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Ranting into the ether about banks
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Ranting into the ether about banks
Can someone explain to me why this Panorama tape is news? We already knew back in 2012 that Barclays management were telling staff there was a mandate from the Bank of England to lowball submissions. The Bank claims Diamond got the wrong end of the stick. Diamond (now) claims he didn't, but del Missier did. This recording doesn't shed any light on that question.
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Ranting into the ether about banks
The government hopes you don't understand the concept of the time value of money. Also that you forgot about RBS.
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Had a weird reaction to this sentence in Matt Levine's latest:Elsewhere, here is James Stewart arguing that Wells Fargo has already been punished enough, which is kind of a random thing to think.
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I'm quite surprised that you haven't run across him before.
Stewart is the Bloomberg Professor of Business Journalism at Columbia University. He was a founding editor of SmartMoney, in 1992, and still writes a column for the magazine. His weekly column for SmartMoney.com also appears in the Wall Street Journal. Stewart was the front-page editor of the Wall Street Journal from 1988 until 1992. He began at the paper in 1983 and during his tenure there won many awards for his reporting. In 1987, he and the deputy news editor, Daniel Hertzberg, received a Gerald Loeb deadline-writing award for their coverage of the Ivan Boesky insider-trading scandal. In addition, Stewart and Hertzberg shared a 1988 Pulitzer Prize for explanatory journalism and a 1987 George Polk Award for financial reporting for their coverage of the 1987 stock-market crash and their profile chronicling the downfall of the investment banker Martin Siegel. The two also received a 1988 Gerald Loeb Award.
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European Banking Authority rips Malta a new one (by ESA standards) on moneylaundering. I'm shocked, shocked I tell you to find that the country didn't take it seriously.
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Yowzer:
To ensure investors do not overexpose themselves to an asset class in which they may incur notable losses, without understanding that this may happen, we propose to limit P2P platforms’ ability to market to certain investors. It has not been possible to quantify the exact number of investors currently at risk of over exposure. However, from a survey of 4,500 P2P investors, 40% said they had invested more than their total annual income and, of those, half had invested more than double their annual income.
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I'm not sure this is as reassuring as KfW thinks it is:
There are no signs of "zombification" among German SMEs. This has been shown for the first time by evaluations based on the KfW SME panel. Overall, there are currently relatively few companies with the kind of critical debt sustainability associated with "zombie companies": around 167,000 small and medium-sized enterprises (SMEs) were unable to meet their interest obligations from their operating profits in 2016, which corresponds to 5% of all SMEs. This percentage has hardly changed since the low interest rate was introduced (2012: 6%).
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I don't like to cast shade on my peers, but how do you write an article all about the rise of 5-year fixes and not mention the affordability regime once?
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The Commission's money laundering proposal is out Seems pretty weaksauce, but maybe as strong as could be expected given the current treaty status of the ESAs (and the apparent lack of political will for a new AML focused agency). Somewhat worryingly, their estimate of the staffing requirements is eight people. Doesn't suggest they're going to be doing a lot.
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