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’FCIC audio and a forgetful Fuld
The Federal Crisis Inquiry Commission has released the audio interviews to go along with its 662-page potboiler. We’re talking hours and hours of stuff to listen to here.
And there are some big names — Goldman’s Lloyd Blankfein,
The earnest importance of being systemic
It’s the question that’s seemingly stumped Tim Geithner: how to identify a priori systemically important non-bank financial institutions.
The Federal Reserve on Tuesday suggested further rules regarding who might be considered for attention by the Financial Stability Oversight Council (FSOC) as per section 113 of Dodd-Frank.
Vogue finance
Whom would you rather see in the pages of Vogue?
The upcoming April issue of the American style bible features one of those financial faces — that of US Treasury Secretary Timothy Geithner. In an interview,
AIG and the Fed, not above water but drowning?
Thursday’s story, that the Timothy Geithner-headed Federal Reserve Bank of New York tried to cover up certain details of mega-insurer AIG’s bailout in 2008, has finally prompted some responses from US Treasury — where Geithner is now head.
(Not so) deceitful journalism (updated)
Interesting story published earlier on from the New York Times’ Dealbook site on Thursday:
Starting in November 2008, the Federal Reserve Bank of New York under Timothy Geithner began urging American International Group,
[The Lehman Anniversary] The BBC’s Lehman Towers
Did the BBC mean for their dramatisation of the last days of Lehman Brothers to be utterly, cringeworthingly hilarious?
If they didn’t, they certainly did a good job making it look like they did.
In short:
The Geithner plan for banks
The key points from Friday’s FT comment piece.
First, capital requirements for banks simply must be higher across the board. Bringing more capital into the banking system is vital. It is equally crucial to hold the largest,
A new era of FX
An interesting observation from Bank of New York Mellon’s FX team on Wednesday (our emphasis):
Indeed, at the risk of over-simplification, it appears to us that we have now entered a new era in financial history – an era in which certain governments are seriously deliberating the USD’s hegemony as a reserve currency and even its stability over the longer-term.
Chop, chop, chop the dollar
The FT reported on Tuesday that Brazil and China have come one step closer towards dropping the dollar in trade transactions in favour of their own currencies. Brazilian president Luiz Inácio Lula da Silva is currently visiting Beijing on a state visit.
Forget Treasuries, is copper the future for China?
China’s Q1 GDP growth figures came in on Thursday at a quarterly 6.1 per cent – less than the widely forecast 6.3 per cent, reports Reuters, reflecting a further slowdown in the country’s hitherto stellar growth.
Word of the day: Lemons
The citric fruit is cropping up in the oddest of places — specifically, in relation to Tim Geithner’s PPIP plan.
For instance, it’s in economist Willem Buiter’s Maverecon blog.
Banks with toxic assets on their balance sheet can choose to keep them there rather than participate in the Legacy Loans or Legacy Securities Programs.
Geithner, the early maths
Anyone worried that Geithner’s toxic asset plan would encourage investors to overpay for toxic bank assets should be relieved. It doesn’t.
What they should be worried about, however, is whether it will actually do anything for the banks.
Fear and loathing on the Geithner Toxic Asset Plan ’09
Oh dear. Something of a blogging war has erupted over the leaked outline of Tim Geithner’s toxic asset plan.
The New York Times outlined the skeleton of the proposed programme on Friday:
WASHINGTON – The Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions,
Damn those 419 scammers are good!
… says the author of the eponymous Cassandra Does Tokyo.
Following is a taste of the latest such 419 email to plop into her inbox, ostensibly from ‘United States Lottery Director’, or one Timothy Geithner:
More about the yen…
For those who might have missed a neat and incisive rundown on the yen’s robust trajectory of recent months in Saturday’s FT, we give you a short summary:
Despite rapidly deteriorating Japanese economic data,
Manipulation in China?
Timothy Geithner, just days into the job of Treasury Secretary, is already moving US bond markets by saying the sort of things Henry Paulson would have dared to imply, but never said outright. As Bloomberg reports (our emphasis):
NY Fed chief urges global framework
Timothy Geithner, president of the Federal Reserve Bank of New York, says the Fed should play a “central role” in a new unified regulatory framework, working closely with supervisors in the US and around the world.