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09 Nov 09

Darling prepares to unveil bank shake-up - Business News, Business - The Independent

www.independent.co.uk/...veil-bank-shakeup-1813270.html - Preview

rbs lloyds banking uk capitalism_2.0 gfc

27 Oct 09

New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers - Bloomberg.com

www.bloomberg.com/...news - Preview

banking gfc geithner_tim aig goldman_sachs corporatism cds federal_reserve

Friedman had paper profits of $5.4 million.
“We limited our overall credit exposure to AIG through a
combination of collateral and market hedges,” Viniar said.
“There would have been no credit losses if AIG had failed.”

26 Oct 09

Trying to Rein In ‘Too Big to Fail’ Institutions - NYTimes.com

www.nytimes.com/...26big.html - Preview

banking capitalism_2.0 king_mervyn bernanke_ben frank_barney

25 Oct 09

Top employees leave financial firms ahead of pay cuts - washingtonpost.com

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john_galt banking remuneration us

24 Oct 09

FT.com / World - Soros calls Wall St profits ‘gifts’ from state

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soros_george banking capitalism_2.0 gfc

21 Oct 09

Felix Salmon » Blog Archive » The secret Paulson-Goldman meeting | Blogs |

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paulson_hank goldman_sachs banking gfc conflict_of_interest

Volcker’s Voice Fails to Sell a Bank Strategy - DealBook Blog - NYTimes.com

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banking volcker_paul capitalism_2.0

Mervyn King calls for banks to split as public finances take record hit - Times Online

business.timesonline.co.uk/...article6883095.ece - Preview

banking capitalism_2.0 king_mervyn

Mervyn King: bail-outs created 'biggest moral hazard in history' - Telegraph

www.telegraph.co.uk/...t-moral-hazard-in-history.html - Preview

king_mervyn moral_hazard banking bank_of_england

high street banks could and should be separate from
their risky investment banking wings and calling for a reconsideration of
the financial system's structure.
The case for a serious
review of how the banking industry is structured and regulated is strong
1 more annotations...
- t is hard to see how the existence of institutions that are
  'too important to fail' is consistent with their being in the private sector.

06 Oct 09

Andrew Ross Sorkin's 'Too Big to Fail' | vanityfair.com

www.vanityfair.com/...too-big-to-fail-excerpt-200911 - Preview

banking credit_crunch causes public_choice corporatism

Bob Steel comes from Goldman; Wachovia’s investment bankers are Goldman; Hank Paulson is obviously from Goldman. The only reason we’re having this meeting with Wachovia is because Goldman won’t do the deal!”
Mack almost shouted, arguing that the raid on Morgan Stanley’s stock was “immoral if not illegal.”
15 more annotations...
- He was so furious with what he believed was “bullshit coverage” that he called to complain to Jeff Immelt. (G.E. owns CNBC as part of its NBC Universal unit.)
- As Goldman wasn’t in total crisis mode, Blankfein explained, he was disinclined to join Mack in a war on the shorts until he absolutely needed to.
- With Morgan Stanley slowing down its payouts, some investors were now testing Goldman, asking for $100 million just to see if it could afford to pay.
- “Jamie is always hanging around the hoop.… You know Jamie’s saying, ‘Let’s make friends with these guys before I eat them.
- JPMorgan was trying to steal his hedge-fund clients by telling everyone that Goldman was going under. It was becoming a vicious circle
- Financial Services Authority in the U.K. had announced a 30-day ban on short-selling 29 financial stocks, including Goldman Sachs’s
- “He’ll keep us alive,” Nides told Mack, “because if he doesn’t, then Goldman will go.”
- Morgan Stanley would have to raise some $20 to $24 billion of equity to capitalize the combined firms, a virtual impossibility under the current market conditions.
- Geithner had miscalculated—could Pandit not see the gift that was being handed to him? It defied all reason. But Geithner had no time to deal with anybody’s injured feelings. “
- “This is a bank,” Pandit said. “And a bank takes deposits and a bank has a prudency culture. I cannot envision a bank taking its deposits and investing them all in hedge funds. I know that’s not what Goldman is, but the perception is that they’d be taking deposits and putting them to work against a proprietary trade. That can’t be right philosophically!”
- He wanted to talk about titles, perhaps the most sensitive issue for men who often measure themselves as much by their business cards as by their wallets. Blankfein said he was thinking of making Steel one of three co-presidents, along with Gary Cohn and Jon Winkelried;
- Paulson would lose all credibility; he would be accused of lining the pockets of his friends at Goldman; the “Government Sachs” conspiracy theories would flourish.
- “Hank, if you do this, you’ll get killed,” Wilkinson said frantically. “It would be fucking crazy.”
- “Look at all of the connections you’ve got: Treasury and Steel and me. Goldman is everywhere. We have to be careful.”
- “I don’t want to do it, and John doesn’t want to do it,” Dimon told him.
  
  “Well, I might need you to do it,” Paulson persisted.

17 Aug 09

Now greedy bankers fuel a looming EFC | The Australian

www.theaustralian.news.com.au/...0,25197,25937951-7583,00.html - Preview

banking carbon_tax public_choice australia grocery

04 Aug 09

Geithner Vents at Regulators as Overhaul Stumbles - WSJ.com

online.wsj.com/...SB124934399007303077.html - Preview

geithner_tim gfc regulation banking bair_sheila

30 Jul 09

Paul Wilmott's Blog: This is No Longer Funny

www.wilmott.com/...This-is-No-Longer-Funny - Preview

gfc wilmott quant_risk banking mathematics

27 Jul 09

Goldman Sachs VaR Reaches Record on Risks Led by Equity Trading - Bloomberg.com

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var banking goldman_sachs

21 Jul 09

Some Fear N.Y. Fed Too Heavily Influenced by Wall Street Ideology - washingtonpost.com

www.washingtonpost.com/...AR2009071902148.html - Preview

dudley_william banking regulation federal_reserve goldman_sachs

The New York Fed sticks out as being not just very, very close to Wall Street, but to the most powerful people on Wall Street
What I think is missing is a longer-run perspective. They tend to be sort of short-term in their outlook, which is true of a lot of the financial firms. Traders have a horizon of a few hours or a few weeks, at most.

The Atlantic Online | May 2009 | The Quiet Coup | Simon Johnson

www.theatlantic.com/...imf-advice - Preview

banking corporatism us johnson_simon imf

finance industry has effectively captured our government
n rather quickly when working at

18 Jul 09

Zero Hedge: State Street On Liquidity Black Holes

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Gs liquidity banking goldman_sachs

Commentaries » Blog Archive » Goldman, liquidity and VAR | Blogs |

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banking var federal_reserve goldman_sachs

taking advantage of its access to liquidity from the Federal Reserve to increase risk
the firm is comfortable it can rely on the Greenspan/Bernanke put, now enhanced by its access to the Fed’s discount window as a member of the Federal Reserve System, to limit downside risks in the event of a crisis.
1 more annotations...
- Armed with a Fed credit line, Goldman understood the risks in its book were smaller than the crude one-day VAR indicated, and could increase apparent risk-taking on this measure without any increase in the real danger to the firm.