July, 2011
Piling on the government gurantees
Government guarantees for financial institutions are a financial crisis thing, right?
Wrong.
As the above chart from a new OECD paper (by Sebastian Schich and Byoung Hwan Kim) shows, guarantees were proliferating well before the credit crunched years of 2007 to 2008.
Ackerman’s week to forget
It’s not been a good week for Deutsche Bank chairman and CEO Josef Ackermann.
First, he was forced to roll over his Greek debt for the greater good of the eurozone.
From the FT:
Mr Ackermann, speaking at a conference in the German parliament in Berlin on Wednesday,
Further reading
Elsewhere on Friday,
- Wow, DSK.
- Larry Summers, on Quora!
- Just how geared is the Australian economy to China, anyway?
- Don’t be a Spanish consumer.
- Even more Target2 wonkery.
- “The jobs being lost in New York’s financial industry will never come back.”
Pink picks
Comment, analysis and other offerings from Friday’s FT,
Gillian Tett: State is now dominant force in US capital markets
By the time you read this column today, a fascinating shift will almost certainly have occurred in the nature of US finance:
Snap news
Breaking pre-market news,
- Former Bundesbank president Alex Weber nominated to UBS board; to become chairman in 2013 — statement.
- Northumbrian Water receives indicative proposal from Cheung Kong Infrastructure – statement.