1. The markets rallied as Standard Charter escaped heavy fines and accountability for alleged money laundering of 250 Billion for Iran. They got away with a 340 million dollar fine/ a slap on the wrist and a black eye for the NY regulator who brought the charges. StanChart’s stock rose 4.5%. As investor’s applauded the deal and were gratified that shareholder prices were maintained.
2. Paul Singer, a top GOP donor, is dismayed that Romney won’t pursue tougher bank regulation. He’s concerned that the next financial crisis is looming large and could be more sudden and more intense. Mr. Singer , also stated, that private reward and public risk is not what conservatives should want. Too big to fail remains a pervasive problem that DoddFrank does not address. Ah well, better luck next time, while we all hope for the best.
3. He said it! Jeffrey Sachs states, that only a spirited 3rd Party, using free social media, has a chance to break the status quo. Until then, the demise of public goods and services.will continue. Essentially, Paul Ryan’s budget and Obama’s look alike. They both cut social services unmercifully and leave millions to suffer needlessly. Neither Party addresses the major issues facing the Country; like the quality of education and the relentless downward spiral of the middle class as more people become unemployed.
4. And, If you were wondering about The Libor debacle, you’re not alone. Eric Schneiderman, the NY AG, is investigating the involvement of 7 of the world’s largest banks, in the Libor rate rigging scandal. The Banks being subpoenaed include; Deutsche Bank, Citibank, Chase, Royal Bank of Scotland , Barclays, HSBC and UBS. Interesting, some US administrators are concerned that these investigations could destabilize the market and may undermine financial stability! LOL Meanwhile, don’t forget to pay your mortgages and credit cards on time or you’ll face serious financial consequences .
That’s my small sampling of the latest news. Oh, there’s the drought, the potential for food wars, higher prices for corn, etc…..
Good luck and good night.
2 thoughts on “Financial Times: read and wonder: the next crisis?”
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