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’A risk management review of Citi, revealed
That’s an old Valentine’s day letter — sent on February 14, 2008 — from John Lyons at the Office of the Comptroller (OCC) to Citigroup CEO Vikram Pandit. We bring it up because it’s the subject of a new column by Bloomberg’s Jonathan Weil,
US regulators discover sovereign risk
Before you accuse US banking regulators of being slow to act on the ongoing sovereign shakeout, Comptroller of the Currency John Dugan wants you to know that they’re on the case.
As Reuters reported on Monday:
Tit for tat over derivatives dangers
Shock, horror! Huffington Post tells us on Tuesday that derivative is “one of the dirty words of the financial crisis”.
“Though these often-risky bets were blamed by many for helping fuel the credit crunch and the downfall of Lehman Brothers and AIG,
Banks (still) making money on derivatives trading, OCC says
The Office of the Comptroller of the Currency has released its quarterly report on bank trading and derivatives activities for Q2 2009, and as usual, it makes for interesting reading.
Some highlights:
US commercial banks lost $9.2bn on derivatives trades in Q4 08
The Office of the Comptroller of the Currency is an under-remarked institution, given its mandate:
The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks.
US to help investors buy ailing banks
US federal banking regulators have created a national charter system to allow private equity groups and other investors to buy troubled or failed institutions. The move comes as regulators brace for a growing number of bank collapses following 20 failures so far this year.