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’Taking the stress test to nine (ex-bad stuff)
Just like the good old days. A Pestowire ‘exclusive’ on banking recapitalisations.
From the BBC:
The European Banking Authority is proposing that eurozone banks should hold capital equivalent to between 9% and 10% of their risk-weighted assets,
Will the EU limit hedge fund pay?
According to the BBC, new EU rules to regulate bank bonuses – announced on Thursday - will hit Mayfair hard: the onerous restrictions on pay, says Robert Peston, the BBC’s business editor, will apply to hedge funds too:
Cadbury’s fudge (updated)
Proposals by the Labour Party to put “some grit” into the UK Takeover Code have met with a predictably furious response in the City on Monday morning.
From Financial News:
Some of the City of London’s best-known dealmakers from firms including Goldman Sachs,
PBR preview, bankers’ bonus edition
We all know the chancellor is going to announce a bankers’ bonus tax in Wednesday’s pre-Budget report. What we don’t know are the details; Things like the level at which the tax will kick in and whether it will be levied on bonus pools or individual bonuses.
Bank windfall tax looms
According to PestoWire:
The Treasury is preparing to levy a windfall tax or super tax on British based banks, which could be announced as soon as Wednesday in the pre-budget report and would raise considerably more than £1bn a year for two or three years.
Pesto vs. McFall
This should make for fun TV: Robert Peston is to face off against John McFall, Labour chairman of the Treasury select committee, next month.
The Treasury select committee raised the question of whether journalists should be muzzled to protect financial stability when it started its inquiry last month into the causes of the banking crisis.
The Royal Bank of Scotland, headquartered in Westminster
It will be but a footnote towards the end of the history of New Labour, in a chapter entitled Decline & Fall “Collapse”. But let’s write it right now:
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The post-Crunch panic reached a decisive stage in early October,