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16 Dec 09
FT.com / Columnists / John Gapper - How America let banks off the leash
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bad incentives will become part of Tarp’s historical legacy.
14 Dec 09
Op-Ed Columnist - Disaster and Denial - NYTimes.com
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And politicians, increasingly under the influence of free-market ideology, showed a growing willingness to give bankers what they wanted.
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The first big wave of deregulation took place under Ronald Reagan — and quickly led to disaster, in the form of the savings-and-loan crisis of the 1980s. Taxpayers ended up paying more than 2 percent of G.D.P., the equivalent of around $300 billion today, to clean up the mess.
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12 Dec 09
Goldman Sachs Had Bigger Role in AIG - WSJ.com
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Goldman Sachs Group Inc. played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American Insurance Group Inc.
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Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms.
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FT.com / Capital Markets - Repo dealers fear legislation will drain liquidity
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Under a proposal within the Financial Stability Improvement Act, passed by The House Financial Services Committee last week, secured creditors holding collateral from a bank that runs into trouble could end up losing as much as 20 per cent of their claim.
FT.com / Financials - Repo dealers fear US bill will hit bank access to cash
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Under a proposal within the Financial Stability Improvement Act, passed by The House Financial Services Committee last week, secured creditors holding collateral from a bank that runs into trouble could end up losing as much as 20 per cent of their claim.
FT.com / Capital Markets - Bankers will follow the money
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As McKinsey recently argued in a paper, after a four-decade long boom, western capital markets look mature – meaning that the next source of growth will be found in the non-western world*.
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Meanwhile, the gossip at Goldman Sachs suggests that the US bank is pondering a float in China and Brazil. Meanwhile, the bank’s own research shows that the ratio of equity market capitalisation relative to GDP in the Brics countries has jumped from about 20 per cent a decade ago to nearer 70 per cent now.
10 Dec 09
Top 30 at Goldman Will Get Stock, Not Cash, as Bonus - NYTimes.com
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— the bank said that its 30 most-senior executives would be paid in the form of a special stock, rather than in cash. Goldman said that it would also let its shareholders vote on its executives’ pay, although the decision would be nonbinding.
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A year after Washington rescued the nation’s financial industry with billions of taxpayer dollars, Goldman is enjoying one of the most profitable years in its 140-year history. Its bonanza — fostered by its own government bailout, as well as the rescue of the broader financial system — has angered the many ordinary Americans who are still waiting for an economic recovery.
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09 Dec 09
Audit Finds TARP Program Effective - NYTimes.com
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The independent panel that oversees the government’s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.”
FT.com / US / Economy & Fed - Treasury secretary challenges Goldman aid claims
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Tim Geithner on Friday rejected
Goldman Sachs’ claim that it could have withstood the financial crisis without government intervention, adding that all banks were at risk of being wiped out.
05 Dec 09
Measuring The Fiscal Costs Of Not Fixing The Financial System « The Baseline Scenario
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The U.S. does not yet have a similarly effective way to deal with the insolvency of large financial institutions. The dire implications of this gap in our system have become much clearer since fall 2008 and there is no immediate prospect that the underlying problems will be addressed by the regulatory reform proposals currently on the table. In fact, our underlying banking system problems are likely to become much worse.
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