EU watchdogs are preparing to impose multi-million euro fines on six banks, including Royal Bank of Scotland and HSBC, where traders are suspected of having tried to manipulate Euribor interest rates.
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Friday 02 July 2010
Goldman Sachs denied responsibility for the collapse of insurance giant AIG in 2008, saying its demands for billions of dollars in collateral from the company were a prudent response to deteriorating financial conditions. Executives at the two companies traded accusations in front of the Financial Crisis Inquiry Commission yesterday, on the second day of a hearing into the role of derivatives in the credit crunch.
Thursday 01 July 2010
Goldman Sachs apologised to the commission investigating the causes of the credit crisis, saying that when it dumped 2.5 billion pages of documents on the commission's staff it was not trying to swamp and obstruct their work.
Thursday 01 July 2010
The enormous mortgage bets that led to the collapse of the US insurance giant American International Group (AIG) were in fact solid investments that would not have lost a penny in the long run, the former head of AIG's derivatives business told a sceptical commission investigating the credit crisis yesterday.
Saturday 26 June 2010
US Outlook: Traders expected US bank shares to rise once Congress finalised its Wall Street reform Bill, since the uncertainty over the sector would at last be lifted, and they duly did yesterday. But the uncertainty about the sector has not really been lifted at all.
Thursday 17 June 2010
For many years Gordon Brown used the annual Mansion House speech to tell the City of London what it wanted to hear. The new Chancellor, George Osborne, certainly did not come to flatter the titans of the financial services last night when he delivered his first address to the same audience. But will Mr Osborne turn out to be the radical reformer of high finance that he needs to be? Does he grasp the need for a fundamental shake-up of the sector to protect the interests of the banking customer and the ordinary taxpayer?
Thursday 17 June 2010
Wall Street's biggest banks are engaged in the legislative equivalent of house-to-house fighting as the final provisions of the US financial reform bill are decided in Congress.
Wednesday 09 June 2010
The London Stock Exchange said it will take on Europe's two dominant derivatives exchanges within a year, to broaden its footprint beyond its traditional share trading base.
Thursday 03 June 2010
Staff at the credit ratings agency Moody's were bullied by Wall Street bankers, harassed by profit-hungry bosses and starved of the time and resources they could have used to check their disastrous ratings of mortgage derivatives, an inquiry into the causes of the credit crisis was told.
Saturday 22 May 2010
US Outlook: Every finickity detail in the US Senate's 1,500-page Wall Street reform bill is worth billions of dollars. Every sentence is a potential loophole through which the beginnings of the next financial crisis might be threaded. The political debate has raged for so many months, and over so many topics, that it has been a while since anyone has stood back and taken in the big picture.
Thursday 20 May 2010
Icap, the world's biggest interdealer broker, has reported a good start to its financial year, helped by active and volatile markets, and said new derivatives regulation would drive growth over the next two years. Pre-tax profits fell 5 per cent to £333m in the year to 31 March on revenue that was little changed at £1.6bn.
Thursday 13 May 2010
With David Cameron now installed in Downing Street and Vince Cable in charge, nominally at least, of the banks, all eyes are on Angela Knight, the chief executive of the British Bankers' Association. Knight, a former Conservative minister, has been a very effective lobbyist for the banks, but has also been tipped for a return to office. The question for the City is whether it's better to have her fighting its corner from inside or outside the Government.
Wednesday 28 April 2010
Tuesday 27 April 2010
Warren Buffett, the man who christened credit derivatives "financial weapons of mass destruction", is lobbying against a proposed clampdown on existing derivatives contracts.
Friday 23 April 2010
Saturday 17 April 2010
US Outlook: From the producers of the credit crisis, a new horror movie: box office derivatives. Lawmakers are belatedly getting to grips with credit default swaps and all the other grotesqueries that morphed the financial markets from a capital allocation tool to a casino, but still the new ideas keep coming from the "greed is good" brigade.
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