| Author |
REFORM Replies |
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
|
| Back to top |
|
 |
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
 Posted: Fri Apr 23, 2010 9:24 am Post subject: |
 |
|
I was looking through Time archives for Prez quote yesterday:
| Quote: | | I’m going to quote: “Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed… would rivet upon their institutions what they considered a monstrous system… such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” That appeared in Time Magazine in June of 1933. (Laughter and applause.) |
And came across this little ditty:
http://www.time.com/time/magazine/article/0,9171,745815,00.html
There's the comments on the rationalization and consolidation of the autos you'd expect and there's the optimism coming out of the cycle...and there's the year, 1933. That's gonna be a long long road.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Fri Apr 23, 2010 9:18 am Post subject: |
|
|
For all the newfound hostility towards financial reform in the biz press it is strangely ironic that a central tenet of that reform is the reinstatement of its most fundamental stakeholder--the shareholder:
| Quote: | | ....Not only that, some of the salaries and bonuses that we’ve seen creates perverse incentives to take reckless risks that contributed to the crisis. It’s what helped lead to a relentless focus on a company’s next quarter, to the detriment of its next year or its next decade. And it led to a situation in which folks with the most to lose -- stock and pension holders -- had the least to say in the process. And that has to change.... |
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Thu Apr 22, 2010 9:08 am Post subject: |
|
|
Combine this with net-neutrality and The GOOG's open-book privacy comromise site and it's a a brave new world:
| Quote: | VODAFONE LAUNCHES VODAFONE MOBILE RECORDING TO AID COMPLIANCE AND IMPROVE RISK
MANAGEMENT IN THE FINANCE SECTOR
NH
Vodafone Global Enterprise, the Vodafone business that delivers managed
communication solutions and services to multinational enterprise customers,
announces the launch of a new service to enable regulated financial firms to
record all incoming and outgoing mobile calls and texts, as new regulations on
compliance loom.
NH
The solution will significantly enhance governance, business continuity and
risk management processes. The launch comes as the Financial Services
Authority (FSA) in the UK reviews the need to record mobile phone calls and
texts made by employees of regulated companies from business devices to
improve governance procedures www.fsa.gov.uk/pubs/cp/cp10_07.pdf.
NH
The solution is called Vodafone Mobile Recording and enables regulated
companies to record and archive mobile conversations, voicemails and text
messages to protect against losses from disputes, support mobile working
practices, and deliver improved compliance and risk management capabilities.
It will be made available across Europe.
Although financial companies commonly record calls on fixed lines as part of
their regulatory requirements, mobile calls and texts have, until now, been
exempt due to the technical complexity involved. |
Apple now has an app hooked to Macy's and others that will utilize the GPS feature to ping ads as you walk through the store--welcome Minority Report.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Wed Apr 21, 2010 8:14 pm Post subject: |
|
|
I think I heard that Glass-Steagall was some 18-pages: current plan you can't see the bottom. Yet pagination may not be the right scale on this one.
Left field Ag. Committee pushing for OTC commodity abolition, knockin' the investment banks again. Looks like there's little more "political will" over there.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
|
| Back to top |
|
|
HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 9723
Location: Houston, Texas & Los Angeles, California
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Tue Jan 26, 2010 11:21 am Post subject: |
|
|
Does this chart mean what the makers think it means?
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 9723
Location: Houston, Texas & Los Angeles, California
|
| Posted: Thu Jan 21, 2010 1:22 pm Post subject: |
|
|
It seems like Obama is indirectly reinstating Glass-Steagall without explicitly pushing legislation for it. It's probably the best the banks could hope for under the current political environment, however.
The hedge funds will love it. While it will drive liquidity lower in the short-run, investment banks scaling back their trading/principal investing operations will no doubt result in more inefficiencies and for the hedge funds to step in and capture those inefficiencies and illiquidity premiums. |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Thu Jan 21, 2010 10:46 am Post subject: |
|
|
"If these guys want a fight, a fight we will give them" Obama today
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
| Posted: Thu Jan 21, 2010 7:08 am Post subject: |
|
|
Like the bank "tax" hopefully the loophole will be built in, otherwise file under "Capital vs. Labor."
Otherwise who's gonna want hold equity in these things? 
We'll have to see how Goldman handles the other side
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 9723
Location: Houston, Texas & Los Angeles, California
|
| Posted: Thu Jan 21, 2010 5:32 am Post subject: |
|
|
No reinstatement of Glass Steagall just yet, but this is a good start:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aE_FU.hDsiao
| Quote: | President Barack Obama will offer proposals to limit financial institutions’ size and trading activities as a way to reduce risk-taking, an administration official said.
Obama will announce the rules today after meeting with former Federal Reserve Chairman Paul Volcker at the White House. The proposals will be part of an overhaul of regulations and will specifically address firms’ proprietary trading, the official said yesterday on the condition of anonymity.
Obama is renewing his focus on economic issues in an effort to tap into voter anger about the struggling economy, taxpayer bailouts and growing bank profits at a time of 10 percent unemployment and a federal deficit that rose to $1.4 trillion last year. |
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
|
| Back to top |
|
|
Ven
Senior Poster
Joined: 30 Dec 2009
Posts: 88
|
| Posted: Fri Jan 15, 2010 1:33 pm Post subject: |
|
|
The problem with the bonuses is NOT just PR.
Imagine this story. Banker burns down the whole neighborhood. He borrows money from everyone in the neighborhood. Uses his insider connection in the market, the Fed, to make a profit on the capital (and the profit comes from an indirect tax on the rest of the neighborhood). He uses his profit to rebuild his house. He pays back the rest.
Now, the banker says "what do you want? I payed back the money."
His house is rebuilt.
Everyone else's house is still burned to the ground. He did it.
See where this might be a problem? |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 13138
Location: Sunny California
|
|
| Back to top |
|
|
Please log in to view without the ad banners |
|
|
FAQ
Search
Memberlist
Usergroups
Statistics
Register
Profile
Log in to check your private messages
Log in
