The Financial Times – Mr Paul Langtry: Barclays and the BoE have probably saved the financial system The banking sector should return to the sensible days of internally employed analysts determining loan and credit policy, as was the model of the once mighty and successful merchant banks. So why were Libor rates set so low?… Continue reading A Different View Of The LIBOR Scandal
Bloomberg.com – Wall Streeters Lose $2 Billion in 401(k) Bet on Own Firms Wall Street employees, who dispense financial advice to individuals and companies, aren’t following a basic investing tenet with their own money: diversification. Workers at the five largest Wall Street banks saw the value of company stock in their 401(k) accounts, sometimes the… Continue reading Never Bet On Your Own Company!
Reuters – Egypt parliament set to meet, defying army Egypt’s parliamentary speaker said the chamber would reconvene on Tuesday, risking a showdown with the army after the new, Islamist president defied the generals by quashing the dissolution of the legislature they had ordered last month. The move, heralded by a decree issued by Mursi on… Continue reading Arab Spring Update
Reuters – Fed should ease policy further, top Fed official says The U.S. Federal Reserve should unleash a new round of bond purchases to bring down unemployment, even at the risk of driving inflation temporarily higher, one of the Fed’s most dovish policymakers said on Monday. “Additional monetary accommodation is needed to more quickly boost… Continue reading Charlie Evans
Zero Hedge (blog) – Roubini On 2013’s “Global Perfect Storm” And Greedy Bankers “Hanging In The Streets” In an extended interview with Bloomberg TV, Nouriel Roubini lives up to his doom-saying reputation and goes where few have as he opines on Lieborgate that: “bankers are greedy and have been for 1000 years” and “nothing is… Continue reading Dr. Doom Speaks
None Today
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The Economist – Banksters How Britain’s rate-fixing scandal might spread—and what to do about it “SINCE we have not more power of knowing the future than any other men, we have made many mistakes (who has not during the past five years?), but our mistakes have been errors of judgment and not of principle.” So… Continue reading Today’s LIBOR Daily Fixings
Reuters.com – Europe has lost its ability to surprise Last Friday global stock markets and the euro enjoyed their biggest one-day gains of the year. The S&P 500 jumped by 2.5 percent and the euro by 1.8 percent against the dollar. This Friday we will find out whether these moves were just a blip. Why… Continue reading Can Europe Surprise?
CNBC – Diana Olick: Is the Apartment Rental Market Overheating? The still faltering housing recovery, tight credit, lackluster employment growth and overall weak consumer confidence has kept demand for apartments high, despite historic housing affordability. That, plus a shortage of supply, means rents are going higher, increasing at their fastest pace since the fall of… Continue reading Rents
The Economist – Duncan dough notes A thought-provoking analysis of the debt crisis FEW can claim to have predicted the scale of the financial meltdown of the past few years, but Richard Duncan, an economist with a career in finance, made a good attempt. His book “The Dollar Crisis”, published in 2002, argued that the… Continue reading On The Debt Crisis
CNBC – Why Central Bankers May Have ‘Zero Chance’ of Arresting Slowdown The rate cuts from three major economies on Thursday may have dominated headlines, but it did little to inspire confidence in global stock markets, which fell as investors took the move to mean the world economy remains in trouble. For many market watchers,… Continue reading Can Central Banks Help Anymore?