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THE LOBBYISTS AND US
In the Wall Street Journal today:
A new American law requires US-listed companies to mention on products containing certain minerals that their extraction fuels conflict in Central Africa.
Too expensive for businesses, said the lobbyists! Get rid of it!
The Securities and…
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BEHIND THE SCENES, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
There are some sinister goings-on behind the scenes of the European financial system, which are hardly being proclaimed from the rooftops! Even Mario Draghi himself is preoccupied by it, drawing attention to vague manifestations of “fragmentation” which are developing at the heart of the…
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KNOCKING IT OFF ITS PEDESTAL, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
As people return from their holidays, the convergence of internal political tensions in Germany, the attempt by the Greek Government to obtain a two year period of grace for its bail-out plan, and the ever-approaching Spanish derailment, have rendered the options for a European…
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ECUADOR OFFERS POLITICAL ASYLUM TO JULIAN ASSANGE
With Great Britain suddenly threatening to invade the Ecuadorean embassy in London, methinks we will be hearing more about this one. Methinks that this might just be the famous single spark that can start a prairie fire. Methinks that we…
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AH! THE IMAGE OF FINANCE!
We learned on Tuesday that the fifth largest British bank, Standard Chartered, had promised the New York State regulator that it would pay a fine of 340 million Dollars for illegal transactions with Iran. The matter is not yet…
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BALMY!
Patents on DNA sequences, on the Olympic rings, on the word “Olympic”, what next?
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WE ARE EXPECTING THE ECB, BUT WILL WE GET THE FED INSTEAD ?, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The U.S. Federal Reserve’s Open Market Committee is due to meet on Tuesday and Wednesday, in the context of a renewed slow-down in the country’s growth (+1.5% in the second quarter), which has been apparent since the beginning of the year. What will be…
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LAST CHANCE FOR THE EUROSYSTEM, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
While the parties in the Greek Coalition government are trying to come to an agreement on a plan to make savings of 11.6 billion Euros over the coming two years, which is going to be painful even though they have to present it as…
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MARIO DRAGHI: WHAT IF IT WAS ALL A TERRIBLE MISUNDERSTANDING?
A short while ago, I was taking a siesta, sleeping with a sound conscience, when I woke up with a start, my heart beating wildly, my forehead soaked with sweat and prey to a strong emotion:…
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SURRENDER, YOU ARE SURROUNDED!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
It is not just Italy and Spain causing problems, after the decisions taken during the last summit suffered a setback, in view of the spectacle of great confusion and nervousness we have witnessed with regard to the joint press release – which wasn’t one…
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WAITING IS NO LONGER A VIABLE POLICY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Once again, the European stock and bond markets have sounded the alarm. The fall in stock values has been accompanied by an increase in bond rates for the countries in the firing line. The capacities of the banks and of the states to fulfill…
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THE ONLY REMAINING MEANS OF SAVING THE EURO
Translated from the French by Tim Gupwell
In my articles here, I generally address myself to anyone who wants to read me, but just this once, I would like to direct my address to my fellow financial engineers, and moreover in a tone – also just this once – of provocation which is…
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SPAIN : THE MARKETS ARE EXPECTING NEW DEVELOPMENTS SOON
Translated from the French by Tim Gupwell
Exceeding 6% on 10 year debt is already dangerous. According to the terms of the balanced budget rule, this signifies that a nation will require growth of around the same amount, whereas in fact Spain has registered a negative growth since the beginning of the…
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LE POINT*, Understanding Liborgate – Friday, July 20th, 2012
Paul Jorion worked from 1998 to 2007 in the American banking sphere as a pricing specialist. Here he sets out his vision of ‘Liborgate’ which is currently shaking British banks.
Le Point.fr : What is the LIBOR rate and what is it used for?
Paul Jorion :…
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QUIET ON THE SET, AND… INACTION!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Events are moving fast. We were expecting it of Greece, but Spain is overtaking it. Yesterday evening, a human tidal wave invaded Spanish town streets, which these days have become virtually permanent places of mini-demonstrations at midday or after work. Today, at the very…
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FIRST IT WAS THE AGENCIES, NOW ITS THE FORECASTERS’ FAULT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
“I can’t see any time soon when…the pressure will be off” replied David Cameron, the British Prime-Minister, in an interview with The Daily Telegraph. He continued, “this is a period for all countries, not just in Europe but I think you will see it…
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LIBÉRATION, “Plundering and looting must be punished”
Plundering and looting must be punished?
For the economist and anthropologist Paul Jorion, the financial system needs regulating.
The LIBOR scandal took place in 2008 against a backdrop of almost total indifference. This time there has been a huge outcry. Why?
It is a situation specific to Great-Britain. It…
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ATLANTICO.fr, The LIBOR scandal : are bankers totally untrustworthy?
The LIBOR scandal : are bankers totally untrustworthy??
Translated from the French by Tim Gupwell
Can a banker be trusted? This is indeed the question one is obliged to ask in the light of the “LIBOR affair” which broke in April 2008 and saw a dramatic turn…