“When someone tells you the worst is past, don’t believe it. This is going to take awhile.”
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Pyfft, who’s counting anyway?
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“… some bright sparks pointed out there was this truly humungous pool of assets sitting around doing no work. In the financial world, moving money makes money. A little bit gets stuck to every hand it passes through. So trading vehicles were created to unlock the world of credit A decent article. But what it misses in a big way is the role the central banks and other banking authorities played. This was not just a matter of “wild west finance”: the authorities threw in ludicrously low interest rates, a dysfunctional dollar recycling complex established to sweep global trade imbalances under the rug, and ongoing lies about the true inflation backdrop. And far from being too clueless to regulate this “esoteric new world of finance”, it is rather simple: it all comes down to value at risk, which the banking regulators define. Proof that they knowingly loosened the rules exists in what has surfaced regarding SIVs — that they are so widely used as to be considered market “infrastructure”, yet are allowed to be established off-balance-sheet, undermining the while intent of capital reserves in banks. And now that crisis has hit, here in the US, the Fed is suspending all that remains of the reserve requirements for entities including SIVs for major banks that request it (such as Bank of America, Citi, Suntrust, and others). This is all just scratching the surface. The “regulators” have been anything but. They’ve made the problem worse by setting the rules of the game for imprudence and unsoundness, and then providing an implicit government guarantee for the whole system. And now, through the Fed and various bailout entities (such as the Treasury’s M-LEC or the Federal Home Loan Banks), they are making good on that guarantee, protecting the worst of the very offenders they created.
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New Delhi, Delhi, India, Tuesday, October 30, 2007 — Top CEOs, head of states, academics and leading thinkers are gathering New Delhi, India, to discuss the most pressing issues facing global business at the … via Business Wire India
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Lehman Brothers Holdings Inc. has raised $3 billion for a fund to invest in leveraged-buyout loans that banks are selling at a discount. via Bloomberg.com
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“Item 3. Key Information - Risk Factors”
MISSISSAUGA, ON, Oct. 30 /CNW/ - DRAXIS Health Inc. will participate in the Rodman & Renshaw 9th Annual Healthcare Conference, which is being held in New York, NY, from November 5-7, 2007 at the New York Palace … via Canada NewsWire
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“The Connecticut Post reports that foreclosures have jumped 547 percent in the New Haven-Milford area, 522 percent in the Bridgeport-Norwalk-Stamford region and 446 percent in the Hartford area.”
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Officials from Tyson Foods Inc., Alltel Corp. and Stephens Inc. are teaming up with church leaders to oppose local and statewide efforts they said unfairly target immigrants in Arkansas. via 4029TV.com
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“The goal is deploy our resources in today’s challenging environment where growth opportunities are greatest and to reduce costs in areas that can no longer justify their current level of infrastructure”
Bear Stearns Cos. on Monday cut 300 jobs to reduce costs, as the nation’s fifth-largest investment bank continues to deal with the summer’s credit turmoil that swept through Wall Street. via CNN
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