regulatory, Restructuring, Trading, Transparency, Uncategorized
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Also tagged Congress, Goldman Sachs, JP Morgan, Morgan Stanley, Treasury
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Spreads have blown out in corporate bond markets… (thanks to EconompicData for the nice graph)…
The big bank/broker dealers previously had used their giant balance sheets to dominate trading in these markets… think Citi, Morgan Stanley, Goldman, Merrill…
Since the beginning of the Credit Crisis in August 2007 these dealers have had their position as principal market [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Pricing, Restructuring, Trading, Transparency
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Also tagged CDS, FIX, fixed income, Goldman Sachs, JP Morgan, Merrill, Morgan Stanley
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