28JAN09:
Q1-09 DOW: 8900
Q2-09 DOW: 7250
Q3-09 DOW: 5810
Q4-09 DOW: 3960
CITI NATIONALIZED
OBAMA GETS SICK 27AUG09:
Mini Crash 21SEP09 Predicted correctly:
Bailout=Bonuses
Demise of Bear Stearns
Demise of Lehman Bros.
Demise of AIG
Subprime would cause problems
Date of 2007 crash
CRAs were to blame
G20 riots were a party
Northern Rock run
Northern Rock Nationalization
HBOS and RBS demise
UBS really was Useless
I am fed up. The only ideas Obama and the EU have to stop crash 2.0 is to regulate a bit harder, stop tax havens from taking business away from them (remember tax was only ever used to fund wars) and to cap bankers' bonuses (although what's in a name for incentive payments are the new non bonus it seems).
Where are the radical ones? The ones that change the course of history? Here are a few I just made up:
Traders at banks have to provide asset statements to their employers. If they screw up, the bank keeps their assets. Call it Trader Collateral.
Alternatively all traders have to work for banks as Limited Partners. Or better still unlimited partners.
Traders must spend some National Service time at the regulators. In fact traders have to get a certificate before they can trade.
Banks are not allowed prop desks. These must be delegated to hedge funds.
Banks cannot be both retail and investment.
Governments must bail out banks behind closed doors like they did in the 70s and 90s and of course like the French did in 2007. The Japanese do this all the time.
Banks must be levered more than 4 times.
All banks' positions must be available 24 hours a day on the web.
The boards of banks must have more risk managers than general managers.
See, its not that difficult. Come on people, use your brains.
OBAMA INVITES SAME MELTDOWN HE PROMISES TO AVOID: AMITY SHLAES
There was a lot to like in President Barack Obama's speech yesterday on reforming financial regulation.
But he got one big thing wrong: incentives. And without the right incentives, market players will continue to game the system in the very fashion that the president deplored.
Consider the sort of legislation that yesterday's speech signaled the country will get. Speaking at Federal Hall in New York, the president talked about the need for a consumer financial protection agency. So far, so good. There's nothing wrong with such an agency per se. From ratings companies to mortgage brokers, authorities did trick consumers. So some kind of watchdog creating a disincentive for treachery seems welcome.
Fintag says He talks the talk, he lies the lies but is he going to do anything new and exciting? No.
After each market implosion (in 1986-7 and 1994 and on through the 1998 LTCM crisis), Wall Street returned to risk on a larger scale — until the mother of all meltdowns swept the financial system this time last year. That crisis forced the feds to enact the mother of all bailouts — billions pumped into the banking system, with Uncle Sam becoming the largest shareholder of Citigroup, one of the world's largest financial institutions — and declaring for the first time that the banking system officially is offlimits to failure.
It is that declaration — made by then-Treasury Secretary Hank Paulson, and followed through by his successor Tim Geithner, about protecting “systemically important” institutions — that will guarantee future excessive risk taking and yet another financial implosion. In fact, the seeds of the next meltdown are already being sown.
Fintag says People who don't read history books are people without ideas.
A YEAR AFTER LEHMAN, AN ASSERTIVE CHINA EYES INFLUENCE
THE RUSSIAN government is set to bring its $22.5bn (£13.6bn) lawsuit against Bank of New York Mellon (BoNY) to an end after the bank agreed to provide credit to Moscow-based banks, sources told City A.M last night.
An out-of-court settlement is being discussed that will see the US?banking giant restart trade-finance lending to banks nominated by the Russian government. It is understood the two sides want a settlement before the next court hearing on 20 October, but the exact details hinge on Russian agreement.
Fintag says That is a lot of money.
In this picture of BONY Mellon in London, the outdoor smokers view an old house. London's parliament once sat there and Henry VIII was granted a divorce. The turning circle once housed a theatre [Editor:uh?] ...
JOBLESS IN AMERICA: IS DOUBLE-DIGIT UNEMPLOYMENT HERE TO STAY?
One of the tropes about Bush's 9/11 and the wars that followed was that they conveniently allowed him to deal with problems bedeviling his young Administration: a lack of focus, difficulty reforming the U.S. military, trouble articulating a global vision. Obama now faces a host of problems of his own: weakening political will, an inevitable "What next?" after health care, a base that has lost energy. His 9/11 is just the sort of transcendent issue that can reconnect him to theme of hope and change. A tough challenge? You bet. But as Obama's presidency unfolds, it will be the most vital one for him to meet.
Fintag says Yes, Obama needs to nuke China and all his problems will be solved.
Hedge funds in the US should keep track of proposed changes to the regulatory framework and take proactive steps to comply with rules that may be introduced in the near future, according to Steven Nadel, a partner in the investment management group at law firm Seward & Kissel.
The hedge fund industry in the US is braced for a wave of fresh regulation in the wake of the market meltdown in 2008 and discovery of the Madoff fraud.
President Barack Obama and Treasury Secretary Tim Geithner have called for stricter supervision of hedge funds as part of a wider overhaul of the way financial markets are regulated.
Fintag says I will say it again. Change the name. We are not hedge funds, we are investment managers. There you go. Problem gone away.
THOMSON REUTERS ENTERS INDEX MARKET WITH 800 INDICES
Thomson Reuters has unveiled a range of 800 indices covering global markets - benchmarking specific countries and sectors on which investment vehicles such as exchange traded funds can be based.
The information provider said this is the first time it has issued indices under its own brand.
Fintag says This may sound dull but it's actually very interesting. Why didn't they do this years ago?
16 comments
Munch the greatest said ...
FIRST!!!
PEASANTS!!!
15 Sep 09 - 07:38 gmt
anonymous said ...
My comment is left. Or is that right?
15 Sep 09 - 07:39 gmt
Abdul the bull bull said ...
Anyone see Jonathan Sacks programme last night on Virtuousness & morality etc in the City?
15 Sep 09 - 09:00 gmt
damiendamein said ...
Additions..
Privateer regulators, unearthing scandal means prizes
Defined contribution c level pensions, said defined contributions are mainly stocks which can't be sold for 10 years. So no pump and dump before retirement.
Grow some balls and invade Jersey, Guernsey and IoM making sure to a list of MPs making use of tax planning is leaked first.
15 Sep 09 - 09:44 gmt
Maria said ...
horrible dog
15 Sep 09 - 11:47 gmt
A Psycho said ...
@Maria you don't like dirty dogs?
15 Sep 09 - 12:10 gmt
Maria said ...
i haven't made it past the first pic :)
15 Sep 09 - 12:12 gmt
A Psycho said ...
The best looking women usually don't
15 Sep 09 - 12:37 gmt
Maria said ...
@ psycho: torn between laughing and annoyance, with an obvious preference for the laughing :)
15 Sep 09 - 13:34 gmt
Moron said ...
Maria honey...the key question is...whose cones are bigger????:)))))
15 Sep 09 - 14:26 gmt
Maria said ...
main point is: is it a dog with cones or a cone with the dog/half the dog? the tail is wagging the dog? :)
15 Sep 09 - 14:35 gmt
Moron said ...
main point is...what is the time difference between me and ur cones honey:)))
15 Sep 09 - 14:38 gmt
Maria said ...
depends on where u live :)...honey!
15 Sep 09 - 14:48 gmt
anonymous said ...
what is this? wfm fintagslist?
15 Sep 09 - 17:24 gmt
damiendamien said ...
Anyone following the tweets, fin is pissed up and horny.
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