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15 Nov 09

Capital One Financial Corporation Q3 2009 Earnings Call Transcript -- Seeking Alpha

  • The composition of reported capital and reserves will of course likely change considerably when FAS 166 and 167 are implemented. Although consolidation of many securitized assets and liabilities is scheduled to take place in the first quarter of 2010 it is still too early for anyone to know exactly how this accounting change will be reflected in their financial statements. For example there is still some uncertainty in the industry about precisely which assets and liabilities will need to be consolidated. The impact on regulatory ratios cannot be known until federal rule making is finalized some time later in the fourth quarter.

We will sink, not swim, in a sea of new rules | William Rees-Mogg - Times Online

  • As Sir Martin Jacomb, a former director of the Bank of England, has put it: “At the heart of the catastrophe was a single regulatory error: the failure of Basel rules to impose weighty capital requirements on the super-senior tranche of securitised mortgage obligations held in banks’ trading books.”
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