Wallace Stevens’ Thirteen Ways of Looking at a Blackbird came to mind Friday while watching bankers and regulators testify before the Senator Levin-lead bipartisan subcommittee hearing on “JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses.” I was prepared to take notes and tweet (no pun intended), having carefully reviewed the subcommittee’s…
The Irish Times is running a story today that provides a perfect example of why large, highly interconnected financial institutions can unexpectedly become very dangerous. Titled “Ulster Bank counts the cost of catastophic IT meltdown,” the report describes the misery being experienced by Ulster Bank’s customers and management as a result of a bungled software…
As expected, the big banks are stepping up their campaign against tighter regulation. This week Mr Dimon, CEO of JP Morgan Chase intensified his foray against the stricter requirements of Basel III, now looming very real. Patriotism is, as always, run up the mast: the capital requirements are “Negative for America.” This notwithstanding the fact…
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