It’s Friday quiz time! Ready? Here goes:
What do you get?
[Hint: It's America.] Read more
The “52 Shades of Greed” card deck constructed and released by Occupy Wall Street’s Alternative Banking team came out a couple of months ago to mark the anniversary of the movement, but Alphaville only just got its own deck in the post (thank you, Santa!).
Below are our favourites with some strategic blackouts. Can you guess who or what is on each of the cards? We’ll put the answers up elsewhere. For the brave among you, write down your guesses in the comments before checking the answers. Read more
On Monday night, FT Alphaville had the pleasure of chairing a discussion on “Socially Useful Banking“. The key speaker was none other than Bank of England’s executive director for financial stability, Andy Haldane. His speech was entitled “A leaf being turned“.
Since we were there for the evening, and moderating the lively Q&A, it’s been interesting to see what angles the papers have taken on it. Here-under a headline digest: Read more
Here’s a talking point: “Socially useful banking.”
As luck would have it, Lisa Pollack has been invited to chair a discussion on this very topic, featuring none other than FT Alphaville favourite, Andy Haldane. (Mr Haldane is the Bank of England’s executive director for financial stability but you knew that.) Read more
The river was deep but we swam it, Pandit.
The future is ours so let’s plan it, Pandit.
So please don’t tell me to can it, Pandit.
I’ve one thing to say and that’s
Dammit, Pandit, we wanna talk to you… (about levels of executive compensation).
We gave you a ring to prove that we’re no jokers
There’s three ways that love can grow
That’s good, bad or mediocre
Oh P-A-N-D-I-T we wanna talk to you… (about executive compensation). Read more
In the first post about our meeting with Yves Smith, purveyor of the blog Naked Capitalism, we discussed the blogosphere and what prompted her to join it. Here we ask Ms Smith about her involvement with the Occupy movement and her opinions about banking and the contentious topic of bonuses.
AV: Naked Capitalism has a badge on it: “We support Occupy”. What drew you to the Occupy movement? Read more
The note below has been prepared by the Alternative Banking Working Group of the Occupy Wall Street (OWS) movement. As with the prior note published on FT Alphaville, we present it — without comment — as a document for understanding the aims of OWS.
—————————————— Read more
US state attorneys-general stepped up their attacks on large US banks for allegedly illegal home seizures, says the FT, creating further doubt for an industry longing for resolution of mortgage-related litigation. The state of Massachusetts on Tuesday asked the federal government to investigate US taxpayer-owned Ally Financial for allegedly illegal foreclosures, while California and Nevada, alleged hotbeds of mortgage fraud that are among the states hardest hit by the downturn, announced a partnership to investigate mortgage misdeeds. Their actions follow multiple lawsuits and investigations launched in recent months by attorneys-general across the country alleging various mortgage-related illegalities. Meanwhile the Occupy movement moved onto the foreclosure front, reports NYT’s Lede blog, holding events in about 20 cities including staged reposessions of foreclosed-upon homes.
Presented below is a note prepared for the December 4th meeting of the Occupy Wall Street General Assembly by its alternative banking working group. We present it – without comment – as a document for understanding the aims of OWS (as per John Gapper’s recent column).
—————————————— Read more
That is US and UK central bankers pursued by über bear Albert Edwards of Société Générale.
Edwards is rather peeved that researchers at the Federal Reserve seem to have concluded that the Fed wasn’t responsible for the housing boom that has turned into the biggest bust since the 1930s. He would like to know if these are the same researchers who in 2005 that there was no housing bubble at all. But what he wants to know above all else is: Read more
Authorities around the world have begun moving against anti-capitalist protesters, with police in the US and Switzerland clearing camps from their cities, reports the FT. In the UK, the City of London Corporation relaunched legal action against protesters camped outside St Paul’s Cathedral. The leaders of 18 US cities with “Occupy” movements held a conference call shortly before the camps were broken up, Jean Quan, Oakland mayor, told the BBC. In New York, the state supreme court upheld a court order disallowing protesters from setting up camp in Zuccotti Park, Occupy Wall Street’s home for the last two months, reports Reuters. If you like your news with added drama, the New York Times splash recounts the day’s events. Read more
Authorities around the world have begun moving against anti-capitalist groups, with police in the US and Switzerland clearing protest camps from their cities, reports the FT. In the UK, the City of London Corporation relaunched legal action against protesters camped outside St Paul’s Cathedral. The leaders of 18 US cities with “Occupy” movements held a conference call shortly before the camps were broken up, Jean Quan, Oakland mayor, told the BBC. Read more
In an early morning raid on Tuesday, New York City police cleared Occupy Wall Street protesters from Zuccotti Park. The temporary evacuation saw the area cleared of tents as these were deemed to be illegal structures said to present fire hazards, reports the WSJ. The Mayor’s office made it clear via Twitter that protesters could return once the tents and tarps were cleared. Many rushed to the park in support of those being evicted, but were held back by the police lines. The group intends to hold a street carnival on Thursday with the intent of marking two months of the campaign and closing down the financial district for the day, the FT reports. Local businesses have mixed views about the presence of the protesters, according to the WSJ. Read more
Lines you don’t always expect to see in analyses of bank pay:
The data is presented at source in ways that are intended to make sure that things cannot be simply compared. We have taken all reasonable steps to ensure that the data is as coherent as possible. Read more
Thousands of people, including representatives of several trade unions, marched through the streets of lower Manhattan on Wednesday in an escalation of the “Occupy Wall Street” demonstrations that began last month, the FT reports. A police spokesman declined to estimate the size of the crowd, but one policeman at the scene said about 10,000 people had gathered outside the federal courthouse in Foley Square. Occupy Wall Street organisers put the figure closer to 15,000. Helicopters hovered in the sky above the park, while the New York Police Department used metal barricades to direct the heavy flow of pedestrian traffic. Police said they arrested 28 people, mostly for disorderly conduct, after protesters sat on footpaths outside the police-erected barriers, the WSJ reports.
