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isn’t that news that will haunt your kids¿¿ ha¡ | gen x bumps revolt at advantage ‘zyaada’

some wannabe i bankers and some forced turds take umbrage at the smooth flow of work and loss of opportunity from resulting discipline. here, the events we thought inconsequential to the followers of the upcoming and the up and coming trends.. and include french, swede and more volcanic ash.. please appreciate that none of these change the nature of the beast..i know europe is pretty important and has been highlighted all week, it just might help those following some individual threads:


nytimes BNP Paribas, the largest lender in France, reported Thursday that profit for the first quarter rose 47 percent compared to a year before, helped by its takeover of the Belgian bank Fortis, but it also revealed that it had 5 billion euros of exposure to Greek sovereign debt, recently relegated to junk status.

BNP is the latest French bank to beat earnings expectations this week, after Société Générale said Wednesday that it had a profit of more than 1 billion euros in the quarter, though it, too, acknowledged its Greek sovereign debt holdings, to the tune of 3 billion euros.

Two British banking chiefs said Friday that they were closely monitoring the impact of the Greek credit crisis on their businesses, Julia Werdigier reports in The New York Times.

The chief executives of HSBC and Royal Bank of Scotland, which gave an update of its first-quarter performance Friday, said that even though the British economy started to recover in the first quarter, threats to earnings from Europe remained.

nytimes HSBC said profit in the first quarter was “well ahead” of that in the same period last year after its business in the United States turned to a profit. In contrast, R.B.S., in which the British government holds a 83 percent stake, was the only publicly-traded British bank to report a loss in the quarter.

“We remain alert to the impact of strains being seen in Europe,” Michael Geoghegan, HSBC’s chief executive, said in a statement. Stephen Hester, chief executive of R.B.S., said he was “conscious of the economic imbalances still to be tackled globally and the risk of specific events (such as those affecting Greece) with the associated danger of contagion.

marketwatch      The U.S. added 290,000 jobs in April, the biggest increase since March 2006, with broad gains throughout the economy. Yet the unemployment rate rose.Excluding temporary Census workers, nonfarm jobs rose a seasonally adjusted 224,000, the Labor Department said Friday. The unemployment rate ticked up to 9.9% from 9.7% owing to a big increase in the labor force. Read the full report on the Bureau of Labor Statistics’ Web site.

Nearly all of the job growth, minus Census workers, took place in the private sector. Government employment was basically flat.

In addition, payroll data for the prior two months was revised to show that 121,000 additional jobs were created than initially reported.

The Labor Department said 230,000 jobs were created in March, instead of the original figure of 162,000, and February was revised from a loss of 14,000 to a gain of 39,000.


It looks like Fabrice P. Tourre, the 31-year-old Goldman Sachs vice president accused of securities fraud, isn’t the only one who thinks he’s fabulous.

Mr. Tourre, who has referred to himself as the Fabulous Fab in e-mails cited by theSecurities and Exchange Commission in its accusation of securities fraud against the investment bank, is becoming something of a hero among young bankers on the Street, according toNewsweek.

Mr. Tourre, the magazine said, “embodies the culture of the financial world and offers a road map for success” for many of Wall Street’s wannabe up-and-comers:

Already, Fabulous Fab—as he calls himself in e-mails released by the SEC—has twoFacebook fan pages devoted to him. New York magazine breathlessly reported on his life, including the $4,000-a-month Manhattan apartment he once rented. The 15 Wall Street employees—20- and 30-something bankers, traders, and former Goldman employees—whom NEWSWEEK interviewed for this piece say they admire the way Tourre foresaw the collapse in the housing market and structured a lucrative deal for his client, hedge-fund impresario John Paulson.

newsweek is up for sale to redeem washpo.

bloomberg    Switzerland, a landlocked Alpine nation of 7.8 million, and Iceland, a volcanic island in the North Atlantic with just 317,630 inhabitants, have one thing in common: banks that dwarf the rest of the economy.

That similarity worries Swiss regulators after Iceland’s economy crumbled under the debt amassed by its three largest banks in the financial crisis that swept across Europe in 2008. Swiss rule-makers are running ahead of counterparts in the U.S. and Europe to make sure their two biggest banks, UBS AGand Credit Suisse Group AG, cut risks and hoard capital.

“Switzerland has the most severe too-big-to-fail problem after Iceland,” said Urs Birchler, a professor at the Swiss Banking Institute at Zurich University and a former central bank adviser on financial stability. “It has the potential to derail Switzerland as an economy and as a democracy.”

UBS and Credit Suisse each have assets of more than 1 trillion Swiss francs ($900 billion), twice the size of the Swiss economy. The rules on capital and liquid assets that financial watchdogs have imposed on the two companies include proposals under debate by the Basel Committee on Banking Supervision, the standard-setter for lenders in 27 countries and territories.

A panel appointed by the Swiss government is considering ways to carve up the Zurich-based banks should they threaten a repeat of Iceland’s collapse. UBS andCredit Suisse will have to draw up plans to separate units that are important for the country from businesses that would be allowed to fail in a crisis. The Basel committee and regulators elsewhere are looking at “living wills,” or blueprints to wind down failing banks.

media coverage at times square The virtually wall-to-wall coverage of the Times Square bombing investigation was a problem for investigators trying to solve the case.

It all began at dinnertime last Saturday night, when a suspect drove an SUV rigged with a homemade bomb into Times Square, set the car in park, turned on the detonator and left — hoping for destruction.

A little more than two days later, law enforcement arrested a man believed to be responsible: Faisal Shahzad, a 30-year-old Pakistani American. He allegedly has admitted to the crime. But what hasn’t been apparent until now is how news coverage of this story fundamentally changed the investigation.

WSJ The $8.5 billion City Center, jointly owned by MGM Mirage and Dubai World, struggled to fill its 4,000-room luxury hotel after opening in December. It has only been able to finalize sales of about 100 of its 2,400 luxury condominiums. And it is enmeshed in a dispute with its chief contractor, Perini Building Co., over about $500 million in construction fees.

MGM Mirage said its fourth-quarter revenue fell 11% to $1.45 billion, indicating that the battered Las Vegas casino industry is still struggling to chart a path to recovery.

The casino and resorts operator posted a loss of $433.9 million, or 98 cents a share, affected in part by a $548 million write-down of the value of land that the company owns in Atlantic City, N.J. The loss was an improvement from a year-earlier loss of $1.15 billion, which included a $1.2 billion write-down.

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