Chillin' out till it needs to be funded
John Mack stepped down from the Morgan Stanley Chairman and CEO position but the firm continued his anointed successor James P Gorman into the single Chairman and CEO position, avoiding any separation of the two posts right away. (hereisthecity.com)
Meanwhile the Swiss have already decided to chain down anyone below 30 as they see them retired by the time they are 31
Swiss bank regulators are now looking at introducing a new rule that will require banks to early-retire traders once they hit 30 years of age.
Another interesting analysis update from our new find Hereisthecity.com catches Dick Bove pontificating on what UBS should be doing right about now
However it means there is a lot of uncertainty brings out the best in good firms first and destroys the weak asunder. Fortunately or unfortunately it again looks as if the so called lassez faire libertines in the US make a much more coordinated and focussed, even compliant business corporation, esp banking corporation while the Europeans play all the lip servicee they can but carry the flag to bear new innovative under thr rug practices for each era. After inter bank dealing has been brought in check and Greek and Italy saved by the Fed, the Chinese and a few others, it will be back to business and likely Frank Dodd not have caused a ripple except that earnings at banks will now be a quarter of what they were just four years ago.
The transparency at US corps for example bears watching thru the last six months compared to what happened at UBS and that in itself is an object lesson for creating control structures. Morgan Stanley too , having avoided last minute power struggles stepped into the “sweet spot” they foreswaw at the beginning of this rough year and can let business go on.