You know what would have made the financial crisis even more exciting? A proliferation of smaller British banks begging for a little help or full-on nationalization. In any event, the FSA is apparently going to keep busy right up until the moment that George Osborne shuts the lights. Read more »
- 26 Mar 2013 at 3:53 PM
- 06 Dec 2011 at 6:45 PM
S&P Downgrade Warning Gives European Politicians A Chance To Remind You That Eurozone Crisis Is All S&P’s FaultBy Matt Levine
Maybe this is just an effect of distance or translation, but one thing I really like about reading the fulminations of European politico-financey types is that they are savvier than their American counterparts about who to pick on. I never see a European politician or central banker quoted in the FT attacking poor children. They’ve got better scapegoats. Any time anyone says anything bad about European financial governance, they can go back to the well of “really this is all the fault of eeeevil financial speculators and ratings agencies.” And nobody likes those guys, because they’re eeeevil and dipshits, respectively.
So lots of European politico-financy types are very publicly very not amused by S&P’s threats to downgrade all of Europe, though I suspect that deep down a lot of them are excited to be able to spend today making fun of S&P rather than fielding serious questions about whether rising Italian yields are going to lead to trench warfare. So Christian Noyer of the Banque de France:
“The rating agencies were one of the motors of the crisis in 2008,” Mr Noyer said. “One can ask if they are not playing that role again today.”
Or: Read more »
- 02 Dec 2009 at 4:49 PM
Will the last person to leave Britain please turn out the lights?Not too many years ago, there was a serious discussion going on as to whether London had surpassed New York as the world’s great financial center. Unfortunately for proponents of the former, the U.K.’s European “allies” seem hell-bent on ensuring that the Big Apple has more to worry about from Singapore.
After losing its battle to keep an unfriendly Frenchman out of the EU’s top financial regulatory spot, the Brits were again rebuffed in their efforts to make it easier to ignore any untoward diktats from Brussels. So if when the new European Systemic Risk Board decides to step in, London’s going to have to garner the support of 13 other countries to get the ruling overturned. Britain had wanted that burden to fall on the regulator.
“The U.K. had some major difficulties in accepting that the new European bodies”–covering banking, securities, and insurance and pensions–”would be able to take decisions,” a guy from Luxembourg said. Luxembourg!
- British Banks' Capital Ratios Were Too High When They Took All Of That Taxpayer Money March 26, 2013
- Looking To Become The Next Silicon Valley Billionaire? Schlep Someone Else's Sh*t Around The Desert For A Week August 21, 2014
- Bonus Watch '14: Citi Mistmakers August 22, 2014
- Pay Hike Watch '14: Raises For Everyone (Under 25)! August 21, 2014
- Pay Hike Watch '14: It's A Swell Time To Be A Junior Banker (Unless You Work In Europe) August 22, 2014
- Bonus Watch ’14: Hedge Fund Cogs August 21, 2014
- Opening Bell: 08.22.14 August 22, 2014
- Dealbreaker Chef de Cuisine Says Cook This Now: Chinese Spare Ribs August 21, 2014
- Pay Hike Watch '15: The Youth Of Goldman Sachs August 20, 2014
- Russian Imperialism No Threat Compared To Scottish Nationalism August 22, 2014
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com