Wednesday, 18 July 2012

 

Mervyn King 'Not Interested' In 2008 Libor Rate Warnings, Say Ex-BoE Colleagues

Mervyn King 'Not Interested' In 2008 Libor Rate Warnings, Say Ex-BoE Colleagues

Commented Jul 17, 2012 at 06:02:04 in UK Politics

The lead-in headline suggest that King has some questions to answer.

The main one: Why does anyone rely on a rate that is a truncated average of pure guesses by a number of banks. The LIBOR question is "at what rate COULD you have borrowed funds at 11am" not "at what rate DID you borrow funds."

The second question is: if you were asked to guess at something and leaning in one direction would hurt you while guessing the other direction would help you, what would you do?

The third is: what is the legal basis for assuming that the banks reporting to Thompson-Reuters acting for the British Bankers Association have a duty of care to either?

The fourth: Should every used-car salesman who says "this is the best price you'll see today" face charges of fraud?

The fifth: why does anyone assume that banks are different from used-car salesmen?
John Rocker's New Book, 'Scars And Strikes,' Aims To Fix The Former Pitcher's Public Image

John Rocker's New Book, 'Scars And Strikes,' Aims To Fix The Former Pitcher's Public Image

Commented Jul 16, 2012 at 14:14:36 in Latino Voices

Something seriously strange about people who think that language has anything to do with racism. Are they suggesting that certain races cannot learn certain languages?
London 2012: The Voice, Britain's Biggest Black Newspaper, Denied Access To Olympics Stadium

Britain's Biggest Black Newspaper, Denied Access To Olympics Stadium

Commented Jul 16, 2012 at 14:09:52 in UK

“Is the biggest paper that caters only to whites also excluded?
After the Supreme Court Ruling: The Reckoning for Health Care Costs

After the Supreme Court Ruling: The Reckoning for Health Care Costs

Commented Jul 16, 2012 at 05:33:59 in Politics

“"We cannot have widely-available and generous health insurance." Actually, there are three ways we COULD have both:

1) If we are willing to pay for it. (Okay, we're not, so next...)
2) If we slash the profit potion of the cost. (Unlikely, given the power of campaign contributions)
3) If we pay providers on outcome, not on input. (Unlikely,See 2 above)

The reason our costs are twice as high as other OECD countries, and our system produces worse results than OECD countries, is political, not financial.k
Tim Geithner's Libor Recommendations Came Straight From Banks, Documents Show

Tim Geithner's Libor Recommendations Came Straight From Banks, Documents Show

Commented Jul 16, 2012 at 05:19:58 in Politics

“Oh no! You mean he actually asked some people who knew what they were talking about? How dare he?
Jeremy Hunt: Swearing On The Football Pitch Has 'Gone Too Far'

Jeremy Hunt: Swearing On The Football Pitch Has 'Gone Too Far'

Commented Jul 16, 2012 at 05:08:11 in UK Politics

“Well, it is a bit strange that calling someone "an effing c*nt" is perfectly okay, but calling someone "an effing white c*nt" would be prosecuted as a crime.”

 


Friday, 13 July 2012

 


 
Geithner's Choice: Seven And A Half Things To Know
"Let's say you're one of the most important banking regulators in America, and you get word that some of the world's biggest banks are manipulating an interest rate that affects borrowing costs throughout the economy. Do you: a) leap into action and not rest until the problem is solved, or b) write a strongly worded memo and then hope for the best?"


Let's say you're a financial journalist at one of the most important media outlets in America, and you get word that an interest rate that affects borrowing costs throughout the economy is set by self-report from  some of the world's biggest banks; banks that could be damaged if they tell the truth when setting this rate.
    Do you: a) leap into action and write lots of stories about it, or b) wait 10 or 15 year, hoping for the best, until someone from inside the banks spills the beans and forces you to write something?

 


Geithner Libor Memo Expressed Concern Over Rate's 'Integrity' In 2008

Geithner Libor Memo Expressed Concern Over Rate's 'Integrity' In 2008

Commented Jul 13, 2012 at 13:20:38 in Business

Sorry?  The guy expressed concern in 2008 - the time of the worst banking crisis since the 30s - about some banks he did not have any influence over not being transparent and about self-report data he also could not influence having integrity issues, as any self-report may have. What did you want him to do beyond that: play Samson in the temple?

The bigger question is why the markets allowed self-report data to so heavily influence them. Were they too lazy to demand hard data or, back then, did they still believe a banker's word was his bond?
Call to End Junk Food Sponsors From Future Sporting Events

Call to End Junk Food Sponsors From Future Sporting Events

Commented Jul 13, 2012 at 04:40:16 in UK Politics

One man's junk food is another's staple diet. Still, if we just make compulsory everything that is not forbidden, everyone will be healthy and happy, right?
Syria Uprising: 'Up To 200 Killed In Homs, Taramseh Shelling' (PICTURES)

Syria Uprising: 'Up To 200 Killed In Homs, Taramseh Shelling' (PICTURES)

Commented Jul 13, 2012 at 04:07:48 in UK

The reports from Syria are beginning to suggest that one side is just as nice as the other.
Mitt Romney On NAACP Obamacare Booing: If People Want 'More Free Stuff' They Should Vote For Obama

Mitt Romney On NAACP Obamacare Booing: If People Want 'More Free Stuff' They Should Vote For Obama

Commented Jul 12, 2012 at 05:13:30 in Politics

It seems a pretty clear choice: "free" stuff or pay your own way.
Sadly, it does not even boil down to free stuff for your lot versus free stuff for my lot.  Obama bailed out big companies and banks just as eagerly as Bush did.
Mitt Romney NAACP Speech Shows He Failed To Learn Father's Civil Rights Lessons, Black Caucus Says

Mitt Romney NAACP Speech Shows He Failed To Learn Father's Civil Rights Lessons, Black Caucus Says

Commented Jul 12, 2012 at 04:42:14 in Politics

I love America: only place where you need a photo ID to ride in an airplane or to cash a check but not to vote.
Former Barclays Boss Bob Diamond Hits Out At Claims He Misled MPs

Former Barclays Boss Bob Diamond Hits Out At Claims He Misled MPs

Commented Jul 11, 2012 at 05:05:04 in UK

“Good for him. 

PS: How much of his pay and pension is Mr Mann donating to charity for his complicity in the government spending so much more than it made and running the country into debt?”

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