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Usuario:Dgolish96

2012-05-18T17:58:26Z

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Usuario:Rerosario47

2012-05-18T17:30:53Z

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2012-05-16T17:35:53Z

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Usuario:InnisBoden579

2012-05-14T06:23:12Z

Página creada con «THE man who the polls suggest will be the next French president, Fran�ois Hollande, claims that finance is his �real adversary� in the coming election. Britain has ju...»

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THE man who the polls suggest will be the next French president, Fran�ois Hollande, claims that finance is his �real adversary� in the coming election. Britain has just stripped the former chief executive of the Royal Bank of Scotland of his knighthood. Even Newt Gingrich is attacking the �vulture capitalists� in the private-equity industry. Perhaps the West is set for a �war on finance� along the lines of the �war on terror�, with similar uncertainty about how to define victory.

Politicians seem to have three main beefs with the financial sector. The first is that bankers earn too much. The second is that banks take reckless risks and then need rescuing by governments. And the third complaint is that investors in financial markets have undue influence over an economy through their ability to affect bond yields and equity prices.
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The first two problems are really related. People do not worry too much about footballers� high pay. The problem with bankers is the extent to which they are subsidised by explicit and implicit taxpayer support. (Of course, you might worry about income inequality in general but that is not specific to banks and can be tackled by redistributive taxation.) It is hard to disagree with Paul Tucker of the Bank of England, who has written that: �Those who most espouse the disciplines of capitalism�bankers and financiers�should live by them.�

The problem of banks being �too big to fail� is being addressed, albeit slowly, by the higher capital ratios being imposed by regulators. Higher capital ratios should mean lower returns on equity; over time, this should lead to less rapid pay growth for bankers. Andrew Haldane, a colleague of Mr Tucker�s, has found that the pay of bank bosses correlated well with returns on equity, but not with returns on assets�in other words, managers prospered by gearing up bank balance-sheets. That is now harder to pull off.

InnisBoden579

2012-05-14T06:23:06Z

Página creada con «THE man who the polls suggest will be the next French president, Fran�ois Hollande, claims that finance is his �real adversary� in the coming election. Britain has ju...»

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Usuario:HalimedaDurst413

2012-05-14T02:07:46Z

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Usuario:KonstanzePotts279

2012-05-13T20:26:45Z

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Usuario:CatyBigham159

2012-05-13T09:46:47Z

Página creada con «The EU and Germany have stressed Greece must keep to the terms of the two EU/IMF bailouts, after a surge of voter support for anti-austerity parties. The two main parties,...»

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The EU and Germany have stressed Greece must keep to the terms of the two EU/IMF bailouts, after a surge of voter support for anti-austerity parties.

The two main parties, New Democracy and Pasok, attracted less than a third of the vote, in an election plunging Greece into political uncertainty.

Chancellor Angela Merkel said Greece's reforms were of "utmost importance".

New Democracy leader Antonis Samaras will now face a struggle finding parties prepared to join a government.

With about 99% of votes counted, centre-right New Democracy (ND) is leading with 18.9%, down from 33.5% in 2009.

New Democracy will try to form an austerity-supporting pro-European coalition government, perhaps with a third party, because it would not gain enough with Pasok to form an absolute majority.

But the anti-bailout party Syriza will also try to form an alternative coalition government. There could be a clash of the two - we could be facing fresh elections within weeks.

This country is now placed into a period of intense political instability - and by extension the eurozone as a whole.

A majority of Greeks have voted against the bailout and against the austerity, which will make it very difficult for the EU or IMF to call for yet more austerity here.

The success of the new-right Golden Dawn party indicates how comprehensive a rejection of the political mainstream, the bailout and austerity there has been.

The stability and the future of Greece are now in doubt once again. That will bring a lot of dismay to the financial markets and to the eurozone as a whole.

Euro declines on election results

A radical left coalition, Syriza, came second with 16.8% and a party of ultra-nationalists - Golden Dawn - polled almost 7%.

Speaking to reporters on Monday, German government spokesman Steffen Seibert spelt out Berlin's position that "the agreed programmes must be adhered to". He added that Germany would support Athens in returning to competitiveness and financial stability, "whatever its government is".

CatyBigham159

2012-05-13T09:46:41Z

Página creada con «The EU and Germany have stressed Greece must keep to the terms of the two EU/IMF bailouts, after a surge of voter support for anti-austerity parties. The two main parties,...»

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Usuario:OthellaLuciano289

2012-05-13T01:45:40Z

Página creada con «US politicians have renewed calls for tighter financial regulation, after JPMorgan Chase bank revealed a trading loss of $2bn (�1.2bn) on Thursday. The bank's shares plu...»

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US politicians have renewed calls for tighter financial regulation, after JPMorgan Chase bank revealed a trading loss of $2bn (�1.2bn) on Thursday.

The bank's shares plunged by almost 10% on Friday, wiping $14bn from its value.

Democrat Congressman Barney Frank said the scale of the mistakes "blows up" the argument against tighter rules.

JPMorgan boss Jamie Dimon said the losses resulted from a strategy of hedging that was supposed to protect the bank from risk.

But critics disputed his claims, alleging that such losses were more likely to have come from risky bets.

"This is not a hedge," said Democratic Senator Carl Levin, who helped frame the 2010 Dodd-Frank Act on financial regulation.

"This was a major bet on the direction of the economy, and when those kind of bets are lost, we all pay the price."

Other proponents of tighter rules also seized the chance to air their concerns about the regulatory system.
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�Start Quote

The shock evinced by Mr Dimon will reignite the debate about whether regulators need to take more decisive action to curb the complexity of investment banks�

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image of Robert Peston Robert Peston Business editor

* Read more from Robert

Congressman Frank, who also helped to frame the Dodd-Frank Act that bears his name, said: "When a supposedly responsible, well-run organisation could make such an enormous mistake with derivatives, that really blows up the argument: 'Oh, leave us alone, we don't need you to regulate us.'"

JPMorgan weathered the 2008 financial crisis better than most of its rivals, and Mr Dimon emerged as the chief opponent of greater regulation.

OthellaLuciano289

2012-05-13T01:45:34Z

Página creada con «US politicians have renewed calls for tighter financial regulation, after JPMorgan Chase bank revealed a trading loss of $2bn (�1.2bn) on Thursday. The bank's shares plu...»

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